Castellum, Inc. Announces Record Quarterly Revenue, 5th Consecutive Positive Adjusted EBITDA Quarter, Stronger Balance Sheet for First Quarter 2021

POTOMAC, Md., May 12, 2021 (GLOBE NEWSWIRE) — Castellum, Inc. (OTC: ONOV) announces record revenue for the quarter ended March 31, 2021 and its fifth consecutive quarter of positive adjusted EBITDA. The Company expects to file its 2021 Q1 report at www.otcmarkets.com within the next 7 days.

Castellum’s financial picture continues to improve. Revenue for Q1 2021 was a record $4.02 million up 17.7% from Q1 2020 revenue of $3.42 million. Adjusted EBITDA, a non-GAAP measure, was approximately $280,000. Cash on hand at quarter end was $1.96 million (versus $1.19 million a year ago). Current Assets were $4.22 million, up from $3.44 million a year ago.

“The continued growth in our business and strengthening of our balance sheet is very heartening,” said Mark Fuller, President, and CEO of Castellum. “We look forward to closing on our current LOI later this quarter which will move us to above a $30 million run rate and position us to uplist. We also anticipate seeing some solid organic growth over the balance of the year as our Corvus subsidiary continues to excel. The goal remains the same: growth both organically and inorganically to drive shareholder value.” 

About Castellum, Inc. Castellum, Inc. (OTC :ONOV) is a technology company which is executing strategic acquisitions in the cyber security, information technology and software, information warfare, and electronic warfare space. In June 2019, the company brought on a new management team specifically to pursue an acquisition-led growth strategy. The Company completed its first acquisition in November 2019 and its second acquisition in Q1 of 2021 – http://castellumus.com/.

Forward-Looking Statements: 
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.

Contact:
Mark Fuller, CEO
info@castellumus.com
301-961-4895

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45a34d06-063c-47e5-9245-4e747642a82d