Castellum, Inc. Announces Record Financial Results

POTOMAC, Md., Nov. 15, 2021 (GLOBE NEWSWIRE) — Castellum, Inc. (OTC: ONOV) announces that it has achieved record financial results for its third quarter ended September 30, 2021. The Company posted its financial results at www.otcmarkets.com.

Castellum’s financial picture reached new highs in the 2021 third quarter. Revenue for Q3 2021 was a record $7.38 million. Adjusted EBITDA (excluding non-cash depreciation, amortization, and stock compensation), a non-GAAP measure, despite transaction costs of over $300,000 in Q3, was still approximately positive $100,000. Cash-on-hand at quarter-end was $3.65 million, Current Assets were a record $8.25 million, and net working capital was a record $3.91 million.

“Our business continues to grow, with strong results,” said Mark Fuller, President and CEO of Castellum. “Revenue grew in Q3 with our two closed acquisitions, continued solid performance from our continuing business, and positive adjusted EBITDA despite incurring significant costs associated with our two acquisitions. Our liquidity, overall balance sheet, and income statement continue to improve. Q4 should see further progress as we realize a full quarter of benefit from the SSI (Specialty Systems, Inc.) and Merrison acquisitions without the same one-time costs. This continued growth, additional acquisitions in our pipeline, and a bright forecast for 2022 lays the groundwork for further growth and improvement in the Company going forward.”

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 carefully review 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, President & CEO

info@castellumus.com

301-961-4895

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63c5fd54-2562-421a-9bfd-a00aad64eb63