Castellum, Inc.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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FY2025 · Filed Mar 9, 2026
CTM$0.45+20.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | $52,866,001 | $44,764,852 | $45,243,812 |
| Cost of revenues | 33,497,144 | 26,498,437 | 26,568,485 |
| Gross profit | 19,368,857 | 18,266,415 | 18,675,327 |
| Operating expenses: | |||
| Indirect costs | 9,424,331 | 9,275,688 | 8,935,113 |
| Overhead | 2,063,342 | 1,906,682 | 1,884,059 |
| General and administrative | 10,695,746 | 14,328,672 | 17,697,886 |
| Goodwill impairment loss | — | — | 6,919,094 |
| (Gain) from change in fair value of contingent earnout | — | — | (92,000) |
| Total operating expenses | 22,183,419 | 25,511,042 | 35,344,152 |
| Loss from operations before other income (expense) | (2,814,562) | (7,244,627) | (16,668,825) |
| Other income (expense): | |||
| Loss on induced conversion | — | — | (300,000) |
| Loss on extinguishment of debt | — | (822,847) | — |
| Gain from sale of subsidiary | — | 39,234 | — |
| Gain (loss) from change in fair value of derivative liability | 621,000 | (725,600) | 1,054,025 |
| Other income, net | — | — | 106,419 |
| Interest income (expense), net | 3,250 | (1,158,435) | (3,248,914) |
| Total other income (expense) | 624,250 | (2,667,648) | (2,388,470) |
| Loss from operations before (expense) benefit for income taxes | (2,190,312) | (9,912,275) | (19,057,295) |
| Income tax (expense) benefit | (207,980) | (68,032) | 1,257,117 |
| Net loss | (2,398,292) | (9,980,307) | (17,800,178) |
| Less: preferred stock dividends | 107,442 | 119,277 | 118,152 |
| Net loss to common shareholders | $(2,505,734) | $(10,099,584) | $(17,918,330) |
| Net loss per share | |||
| Basic and diluted | $(0.03) | $(0.18) | $(0.38) |
| Shares used in calculation of net loss per share | |||
| Basic and diluted | 92,962,823 | 55,287,657 | 47,177,950 |
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