Castellum, Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001877939-25-000115
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001877939-26-000033
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 18 previous paragraphs and 2 current paragraphs.
1 unchanged; 1 reworded; 0 added; 16 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (16)
Previous report
We have modified the following risk factors to those disclosed in Part I, Item 1A., Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2024:
Previous report
We may not be able to successfully develop or commercialize new products or partner with companies that have complementary products and successfully develop these offerings, which could adversely affect our business and results of operations.
Previous report
Our future success depends in part on our ability to partner with other companies and to develop and commercialize new products or enhance existing ones. We may not be able to identify suitable partners, negotiate favorable terms, or manage collaborations effectively. Even if we are able to establish such partnerships, they may not be successful, and our partners may fail to meet their obligations or pursue our shared objectives. In addition, product development is inherently uncertain and subject to technical, regulatory, and market risks. Our efforts to innovate or improve our offerings may not result in commercially viable products or may be delayed or outpaced by competitors. Failure to successfully partner, develop, commercialize, or improve our products could adversely affect our growth, competitive position, and financial performance.
Previous report
Our business may suffer if we or our employees are unable to obtain the security clearances or other qualifications needed to perform services for our customers or we are unable to hire qualified personnel who possess the necessary security clearance.
Previous report
Many of our USG contracts require us to have security clearances and employ personnel with specified levels of education, work experience, and security clearances. Depending on the level of clearance, security clearances can be difficult and time-consuming to obtain. If we or our employees lose or are unable to obtain necessary security clearances, or we are not able to hire employees who possess the necessary security clearance, we may not be able to win new business and our existing customers could terminate their contracts with us or decide not to renew them. To the extent we cannot obtain or maintain the required security clearances for our employees working on a particular contract, we may not generate the revenue anticipated from the contract which could cause our results to differ materially and adversely from those anticipated.
Previous report
We have deleted the following risk factor from those disclosed in Part I, Item 1A., Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2024:
Previous report
We lack a long-term operating history on which to evaluate our consolidated business and determine if we will be able to execute our business plan, and we can give no assurance that our operations will result in sustained profitability.
Previous report
We are focused on building a large, successful technology company in the areas of IT, electronic warfare, information warfare, and cybersecurity with businesses in the governmental and commercial markets. Since November 2019, we have executed our business plan and completed seven acquisitions. As a result, we have a limited operating history on a consolidated basis to evaluate our business and prospects. Our business operations are subject to numerous risks, uncertainties, expenses, and difficulties associated with early-stage enterprises. You should consider an investment in our Company in light of these risks, uncertainties, expenses, and difficulties. Such risks include:
Previous report
•limited operating history at our current scale;
Previous report
•our ability to raise capital to develop our business and fund our operations;
Previous report
•our ability to anticipate and adapt to developing markets;
Previous report
•competition from competitors with substantially greater financial resources and assets; and
Previous report
•the ability to identify, attract, and retain qualified personnel.
Previous report
Because we are subject to these risks, you may have a difficult time evaluating our business and your investment in our Company.
Reworded paragraphs (1)
Previous wording
In the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we described in Part I, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 11, 2025 have affected or could materially adversely affect our business, prospects, operating results, and financial condition. Certain statements in “Risk Factors” are forward-looking statements. See “Explanatory Note Regarding Forward-Looking Statements.”
Current wording
In the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we described in Part I, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025 filed on March 9, 2026 have affected or could materially adversely affect our business, prospects, operating results, and financial condition. There have been no material changes from the risk factors described in that report.