Castellum (CTM) is like:

• A smaller, acquisition-focused version of a government IT and defense contractor like Booz Allen Hamilton.
• Constellation Software, but specifically for acquiring and growing technology companies that serve the U.S. government.

• Enterprise Solutions: Castellum provides capabilities that enable the internal operations of government agencies, including digital business systems, enterprise resource planning (ERP) systems, and end-to-end IT system design and maintenance.
• Mission Solutions: Castellum delivers capabilities crucial for government agencies' primary functions, such as command and control, communications, intelligence collection and analysis, signal intelligence, electronic warfare, and cyber operations.
• Expertise Services: Castellum offers specialized talent and knowledge to support both internal agency operations and mission execution, providing technical and domain-specific expertise as well as actionable intelligence.
• Technology Offerings: Castellum develops and implements advanced digital solutions, enterprise IT systems, and specialized multi-domain technologies, including research and development for unique intellectual property in areas like signals intelligence, resilient communications, and cyber operations.

• The U.S. Federal Government, including agencies and departments focused on national security missions (e.g., intelligence, defense, military) and federal civilian customers requiring modernization and IT services.
• U.S. State and Local Governments, for whom Castellum provides enterprise and mission capabilities.
• Commercial sector clients, specifically those in financial services, healthcare, and other industries that are large users of data applications and require cybersecurity, IT, and data analytics services.

Glen R. Ives, Chief Executive Officer and President

Glen R. Ives was appointed CEO of Castellum, Inc. on July 1, 2024. Prior to this, he served as COO of Castellum from February 2022 to June 2024, and as Chief Growth Officer and Navy/Marine Corps division CEO from February 2021 to February 2022. He also held the role of CEO/President of Corvus Consulting's government sales and operations, a Castellum subsidiary. Before joining Castellum, Mr. Ives was President and CEO of a prominent government contracting company, where he successfully transformed the organization into a leading technology solutions and services enterprise. His career spans over 45 years of military and industry experience, including service as a Naval Officer and Naval Aviator after graduating from the U.S. Naval Academy and U.S. Army War College. He also served as President of the Southern Maryland Navy Alliance.

David T. Bell, Chief Financial Officer and Treasurer

David T. Bell joined Castellum as Chief Financial Officer in 2022, assuming the role on April 25, 2022. He is responsible for all of the company's financial functions, including accounting, audit, treasury, and corporate finance. With over 30 years of experience in financial management, public accounting, and business leadership, Mr. Bell previously spent 28 years in public accounting with Arthur Andersen and Deloitte. This included 14 years as an audit partner with Deloitte, and six years in Deloitte's national office as an accounting consultation partner and chief of staff. He is a Certified Public Accountant (CPA).

Andrew Merriman, Chief Operating Officer

Andrew Merriman serves as Castellum's Chief Operating Officer (COO), overseeing the operational performance of the company's four subsidiaries and associated mission sectors, and leading the internal IT Services organization. Prior to his role as COO, he was the Deputy COO and VP of Technology and Deployment at Castellum. Before joining Castellum, Mr. Merriman founded and served as CEO of Merrison Technologies, which was acquired by Castellum in August 2021. He also spent 11 years at Northrop Grumman, where he advanced from a Software Development Manager to Technical Director, managing various development, test, configuration management, requirements, operations, and engineering teams.

Jay O. Wright, General Counsel

Jay O. Wright is the General Counsel, Vice Chair of the Board, Executive Vice-President – Strategy, and Corporate Secretary of Castellum, Inc. He is recognized for his extensive experience in finance, legal matters, mergers and acquisitions (M&A), and public company leadership. Mr. Wright was the founder of Castellum, Inc., established in 2010, and previously held positions as Vice Chairman, Secretary & Treasurer from 2019 to 2023. His past roles include being the sole owner, director, and president of Bayberry Capital, Inc. since July 1999, and the founder and owner of Bayberry Securities, Inc., a FINRA-member broker-dealer, since March 2020. He also served as Chairman & CEO of a telecommunications services company and Chief Financial Officer of a Nasdaq-listed wireless communications company. Mr. Wright has experience as an investment banker at Merrill Lynch and as an M&A lawyer at Foley & Lardner and Skadden, Arps. Additionally, he is an adjunct finance professor at Georgetown University.

Mark Fuller, Director

Mark Fuller is a Director and 10% owner of Castellum, Inc. He co-founded Castellum and served as its Chief Executive Officer and President from June 2019 until stepping down on July 1, 2024. His career spans four decades and includes leadership roles such as CEO of Techshot Lighting (now BATLite Lighting), President, COO, and CFO at Hathaway Renewable Energy, and CEO of government services at WidePoint, a cybersecurity product and engineering services provider. Since March 2015, he has also been the President of Trophy Point Ventures, offering management consulting and advisory services. Before his ventures in the private sector, Mr. Fuller served in the U.S. Army for 10 years in various command and staff positions.

Key Risks to Castellum (CTM)

Castellum's business faces significant risks primarily due to its core growth strategy and customer concentration.

1. Risks Associated with an Acquisition-Focused Growth Strategy

Castellum's strategy is heavily centered on acquiring and integrating technology companies to drive growth. The company explicitly states it is "focused on acquiring and growing technology companies" and its business strategy relies on a "pipeline of identified acquisition targets." While acquisitions can fuel expansion, this strategy carries inherent risks, including challenges in identifying suitable acquisition targets, successfully integrating acquired businesses (culturally, operationally, and technologically), retaining key personnel from acquired entities, and realizing anticipated synergies. Failure to effectively manage these aspects could impede growth, dilute shareholder value, and negatively impact financial performance.

2. High Dependence on U.S. Government Contracts

Castellum's primary customer base consists of "agencies and departments of the U.S. Federal, state and local governments." This high concentration of customers within the government sector exposes the company to risks associated with government spending patterns. Changes in U.S. federal, state, or local government budget allocations, shifts in spending priorities, modifications to procurement policies, or the termination or non-renewal of significant contracts could materially and adversely affect Castellum's revenue, profitability, and operational stability. While the company notes "budgets continue to grow in support of the national security imperatives that are bipartisan," such trends are subject to change based on economic conditions and political landscapes.

Castellum, Inc. operates within several significant addressable markets primarily focused on the U.S. government and defense sectors. Here are the estimated market sizes for their main products and services:

• U.S. Federal Government IT Products and Services: Federal spending on contractor-supplied Information Technology (IT) products and services in the U.S. is forecasted to grow from $116.4 billion in fiscal year (FY) 2023 to $137.5 billion in FY 2027. The overall technology spending for the entire U.S. government sector, including staff costs, is projected to reach $357 billion in 2026.

• U.S. Federal Government Cybersecurity: The demand for vendor-supplied cybersecurity products and services by the U.S. federal government is projected to increase from $15.8 billion in FY 2023 to $20.1 billion in 2027. The broader U.S. government and public sector cybersecurity market is expected to rise from USD 47.82 billion in 2025 to USD 70.54 billion by 2030. Separately, the U.S. cyber defense market size stood at USD 65.1 billion in 2024 and is expected to grow to USD 150.6 billion by 2032.

• U.S. Electronic Warfare (EW) Systems: The U.S. electronic warfare market is estimated to reach USD 5.88 billion by 2026 and is projected to grow to USD 11.41 billion by 2032. In 2024, the U.S. dominated the electronic warfare systems market, accounting for USD 5.3 billion. Another estimate places the USA Electronic Warfare market at USD 6.45 billion in 2024, expected to reach USD 8.99 billion in 2028.

• U.S. Defense Market (including C4ISR, Space, and Cyber Systems): The U.S. defense market size was estimated at approximately $800 billion in 2023 and is expected to reach US$ 447.31 billion by 2033 from US$ 314 billion in 2024. Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) and electronic warfare combined accounted for a 31.25% revenue share of the U.S. defense market in 2025. Space and cyber systems within the U.S. defense market are projected to grow at a 6.12% compound annual growth rate (CAGR) through 2031.

• Artificial Intelligence (AI) in U.S. Government: The U.S. AI in Government Market is forecast to expand from USD 10.7 billion in 2026 to USD 28.5 billion by 2031.

• North America Open Source Intelligence (OSINT): The North America open-source intelligence market is expected to grow from approximately $1.46 billion (Euro 1,354.23 million) in 2021 to $4.72 billion (Euro 4,370.44 million) by 2028.

• U.S. Homeland Security Market: The U.S. homeland security market was valued at USD 200.9 billion in 2025.

Castellum, Inc. (CTM) anticipates several key drivers for its future revenue growth over the next two to three years:

• Organic Growth through Prime Contract Wins and Execution: The company emphasizes an unrelenting commitment to growing through full and open prime contract wins and the continued successful execution of existing contracts. Castellum reported 15.2% organic revenue growth in 2025, driven by new prime contract acquisitions and operational efficiencies. This strategy is expected to lead to strong year-over-year growth.
• Strategic Mergers and Acquisitions (M&A): Castellum aims to grow and scale by leveraging opportune and timely M&A opportunities, as stated by management. The company's historical success with acquisitions and its identified pipeline of acquisition targets position it to continue this strategy for growth.
• Investment in Proprietary Products, Solutions, and Intellectual Property (IP): A core part of Castellum's growth strategy involves investing capital to develop its own products, solutions, and intellectual property. This focus on innovation aims to enhance current capabilities and create new customer access points within its target markets.
• Sustained Demand in the Federal Government Market: The company benefits from the increasing complexity of network, systems, and information environments, driving demand for its cybersecurity, electronic warfare, and IT services among U.S. federal, state, and local government agencies. Budgets supporting national security imperatives continue to grow, creating a favorable market for Castellum's expertise and technology.

Capital Allocation Decisions for Castellum, Inc. (CTM)

• Share Issuance
• In June 2025, Castellum, Inc. completed a public offering of 4,166,667 units, each consisting of one share of common stock and one warrant, at $1.20 per unit.
• The gross proceeds from this offering were approximately $5.0 million.
• The net proceeds from the offering were intended for working capital and general corporate purposes, contributing to improved liquidity and operating performance in 2025.
• Outbound Investments
• The company has focused on acquiring and growing technology companies and completed six acquisitions over the three years prior to the background information provided.
• Castellum successfully paid off a $400,000 note payable in February 2026, which was debt incurred during a series of past acquisitions.
• Management highlighted renewed merger and acquisition (M&A) activity in 2025 as the company prepares for further acquisition-driven growth.
• Capital Expenditures
• Castellum Inc. invested $10,000 in capital expenditures during Q4 2025.
• The trailing twelve months (TTM) capital expenditures margin for Castellum Inc. was 0.28% as of September 30, 2025.
• In Q4 2025, purchases of property, plant, and equipment amounted to approximately $9,800.