Castellum, Inc. Announces 2024 Budget Targets and Strategic Initiatives
20 Outubro 2023 - 7:45AM
Castellum, Inc. (NYSE-American: CTM), a cybersecurity and software
services company focused on the federal government, announces its
2024 budget targets and some corporate strategic initiatives.
Mark Fuller, President and Chief Executive Officer
of Castellum, said: “The Company is now well positioned to
execute on our 2024 budget starting in January, where we are
projecting $50 million in revenue and $3.5 million in recurring
cash operating profit for the 2024 calendar year.”
“From a strategy perspective, we are looking at
some key initiatives including potential mergers, both forward and
reverse, acquisitions which could help us get to economic scale
(which we define as $80 million in revenue and 7.5% or better cash
operating profit), and other things to improve shareholder value,”
added Fuller. “Consideration has also been given to whether the
$1.2 million-plus of public company costs are worthwhile to our
core shareholder group. With the expiration of the 12-month EF
Hutton engagement lockup, we can now interview other investment
bankers and get different perspectives on rebuilding some of the
shareholder value lost over the past year. Part of that process
will involve continuing to pay down our bank debt while looking to
term out, pay down, or otherwise restructure our non-bank debt and
also looking to get some flexibility (which we haven’t previously
had) to repurchase stock if the board feels that the market is
substantially undervaluing our common equity. In short, we have a
full plate of initiatives to pursue over the coming few months,”
concluded Fuller.
About Castellum,
Inc.
Castellum, Inc. (NYSE-American: CTM) is a
defense-oriented technology company that is executing strategic
acquisitions in the cyber security, MBSE, and information warfare
areas 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. These forward-looking statements represent the Company’s
expectations or beliefs concerning future events and can generally
be identified by the use of statements that include words such as
“estimate,” “project,” “believe,” “anticipate,” “shooting to,”
“intend,” “in a position,” “looking to,” “pursue,” “positioned,”
“will,” “likely,” “would,” or similar words or phrases.
Forward-looking statements include, but are not limited to,
statements regarding the Company’s expectations for revenue growth,
RCOP growth, and new customer opportunities, improvements to cost
structure, and profitability. These forward-looking statements are
subject to risks, uncertainties, and other factors, many of which
are outside of the Company’s control, that could cause actual
results to differ (sometimes materially) from the results expressed
or implied in the forward-looking statements, including, among
others: the Company’s ability to compete against new and existing
competitors; its ability to effectively integrate and grow its
acquired companies; its ability to identify additional acquisition
targets and close additional acquisitions; the impact on the
Company’s revenue due to a delay in the U.S. Congress approving a
federal budget; and the Company’s ability to maintain the listing
of its common stock on the NYSE American LLC. For a more detailed
description of these and other risk factors, please refer to the
Company’s Annual Report on Form 10-K and its Quarterly Reports on
Form 10-Q and other filings with the Securities and Exchange
Commission (“SEC”) which can be viewed at www.sec.gov. 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. The Company
expressly disclaims any intent or obligation to update any of the
forward-looking statements made in this release or in any of its
SEC filings except as may be otherwise stated by the Company.
Non-GAAP Financial Measures and Key
Performance Metrics:
This press release contains Non-GAAP Recurring
Cash Operating Profit (Loss), which is a Non-GAAP financial measure
that is used by management to measure the Company’s operating
performance. The Company is relying on the exception provided by
Item 10(e)(1)(i)(B) of Regulation S-K as it is unable to provide a
quantitative reconciliation to the most directly comparable GAAP
financial measure. To the extent required, statements disclosing
the definition, utility, and purpose of this measure is also set
forth herein.
Definition: Non-GAAP Recurring Cash Operating
Profit (Loss) represents the Company’s GAAP operating loss
excluding non-cash charges such as stock-based compensation,
depreciation, amortization, and change in the value of contingent
earnout as well as any non-recurring charges.
Utility and Purpose: The Company discloses
Non-GAAP Recurring Cash Operating Profit (Loss) because this
Non-GAAP measure is used by management to evaluate our business,
measure its operating performance, and make strategic decisions. We
believe Non-GAAP Recurring Cash Operating Profit (Loss) is useful
for investors and others in understanding and evaluating our
operating results in the same manner as its management. However,
Non-GAAP Recurring Cash Operating Profit (Loss) is not a financial
measure calculated in accordance with GAAP and should not be
considered as a substitute for GAAP operating loss or any other
operating performance measure calculated in accordance with GAAP.
Using this Non-GAAP measure to analyze our business would have
material limitations because the calculations are based on the
subjective determination of management regarding the nature and
classification of events and circumstances that investors may find
significant. In addition, although other companies in our industry
may report a measure titled Non-GAAP Recurring Cash Operating
Profit (Loss), this measure may be calculated differently from how
we calculate this Non-GAAP financial measure, which reduces its
overall usefulness as a comparative measure. Because of these
inherent limitations, you should consider Non-GAAP Recurring Cash
Operating Profit (Loss) alongside other financial performance
measures, including net loss and our other financial results
presented in accordance with GAAP.
Contact: info@castellumus.com Phone: (301)
961-4895
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b8ffa12-11a2-431c-b55a-0fa78e093862
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