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Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Castellum
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Castellum Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Achieved record first-half 2026 revenue of $28.2 million, up 10% year-over-year, driven by ramp-up of three major Navy prime contracts and a robust backlog anchored in AI-enabled cyber, electronic warfare, and C5ISR programs.
Maintained a debt-free balance sheet with $16.9 million in cash at June 30, 2026, supporting organic and M&A growth strategies.
Net loss for the first half was $1.4 million, with adjusted EBITDA compressed due to planned growth investments.
Seven acquisitions since 2019 have expanded capabilities and market reach.
Expects full-year 2026 to set a new revenue record, with multi-year revenue visibility supported by a robust backlog and qualified pipeline.
Financial highlights
First half 2026 revenue grew 10% year-over-year to $28.2 million; Q2 revenue was $13.9 million, nearly flat year-over-year.
Gross profit for the first half was $9.8 million (34.7% margin), up 2% year-over-year; Q2 gross profit was $4.7 million (34% margin), down from $5.1 million (36%) in Q2 2025.
Net loss for Q2 2026 was $1.05 million; first half net loss was $1.4 million, improved from $1.55 million in 2025.
Adjusted EBITDA for the first half was $0.4 million (1.4% margin), down from $0.6 million in 2025, reflecting front-loaded investments.
Cash and equivalents at June 30, 2026, totaled $16.9 million, up from $14.8 million at the end of H1 2025; operating cash flow for the first half was $2.4 million.
Outlook and guidance
Expects record full-year 2026 revenue, with focus on converting backlog and pipeline into higher-margin growth.
Plans to recognize approximately 16% of backlog over the next 12 months and 48% over the next 24 months.
Continued disciplined execution and investment in business development, M&A, and mission technologies to drive multi-year growth.
No immediate plans for share buybacks; capital will be prioritized for organic growth and acquisitions.
Management expects sufficient liquidity for at least the next 12 months, supported by cash and operating cash flows.
How does DOGE affect federal procurement timing?
Why is the 2027 backlog conversion only 16%?
How does OBBBA funding ensure program stability?
Subcontractor and FFP impact on Q2 margins
Explain the 16% backlog conversion projection
Impact of front-loaded BD costs on EBITDA
Backlog conversion schedule for next 36 months
Contract mix impact on H1 gross margins
DOGE initiatives' impact on federal procurement
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Latest events from Castellum
- Record revenue, strong backlog, and debt-free status drive growth in defense tech markets.CTM
Investor presentation25 Jun 2026 - Operating loss narrowed and cash position strengthened, setting up for growth in 2025.CTMQ4 20249 Jun 2026
- Q2 2024 revenue and margins improved sequentially, with positive Adjusted EBITDA and strong backlog.CTMQ2 20249 Jun 2026
- Net loss narrowed on steady revenue growth, with strong backlog and focus on new contracts.CTMQ3 20249 Jun 2026
- Q1 2025 saw 3% revenue growth, narrowed losses, and record cash, driven by a major Navy contract.CTMQ1 20259 Jun 2026
- Record Q2 2025 revenue, narrowed net loss, and $202M backlog highlight improved performance.CTMQ2 20259 Jun 2026
- Revenue up 15.2% and debt nearly eliminated, with all growth achieved organically.CTMQ4 20259 Jun 2026
- Q3 2025 delivered 26% revenue growth, record cash, and first positive GAAP net income.CTMQ3 20259 Jun 2026
- Q1 2026 revenue up 23% to $14.3M, net loss narrowed, backlog hit $273.3M, debt-free.CTMQ1 20269 Jun 2026
Next Castellum earnings date
Q3 20266 Nov, 2026
Castellum
Next Castellum earnings date
Q3 20266 Nov, 2026
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