Castellum, Inc. Announces Strong Third Quarter Results

POTOMAC, Md., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Castellum, Inc. ONOV announces filing its third quarter (Q3) operating results for the period ended September 30, 2020. The Q3 report can be viewed at https://www.otcmarkets.com/stock/ONOV/disclosure.

Castellum's financial picture continues to grow stronger. Revenue for Q3 2020 was $3.34 million. EBITDA, a non-GAAP measure, was $461,878 on a cash basis (excluding non-cash stock compensation) and $208,782 on an accrual basis. Cash-on-hand at the quarter end was over $2.06 million (up from $1.9 million at the end of Q2) and Current Assets were a record $4.39 million.

"Our business continues to generate excellent results," said Mark Fuller, President, and CEO of Castellum. "Revenue remained strong in Q3 and EBITDA continues to be positive while we invest in business development for future growth. Our balance sheet continues to improve. We also continue to pursue acquisitions, including those we have previously announced. Castellum, Inc. looks forward to a good fourth quarter and an even brighter 2021."

About Castellum, Inc.

Castellum  is a technology company which is executing strategic acquisitions in the cyber security, information technology, information warfare, and electronic warfare space. In June 2019, the company brought on a new management team specifically to pursue an acquisition-led growth strategy. The Company completed its first acquisition in November 2019 – www.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. 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. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

Contact:
Mark Fuller, CEO
info@castellumus.com
301-961-4895

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/244e480d-a8be-4e98-aceb-863dcf390f2e