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Castellum cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.3M in Q3 2026 · $367K over twelve months

Operating cash flow−$1.3M
Free cash flow−$1.3M
Cash conversion cycle31 days

Analysis

In Q3 2026, Castellum generated −$1.3M of operating cash flow. That is $2.2M less than in Q3 2025 ($957K).

Over the twelve months to Sep 30, 2026, operating cash flow was $404K; the largest uses were other financing ($4.6M), capital spending ($37K); besides operations, cash came from net borrowing (+) / repaid (−) ($2.0M), shares issued ($52K); the cash balance fell by $2.1M.

Operating cash flow was −$1.3M against net income of −$454K. The largest differences: receivables −$1.7M, stock-based pay +$829K, depreciation & amortization +$323K.

Its cash conversion cycle was 31 days (receivables 50 + inventory 0 − payables 20).

Free cash flow

Castellum: free cash flow by quarterCastellum: free cash flow by quarter−$394KQ4 2024−$2.5MQ1 2025$117KQ2 2025$957KQ3 2025−$671KQ4 2025$1.3MQ1 2026$1.0MQ2 2026−$1.3MQ3 2026
Operating cash flow less capital spending.
Castellum: operating cash flow against capital spendingCastellum: operating cash flow against capital spendingOperating cash flowCapital spending−$394K$0Q4 2024−$2.5M$0Q1 2025$214K$97KQ2 2025$1.0M$45KQ3 2025−$662K$10KQ4 2025$1.3M$10KQ1 2026$1.1M$17KQ2 2026−$1.3M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$1.3M, Capital spending $0.

Capital allocation, year by year

Castellum: where the cash came from (up) and went (down), by fiscal yearCastellum: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$1.4MFY2021: Net borrowing −$82KFY2021: Shares issued $8KFY2021: Capital spending −$10K$8KFY2021FY2022: Operating cash flow $990KFY2022: Net borrowing −$200KFY2022: Shares issued $12KFY2022: Capital spending −$89KFY2022: Acquisitions −$250K$1.0MFY2022FY2023: Operating cash flow −$2.3MFY2023: Net borrowing $325KFY2023: Capital spending −$18KFY2023: Acquisitions −$486K$325KFY2023FY2024: Operating cash flow $1.1MFY2024: Net borrowing $565KFY2024: Capital spending −$3K$1.7MFY2024FY2025: Operating cash flow −$1.9MFY2025: Net borrowing −$2.0MFY2025: Shares issued $26KFY2025: Capital spending −$152K$26KFY2025
Over these 5 years operating cash flow totalled −$3.5M; the largest uses were operating cash flow ($5.6M) and net borrowing ($2.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.7M
Debtnone
Net cash$15.7M
Cash runway3.1 years

Castellum is burning cash: its operations consume cash, a free cash flow of −$5.1M a year at the current rate against $15.7M of cash and investments: a runway of about 3.1 years before any new financing.

Where the cash came from and went

Castellum: sources (+) and uses (−) of cash, Q3 2026Castellum: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$1.3MCash drawn (+) / kept (−)$1.2MShares issued$50KOther investing$33KOther financing$26K
Castellum: sources (+) and uses (−) of cash, TTM to Q3 2026Castellum: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$4.6MCash drawn (+) / kept (−)$2.1MNet borrowing (+) / repaid (−)$2.0MOperating cash flow$404KShares issued$52KCapital spending−$37KOther investing$29K

From profit to cash

Castellum: net income to operating cash flow, Q3 2026Castellum: net income to operating cash flow, Q3 2026Net income−$454KDepreciation & amortization$323KStock-based pay$829KReceivables−$1.7MPayables−$123KPrepaid and other assets−$163KOperating cash flow−$1.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650—2031
Q2 202649—2029
Q1 202650—1931
Q4 202564—2441
Q3 202559—2335
Q2 202557—1938
Q1 202553—1736
Q4 202450—1634

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.3M——$50K$1.2M−$1.3M
Q2 2026$1.1M−$17K——−$1.1M$1.0M
Q1 2026$1.3M−$10K——−$888K$1.3M
Q4 2025−$662K−$10K$2.0M—$2.9M−$671K
Q3 2025$1.0M−$45K——−$3.1M$957K
Q2 2025$214K−$97K——−$1.4M$117K
Q1 2025−$2.5M—−$4.0M—−$1.0M−$2.5M
Q4 2024−$394K—$485K—−$9.5M−$394K

Castellum: income statement and cash flow

Castellum, Q3 2026: revenue $14.7M (+0.6% year over year), operating margin -3.8%. The chart follows the revenue to costs, profit and cash.

Castellum: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.