Filing Flows › Castellum (CTM) › Q3 2025
Castellum (CTM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Castellum (CTM) reported revenue of $14.6M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +4% from the quarter before. Operating margin was 3.0%, net earnings $415K (2.8% of revenue).
Castellum, Q3 2025: revenue $14.6M (+26% year over year), operating margin 3.0%, net earnings $415K, operating cash flow $1.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.6M | +4% | +26% |
| Gross profit | $5.5M | +8% | +11% |
| Operating profit | $445K | — | — |
| Net earnings | $415K | — | — |
| Operating cash flow | $1.0M | +368% | +35% |
| Free cash flow | $957K | +718% | +30% |
What changed
Revenue was $14.6M in Q3 2025, up 26% year over year and up 4% from the previous quarter.
Gross margin was 37.6%, down 5.2 points from a year earlier. Operating profit was $445K, a 3.0% margin (up 15.0 points year over year). Operating expenses fell 20% while revenue rose 26%. Net earnings were $415K. The effective tax rate was 20.4%.
Operating cash flow was $1.0M (up 35% year over year), 241% of net earnings. Non-cash charges added back $374K of depreciation and amortization and $284K of share-based compensation. Working capital and other items used $72K. Capital expenditures of $45K left free cash flow of $1.0M.
Questions
What was Castellum's revenue in the third quarter 2025?
Castellum (CTM) reported revenue of $14.6M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +4% from the quarter before.
Was Castellum profitable in the third quarter 2025?
Operating profit was $445K (3.0% of revenue) and net earnings $415K.
Source: Castellum 10-Q on SEC EDGAR.