Castellum, Inc. (CTM) Cash Flow Statement
Where CTM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.9M −273.9% vs 2024
- Capital expenditures
- $151,741 0.3% of revenue
- Free cash flow
- −$2.1M −4.0% margin
- Returned to shareholders
- $107,442
- Change in cash
- $2.6M cash at year-end $14.9M
Cash from operations
−$1.9M
Capital expenditures
−$151,741
Acquisitions & other
−$8,032
Dividends
−$107,442
Share buybacks (net)
+$15.3M
Net borrowing (repayment)
−$10.0M
Shares issued
+$15.3M
Other financing
−$15.8M
Change in cash
$2.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CTM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CTM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$271,9172016 | −$1.9M2025 | — | |
| Capital expenditures | $2,1132016 | $151,7412025 | +60.8%/yr | |
| Free cash flow | −$274,0302016 | −$2.1M2025 | — | |
| Free cash flow margin | −11,417.9%2016 | −4.0%2025 | +11,413.9 pts | |
| Stock-based compensation | $62,8982019 | $2.5M2025 | +84.4%/yr | |
| Dividends paid | $12,2902020 | $107,4422025 | +54.3%/yr | |
| Share buybacks (net) | $02020 | $02025 | — | |
| Capex / revenue | 88.0%2016 | 0.3%2025 | −87.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CTM cash flow by activity
OperatingInvestingFinancingChange in cash
CTM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CTM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.4M | −$10.0M | −$17.8M | −$14.9M | −$7.5M | −$2.7M | −$819,803 | −$461,428 | −$1.7M | −$712,679 |
| Depreciation & amortization | $1.5M | $2.2M | $2.5M | $2.0M | $1.9M | $1.8M | $155,795 | $10,942 | −$81,150 | $46,933 |
| Stock-based compensation | $2.5M | $5.4M | $7.5M | $8.8M | $6.9M | $937,049 | $62,898 | — | — | — |
| Change in working capital | −$3.2M | $1.4M | −$1.2M | $1.2M | −$1.4M | $481,956 | $370,988 | $149,914 | $181,789 | −$61,580 |
| Other non-cash items | −$345,087 | $2.1M | $6.7M | $3.9M | −$1.2M | $464,143 | $12,563 | $0 | $0 | $455,409 |
| Cash from operating activities | −$1.9M | $1.1M | −$2.3M | $990,163 | −$1.4M | $1.0M | −$217,559 | −$300,572 | −$1.6M | −$271,917 |
| Investing activities | ||||||||||
| Capital expenditures | −$151,741 | −$3,317 | −$18,271 | −$89,282 | −$10,218 | −$5,450 | −$1,391 | −$10,500 | $0 | −$2,113 |
| Investments (net) | — | $221,356 | −$440,086 | −$339,282 | $365,572 | $365,572 | — | — | — | — |
| Acquisitions & other investing | −$8,032 | $3,317 | $17,372 | $89,282 | $453,480 | −$365,572 | −$4.3M | $856 | $700,620 | $0 |
| Cash from investing activities | −$159,773 | $221,356 | −$440,985 | −$339,282 | $808,834 | −$5,450 | −$4.3M | −$9,644 | $700,620 | −$2,113 |
| Financing activities | ||||||||||
| Dividends paid | −$107,442 | −$119,277 | −$118,152 | −$100,516 | −$12,290 | −$12,290 | — | — | — | — |
| Share repurchases & issuance (net) | $15.3M | $12.1M | $112,471 | $12,000 | $8,000 | $120,000 | — | — | — | — |
| Net borrowing (repayment) | −$10.0M | −$2.1M | −$117,471 | −$94,137 | −$493,875 | −$11,000 | — | — | — | — |
| Shares issued | $15.3M | $12.1M | $2.1M | $2.6M | $645,000 | $120,000 | $0 | $0 | $0 | $0 |
| Other financing | −$15.8M | −$12.8M | −$2.1M | −$471,003 | $0 | −$107,710 | $5.8M | $310,062 | $861,193 | $291,130 |
| Cash from financing activities | $4.7M | $9.1M | −$104,623 | $2.0M | $146,835 | $109,000 | $5.8M | $310,062 | $861,193 | $291,130 |
| Summary | ||||||||||
| Net change in cash | $2.6M | $10.4M | −$2.8M | $2.6M | −$394,467 | $1.1M | $1.3M | −$153 | −$16,979 | $17,100 |
| Cash at end of period | $14.9M | $12.3M | $1.8M | $4.6M | $2.0M | $2.4M | $1.3M | $102 | $255 | $17,234 |
| Free cash flow | −$2.1M | $1.1M | −$2.3M | $900,881 | −$1.4M | $1.0M | −$218,950 | −$311,072 | −$1.6M | −$274,030 |
| Free cash flow margin | −4.0% | 2.5% | −5.0% | 2.1% | −5.4% | 7.5% | −19.3% | — | — | −11,417.9% |
| Capex / revenue | 0.3% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.1% | — | — | 88.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.0M | −$351,274 | −$5.1M | $415,401 | −$322,107 | −$1.2M | −$2.7M | −$1.3M | −$1.8M | −$4.1M | −$2.2M | −$9.2M |
| Depreciation & amortization | $324,346 | $324,990 | $374,361 | $374,290 | $372,026 | $378,187 | $496,632 | $556,524 | $569,044 | $597,985 | $662,976 | $674,865 |
| Stock-based compensation | $756,383 | $767,937 | $3.1M | $284,116 | $640,019 | $1.2M | $1.2M | $1.3M | $1.3M | $1.7M | $1.4M | $1.2M |
| Change in working capital | $1.2M | $719,111 | −$81,048 | −$260,816 | −$408,396 | −$2.4M | −$312,554 | $203,253 | $818,423 | $662,213 | $995,583 | −$848,087 |
| Other non-cash items | −$219,868 | −$170,068 | $989,795 | $188,733 | −$67,324 | −$460,700 | $921,190 | $9,932 | −$64,019 | $1.2M | $14,998 | $6.9M |
| Cash from operating activities | $1.1M | $1.3M | −$661,679 | $1.0M | $214,218 | −$2.5M | −$394,432 | $742,191 | $748,618 | $23,728 | $870,973 | −$1.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$9,726 | −$9,726 | −$248,969 | −$44,698 | −$97,228 | $0 | −$2 | −$3,321 | −$2 | −$2 | −$2,255 | −$1 |
| Investments (net) | — | — | — | $18,080 | −$97,226 | $4,435 | $169,684 | $106,206 | −$54,534 | $0 | $2,255 | −$15,506 |
| Acquisitions & other investing | $29,415 | $34,045 | $163,907 | $44,698 | $97,228 | $0 | $2 | $3,321 | $2 | −$427,732 | $2,255 | $1 |
| Cash from investing activities | $19,689 | $24,319 | −$85,062 | $18,080 | −$97,226 | $4,435 | $169,684 | $106,206 | −$54,534 | −$427,734 | $2,255 | −$15,506 |
| Financing activities | ||||||||||||
| Dividends paid | −$26,820 | −$26,819 | −$26,819 | −$26,819 | −$26,820 | −$26,984 | −$29,819 | −$29,819 | −$29,820 | −$29,819 | −$29,294 | −$28,719 |
| Share repurchases & issuance (net) | — | — | −$700,000 | $15.3M | $11.0M | $5.9M | −$2.4M | $2.4M | — | — | −$126,000 | — |
| Net borrowing (repayment) | $0 | −$400,000 | −$2.0M | −$2.0M | −$3.7M | −$2.3M | $185,126 | −$367,678 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $4.3M | $5.1M | $5.9M | $9.7M | $3,080 | $0 | $2.4M | $0 | $0 |
| Other financing | $39,164 | $0 | $540,000 | −$15.5M | −$11.1M | −$6.0M | $2.3M | −$2.5M | −$502,701 | −$1.9M | −$223,070 | −$339,106 |
| Cash from financing activities | $12,344 | −$426,819 | −$2.2M | $2.1M | $1.3M | $3.5M | $9.7M | −$517,260 | −$532,521 | $395,693 | −$378,364 | −$367,825 |
| Summary | ||||||||||||
| Net change in cash | $1.1M | $888,196 | −$2.9M | $3.1M | $1.4M | $1.0M | $9.5M | $331,136 | $161,563 | $419,421 | $494,864 | −$1.7M |
| Cash at end of period | $16.9M | $15.8M | $14.9M | $17.8M | $14.7M | $13.3M | $12.3M | $2.7M | $2.4M | $2.3M | $1.8M | $1.3M |
| Free cash flow | $1.1M | $1.3M | −$910,648 | $957,026 | $116,990 | −$2.5M | −$394,430 | $738,870 | $748,620 | $23,730 | $873,228 | −$1.3M |
| Free cash flow margin | 7.7% | 9.0% | −7.3% | 6.5% | 0.8% | −21.5% | −3.8% | 6.4% | 6.5% | 0.2% | 7.9% | −10.8% |
| Capex / revenue | 0.1% | 0.1% | 2.0% | 0.3% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | — | 2.41 | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CTM cash generation
In fiscal 2025 (ended December 31, 2025), Castellum generated -$1.9 million of cash from operations (down 273.9%) and spent $0.2 million on capital expenditures, leaving free cash flow of -$2.1 million, −4.0% of revenue. It returned $0.1 million to shareholders through dividends ($0.1 million) and net share buybacks ($0). Cash and equivalents rose by $2.6 million over the year.
Related: CTM income statement, CTM balance sheet. See the CTM stock overview for the latest quote and news.
CTM cash flow FAQ
What is Castellum's free cash flow?
Castellum's free cash flow was -$2.1 million in fiscal 2025: -$1.9 million of operating cash flow minus $0.2 million of capital expenditures It was $1.1 million a year earlier..
How much cash does Castellum generate from operations?
Castellum generated -$1.9 million of cash from operating activities in fiscal 2025.
How much does Castellum spend on capital expenditures?
Castellum spent $0.2 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $0.0 million the year before.
How much does Castellum pay in dividends?
Castellum paid $0.1 million in dividends in fiscal 2025.