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NYSE - American : CTM CASTELLUM Second Quarter 2026 Earnings Presentation August 7 , 2026 Mission Ready Defense Technology Delivering Al - enabled Cyber , Electronic Warfare , C5ISR , and Decision Advantage . Integrity . Innovation . Engagement . Sustainability .
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Cautionary Statement Concerning 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. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities including opportunities arising from its contracts with NAVAIR and other customers, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget, operating under a prolonged continuing resolution, government shutdown, or breach of the debt ceiling, as well as the imposition by the U.S. government of sequestration in the absence of an approved budget; the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the lingering effects on the federal procurement processes resulting from the initiatives of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. 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. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company. Integrity. Innovation. Engagement. Sustainability. 2
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Strong First Half Performance Integrity. Innovation. Engagement. Sustainability. 3 Reports Strong First Half 2026 Performance Marked by accelerating growth, major Navy wins, and a debt-free balance sheet. H1 2026 results reflect the ramp from three long-term Navy prime awards and record backlog, anchored by AI-enabled cyber, electronic-warfare, and C5ISR programs. Record revenue growth First-half revenue reached a company high, driven by the ramp of newly won long-term programs. Multi-year visibility Record backlog plus a growing qualified pipeline underpin multi- year revenue visibility. Financial strength Debt-free balance sheet with a solid cash position preserves flexibility for organic and M&A growth. Expects Full Year 2026 to Be a Record Year in Terms of Revenue
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H1 / Q2 2026 Key Metrics Integrity. Innovation. Engagement. Sustainability. 4 Revenue is driven by the continued ramp of the major long-term prime contracts we won in 2024 and 2025 Revenue ($ in millions) $14.0M $13.9M Q2 2025 Q2 2026 Gross Profit ($ in millions) $5.1M $4.7M Q2 2025 Q2 2026 Adjusted EBITDA* ($ in millions) $0.5M $0.0M Q2 2025 Q2 2026 $25.7M $28.2M 1H 2025 1H 2026 $9.6M $9.8M 1H 2025 1H 2026 $0.6M $0.4M 1H 2025 1H 2026 EBITDA reflects planned, front-loaded 2026 investments in business development, investor relations and acquisition activities; 2026 focus on multi-year growth Gross margin reflects mix of contract type: cost plus fixed fee, vs firm-fixed-price, and direct labor contracts Adjusted EBITDA is a non-GAAP measure. See reconciliation in the Appendix.
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Integrity. Innovation. Engagement. Sustainability. 5 Revenue ($ in millions) $44.8 $52.9 $28.2 FY2024 FY2025 6M 2026 Gross Profit ($ in millions) $18.3 $19.4 $9.8 FY2024 FY2025 6M 2026 Adjusted EBITDA ($ in millions) $0.8 $1.0 $0.4 FY2024 FY2025 6M 2026 Revenue, Gross Profit and Adj, EBITDA Trends Revenue is driven by the continued ramp of the major long-term prime contracts we won in 2024 and 2025 EBITDA reflects planned, front-loaded 2026 investments in business development, investor relations and acquisition activities; 2026 focus on multi-year growth Gross margin reflects mix of contract type: cost plus fixed fee, vs firm-fixed-price, and direct labor contracts Adjusted EBITDA is a non-GAAP measure. See reconciliation in the Appendix.
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Financial Highlights Integrity. Innovation. Engagement. Sustainability. 6 For the three months ended June 30, For the six months ended June 30, ($ in thousands, except per share) 2026 2025 % Change 2026 2025 % Change Revenue $ 3,864,676 $ 14,024,090 (1.1)% $ 28,156,637 $ 25,688,455 9.6% Gross Profit $ 4,719,419 $ 5,060,447 (6.7)% $ 9,781,640 $ 9,615,063 1.7% Gross Profit Margin 34.0% 36.1% (2.1)% 34.7% 37.4% (2.7)% Net Income (Loss) $ (1,053,416) $ (348,927) - $ (1,431,510) $ (1,545,958) - Net Income (Loss) per Share $ (0.01) $ — - $ (0.02) $ (0.02) - Adjusted EBITDA* $ 25,792 $ 500,317 - $ 420,722 $ 571,704 - Cash and Equivalents (period end) $ 16,865,160 $ 14,792,948 - $ 16,865,160 $ 14,792,948 - Adjusted EBITDA is a non-GAAP measure. See reconciliation in the Appendix.
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Balance Sheet and Liquidity Integrity. Innovation. Engagement. Sustainability. 7 Strong, debt-free balance sheet provides financial flexibility Cash and Equivalents $16.9 M as of 6/30/2026 Total Debt $0.0 M Debt-free Working Capital $19.8 M Current position Total Stockholders' Equity $35.9 M as of 6/30/2026
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Multi-Year Revenue Visibility 8Integrity. Innovation. Engagement. Sustainability. Record backlog of $271.7M plus qualified pipeline of $953.5M = multi-year revenue coverage Ramp from three large long-term Navy primes won in 2025 drove 9.7% H1 2026 revenue growth, anchored by multi -year federal cyber and electronic-warfare programs. $271.7M BACKLOG as of June 30, 2026, up from $265M at Dec 31, 2025 $953.5M QUALIFIED PIPELINE identified opportunities at June 30, 2026, up from $817M at year-end 2025 $219M+ PRIMES ALREADY WON three long-term Navy prime awards forming the 2026 growth base REVENUE RUNWAY — HOW THE BACKLOG CONVERTS TO REVENUE Next 12 months ~16% of backlog Following 24 months ~48% of backlog Beyond 36 months remainder — long-tail coverage Jun 2026 Multi-year coverage → Backlog conversion ~16% recognized in the next 12 months; ~48% over the following 24 months. Revenue runway Even on management's 16% / 48% burn-off, backlog alone supports a meaningful share of the 2026-2027 topline. Upside optionality The $953.5M pipeline and Navy-centric positioning (LIIS, missile- defense work) point to awards beyond the $219M+ already won.
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Outlook and Priorities Integrity. Innovation. Engagement. Sustainability. 9 Continue organic growth momentum 1 Continue organic growth momentum Convert pipeline opportunities into awards 2 Convert pipeline opportunities into awards Advance disciplined, accretive M&A strategy 3 Advance disciplined, accretive M&A strategy 4 Invest in mission technologies and capabilities Priorities for the Balance of 2026 Expects Full Year 2026 to Be a Record Year in Terms of Revenue; Well Positioned for Continued Growth
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Appendix Integrity. Innovation. Engagement. Sustainability. 10
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Appendix Integrity. Innovation. Engagement. Sustainability. 11 June 30, 2026 December 31, 2025 (unaudited) Assets Current Assets: Cash $ 16,865,160 $ 14,884,778 Accounts receivable, net 7,146,578 8,180,180 Contract asset - 568,705 Due from buyer 55,916 58,207 Prepaid income taxes 252,896 153,153 Prepaid expenses and other current assets 802,226 800,671 Total current assets 25,122,776 24,645,694 Fixed assets, net 218,112 231,136 Non-Current Assets: Due from buyer, net of current portion 8,320 77,259 Right of use asset - operating lease 938,005 800,069 Investment in joint ventures/captive insurance entity 100,250 100,250 Intangible assets, net 4,762,510 5,371,602 Goodwill 10,676,834 10,676,834 Total non-current assets 16,704,031 17,257,150 Total Assets $ 41,826,807 $ 41,902,844 June 30, 2026 December 31, 2025 (unaudited) Liabilities and Stockholders' Equity Liabilities Current Liabilities Accounts payable and accrued expenses $ 2,019,079 $ 1,904,962 Accrued payroll and payroll related expenses 2,954,048 2,761,998 Current portion of lease liability - operating leases 351,287 270,868 Derivative liability 10,000 262,000 Notes payable, related party - 400,000 Total current liabilities 5,334,414 5,599,828 Non-Current Liabilities Lease liability - operating leases, net of current portion 607,621 550,219 Total non-current liabilities 607,621 550,219 Total Liabilities $ 5,942,035 $ 6,150,047 Stockholders' Equity Preferred stock, 50,000,000 shares authorized Series A Preferred stock, par value $0.0001; 10,000,000 shares authorized; 5,875,000 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 588 588 Series C Preferred stock, par value $0.0001; 10,000,000 shares authorized; 570,000 and 570,000 issued and outstanding as of June30, 2026 and December 31, 2025, respectively 57 57 Common stock, par value, $0.0001, 3,000,000,000 shares authorized, 94,698,939 and 94,612,750 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 9,470 9,461 Additional paid in capital 93,894,384 92,330,909 Accumulated deficit (58,019,727) (56,588,218) Total stockholders' equity 35,884,772 35,752,797 Total Liabilities and Stockholders' Equity $ 41,826,807 $ 41,902,844 Consolidated Balance Sheet
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Integrity. Innovation. Engagement. Sustainability. 12 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ 13,864,676 $ 14,024,090 $ 28,156,638 $ 25,688,455 Cost of Revenues 9,145,257 8,963,643 18,374,997 16,073,392 Gross Profit 4,719,419 5,060,447 9,781,640 9,615,063 Operating Expenses Indirect costs 2,399,115 2,216,730 4,860,255 4,602,274 Overhead 545,009 497,307 1,189,365 1,010,231 General and administrative 2,869,387 2,729,933 5,524,109 5,872,088 Total operating expenses 5,813,511 5,443,970 11,573,729 11,484,593 Loss From Operations Before Other Income (1,094,092) (383,523) (1,792,089) (1,869,530) Other Income (Expense) Gain from change in fair value of derivative liability - 16,000 252,000 517,000 Interest income (expense), net 104,444 (30,357) 205,843 (141,121) Total other income (expense) 104,444 (14,357) 457,843 375,879 Loss Before Income Taxes and Preferred Stock Dividends (989,648) (397,880) (1,334,246) (1,493,651) Income tax benefit (expense) (36,949) 75,773 (43,625) 1,497 Net Loss (1,026,597) (322,107) (1,377,871) (1,492,154) Less: preferred stock dividends 26,819 26,820 53,639 53,804 Net Loss To Common Shareholders $ (1,053,416) $ (348,927) $ (1,431,510) $ (1,545,958) Net Loss Per Share - Basic And Diluted $ (0.01) $ 0.00 $ (0.02) $ (0.02) Weighted Average Shares Outstanding - Basic And Diluted 94,697,992 87,144,174 94,655,606 83,809,130 Consolidated Statement of Operations Appendix (cont.)
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Integrity. Innovation. Engagement. Sustainability. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ 13,864,676 $ 14,024,090 $ 28,156,637 $ 25,688,455 Gross profit 4,719,419 5,060,447 9,781,640 9,615,063 Loss from operations before other income (expense) (1,026,597) (322,107) (1,792,089) (1,869,530) Add Back: Depreciation and amortization 324,246 372,026 649,336 750,213 Adjust for non-cash and one-time charges: Stock based compensation & ESPP 795,538 511,814 1,563,475 1,691,021 Non-GAAP Adjusted EBITDA $ 25,792 $ 500,317 $ 420,722 $ 571,704 13 Reconciliation of Non-GAAP Adjusted EBITDA Appendix (cont.)