POTOMAC, Md., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Castellum, Inc. (OTC: ONOV) announces that it has acquired Specialty Systems, Inc. (SSI) a Toms River, New Jersey based government contractor. Castellum also has posted its record second quarter financial results at www.otcmarkets.com.
SSI provides critical mission support to the Navy at Joint Base McGuire-Dix-Lakehurst in the areas of software engineering, cyber security, systems engineering, program support and network engineering. The company was founded by the CEO, Emil Kaunitz and will bring nearly 90 employees to the Castellum family of companies.
“My long-time business partner, Bill Cabey, COO of SSI, and I, along with the rest of the SSI team, are very excited about becoming part of Castellum with all of us remaining at SSI in our current roles,” said Mr. Kaunitz. “Our customers will continue to enjoy the same high level of support that they have come to expect over the last 43 years along with new capabilities that we can now bring from Castellum.”
“Operationally, the exceptional team of professionals at SSI brings new and expanded expertise that Castellum can offer to existing and future customers,” noted Mark Fuller, President and CEO of Castellum. “This acquisition is immediately accretive to both revenue and EBITDA per share and, along with our recently announced Merrison Technology transaction, establishes a $33 million dollar annualized revenue run rate for our company that takes us to another level in competing for larger government contracts.”
Castellum’s overall financial picture continues to strengthen. Revenue for Q2 2021 was a record $4.19 million. Adjusted EBITDA, a non-GAAP measure, was approximately $260,000 (excluding non-cash depreciation, amortization, and stock compensation). Cash-on-hand at quarter end was over $2 million, Current Assets were a record $4.58 million and net working capital was a record $3.19 million, up from $2.23 million in Q1.
“Our business continues to generate excellent results,” said Mark Fuller, President, and CEO of Castellum. “Revenue remained strong in Q2 and adjusted EBITDA continues to be positive while we grow through acquisition and new business. Our liquidity and overall balance sheet continue to improve. This continued growth and positive outlook for the balance of 2021 and beyond is important as we begin the process of looking to up-list to the NYSE American.”
About Castellum, Inc.
Castellum, Inc. (OTC:ONOV) is a defense-oriented technology company which is executing strategic acquisitions in the cyber security, information technology, information warfare, software engineering, and electronic warfare space. In June 2019, the company brought on a new management team specifically to pursue an acquisition-led growth strategy - http://castellumus.com/.
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.
Mark Fuller, President & CEO
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60cbd605-4b55-490b-8784-5d48a35ce766