Mar. 6 at 1:15 PM
$CTM Looking for an update from CEO Ives on any new activities and progress with the new subsidiary, Castellum Advanced Technology Products, Inc.
One reason stands out why CTM is trading at a lower multiple is because it operates as labor-based services firm. Even with Navy and DoW exposure, the market often pays more for product + platform + IP exposure at 4-6-10x sales with growth.
Labor svcs are generally 1-2x sales. Ives is completely aware of this as is the reason for the products division launch and his comment last year recognizing labor svcs is a lower margin business, but CTM has capacity to add 1 or 2 more govt contracts without additional staffing.
CATP Division...
- AmpliTech
$AMPG
- Quarrio Agentic Ai
- Tradewinds Networks
- Augmented Reality Maintenance (prod/platform?)
- M&A opportunities?
If CTM can land program wins maintaining margins for new product + platforms, they can scale revs without the linear headcount growth for only labor svcs.
Rerate Setup in 2026
