Castellum (NYSEMKT:CTM) stock is down on Wednesday following the release of the cybersecurity and information technology company’s first quarter of 2024 earnings report.
That earnings report includes an operating loss of $2.7 million. That’s wider than the $1.5 million operating loss from the same period of the year prior.
This also comes alongside a gross profit of $4.5 million in Q1 2024. That’s down from the company’s gross profit of $4.6 million reported in the first quarter of 2023.
One positive is Castellum’s revenue of $11.3 million during the quarter. That’s better than Wall Street’s estimate of $11.09 million and an improvement over the $9.94 million reported in Q1 of the prior year.
Castellum president and CEO Mark Fuller said the following in the earnings report:
“With two important financing transactions completed, we dramatically cut our short term debt, while investing in business development and slightly growing revenue. We continue to look forward to converting our large pipeline of opportunities into contract wins, improving our profitability and RCOP, and continuing to improve our balance sheet over the rest of 2024 and into 2025.”
CTM Stock Movement Today
CTM stock is down 15.8% as of Wednesday morning. That comes with more than 40,000 shares of the stock changing hands as of this writing. That’s below its daily average trading volume of about 141,900 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
