 Castellum, Inc. (the “Company”) (NYSE:CTM), a cybersecurity and electronic warfare services company focused on the federal government, announces that it has increased its targeted cost reductions to $8.2 million from the previously announced $6 million per year in cash and non-cash indirect costs, general and administrative costs, and overhead costs. The Company has started to make some of the planned cuts and expects to make the remaining changes over the next 45 days to improve the profitability of the Company.
“We have been able to identify $8.2 million of annualized cost reductions, roughly half cash and the other half non-cash from our prior baseline,” said Mark Fuller, President, and Chief Executive Officer of Castellum. “We do not expect any of these changes to affect our business development or operating activities and, therefore, they should lead to significantly improved profitability in Q3 of this year. We will continue to pursue accretive acquisitions and invest in organic growth but from a better baseline operating performance.”
