Cybersecurity and software services provider Castellum has released its 2024 budget targets and some corporate strategic objectives.
Castellum President and CEO Mark Fuller said in an announcement on Friday that the company is “well positioned” to execute on its 2024 budget beginning in January and has a “full plate of initiatives” coming up.
Fuller said Castellum forecasts $50 million in revenue and $3.5 million in recurring cash profit in the 2024 calendar year. To drive expansion, Castellum is considering potential mergers and acquisitions that could help the company attain economic scale, which it measures as $80 million in revenue and 7.5 percent or higher cash operating profit. Other strategies to boost shareholder value are also in the works.
Castellum is also looking to determine what value the over $1.2 million in public company costs adds for shareholders.
“With the expiration of the 12-month EF Hutton engagement lockup, we can now interview other investment bankers and get different perspectives on rebuilding some of the shareholder value lost over the past year,” explained Fuller.
The process, he said, “will involve continuing to pay down our bank debt while looking to term out, pay down or otherwise restructure our non-bank debt” as well as working to obtain flexibility to repurchase stock “if the board feels that the market is substantially undervaluing our common equity.”
