Castellum, Inc., a leading cybersecurity and electronic warfare services provider serving Federal Government clients, is taking the bold step of committing to a major cost reduction effort with the aim of achieving cost savings of at least $6 million on an annual basis.
These cash and non-cash cost savings will be realized through the optimization of indirect costs, general and administrative costs and overhead costs. The Company expects to complete the cost reduction initiative within the next 60 days, with the goal of optimizing profitability for the business.
Castellum, with a run-rate of $50 million in revenue, is taking steps to improve its profitability. President and CEO Mark Fuller reports that the company is pursuing cost reduction initiatives to the tune of $6 million, including salary reductions, personnel reductions, and changes in its stock-based compensation arrangements. With a focus on improving operating and net margins, Castellum is also looking for accretive acquisitions and investing in organic growth.