Executive Summary

Q1 2025 revenue was $1.45 million, down 19% year over year, with gross margin at 42.5% and net loss of $1.24 million ($-0.32 EPS); management attributed the decline to lower demand from certain state and local governments and higher SG&A tied to IPO/public-company costs .
No Wall Street consensus estimates were available from S&P Global for EPS or revenue, so no beat/miss assessment can be made; we anchor comparisons to company-reported actuals and trend analysis across subsequent quarters (Q2–Q3 2025) .*
Liquidity improved post-IPO with cash of $5.22 million; operating cash flow was $(1.56) million in Q1, reflecting payroll additions, consulting/professional fees, and insurance prepayments to support growth .
Governance event: the CFO was terminated for cause on May 13, 2025; an interim CFO was appointed May 14, 2025, with the company stating termination was not related to financial or reporting concerns—an overhang to monitor .
Potential stock-reaction catalysts: management highlighted growth initiatives in GLP‑1 logistics, compounding pharmacy logistics, and emergency response expansion; near-term activity included a second five‑year Oregon contract and a Texas HHS standby request that could drive incremental demand .

What Went Well and What Went Wrong

What Went Well

Gross margin of 42.5% in Q1 2025, improving versus Q1 2024 and reflecting cost controls relative to revenue mix .
Balance sheet strengthened by IPO proceeds, ending cash at $5.22 million, positioning the company to fund expansion initiatives in new markets and capabilities .
Strategic momentum: “We are actively pursuing growth opportunities…including GLP‑1 pharmaceutical transportation, specialized compounding pharmacy logistics, and premium food packaging services,” said CEO Wayne Williams, underscoring pipeline development in high-growth areas .

What Went Wrong

Revenue declined 19% YoY to $1.45 million, driven by lower emergency preparedness demand from certain government customers—raising near-term visibility questions .
SG&A rose to $1.85 million, primarily due to IPO-related consulting/professional fees and adding the CEO to payroll, pressuring operating leverage; operating loss widened to $(1.24) million .
CFO termination for cause shortly after quarter end (May 13) introduces leadership continuity risk; while the company said it was not related to financial/reporting practices, investors should monitor stabilization under the interim CFO .

Financial Results

Summary Financials vs Prior Periods and Estimates

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$1.791	$1.352*	$1.449
Diluted EPS ($USD)	$(0.03)	$(0.43)*	$(0.32)
Gross Margin (%)	40.1%	31.0%*	42.5%
EBIT Margin (%)	-4.9%*	-94.2%*	-85.4%*
Net Income Margin (%)	-4.5%*	-95.8%*	-85.6%*

Notes: Asterisked values retrieved from S&P Global.*

Actual vs Consensus (Q1 2025)

Metric	Actual	Consensus	# of Estimates
Revenue ($USD Millions)	$1.449	N/A*	N/A*
Primary EPS ($USD)	$(0.32)	N/A*	N/A*

Notes: S&P Global consensus values unavailable; table reflects actuals only.*

Operating Detail (Q1 2025)

KPI	Q1 2024	Q1 2025
Cost of Revenue ($USD Millions)	$1.073	$0.833
SG&A ($USD Millions)	$0.805	$1.854
Operating Income (Loss) ($USD Millions)	$(0.087)	$(1.238)
Net Income (Loss) ($USD Millions)	$(0.081)	$(1.241)
Weighted Avg Shares (Millions)	2.500	3.863
Cash & Equivalents ($USD Millions, end of period)	$1.658	$5.220
Cash from Operations ($USD Millions)	$0.007	$(1.562)
Accounts Receivable ($USD Millions)	$0.623	$0.835
Inventory ($USD Millions)	$0.158	$0.216

Trend Context (Subsequent Quarters for Reference)

Q2 2025 revenue $1.666 million, net loss $(1.398) million; cash $4.224 million .
Q3 2025 revenue $1.447 million, net loss $(2.731) million; cash $2.790 million .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Quarterly	Not provided	Not provided	Maintained (no formal guidance)
Margins	FY/Quarterly	Not provided	Not provided	Maintained (no formal guidance)
OpEx	FY/Quarterly	Not provided	Commentary: higher SG&A from IPO/public company costs	Informational (no formal range)
OI&E	FY/Quarterly	Not provided	Not provided	Maintained (no formal guidance)
Tax Rate	FY/Quarterly	Not provided	Not provided	Maintained (no formal guidance)
Dividends	FY/Quarterly	Not provided	Not provided	N/A

No explicit numerical guidance was issued in Q1 2025 materials.

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was found; therefore, themes are derived from the press release and 8‑K.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2025)	Trend
AI/Technology initiatives	Not disclosed	Emphasis on “innovative solutions” and customized configurations; tech-enabled logistics platform highlighted	Initiated/Expanding
Supply chain/logistics expansion	Not disclosed	Pursuing GLP‑1 logistics, compounding pharmacy logistics, and premium food packaging; emergency response expansion	Expanding
Tariffs/macro	Not disclosed	Not discussed	Stable
Product/service performance	Not disclosed	Emergency preparedness services cited with lower demand affecting revenue	Mixed
Regional trends	Not disclosed	State-level engagements: Texas HHS standby; Oregon 5-year contract; Chicago partnership discussed more fully in later quarters	Expanding
Regulatory/legal	Not disclosed	No material items disclosed	Stable
R&D/execution	Not disclosed	Capability build-out, staffing; public-company transition costs noted	Investing

Management Commentary

“Callan JMB is establishing itself as the premier provider of advanced logistics and value-added fulfillment services across high-growth sectors… actively pursuing growth opportunities in GLP‑1 pharmaceutical transportation, specialized compounding pharmacy logistics, and premium food packaging services.” — Wayne Williams, CEO & Chairman
“We are executing a national expansion of our emergency preparedness and response operations… appointment of Christopher Shields… will accelerate our geographic expansion.” — Wayne Williams
CFO transition: termination of CFO for cause (not related to financial/reporting practices) and appointment of interim CFO Shannon Badger (CPA) .

Q&A Highlights

No Q1 2025 earnings call transcript was available; therefore, Q&A themes and any guidance clarifications are unavailable .

Estimates Context

S&P Global consensus for Q1 2025 EPS and revenue was unavailable; as a result, we cannot assess beats/misses versus Street. Subsequent quarters also appear thin on coverage for consensus metrics.
We recommend modeling with company-reported actuals and tracking quarterly trends until formal coverage emerges.*

Q1 2025 Actual vs Consensus Snapshot

Metric	Actual	Consensus	# of Estimates
Revenue ($USD Millions)	$1.449	N/A*	N/A*
Primary EPS ($USD)	$(0.32)	N/A*	N/A*

Notes: Values retrieved from S&P Global.*

Key Takeaways for Investors

Revenue contracted 19% YoY to $1.45 million due to softer state/local government demand for emergency preparedness services; near-term growth hinges on converting highlighted pipeline opportunities .
Margin resiliency: gross margin at 42.5% benefitted from cost alignment, but elevated SG&A ($1.85 million) from IPO/public-company transition weighed on operating results—focus should be on SG&A normalization and operating leverage .
Liquidity is sufficient post-IPO ($5.22 million cash), providing runway to pursue GLP‑1 logistics, compounding pharmacy logistics, and emergency response expansions; monitor cash burn vs. pipeline conversion .
Leadership transition risk: CFO termination and interim appointment warrant monitoring for internal controls, reporting cadence, and financing strategy stability .
Trend analysis: Q2 and Q3 2025 show relatively flat quarterly revenue coupled with widening net loss in Q3; watch revenue mix (government vs. commercial) and cost trajectory into 2026 .
Lack of consensus coverage limits near-term “beat/miss” catalysts; investor focus should be on contract wins (e.g., Oregon 5‑year, Chicago extension later in the year) and operational milestones that can re-rate execution risk .
Actionable: track quarterly bookings/conversions in GLP‑1 logistics and compounding pharmacy opportunities, emergency response activity levels in Texas/Chicago/Oregon, and SG&A normalization to gauge path to breakeven .

Additional Relevant Q1 2025 Press Releases

Callan JMB Announces First Quarter 2025 Financial Results and Provides Business Update (primary press release)
Oregon Health Authority 5-year contract award; multiple Q1 operational updates listed on company press page (Feb–Mar 2025)
Nasdaq/GlobeNewswire distribution of Q1 release (alternative source)

Source Documents

Q1 2025 Form 8‑K and Exhibit 99.1 press release and financials
Q2 2025 Form 8‑K and press release/financials
Q3 2025 Form 8‑K and press release/financials

Notes: Where S&P Global consensus or financial metrics were unavailable from company documents, values are denoted with an asterisk and sourced from S&P Global.*

CALLAN JMB INC. (CJMB)·Q1 2025 Earnings Summary