C
Cycurion, Inc.
CYCUCIK 0001868419NasdaqEmerging GrowthServices-Computer Programming ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$15.13M
Net Income
$-23.67M
Total Assets
$33.45M
Equity
$20.10M
Shares Out
5.51M
Op. Cash Flow
$-12.10M
Business
Cycurion, Inc. provides cybersecurity and IT services that assess, secure and advise organizations using government-proven techniques and custom tools. It offers consulting and advisory services, managed IT, managed security services including 24/7 SOC, incident response, virtual CISO support, and a Cycurion ARx/MDP SaaS platform with WAF, bot mitigation, DDoS and SIEM capabilities. The company operates through subsidiaries Axxum Technologies, Cloudburst Security and Cycurion Innovation and a managed services practice and platform business. It serves federal civilian, defense and judicial agencies and commercial clients across industries, delivering solutions via prime and subcontracts and strategic partnerships domestically and internationally.
Summary from filing dated 2025-04-17
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Net revenues | 15 | 18 | 19 | — | |
| Cost of revenues | 14 | 14 | 17 | — | |
| Gross profit | 2 | 4 | 3 | — | |
| Selling, general and administrative expenses | 9 | 1 | 2 | — | |
| Stock compensation expenses | 4 | 10,000 | — | — | |
| Business combination expenses | 12 | 0 | — | — | |
| Total operating expenses | 25 | 1 | — | — | |
| Operating (loss)/income | −23 | 2 | 326,411 | −2 | |
| Interest income | 27,538 | 20,211 | — | — | |
| Interest expense | −2 | −1 | −2 | — | |
| Gain on debt settlement, net | 1 | 0 | — | — | |
| Other (expense)/income, net | −129,564 | 2,779 | — | 2 | |
| Other expenses, net | −644,222 | −1 | −2 | — | |
| (Loss)/income before income taxes | −24 | 1 | −2 | −450,186 | |
| Provision for income tax | 0 | 0 | 3,787 | −250,739 | |
| Net (loss)/income | −24 | 1 | −2 | −700,925 | |
| Less: Net loss attributable to non-controlling interest | 393,376 | 0 | — | — | |
| Net (loss)/income attributable to Cycurion | −24 | 1 | −1 | −700,925 | |
| Comprehensive (loss)/income | −24 | 1 | — | — | |
| Basic (in dollars per share) | −13.44 | 4.35 | −0.14 | — | |
| Diluted (in dollars per share) | −13.39 | 1.66 | −0.14 | — | |
| Basic (in shares) | 2 | 282,437 | 15 | — | |
| Diluted (in shares) | 2 | 904,929 | 15 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-06-30 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-06-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 5 | — | 38,742 | 607,869 | — | |
| Restricted cash | 0 | — | 2,048 | — | — | |
| Accounts receivable, net | 3 | — | 10 | 7 | — | |
| Other receivables | 0 | — | 434,391 | 455,979 | — | |
| Prepaid expenses and other current assets | 60,133 | — | 99,463 | 56,015 | — | |
| Total current assets | 8 | — | 11 | 8 | — | |
| Deposit for acquisition target | 0 | — | 2 | 2 | — | |
| Property and equipment, net | 0 | — | 20,321 | 33,662 | — | |
| Software development costs, net | 5 | — | 4 | — | — | |
| Intangible assets, net | 0 | — | 25,000 | 41,667 | — | |
| Security deposits | 0 | — | 10,351 | 10,351 | — | |
| Goodwill | 21 | — | 7 | 7 | — | |
| Investments held in trust account | 0 | — | 2 | — | 5 | |
| Total non-current assets | 25 | — | 15 | 12 | — | |
| Total Assets | 33 | — | 26 | 21 | — | |
| Bank loan-revolving credit line | 3 | — | 3 | 3 | — | |
| Bank loan - current portion | 0 | — | 774,095 | — | — | |
| Factoring liability | 2 | — | 0 | — | — | |
| Subordinated convertible promissory notes | 0 | — | 3 | 3 | — | |
| Convertible notes | 192,897 | — | 0 | — | — | |
| Promissory notes | 2 | — | 2 | — | — | |
| Accounts payable | 1 | — | 2 | 2 | — | |
| Accrued liabilities | 4 | — | 3 | 2 | — | |
| Accrued compensation and benefits | 919,825 | — | 979,684 | — | — | |
| Accrued interest payable | 1 | — | 2 | — | — | |
| Excise tax payable | 1 | — | 1 | — | — | |
| Total current liabilities | 17 | — | 19 | 14 | — | |
| Loans payable - non-current portion | 300,000 | — | 146,798 | 146,798 | — | |
| Series A convertible preferred stock ($0.001 par value, 16,667 shares designated, 0 and 11,518 issued and outstanding, respectively) | 0 | — | 1 | — | — | |
| Total non-current liabilities | 300,000 | — | 1 | 1 | — | |
| Total Liabilities | 17 | — | 20 | 16 | — | |
| Commitments and contingencies (Note 22) | — | — | — | — | — | |
| Common stock subject to possible redemption, $0.0001 par value, 0 and 5,796 shares at redemption value of approximately $11.03 per share, respectively | 0 | — | 2 | — | — | |
| Common stock ($0.0001 par value, 300,000,000 shares authorized, 3,642,468 and 391,338 shares issued and outstanding, respectively) | 364 | — | 1,059 | 1,028 | — | |
| Additional paid in capital | 47 | — | 7 | 10 | — | |
| Accumulated deficit | −27 | — | −3 | −4 | — | |
| Total stockholders' equity attributable to Cycurion | 20 | — | 3 | 5 | — | |
| Deficit attributable to noncontrolling interests | −4 | — | 0 | — | — | |
| Total stockholders' equity | 16 | 10 | 3 | 5 | — | |
| Total liabilities and stockholders equity | 33 | — | 26 | 21 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Stock-based compensation | 4 | 10,000 | 327,499 | — | |
| Stock-based compensation - business combination related | 10 | 0 | — | — | |
| Amortization of debt discount | 242,095 | 6,566 | 1 | — | |
| Depreciation of property and equipment | 20,321 | 13,341 | 25,822 | — | |
| Amortization of software development costs | 25,000 | 16,667 | — | — | |
| Finance expense | 100,000 | 0 | — | — | |
| Accounts receivable, net and other receivables | 363,405 | −3 | −5 | — | |
| Prepaid expenses and other current assets | 39,330 | −43,448 | −40,917 | — | |
| Accounts payable and accrued liabilities | −836,585 | 562,946 | — | 1 | |
| Accrued compensation and benefits | −59,859 | 345,908 | — | — | |
| Accrued interest payable | −119,946 | −20,211 | 4,222 | — | |
| Net cash used in operating activities | −12 | −1 | −2 | −1 | |
| Cash acquired on business combination | 34,983 | 2,048 | — | — | |
| Issuance of promissory notes | 0 | −439,114 | −200,000 | — | |
| Capitalized software development costs | −455,000 | −448,000 | −12,774 | — | |
| Cash withdrawn from Trust Account in connection with redemption | 1 | 0 | — | — | |
| Release of Trust Account to Company's bank account | 833,324 | 0 | — | — | |
| Net cash provided by/(used in) investing activities | 1 | −885,066 | −706,707 | −116 | |
| Proceeds from exercise of warrants | 4 | 0 | — | — | |
| Redemption of common stock subject to redemption | −1 | 0 | −114 | — | |
| Proceeds from private placement | 5 | 1 | 2 | 4 | |
| Proceeds from capital raise | 7 | 0 | — | — | |
| Proceeds from revolving line of credit | 0 | 252,314 | 5,346 | — | |
| Repayments of revolving line of credit | −315,671 | 0 | — | — | |
| Proceeds from bank borrowings | 0 | 31,954 | — | — | |
| Repayment of bank borrowings | −775,192 | 0 | — | — | |
| Repayment of loans payable | −210,843 | 0 | — | — | |
| Proceeds from convertible notes payable | 2 | 0 | — | — | |
| Net cash provided by financing activities | 16 | 2 | 3 | 118 | |
| Net increase/(decrease) in cash and cash equivalents | 5 | −567,079 | 511,684 | 805,568 |
Filings
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