Cycurion, Inc. Earnings Per Share Disclosure
| Table 21.1: Details of Basic and Dilutive (Loss)/Earnings Per Share | |||||||||||
| For the Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Basic net (loss)/income per share: | |||||||||||
| Numerator | |||||||||||
| Net (loss)/income including non-controlling interests | $ | (24,059,084) | $ | 1,229,601 | |||||||
| Less: Net loss attributable to non-controlling interest | (393,376) | - | |||||||||
| Net (loss)/income attributable to common stockholders - basic | (23,665,708) | 1,229,601 | |||||||||
| Denominator | |||||||||||
| Weighted average shares outstanding - basic | 1,760,310 | 282,437 | |||||||||
| Basic net (loss)/income per share attributable to common stockholders | $ | (13.44) | $ | 4.35 | |||||||
| Diluted net (loss)/income per share: | |||||||||||
| Numerator | |||||||||||
| Net (loss)/income attributable to common stockholders - basic | $ | (23,665,708) | $ | 1,229,601 | |||||||
| Add back interest for subordinated convertible promissory note | 43,333 | 276,667 | |||||||||
| Net (loss)/income attributable to common stockholders - diluted | $ | (23,622,375) | $ | 1,506,268 | |||||||
| Denominator | |||||||||||
| Weighted average shares outstanding - basic | 1,760,310 | 282,437 | |||||||||
| Weighted-average effect of potentially dilutive securities: | |||||||||||
| Conversion of subordinated convertible promissory note | 3,333 | 58,347 | |||||||||
| Conversion of Series A Convertible Preferred Stock | - | 70,203 | |||||||||
| Conversion of Series B Convertible Preferred Stock | - | 175,182 | |||||||||
| Conversion of Series C Convertible Preferred Stock | - | 1,212 | |||||||||
| Exercise of investor and placement agent warrants | - | 317,548 | |||||||||
| Weighted average shares outstanding - diluted | 1,763,643 | 904,929 | |||||||||
| Dilutive net (loss)/income per share attributable to common stockholders | $ | (13.39) | $ | 1.66 | |||||||
| Table 21.2: Details of Potentially Dilutive Effect of Securities Excluded from Dilutive EPS due to Anti-Dilutive Effect | |||||||||||
| For the Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Conversion of Series A Convertible Preferred Stock | 92,332 | - | |||||||||
| Conversion of Series B Convertible Preferred Stock | 28,090 | - | |||||||||
| Conversion of Series C Convertible Preferred Stock | 1,202 | - | |||||||||
| Conversion of Series D Convertible Preferred Stock | 10,092 | - | |||||||||
| Conversion of Series E Convertible Preferred Stock | 2 | - | |||||||||
| Exercise of investor and placement agent warrants | 922,845 | 317,548 | |||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.