$CYCUW

Cycurion, Inc.

CIK:0001868419|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 3,757,076	$ 3,887,915	$ 7,025,696	$ 7,757,965
Cost of revenue	2,663,739	3,651,978	5,244,001	6,844,265
Gross profit	1,093,337	235,937	1,781,695	913,700
Operating expenses:
Selling, general and administrative expenses	2,641,320	2,313,343	5,385,015	2,650,716
Stock compensation expenses	336,722	1,012,443	652,555	1,012,443
Business combination expenses	0	676,228	0	11,114,122
Total operating expenses	2,978,042	4,002,014	6,037,570	14,777,281
Operating loss	(1,884,705)	(3,766,077)	(4,255,875)	(13,863,581)
Other income/(expenses):
Interest income	3,506	0	17,742	0
Interest expense	(227,941)	(615,392)	(432,793)	(794,283)
Loss on debt settlement, net	(1,930,427)	(907,983)	(1,930,427)	(766,330)
Other expense, net	0	(962)	0	(114,706)
Other expenses, net	(2,154,862)	(1,524,337)	(2,345,478)	(1,675,319)
Loss before income taxes	(4,039,567)	(5,290,414)	(6,601,353)	(15,538,900)
Provision for income tax	0	0	0	0
Net loss	(4,039,567)	(5,290,414)	(6,601,353)	(15,538,900)
Less: Net loss attributable to non-controlling interest	283,793	101,659	717,117	101,659
Net loss attributable to Cycurion	(3,755,774)	(5,188,755)	(5,884,236)	(15,437,241)
Comprehensive loss	$ (3,755,774)	$ (5,188,755)	$ (5,884,236)	$ (15,437,241)
Loss per share:
Basic (in dollars per share)	$ (0.41)	$ (4.31)	$ (0.86)	$ (16.55)
Diluted (in dollars per share)	$ (0.41)	$ (3.38)	$ (0.86)	$ (16.45)
Weighted average shares outstanding:
Basic (in shares)	9,065,675	1,204,462	6,826,267	932,849
Diluted (in shares)	9,065,675	1,532,549	6,826,267	936,209

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss	$ (4,039,567)	$ (2,561,786)	$ (5,290,414)	$ (10,248,486)	$ (6,601,353)	$ (15,538,900)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation expenses					652,555	1,284,777
Stock-based compensation - business combination related					0	9,250,000
Amortization of debt discount					1,187	213,036
Depreciation of property and equipment					0	3,489
Amortization of software development costs					0	17,083
Loss on debt settlement, net	1,930,427		907,983		1,930,427	766,330
Finance expense					0	100,000
Changes in assets and liabilities:
Accounts receivable, net and other receivables					(1,010,583)	(1,478,433)
Prepaid expenses and other current assets					(61,498)	45,204
Accounts payable and accrued liabilities					(1,221,050)	(738,998)
Accrued compensation and benefits					(111,386)	(17,042)
Accrued interest payable					247,525	(209,668)
Net cash used in operating activities					(6,174,176)	(6,303,122)
Cash flows from investing activities:
Net cash acquired on business combination					208,014	34,983
Capitalized software development costs					(192,000)	(174,000)
Cash withdrawn from Trust Account in connection with redemption					0	1,001,216
Release of Trust Account to Company's bank account					0	833,324
Net cash provided by investing activities					16,014	1,695,523
Cash flows from financing activities:
Proceeds from exercise of warrants					167	3,664,671
Redemption of common stock subject to redemption					0	(1,001,216)
Proceeds from capital raise					3,288,138	265,504
Repayments of revolving line of credit					(512,091)	(12,900)
Repayment of bank borrowings					0	(155,114)
Proceeds from convertible notes payable			2,000,000.0	386,500	0	2,376,500
Repayments of notes payable					0	(70,000)
Net cash provided by financing activities					2,776,214	5,580,645
Net (decrease)/increase in cash and cash equivalents					(3,381,948)	973,046
Cash and cash equivalents, beginning of period		$ 5,255,235		$ 40,790	5,255,235	40,790	$ 40,790
Cash and cash equivalents, end of period	$ 1,873,287		$ 1,013,836		1,873,287	1,013,836	$ 5,255,235
Nonrelated Party
Cash flows from financing activities:
Proceeds from notes payable					$ 0	$ 513,200

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents	$ 1,873,287	$ 5,255,235
Accounts receivable, net	3,721,520	2,687,479
Prepaid expenses and other current assets	222,886	60,133
Other receivables	133,058	0
Total current assets	5,950,751	8,002,847
Software development costs, net	4,798,981	4,606,981
Goodwill and intangibles	27,617,398	20,842,508
Total non-current assets	32,416,379	25,449,489
Total assets	38,367,130	33,452,336
Liabilities:
Bank loan-revolving credit line	2,421,305	2,933,396
Factoring liability	1,300,470	1,511,678
Convertible notes	2,686,748	192,897
Promissory notes	1,161,960	2,499,662
Accounts payable	1,290,801	1,314,772
Accrued liabilities	7,613,943	4,228,337
Accrued compensation and benefits	1,063,856	919,825
Accrued interest payable	432,748	1,347,787
Excise tax payable	1,167,173	1,167,173
Total current liabilities	19,531,722	16,908,870
Loans payable - non-current portion	627,010	300,000
Total non-current liabilities	627,010	300,000
Total liabilities	20,158,732	17,208,870
Commitments and contingencies (Note 19)
Stockholders' Equity:
Common stock ($0.0001 par value, 300,000,000 shares authorized, 3,642,468 and 391,338 shares issued and outstanding, respectively)	1,189	364
Additional paid in capital	55,545,133	46,979,762
Accumulated deficit	(32,763,317)	(26,879,081)
Total stockholders' equity attributable to Cycurion	22,783,109	20,101,060
Deficit attributable to noncontrolling interests	(4,574,711)	(3,857,594)
Total stockholders' equity	18,208,398	16,243,466
Total liabilities and stockholders’ equity	38,367,130	33,452,336
Series A Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series B Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series C Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series D Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	15	15
Series E Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series F Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series G Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series H Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	0	0
Series I Convertible Preferred Stock
Stockholders' Equity:
Preferred stock, value, issued	89	0
Nonrelated Party
Liabilities:
Loans Payable- current portion/ related parties	269,068	669,693
Related Party
Liabilities:
Loans Payable- current portion/ related parties	$ 123,650	$ 123,650