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Cycurion, Inc.

For the period ended Jun 30, 2025. Filed Aug 13, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 13, 2025

CYCU$2.39+6.7%Stored close · as of Nov 6, 2026

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UNITED STATES

SECURITIES AND COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: June 30,2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission File Number:001-41214

Cycurion, Inc.
(Exact name of registrant as specified in its charter)
Delaware86-3720717
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1640 Boro Place, Fourth Floor, McLean, VA22102
(Address of principal executive office)(Zip Code)
(888) 341-6680
Registrant’s telephone number, including the area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareCYCUThe NASDAQ Stock Market LLC
Redeemable warrants, each exercisable for one share of common stock at an exercise price of $11.50 per shareCYCUWThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
Smaller reporting company ☒Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No☒

As of August 8, 2025, there were 51,426,037 shares of common stock outstanding.

Table of Contents to Second Quarter 2025 Form 10-Q
Part I - FINANCIAL INFORMATION3
Item 1.Financial Statements - (Unaudited)3
Consolidated Balance Sheets3
Consolidated Statements of Operations and Comprehensive (Loss)/Income4
Consolidated Statements of Cash Flows5
Consolidated Statements of Changes in Stockholders’ Equity6
Notes to the Unaudited Consolidated Financial Statements7
1. Organization and Description of Business7
2. Significant Accounting Policies9
3. Accounts Receivable, Net15
4. Property and Equipment, Net15
5. Software Development Costs15
6. Intangible Assets16
7. Business Combination16
8. Goodwill18
9. Bank Loans19
10. Loans Payable20
11. Convertible Notes21
12. Promissory Notes22
13. Factoring Liability23
14. Series A Convertible Preferred Stock23
15. Equity23
16. Concentrations, Risks and Uncertainties29
17. Fair Value Disclosures30
18. Related Party Transactions30
19. Earnings Per Share31
20. Commitments and Contingencies32
21. Subsequent Events34
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations35
Forward-Looking Statements35
General and Business Overview36
Financial Overview39
Results of Operations39
Liquidity and Capital Resources40
Critical Accounting Policies and Estimates41
Item 3.Quantitative and Qualitative Disclosures about Market Risk42
Item 4.Controls and Procedures42
PART II - OTHER INFORMATION43
Item 1.Legal Proceedings43
Item 1A.Risk Factors43
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds44
Item 3.Defaults upon Senior Securities44
Item 4.Mine Safety Disclosures44
Item 5.Other Information44
Item 6.Exhibits44
SIGNATURES45
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