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
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. Results of Operations
Results of Operations
Table MD&A 1: Consolidated Results of Operations
| For the Three Months Ended | For the Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |
| Net revenues | $3,887,915 | $5,001,312 | $7,757,965 | $9,244,167 |
| Cost of revenues | 3,651,978 | 3,977,150 | 6,844,265 | 7,873,291 |
| Gross profit | 235,937 | 1,024,162 | 913,700 | 1,370,876 |
| Gross profit percentage | 6.1% | 20.5% | 11.8% | 14.8% |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 4,002,018 | 294,790 | 14,777,281 | 673,767 |
| Operating (loss)/income | (3,766,081) | 729,372 | (13,863,581) | 697,109 |
| Interest income | - | 20,211 | - | 20,211 |
| Interest expense | (615,392) | (482,355) | (794,283) | (713,830) |
| Loss on debt settlement, net | (907,983) | - | (766,330) | - |
| Other (expense)/income | (962) | 38,866 | (114,706) | (9,871) |
| Other expense, net | (1,524,337) | (423,278) | (1,675,319) | (703,490) |
| (Loss)/income before income taxes | (5,290,418) | 306,094 | (15,538,900) | (6,381) |
| Provision for income tax | - | - | - | - |
| Net (loss)/income | $(5,290,418) | $306,094 | $(15,538,900) | $(6,381) |
| Less: Net loss attributable to non-controlling interest | (101,659) | - | (101,659) | - |
| Net (loss)/income attributable to Cycurion | $(5,188,759) | $306,094 | $(15,437,241) | $(6,381) |
Revenue
Revenues for the three months ended June 30, 2025 decreased $1,113,397 or 22% compared to the three months ended June 30, 2024. For the six months ended June 30, 2025, revenues decreased by $1,486,202 or 16% compared to same period in 2024.
We attribute this decrease in the revenues in 2025 compared to 2024 to delayed start dates of new federal, state and local contracts and the company’s focus on more profitable business.
Cost of Revenue
The cost of revenue for the three and six months ended June 30, 2025, was approximately $3,651,978 and $6,844,265, respectively, compared to $3,977,150 and $7,873,291 for the same periods in 2024, respectively. The cost of revenue is driven by the costs incurred while delivering services to our customers.
Selling, general and administrative (“SG&A”) expenses
Our selling, general and administrative (“SG&A”) expenses increased in 2025 compared to 2024 due to additional expenses being recognized in 2025 related to merger and acquisition efforts in the legal, administrative, and consulting operations. While costs associated with the Western merger are considered one-time costs, there will be continued SG&A costs greater than the 2024 amounts as the company expands.
Interest expense
Interest expense for the three and six months ended June 30, 2025 was $615,392 and $794,283, respectively, compared to $482,355 and $713,830 for the three and six months ended June 30, 2024. The change in interest expense is a result of a the underlying debt instruments. For further information refer to debt footnotes.
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