Cycurion, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 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.
Sep 30, 2025 · Filed Nov 14, 2025
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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 Nine Months Ended | |||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Net revenues | $3,833,038 | $4,450,447 | $11,591,003 | $13,694,614 |
| Cost of revenues | 3,562,559 | 3,732,431 | 10,406,824 | 11,605,722 |
| Gross profit | 270,479 | 718,016 | 1,184,179 | 2,088,892 |
| Gross profit percentage | 7.1% | 16.1% | 10.2% | 15.3% |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 2,719,600 | 299,233 | 5,244,323 | 963,000 |
| Stock compensation expenses | 2,082,000 | — | 3,094,443 | 10,000 |
| Business combination expenses | — | — | 11,240,114 | — |
| Total operating expenses | 4,801,600 | 299,233 | 19,578,880 | 973,000 |
| Operating (loss)/income | (4,531,121) | 418,783 | (18,394,701) | 1,115,892 |
| Interest income | 1,770 | — | 1,770 | 20,211 |
| Interest expense | (712,374) | (319,666) | (1,506,657) | (1,033,496) |
| Gain on debt settlement, net | 2,016,469 | — | 1,250,139 | — |
| Other (expense)/income | (14,761) | 16,976 | (129,468) | 7,105 |
| Other expense/(income), net | 1,291,104 | (302,690) | (384,216) | (1,006,180) |
| (Loss)/income before income taxes | (3,240,017) | 116,093 | (18,778,917) | 109,712 |
| Provision for income tax | — | — | — | — |
| Net (loss)/income | (3,240,017) | 116,093 | (18,778,917) | 109,712 |
| Less: Net loss attributable to non-controlling interest | 116,700 | — | 218,359 | — |
| Net (loss)/income attributable to Cycurion | $(3,123,317) | $116,093 | $(18,560,558) | $109,712 |
Revenue
Revenues for the three months ended September 30, 2025 decreased $0.6 million or 13.9% compared to the three months ended September 30, 2024. For the nine months ended September 30, 2025, revenues decreased by $2.1 million or 15.4% 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 nine months ended September 30, 2025, was approximately $3.6 million and $10.4 million, respectively, compared to $3.7 million and $11.6 million 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 due to increased costs associated with being a publicly traded company and the addition key individuals for the company's growth strategy.
Stock compensation expenses
Stock compensation expenses increased in 2025 compared to 2024 as a result of new compensation agreements with executives.
Business combination expenses
Business combination expenses in 2025 are a result of the business combination with Western in Q1 2025.
Interest income
Interest income for both the three and nine months ended September 30, 2025 was $1,770, compared to $0 and $20,211 for the three and nine months ended September 30, 2024. The change in interest income is a result of the balance of the underlying interesting earning assets.
Interest expense
Interest expense for the three and nine months ended September 30, 2025 was $0.7 million and $1.5 million, respectively, compared to $0.3 million and $1.0 million for the three and nine months ended September 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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