Cycurion, Inc. CYCU
Cycurion, Inc. (collectively with its subsidiaries, the "Company," "Cycurion," "we," "us" or "our") is a publicly traded, cybersecurity and artificial intelligence ("AI")-powered IT solutions provider headquartered in McLean, Virginia. We were originally incorporated as KAE Holdings, Inc. under the laws of the State of Delaware in October 2017, with the purpose of acquiring and holding operating entities in the cybersecurity industry. On July 14, 2020, we changed our corporate name from KAE Holdings, Inc. to Cyber Secure Solutions, Inc., and, on February 24, 2021, to Cycurion, Inc.
On February 14, 2025, Cycurion completed the business combination and transactions (the "Business Combination") as set forth in an Agreement and Plan of Merger, dated November 21, 2022, as amended on April 26, 2024, December 31, 2024 and February 13, 2025 (the "Merger Agreement"), by and among Western Acquisition Ventures Corp. ("Western"), Western Acquisition Merger Inc., a Delaware corporation and a wholly-owned subsidiary of Western ("Merger Sub"), and Cycurion Sub, Inc., a Delaware corporation formerly known as Cycurion, Inc. ("Cycurion Sub"). As contemplated by the Merger Agreement, Merger Sub merged with and into Cycurion Sub with Cycurion Sub as surviving the merger as a wholly-owned subsidiary of Western. In addition, in connection with the consummation of the Business Combination, Western was renamed "Cycurion, Inc."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $15.1M | $17.8M | $19.4M | — | — | — |
| Cost of revenue | $13.5M | $14.1M | $16.7M | — | — | — |
| Gross profit | $1.6M | $3.6M | $2.6M | — | — | — |
| R&D | — | $0 | $0 | — | — | — |
| SG&A | $9.3M | $1.2M | $2.3M | — | — | — |
| Total operating expenses | $25.0M | $1.2M | — | — | — | — |
| Operating income | -$23.4M | $2.4M | $326.4K | -$2.0M | — | — |
| Interest expense | $1.8M | $1.2M | $2.1M | — | — | — |
| Pre-tax income | -$24.1M | $1.2M | -$2.1M | -$450.2K | — | — |
| Income tax | $0 | $0 | $3.8K | $250.7K | — | — |
| Net income | -$23.7M | $1.2M | -$2.1M | -$700.9K | — | — |
| EPS, basic | -13.44 | 4.35 | -0.14 | — | — | — |
| EPS, diluted | -13.39 | 1.66 | -0.14 | — | — | — |
| Shares, diluted (wtd. avg.) | 1.8M | 904,929 | 14.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $5.3M | $38.7K | $607.9K | $809.5K | $3.9K | — |
| Receivables | $2.7M | $10.4M | $7.1M | — | — | — |
| Total current assets | $8.0M | $10.9M | $8.4M | $1.1M | $3.9K | — |
| Property, plant and equipment | $0 | $20.3K | $33.7K | — | — | — |
| Goodwill | $20.8M | $6.6M | $6.6M | — | — | — |
| Other intangibles | $0 | $25.0K | $41.7K | — | — | — |
| Total assets | $33.5M | $25.6M | $20.8M | $118.3M | $327.0K | — |
| Accounts payable | $1.3M | $1.7M | $2.1M | $829.4K | $6.0K | — |
| Short-term debt | — | — | $204.2K | — | — | — |
| Total current liabilities | $16.9M | $18.7M | $14.1M | — | — | — |
| Total liabilities | $17.2M | $20.2M | $15.5M | $1.2M | $313.4K | — |
| Retained earnings | -$26.9M | -$3.2M | -$4.4M | -$1.9M | -$11.4K | — |
| Total equity | $20.1M | $3.5M | $5.2M | $5.0M | $13.6K | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$12.1M | -$1.4M | -$2.0M | -$1.3M | — | — |
| Depreciation and amortisation | $20.3K | $13.3K | $25.8K | — | — | — |
| Stock-based compensation | $3.9M | $10.0K | $327.5K | — | — | — |
| Capital expenditure | $455.0K | $448.0K | $12.8K | — | — | — |
| Investing cash flow | $1.4M | -$885.1K | -$706.7K | -$115.6M | — | — |
| Financing cash flow | $15.9M | $1.7M | $3.2M | $117.7M | — | — |
| Buybacks | $1.0M | $0 | $114.3M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-031976.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $19.4M | $17.8M | $15.1M |
| Gross profit | — | — | — | $2.6M | $3.6M | $1.6M |
| Net income | — | — | -$700.9K | -$2.1M | $1.2M | -$23.7M |
Recent filings and events
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 7371
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ZS | Zscaler, Inc. | $41.60B | — | 25.4% |
| CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | $33.43B | 15.5x | 7.0% |
| VRSN | VERISIGN INC/CA | $27.12B | — | 6.4% |
| EPAM | EPAM Systems, Inc. | $7.03B | 20.3x | 15.4% |
| DOCS | Doximity, Inc. | $6.10B | 34.1x | 13.1% |
| RGTI | Rigetti Computing, Inc. | $3.85B | — | -34.3% |
| IA | INNOVATIVE SOLUTIONS & SUPPORT INC | $351.9M | 22.3x | 78.6% |
| RDNW | RideNow Group, Inc. | $209.4M | — | -10.5% |