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olivLaw · US equity research

Cycurion, Inc. CYCU

Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)

2.52USD−1.18% · 1 dayClose 04 Nov 2026

Cycurion, Inc. is a cybersecurity and IT solutions provider headquartered in McLean, Virginia, serving mainly state and local government agencies as well as higher education, healthcare and corporate clients. The company had a difficult 2025, with revenues falling to and gross margin contracting to, so attention is on how its client base and AI-enhanced technology platforms evolve.

At the close of 04 Nov 2026, Cycurion, Inc. (CYCU) stock was 2.52 USD (−1.18% on the day), with market capitalisation 65.1 m USD, beta 3.19, 52-week range 2.00–49.67 USD. Latest reported quarter (Q2 2026): revenue of 3.8 m USD (−3.4% YoY), net income of -3.8 m USD, diluted EPS -0.41 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
65.1 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -4.03 · TTM to 30 Jun 2026
E/P (TTM)
-159.96%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
3.19
Volatility (1y) 239%
52-week range
2.0049.67

Price history

Loading chart…

Technical reading

RSI (14)
46.7
neutral
Bollinger (20, 2)
1.88 – 3.02
in the upper half of the band · %B 0.56 · band width 46.5%
SMA 50 / 200
2.95 / 7.38
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.18 / -0.26
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−31.5%−1.1%−30.4 pp—
3 months−59.4%−0.5%−59.0 pp—
6 months−66.1%+4.4%−70.5 pp—
Year to date−88.6%+12.3%−100.9 pp—
1 year−88.5%+13.5%−102.0 pp−39.9%
3 yearsunavailable+76.4%unavailable−39.8%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−96.0%
14 Nov 2025 → 22 Oct 2026
Max drawdown (5y)
−99.7%
18 Feb 2025 → 22 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
3.8 m USD
−3.4% YoY
Net income
-3.8 m USD
unavailable YoY
Diluted EPS
-0.41
unavailable YoY
net / operating
-100.0% / -50.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue4.5 m4.1 m3.9 m3.9 m3.8 m3.5 m3.3 m3.8 m
Cost of revenue3.7 m2.5 m3.2 m3.7 m3.6 m3.1 m2.6 m2.7 m
Gross profit718.0 k1.5 m677.8 k235.9 k270.5 k428.1 k688.4 k1.1 m
SG&A299.2 k245.6 k337.4 k2.3 m2.7 m4.0 m2.7 m2.6 m
Operating income418.8 k1.3 m-10.1 m-3.8 m-4.5 m-5.0 m-2.4 m-1.9 m
Interest expense319.7 k176.0 k178.9 k615.4 k712.4 k257.2 k204.9 k227.9 k
Pre-tax income116.1 k1.1 m-10.2 m-5.3 m-3.2 m-5.3 m-2.6 m-4.0 m
Income tax00000000
Net income116.1 k1.1 m-10.2 m-5.2 m-3.1 m-5.1 m-2.1 m-3.8 m
Diluted EPS0.113.31 ≈-7.40-3.38-1.59-1.56 ≈-0.47-0.41
Operating cash flow-315.2 k ≈-205.7 k-2.7 m-3.6 m ≈-2.5 m ≈-3.3 m-2.9 m-3.3 m ≈
Capex105.0 k ≈105.0 k70.0 k104.0 k ≈94.0 k ≈187.0 k129.0 k63.0 k ≈
Share repurchases-620.6 k ≈01.0 m0 ≈0 ≈000 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenueunavailable19.4 m17.8 m15.1 m
Revenue YoYunavailableunavailable−8.2%−14.8%
Net income-700.9 k-2.1 m1.2 m-23.7 m
Net income YoYunavailableunavailableunavailable−2,024.7%
Diluted EPSunavailable-0.141.66-13.39
Diluted EPS YoYunavailableunavailableunavailable−906.6%
net %unavailable-10.8%6.9%-156.4%
Free cash flowunavailable-2.0 m-1.8 m-12.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
16.2 m USD
Total assets
33.5 m USD
Debt / equity
unavailable
Current ratio
0.47x
ROE
-240.1%
ROA
-80.2%
FCF margin
-82.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
19.4 m
2024
17.8 m
2025
15.1 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
16.7 m
2024
14.1 m
2025
13.5 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
2.6 m
2024
3.6 m
2025
1.6 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
0
2024
0
2025
—

SEC (XBRL)· 17 Apr 2025verified

SG&A
2023
2.3 m
2024
1.2 m
2025
9.3 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
326.4 k
2024
2.4 m
2025
-23.4 m

SEC (XBRL)· 31 Mar 2026verified

Interest expense
2023
2.1 m
2024
1.2 m
2025
1.8 m

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
-2.1 m
2024
1.2 m
2025
-24.1 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
3.8 k
2024
0
2025
0

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-2.1 m
2024
1.2 m
2025
-23.7 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-0.14
2024
1.66
2025
-13.39

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
14.8 m
2024
904.9 k
2025
1.8 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
607.9 k
2024
38.7 k
2025
5.3 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
7.1 m
2024
10.4 m
2025
2.7 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
8.4 m
2024
10.9 m
2025
8.0 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
33.7 k
2024
20.3 k
2025
0

SEC (XBRL)· 31 Mar 2026verified

Goodwill
2023
6.6 m
2024
6.6 m
2025
20.8 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
41.7 k
2024
25.0 k
2025
0

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
20.8 m
2024
25.6 m
2025
33.5 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
2.1 m
2024
1.7 m
2025
1.3 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
204.2 k
2024
—
2025
—

SEC (XBRL)· 26 Apr 2024verified

Current liabilities
2023
14.1 m
2024
18.7 m
2025
16.9 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
15.5 m
2024
20.2 m
2025
17.2 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
5.2 m
2024
3.5 m
2025
16.2 m

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-2.0 m
2024
-1.4 m
2025
-12.1 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
12.8 k
2024
448.0 k
2025
455.0 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-2.0 m ≈
2024
-1.8 m ≈
2025
-12.5 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-706.7 k
2024
-885.1 k
2025
1.4 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
3.2 m
2024
1.7 m
2025
15.9 m

SEC (XBRL)· 31 Mar 2026verified

Share repurchases
2023
114.3 m
2024
0
2025
1.0 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-14.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-1,069.1%
computed by olivLawFY 2025
Net income growth (YoY)
-2,024.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-906.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
17.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-95.9%
computed by olivLawTTM to 30 Jun 2026
Net margin
-98.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-86.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-76.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-40.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-73.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-9.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-12.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
473.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-12.4 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
99 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
98 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
65.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-160.0%
computed by olivLawTTM to 30 Jun 2026
P/B
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
4.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-19.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 59.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.52 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 65.1 m USD

Key indicators

Market capitalisation
65.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-76.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-98.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-14.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 10 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 546derived 43

Score by group

60% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Programming Services (SIC 7371)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality17.2%0 (on a fixed band)18%
EBIT margin · Quality-95.9%26 (vs peers)14%
FCF margin · Quality-86.3%0 (on a fixed band)14%
Revenue CAGR 3Y · Growthunavailableunavailable—
Revenue growth (YoY) · Growth-14.8%23 (vs peers)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.3x0 (on a fixed band)11%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-19.1%0 (on a fixed band)21%
Shareholder yield (distributions) · Returns0.0%33 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/2 factors with a value
  • Growth· partial23/100 · 1/2 factors with a value
  • Quality8/100 · 3/3 factors with a value
  • Returns33/100 · 1/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Cycurion, Inc. (CYCU). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 15.1 m USD in 2025; YoY growth -14.8%; net margin -98.0%; ROE -76.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Gross margin: 17.2%
  • EBIT margin: -95.9%
  • FCF margin: -86.3%
  • Revenue growth (YoY): -14.8%
  • Current ratio: 0.3x
  • FCF yield: -19.1%

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Net debt / EBITDA, EV/Sales.

Versus the vertical median

Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies

Multiples and returns vs the median

P/E
—
vertical median 15.8x
EV/EBITDA
—
vertical median 3.6x
P/S
4.5x
vertical median 2.3x
above median (+100.0%)
P/B
2.9x
vertical median 2.0x
above median (+43.1%)
ROE
-76.7%
vertical median 5.8%
below median (−1,430.8%)
Net margin
-98.0%
vertical median 5.0%
below median (−2,052.0%)
EBIT margin
-95.9%
vertical median 4.1%
below median (−2,449.9%)
Revenue YoY
-14.8%
vertical median 4.3%
below median (−449.1%)
Net debt/EBITDA
—
vertical median 0.0x
Dividend yield
—
vertical median 2.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
INFYInfosys Limited49.6 bn16.129.0%16.4%+3.9%−30% / −30%
ZSZscaler Inc36.6 bn—-2.9%-1.9%+25.4%−11% / +14%
CTSHCognizant Technology Solutions Corporation29.4 bn12.017.4%11.8%+7.0%−15% / −7%
VRSNVerisign Inc28.5 bn33.6—49.1%+6.4%+26% / +50%
WITWipro Limited22.7 bn15.416.4%14.7%−3.2%−21% / −11%
EPAMEpam Systems, Inc.7.1 bn18.611.2%7.2%+15.4%−27% / −47%
DOCSDoximity, Inc.6.2 bn40.917.2%25.5%+13.1%−33% / +49%
DOXAmdocs Limited4.9 bn10.314.1%9.9%+2.4%−43% / −48%
RGTIRigetti Computing, Inc.3.7 bn—-43.8%-1,787.4%−34.3%−56% / +958%
FORTYFormula Systems (1985) Ltd.1.8 bn23.412.2%2.9%+5.2%−20% / +96%
MGRTMega Fortune Co Ltd1.6 bn698.921.1%16.1%+233.3%+1,864% / unavailable
PERIPerion Network Ltd.446.8 m—-1.1%-1.8%−11.7%+12% / −59%
MFImF International Limited367.8 m36.43.9%232.8%+29.4%−68% / unavailable
IAInnovative Solutions And Support, Inc.353.7 m18.828.5%20.5%+78.6%+103% / +167%
GDEVGDEV Inc.176.1 m2.6—17.1%−3.9%−44% / −57%
ATGLAlpha Technology Group Ltd146.5 m—-184.7%-952.0%−40.2%−61% / −39%
MLGOMicroAlgo Inc.135.7 m1.27.6%30.2%−20.3%−61% / −100%
MWCMicware Co., Ltd.82.0 m8.120.0%7.3%unavailableunavailable / unavailable
PDCPerpetuals.com Ltd74.9 m—-75.8%-1,069.9%−47.0%−61% / −13%
CINTCI&T Inc73.8 m10.313.8%8.3%+11.5%−31% / −40%
CYCUCycurion, Inc.65.1 m—-76.7%-98.0%−14.8%−89% / unavailable
XTIAXti Aerospace, Inc.37.7 m——-89.6%+602.4%−40% / −100%
MNDOMind Cti Ltd18.3 m6.911.0%13.4%−9.3%−24% / −53%
CHGAChange Agents Corporation17.8 m—-606.9%-643.1%+6.2%−97% / −99%
RDNWRideNow Group, Inc.11.7 m——-0.8%−10.5%+7% / −9%

1- and 3-year price returns: for CYCU from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Cycurion, Inc. is a cybersecurity and IT solutions provider headquartered in McLean, Virginia, serving mainly state and local government agencies as well as higher education, healthcare and corporate clients. The company had a difficult 2025, with revenues falling to 1 and gross margin contracting to 2, so attention is on how its client base and AI-enhanced technology platforms evolve.

    SWOT

    Strengths

    • The company has long experience working with federal and state agencies, giving it knowledge of the government environment and capacity to work on sensitive projects 1.
    • The portfolio spans consulting, managed IT services, managed security services and a proprietary technology platform, which allows integrated service packages 1.
    • A long-standing relationship with a telecommunications provider, supported by a new network modernization contract, shows the ability to deliver critical services to institutional clients 3.

    Weaknesses

    • Revenue is concentrated in a small number of clients and contracts, and losing a major client could significantly reduce financial results 1.
    • Gross margin contracted considerably in 2025, and business combination and public company costs increased losses 1.
    • The AI-based technology platforms are at an early stage, without a broadly proven commercial base 1.

    Opportunities

    • Modernization of government IT and communications infrastructure could generate new contracts, especially if the current backlog converts into revenue 2.
    • Acquisitions of mid-market security providers, such as Secuvant, could widen the client base and managed security capacity 2.
    • If the ARx and Cycurion Security Platform reach maturity, they could bring recurring revenue with better margins 1.

    Threats

    • Cuts to federal and state budgets and delayed procurements could postpone projects and reduce demand for the company's services 1.
    • Competition from larger contractors with superior resources could limit new contract wins and pressure pricing 1.
    • A security incident affecting the company's own systems could seriously damage the reputation of a firm that sells cyber protection 1.

    Risks

    • Client concentrationhigh

      A small number of contracts and clients generate a major part of revenue, and changes to one contract could have a disproportionate effect on results 1.

    • Dependence on government fundinghigh

      State and local clients rely on federal funds passed through grants, and delays in appropriations could postpone projects and revenue recognition 1.

    • Revenue and margin declinemedium

      Revenue fell in 2025 and gross margin dropped sharply, which could continue if new contracts start late 1.

    • Liability under government contractsmedium

      Government contracts can be audited, modified or terminated, and failure to comply with procurement rules could bring significant penalties 1.

    • Technology and reputation riskmedium

      Products may contain errors or fail to detect threats, and a breach of the company's own systems could undermine market confidence 1.

    Investment thesis

    What would need to be true (bull case)

    • If the high backlog reported at the end of 2025 converts into actual revenue and new modernization contracts start on time, the company could recover from the revenue decline 2.
    • Integrating technology platforms with managed services could create recurring revenue streams and improve margins over the long term 1.
    • Recent acquisitions, including Secuvant, could broaden the portfolio and client base in the mid-market segment 2.

    What would break the thesis

    • If federal and state budget cuts widen, demand for the company's services could fall further 1.
    • Client concentration could make revenue vulnerable to the loss of a single major contract that is hard to replace quickly 1.
    • Net losses and transition costs could continue if margins do not improve, which could limit investment capacity 1.

    What to watch

    • Trend in revenue and gross margin versus the 2025 levelQ2 2026
    • Conversion of committed backlog into recognized revenue2026
    • Integration of Secuvant and its effect on revenue and marginsnext 10-Q
    • Commercial adoption status of the ARx and Cycurion Security Platformnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Cycurion, Inc. operates through Axxum Technologies LLC, Cloudburst Security LLC and Cycurion Innovation, Inc., offering consulting, managed IT services and managed security services, as well as the ARx platform, a web application protection solution. The company presents itself as a provider of custom solutions for federal civilian, defense and judicial agencies, as well as commercial clients 1. Since February 2025 its shares trade on Nasdaq under CYCU, following the business combination with Western Acquisition Ventures Corp. 1.

    Revenue is highly concentrated: in fiscal 2025 the four largest end-customers accounted for 1 of total revenue, mostly state and local government agencies, universities, law enforcement and municipal transportation authorities 1. Committed backlog was about 2 at 31 December 2025, compared with 3 at the end of 2024 1.

    In June 2026 the company announced the acquisition of Secuvant LLC, an IT security firm focused on managed security services for mid-market organizations, pointing to growth through acquisitions 2. Cycurion also described Cycurion Crypto Inc., formed in July 2025 to manage a crypto treasury, as part of positioning in the digital asset ecosystem 1.

    Segments

    Consulting, managed IT services and managed security services

    This line covers security control assessments, security architecture, compliance audits, virtual CISO support, managed IT services under service level agreements, and managed security services such as managed detection and response, penetration testing and 24/7/365 SOC monitoring 1.

    ARx platform and Cycurion Security Platform

    The ARx platform combines DoS protection, WAF, API protection, endpoint protection and bot detection, while technology acquired from Sabres has been integrated into the managed security practice 1. The company notes that the production version of the software does not yet include AI processing, which is in testing and evaluation 1.

    Government services through SLG Innovation

    Through SLG Innovation, Inc. the company provides IT modernization services to state and local government agencies, and according to its filings this relationship now represents the majority of Cycurion revenues 1. The master service agreement with Axxum Technologies is driven by task orders that vary with client requirements 1.

    Market context

    The company describes the cybersecurity and IT services market for government clients as fragmented, competitive and constantly evolving, with solutions that must adapt quickly to new threats 1. Demand from state and local clients depends heavily on federal funding passed through grants and pass-through programs, which is subject to annual appropriations and budget uncertainty 1.

    Trends

    • Government cost-reduction initiativesheadwind

      Federal efficiency initiatives, including DOGE, have led to contract and grant cuts, and several states are proposing similar programs, which could delay client procurement 1.

    • Rising demand for cybersecuritytailwind

      The growing scale and sophistication of cyberattacks keeps interest in monitoring and managed security services high, which could support demand for the company's portfolio 1.

    • Modernization of public infrastructuremixed

      Projects replacing legacy infrastructure, such as an emergency warning network for a federal agency, show that modernization demand can produce new contracts, although their value is limited 3.

    • Uncertain adoption of AI platformsheadwind

      AI-based platforms are at an early stage of adoption and their commercial success is not assured, which could weigh on margins if traction stays limited 1.

    Competitive position

    The company operates in a fragmented market where it competes with large defense and IT contractors, specialized cybersecurity firms, cloud service providers and niche contractors 1. Larger competitors generally have greater financial resources, brand recognition and broader contract relationships than Cycurion 1.

    Key competitive factors include the ability to detect and mitigate threats, responsiveness to client needs, total cost and ease of use of products, brand reputation and the ability to attract employees 1. The company acknowledges it could lose position if it does not innovate fast enough 1.

    • Large defense and IT contractors

      Large contractors with greater financial and technical resources and extensive government contract bases, which can offer broader portfolios 1.

    • Vulnerability management and assessment vendors

      Companies offering vulnerability assessment and management that compete directly with part of the consulting and managed security offering 1.

    • Endpoint and cloud security vendors

      Companies offering endpoint and cloud security solutions that compete with the protection functions of the ARx platform 1.

    • Managed security service providers

      Specialized providers of monitoring, detection and response that may compete for the same mid-sized and large clients 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Financial statements and exhibits
    • Financial statements and exhibits
    • Current report26 Oct 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report22 Oct 2026
      Other events · Financial statements and exhibits
    • Current report16 Oct 2026
      Other events · Financial statements and exhibits
    • Current report02 Oct 2026
      Other events · Financial statements and exhibits
    • Current report30 Sept 2026
      Departure or appointment of officers · Other events · Financial statements and exhibits
    • Current report28 Sept 2026
      Termination of a material agreement · Other events · Financial statements and exhibits
    • Current report08 Sept 2026
      Other events · Financial statements and exhibits
    • Current report28 Aug 2026
      Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cycurion, Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cycurion, Inc. · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Cycurion, Inc. · 14 Nov 2025

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.