Cycurion (CYCU) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $15.1 million, a 14.8% decrease year-over-year due to delayed contract starts and a focus on higher-margin business.

• Net loss attributable to the company was $23.7 million for 2025, compared to net income of $1.2 million in 2024.

• The company completed a business combination with Western Acquisition Ventures Corp. and consolidated SLG Innovation, Inc. as a variable interest entity.

• Significant recapitalization efforts included debt-to-equity conversions and new equity raises.

Financial highlights

• Gross profit for 2025 was $1.6 million (10.7% margin), down from $3.6 million (20.5% margin) in 2024.

• Operating expenses rose to $11.9 million, driven by higher SG&A, stock compensation, and business combination costs.

• Interest expense increased to $1.8 million, and a $1.2 million gain on debt settlement was recognized.

• Cash and cash equivalents at year-end were $5.3 million, up from $38,742 in 2024, mainly due to financing activities.

• Accumulated deficit increased to $26.9 million as of December 31, 2025.

Outlook and guidance

• Management expects continued significant operating losses for the next few years and plans to seek additional debt or equity financing.

• Current cash and capital resources are expected to support operations for at least 12 months from the report date.