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of Contents](#i374867f7b3de40769b8b4f2e06eaf83b_7)\n\nUNITED STATES\n\nSECURITIES AND COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the quarterly period ended: March 31, 2026\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __________ to __________\n\nCommission File Number: 001-41214\n\nCycurion, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n86-3720717\n\n(State or other jurisdiction\nof incorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n1640 Boro Place, Suite 420C, McLean, VA\n\n22102\n\n(Address of principal executive office)(Zip Code)\n\n(888) 341-6680\n\nRegistrant’s telephone number, including the area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon stock, par value $0.0001 per shareCYCUThe NASDAQ Stock Market LLC\n\nRedeemable warrants, each exercisable for one share of common stock at an exercise price of $345.00 per shareCYCUWThe NASDAQ Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ☐Accelerated filer☐Non-accelerated filer☒\n\nSmaller reporting company ☒Emerging growth company☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nAs of May 12, 2026, there were 8,590,021 shares of common stock outstanding.\n\n[Table of Contents](#i374867f7b3de40769b8b4f2e06eaf83b_7)\n\nTable of Contents to First Quarter 2026 Form 10-Q\n\n[Special Note Regarding Forward-Looking Statements](#i374867f7b3de40769b8b4f2e06eaf83b_10)\n\n[3](#i374867f7b3de40769b8b4f2e06eaf83b_10)\n\n[Part I - FINANCIAL INFORMATION](#i374867f7b3de40769b8b4f2e06eaf83b_67)\n\n[4](#i374867f7b3de40769b8b4f2e06eaf83b_67)\n\n[Item 1.](#i374867f7b3de40769b8b4f2e06eaf83b_757)\n\n[Financial Statement - (Unaudited)](#i374867f7b3de40769b8b4f2e06eaf83b_757)\n\n[4](#i374867f7b3de40769b8b4f2e06eaf83b_757)\n\n[Consolidated Balance Sheets](#i374867f7b3de40769b8b4f2e06eaf83b_73)\n\n[4](#i374867f7b3de40769b8b4f2e06eaf83b_73)\n\n[Consolidated Statements of Operations and Comprehensive (Loss)/Income](#i374867f7b3de40769b8b4f2e06eaf83b_76)\n\n[5](#i374867f7b3de40769b8b4f2e06eaf83b_76)\n\n[Consolidated Statements of Cash Flows](#i374867f7b3de40769b8b4f2e06eaf83b_79)\n\n[6](#i374867f7b3de40769b8b4f2e06eaf83b_79)\n\n[Consolidated Statements of Changes in Stockholders’ Equity](#i374867f7b3de40769b8b4f2e06eaf83b_82)\n\n[7](#i374867f7b3de40769b8b4f2e06eaf83b_82)\n\n[Notes to the Unaudited Consolidated Financial Statements](#i374867f7b3de40769b8b4f2e06eaf83b_85)\n\n[8](#i374867f7b3de40769b8b4f2e06eaf83b_85)\n\n[1. Organization and Description of Business](#i374867f7b3de40769b8b4f2e06eaf83b_88)\n\n[8](#i374867f7b3de40769b8b4f2e06eaf83b_88)\n\n[2. Significant Accounting Policies](#i374867f7b3de40769b8b4f2e06eaf83b_94)\n\n[10](#i374867f7b3de40769b8b4f2e06eaf83b_94)\n\n[3. Revenue Recognition](#i374867f7b3de40769b8b4f2e06eaf83b_169)\n\n[12](#i374867f7b3de40769b8b4f2e06eaf83b_169)\n\n[4. Accounts Receivable, Net](#i374867f7b3de40769b8b4f2e06eaf83b_172)\n\n[14](#i374867f7b3de40769b8b4f2e06eaf83b_172)\n\n[5. Software Development Costs](#i374867f7b3de40769b8b4f2e06eaf83b_181)\n\n[14](#i374867f7b3de40769b8b4f2e06eaf83b_181)\n\n[6. Business Combination](#i374867f7b3de40769b8b4f2e06eaf83b_187)\n\n[15](#i374867f7b3de40769b8b4f2e06eaf83b_187)\n\n[7. Goodwill](#i374867f7b3de40769b8b4f2e06eaf83b_190)\n\n[17](#i374867f7b3de40769b8b4f2e06eaf83b_190)\n\n[8. Bank Loans](#i374867f7b3de40769b8b4f2e06eaf83b_193)\n\n[18](#i374867f7b3de40769b8b4f2e06eaf83b_193)\n\n[9. Loans Payable](#i374867f7b3de40769b8b4f2e06eaf83b_196)\n\n[20](#i374867f7b3de40769b8b4f2e06eaf83b_196)\n\n[10. Convertible Notes](#i374867f7b3de40769b8b4f2e06eaf83b_202)\n\n[21](#i374867f7b3de40769b8b4f2e06eaf83b_202)\n\n[11. Promissory Notes](#i374867f7b3de40769b8b4f2e06eaf83b_205)\n\n[22](#i374867f7b3de40769b8b4f2e06eaf83b_205)\n\n[12. Subordinated Convertible Promissory Notes](#i374867f7b3de40769b8b4f2e06eaf83b_208)\n\n[22](#i374867f7b3de40769b8b4f2e06eaf83b_208)\n\n[13. Factoring Liability](#i374867f7b3de40769b8b4f2e06eaf83b_211)\n\n[23](#i374867f7b3de40769b8b4f2e06eaf83b_211)\n\n[14. Series A Convertible Preferred Stock](#i374867f7b3de40769b8b4f2e06eaf83b_214)\n\n[23](#i374867f7b3de40769b8b4f2e06eaf83b_214)\n\n[15. Equity](#i374867f7b3de40769b8b4f2e06eaf83b_217)\n\n[23](#i374867f7b3de40769b8b4f2e06eaf83b_217)\n\n[16. Concentrations, Risks and Uncertainties](#i374867f7b3de40769b8b4f2e06eaf83b_220)\n\n[35](#i374867f7b3de40769b8b4f2e06eaf83b_220)\n\n[17. Rela](#i374867f7b3de40769b8b4f2e06eaf83b_226)[ted Party Transactions](#i374867f7b3de40769b8b4f2e06eaf83b_226)\n\n[36](#i374867f7b3de40769b8b4f2e06eaf83b_226)\n\n[18. Earnings Per Share](#i374867f7b3de40769b8b4f2e06eaf83b_229)\n\n[37](#i374867f7b3de40769b8b4f2e06eaf83b_229)\n\n[19. Commitments and Contingencies](#i374867f7b3de40769b8b4f2e06eaf83b_232)\n\n[37](#i374867f7b3de40769b8b4f2e06eaf83b_232)\n\n[20. Subsequent Events](#i374867f7b3de40769b8b4f2e06eaf83b_235)\n\n[42](#i374867f7b3de40769b8b4f2e06eaf83b_235)\n\n[Item 2.](#i374867f7b3de40769b8b4f2e06eaf83b_46)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i374867f7b3de40769b8b4f2e06eaf83b_46)\n\n[43](#i374867f7b3de40769b8b4f2e06eaf83b_46)\n\n[General and Business Overview](#i374867f7b3de40769b8b4f2e06eaf83b_49)\n\n[43](#i374867f7b3de40769b8b4f2e06eaf83b_49)\n\n[Financial Overview](#i374867f7b3de40769b8b4f2e06eaf83b_52)\n\n[46](#i374867f7b3de40769b8b4f2e06eaf83b_52)\n\n[Results of Operations](#i374867f7b3de40769b8b4f2e06eaf83b_55)\n\n[46](#i374867f7b3de40769b8b4f2e06eaf83b_55)\n\n[Liquidity and Capital Resources](#i374867f7b3de40769b8b4f2e06eaf83b_58)\n\n[47](#i374867f7b3de40769b8b4f2e06eaf83b_58)\n\n[Critical Accounting Policies and Estimates](#i374867f7b3de40769b8b4f2e06eaf83b_61)\n\n[49](#i374867f7b3de40769b8b4f2e06eaf83b_61)\n\n[Item 3.](#i374867f7b3de40769b8b4f2e06eaf83b_64)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i374867f7b3de40769b8b4f2e06eaf83b_64)\n\n[49](#i374867f7b3de40769b8b4f2e06eaf83b_64)\n\n[Item 4.](#i374867f7b3de40769b8b4f2e06eaf83b_244)\n\n[Controls and Procedures](#i374867f7b3de40769b8b4f2e06eaf83b_244)\n\n[49](#i374867f7b3de40769b8b4f2e06eaf83b_244)\n\n[PART II - OTHER INFORMATION](#i374867f7b3de40769b8b4f2e06eaf83b_13)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_13)\n\n[Item 1.](#i374867f7b3de40769b8b4f2e06eaf83b_31)\n\n[Legal Proceedings](#i374867f7b3de40769b8b4f2e06eaf83b_31)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_31)\n\n[Item 1A.](#i374867f7b3de40769b8b4f2e06eaf83b_19)\n\n[Risk Factors](#i374867f7b3de40769b8b4f2e06eaf83b_19)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_19)\n\n[Item 2.](#i374867f7b3de40769b8b4f2e06eaf83b_732)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i374867f7b3de40769b8b4f2e06eaf83b_732)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_732)\n\n[Item 3.](#i374867f7b3de40769b8b4f2e06eaf83b_739)\n\n[Defaults upon Senior Securities](#i374867f7b3de40769b8b4f2e06eaf83b_739)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_739)\n\n[Item 4.](#i374867f7b3de40769b8b4f2e06eaf83b_34)\n\n[Mine Safety Disclosures](#i374867f7b3de40769b8b4f2e06eaf83b_34)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_34)\n\n[Item 5.](#i374867f7b3de40769b8b4f2e06eaf83b_745)\n\n[Other Information](#i374867f7b3de40769b8b4f2e06eaf83b_745)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_745)\n\n[Item 6.](#i374867f7b3de40769b8b4f2e06eaf83b_274)\n\n[Exhibits](#i374867f7b3de40769b8b4f2e06eaf83b_274)\n\n[50](#i374867f7b3de40769b8b4f2e06eaf83b_274)\n\n[SIGNATURES](#i374867f7b3de40769b8b4f2e06eaf83b_280)\n\n[51](#i374867f7b3de40769b8b4f2e06eaf83b_280)\n\n2\n\n[Table of Contents](#i374867f7b3de40769b8b4f2e06eaf83b_7)\n\nSpecial Note Regarding Forward-Looking Statements\n\nIn this report, the words \"Cycurion,\" \"Company,\" \"we,\" \"our,\" and \"us\" refer to Cycurion, Inc., its subsidiaries and its fully consolidated variable interest entity otherwise stated or unless the context otherwise requires.\n\nSome statements made in this Quarterly Report on Form 10-Q, and in particular in the \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" section, are \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995 pertaining to management’s current expectations as to the Company's future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically accompanied by, and identified with, terms such as \"anticipates,\" \"believes,\" \"expects,\" \"estimates,\" \"intends,\" \"plans,\" \"potential,\" \"may,\" \"should,\" \"will,\" and similar phrases. The absence of these words does not necessarily mean that a statement is not forward-looking.\n\nThis Quarterly Report includes forward-looking statements addressing the Company's:\n\n•future revenue, gross profit, operating margins, and overall financial performance;\n\n•ability to convert contracted backlog into recognized revenue;\n\n•plans and strategies for business growth, new contract awards, and market expansion;\n\n•competitive position in the cybersecurity and information technology (\"IT\") services markets;\n\n•development, adoption, and performance of our software platforms and service offerings;\n\n•pursuit and execution of acquisitions, partnerships, and other strategic transactions;\n\n•liquidity, capital resources, and ability to service existing obligations;\n\n•compliance with the continued listing requirements of the Nasdaq Global Market;\n\n•financial consolidation of entities in which the Company holds a controlling interest; and\n\n•anticipated trends, growth rates, general market conditions and the regulatory environment in which we operate.\n\nManagement's expectations for the Company's future necessarily involve a number of assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause actual results to differ materially from the expectations expressed or implied by the forward-looking statements, including the factors discussed under \"Risk Factors\" in Part I, Item 1A of Cycurion's 2025 Annual Report, as well as uncertainties regarding:\n\n•changes in demand for cybersecurity and government technology services;\n\n•the loss or non-renewal of significant client contracts, or reductions in contract scope or funding;\n\n•the attraction and retention of qualified employees and key personnel;\n\n•the impact of government budget processes, spending constraints, or executive policy actions on contract activity;\n\n•our ability to compete effectively for new contracts against larger, better-resourced competitors;\n\n•risks inherent in completed or proposed acquisitions and strategic partnerships;\n\n•our ability to maintain adequate liquidity and access capital on acceptable terms;\n\n•legal proceedings, regulatory matters, or government audits affecting our business;\n\n•our ability to prevent serious errors or defects across, and to otherwise maintain the uninterrupted operation of, our network;\n\n•cybersecurity threats or data security incidents affecting our operations or those of our clients; and\n\n•general economic, geopolitical, and market conditions beyond our control.\n\nConsidering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this report. Cycurion undertakes no obligation to release publicly the results of revisions to any forward-looking statements to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this report is not necessarily indicative of future results.\n\n3\n\n[Table of Contents](#i374867f7b3de40769b8b4f2e06eaf83b_7)\n\nPART I - FINANCIAL STATEMENTS"}