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1. Accenture for network security and IT optimization.

2. IBM Global Services, but focused on network communications and cybersecurity solutions.

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• Network Communications Solutions: Cycurion provides services and technologies for designing, implementing, and managing robust network infrastructures.
• Information Technology Security Solutions: Cycurion offers cutting-edge services and technologies to protect IT systems, data, and networks from various cyber threats.

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Cycurion (CYCU) primarily serves other companies and government agencies. Based on their latest public filings, including their most recent 10-K, Cycurion does not disclose any single customer that accounts for 10% or more of its total revenue. This indicates a diversified customer base, and as such, no specific named major customer companies are publicly identified.

However, based on their business description and services, their customers fall broadly into the following categories:

• Government Agencies: This includes federal, state, and local government entities that require advanced network communications and information technology security solutions.
• Commercial Clients: This encompasses businesses of various sizes and industries seeking IT optimization, network communication services, and robust cybersecurity solutions.

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L. Kevin Kelly, Chief Executive Officer

L. Kevin Kelly was appointed CEO of Cycurion in February 2023. He brings nearly 30 years of corporate experience, having most recently served as CEO of Halo Privacy, a cybersecurity company. Prior to that, Mr. Kelly was the CEO of Heidrick & Struggles International Inc. (Nasdaq: HSII), where he established the company as a global consulting firm. He also held leadership roles as CEO and President of Asia Pulp & Paper, one of the world's largest paper companies. Mr. Kelly has authored four books on leadership.

Alvin McCoy, Chief Financial Officer

Alvin McCoy is a co-founder of Cycurion and serves as its Chief Financial Officer. Before co-founding Cycurion, Mr. McCoy was the Founding Principal and Managing Partner of Quantum Capital Partners, a merchant banking firm specializing in corporate financial advisory, real estate advisory, and niche structured finance transactions. He previously served as the President and CEO of The McCoy Group, LLC.

Emmit McHenry, Chairman of the Board

Emmit McHenry is a co-founder of Cycurion and currently holds the position of Chairman of the Board. Mr. McHenry has a history of founding several companies, including Archura, LLC, NetCom Solutions International, Inc., and Network Solutions, Inc., known for providing internet domain name services. His extensive career includes management positions at prominent companies such as IBM, Connecticut General, Union Mutual, Valador, and Allstate Insurance Company.

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The key risks to Cycurion's business (NASDAQ: CYCU) include its financial health and profitability, the risk of delisting from Nasdaq, and its reliance on public sector revenue with declining sales.

1. Financial Health and Profitability Challenges: Cycurion faces significant financial challenges, including recurring losses, negative gross margins, and negative free cash flow. The company's Altman Z-Score indicates financial distress, raising concerns about its long-term viability and potential liquidity issues. This ongoing struggle to achieve and maintain profitability puts pressure on day-to-day operations and may necessitate further fundraising, potentially diluting existing shareholders.
2. Nasdaq Delisting Risk: The company has received notification from Nasdaq regarding its failure to meet the minimum bid price requirement, with its stock price consistently trading below the $1 minimum for an extended period. Failure to regain compliance could lead to delisting from the Nasdaq Global Market, which would severely impact the company's ability to raise capital and maintain investor visibility.
3. Revenue Dependency and Declining Sales: Cycurion is heavily reliant on contracts from the public sector. The company has experienced declining revenues, particularly in Q2 2025 and H1 2025, primarily due to delayed contracts and budget cuts from government agencies. Despite reporting a significant contracted backlog, the challenge lies in converting this backlog into actual revenue, indicating potential operational inefficiencies and a vulnerability to public funding fluctuations.

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Cycurion (symbol: CYCU) operates in several significant addressable markets related to network communications and information technology security solutions.

Cybersecurity Solutions

The global cybersecurity market, a core area for Cycurion, was valued between approximately USD 203.86 billion and USD 326.2 billion in 2025. This market is projected to experience substantial growth, reaching an estimated range of USD 421.82 billion to USD 878.48 billion by 2032 to 2034. North America is a dominant region within the global cybersecurity market.

Managed Security Services (MSS)

Cycurion is also a provider of Managed Security Services. The global managed security services market was valued at approximately USD 35.5 billion to USD 39.87 billion in 2024 or 2025. This market is forecast to grow significantly, with projections indicating it could reach between USD 87.51 billion and USD 104.66 billion by 2030 to 2034. North America accounts for a notable share of the managed security services market.

Network Communications

In the broader network communications sector, the global telecom network market, which encompasses network communications, was valued at approximately USD 2.15 trillion in 2025. This market is expected to expand to about USD 3.82 trillion by 2034. The Asia-Pacific region currently leads the telecom network market, with the USA also being a major contributor.

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Cycurion (CYCU) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Conversion of Large Contracted Backlog: Cycurion boasts a substantial contracted backlog, recently reported to have reached $112.4 million and exceeding $150 million as of March 2026. This significant backlog, which was approximately $80 million as of late 2025 and early 2026, is expected to convert into billable work and drive considerable revenue growth for the company.
2. Strategic Acquisitions: The company recently entered a definitive agreement to acquire a Washington D.C.-based cybersecurity firm specializing in Department of Defense compliance and cloud security. This acquisition is projected to add approximately $18 million in annual recurring revenue (ARR) and expand Cycurion's presence within the federal sector.
3. Expansion of AI-Driven Cybersecurity Solutions: Cycurion is heavily focused on developing and expanding its AI-powered cybersecurity offerings, including its proprietary ARx platform and Cyber Shield solutions. These platforms are designed for real-time threat detection, AI-driven risk management, and infrastructure protection, and are expected to drive higher margins and establish a recurring revenue model across government, corporate, and small business clients.
4. Strategic Shift to Higher-Margin Services and Targeted Markets: The company is strategically pivoting towards delivering higher-margin cybersecurity solutions, advisory services, managed services, and Software-as-a-Service (SaaS) offerings. This focus specifically targets underserved markets such as state, local, and education (SLED) governments and small businesses, aiming to enhance profitability and revenue quality.
5. Formation of Strategic Partnerships: Cycurion is engaging in strategic alliances, such as a partnership with IQSTEL, to develop advanced AI-driven cybersecurity solutions and explore global market expansion opportunities, including into Latin America. These partnerships are intended to strengthen the company's market presence and foster new revenue streams.

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Share Issuance

• In connection with its de-SPAC transaction on February 14, 2025, Cycurion, as the accounting acquirer, issued equity for the net assets of Western Acquisition Ventures Corp. The transaction valued Cycurion at an implied enterprise value of approximately $170.44 million, with Western issuing 9,500,000 shares as aggregate consideration to Cycurion shareholders.
• In December 2025, Cycurion completed a private placement with an institutional investor, resulting in gross proceeds of approximately $6 million from the sale of 1,657,460 shares of common stock underlying pre-funded warrants. The company also issued common warrants to purchase up to 3,314,920 shares of common stock at an exercise price of $3.62 per share, for which shareholder approval for issuance was sought in March 2026.
• A special dividend of $500,000 was paid in CYCU common shares in December 2025, equating to approximately 83,333 shares based on a $6.00 stock price.

Inbound Investments

• Cycurion completed financing of approximately $6.0 million in 2025 through a securities purchase agreement with a single institutional investor, involving shares underlying pre-funded warrants.

Outbound Investments

• In January 2026, Cycurion entered an agreement to acquire the video-solutions division of Kustom Entertainment, Inc. The transaction is valued between $6.0 million and $8.4 million, with $1.0 million to $1.4 million payable in cash and the remainder in Cycurion preferred stock.
• In July 2025, the company invested $10 million from its equity line of credit into Bitcoin and Ethereum ("Cycurion Crypto").
• Cycurion has a strategic acquisition strategy and has integrated subsidiaries like Axxum Technologies, Cloudburst Security, Cycurion Innovation, Inc., and SLG Innovation, Inc. The SLG Innovation acquisition occurred in the first half of 2025.

Capital Expenditures

• Capital expenditures for the last 12 months (prior to Q3 2025) totaled $75,001.
• In Q3 2025, capital expenditures were reported as $94,000.
• A strategic business reorganization in February 2026 is projected to generate approximately $2.2 million in total annualized cost efficiencies, indicating a focus on optimizing operations and potentially impacting future capital allocation.