Cycurion, Inc., formerly known as Western Acquisition Ventures Corp., reported a net income of $1.23 million for the fiscal year ending December 31, 2024, a significant turnaround from a net loss of $2.1 million in the previous year. The company's revenue for 2024 was $17.77 million, down 8.16% from $19.35 million in 2023, primarily due to the conclusion of key contracts with federal and state agencies. Despite the revenue decline, the company achieved a gross profit of $3.63 million, compared to $2.64 million in the prior year, reflecting a decrease in cost of revenue from $16.71 million to $14.14 million.
In terms of operational developments, Cycurion has been actively pursuing strategic acquisitions to bolster its market position. The company is in the process of acquiring SLG Innovation, Inc., which is expected to enhance its capabilities in government contracting. This acquisition is part of a broader strategy to expand its service offerings and customer base, particularly in the cybersecurity sector. As of December 31, 2024, Cycurion had 46 full-time employees, a slight increase from previous years, indicating a focus on strengthening its workforce to support growth initiatives.
The company has also reported a backlog of $16 million in contractually committed orders as of December 31, 2024, up from $15 million in the previous year, suggesting a stable demand for its services. Cycurion's customer base includes over 41 clients across various sectors, with significant revenue contributions from a few key customers. Notably, approximately 83% of its revenue in 2024 came from a single customer, highlighting a concentration risk that could impact future earnings.
Looking ahead, Cycurion's management has expressed optimism about its growth trajectory, emphasizing plans to enhance brand awareness and expand its customer base. However, the company continues to face challenges, including a working capital deficit of $7.8 million and an accumulated deficit of $3.2 million. The management has indicated that additional financing will be necessary to sustain operations and support growth initiatives. The company is currently exploring various funding options, including potential public offerings, to improve its financial position and ensure long-term viability.
About Cycurion, Inc.
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