CYCUHIGH SIGNALFINANCIAL10-K

CYCU experienced a dramatic financial deterioration, swinging from $1.2M profit to a $23.7M loss while operating cash flow worsened significantly.

The company's fundamental business performance collapsed with operating income plummeting over 1,000% into deep losses, indicating severe operational distress. Despite raising capital (evidenced by the 480% increase in stockholders' equity), the massive increase in SG&A expenses and deteriorating cash flow suggest the company is burning through funds at an unsustainable rate.

Comparing 2026-03-31 vs 2025-04-17View on EDGAR →
FINANCIAL ANALYSIS

CYCU's financial position shows a company in severe distress despite an apparent capital raise that boosted stockholders' equity to $20.1M and cash to $5.3M. Revenue generation appears compromised with accounts receivable falling 74% and gross profit declining 56%, while SG&A expenses exploded 660% to $9.3M, driving the company from profitability to a $23.7M loss. The deteriorating operating cash flow of -$12.1M combined with the massive loss suggests the company is rapidly consuming its newly raised capital without generating sustainable business results.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+13464.7%
$39K→$5.3M

Cash position surged 13464.7% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-2024.7%
$1.2M→-$23.7M

Net income declined 2024.7% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-1069.1%
$2.4M→-$23.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-781.4%
-$1.4M→-$12.1M

Operating cash flow fell 781.4% — earnings quality concerns; investigate working capital changes and non-cash items.

SG&A Expense
P&L
+659.7%
$1.2M→$9.3M

SG&A up 659.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Stockholders Equity
Balance Sheet
+479.7%
$3.5M→$20.1M

Equity base grew 479.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
-74%
$10.4M→$2.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Gross Profit
P&L
-55.6%
$3.6M→$1.6M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Assets
Balance Sheet
+30.9%
$25.6M→$33.5M

Asset base grew 30.9% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
-26.8%
$10.9M→$8.0M

Current assets declined 26.8% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-17
ADDED
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
As of March 24, 2026, there were 5,509,988 shares of common stock outstanding.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 27 General and Business Overview 27 Financial Overview 30 Results of Operations 30 Liquidity and Capital Resources 31 Critical Accounting Policies and Estimates 32 Item 7A.
1171) 34 Consolidated Balance Sheets 35 Consolidated Statements of Operations and Comprehensive (Loss)/Income 36 Consolidated Statements of Cash Flows 37 Consolidated Statements of Changes in Stockholders Equity 38 Notes to the Unaudited Consolidated Financial Statements 39 1.
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REMOVED
See the definitions of large accelerated filer , accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Market for Our Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 25 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 39 Item 13.
Forward-looking statements generally are accompanied by words such as may , should , would , plan , intend , anticipate , believe , estimate , predict , potential , seem , seek , continue , future , will , expect , outlook or other similar words, phrases or expressions.
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