What changed in this filing

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Item 1. Business

2026-03-30 compared with 2025-03-31 · 290 added, 313 removed, 217 unchanged (74% of the section changed)

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options to ensure retention.

We continuously seek culturally aligned cyber talent that offers operational leverage through existing revenue

streams and customer relationships.

have invested in enterprise solutions, executive leadership, and our proprietary software to integrate our acquisitions into a

unified ecosystem.

This ecosystem fosters cross-pollination of solutions, promoting additional revenue opportunities and enhancing

recurring revenue.

By emphasizing a security-aware workforce culture, we aim to become trusted advisors, providing tailored,

product-agnostic cybersecurity solutions that align with our clients’ security needs, financial realities, and strategic

comprehensive cybersecurity services span compliance, cybersecurity, and culture.

These services include compliance consulting,

secured managed services, Security Operations Center (SOC) services, virtual Chief Information Security Officer (vCISO) services,

incident response, certified forensics, technical assessments, and cybersecurity training.

We believe culture forms the foundation

of successful cybersecurity programs.

To support this, we have developed MCCP+ (“Managed Compliance & Cybersecurity

Provider + Culture”), a holistic solution combining all four pillars under one roof, delivered by a dedicated team of subject

matter experts.

Our proprietary software further enhances this offering by streamlining compliance management, threat detection, and

response capabilities, ensuring a faster and more effective security posture for our clients.

We differentiate ourselves through a technology-agnostic approach and a

relentless focus on acquiring high-demand cybersecurity talent, expanding both service capabilities and global reach.

Paired with our

proprietary CISO software, which enhances threat visibility and accelerates incident response, we deliver unparalleled value to clients

— surpassing competitors and traditional in-house security models.

This strategy drives scalable growth, strengthens recurring revenue

streams, and positions us as a leader in a market facing a critical cybersecurity talent shortage.

integrated service model enhances revenue capture and operational efficiency, resulting in improved profitability and stronger client

We continuously seek culturally aligned cyber talent.

We have invested in enterprise solutions, executive

leadership, and our proprietary software to integrate our acquisitions into a unified ecosystem.

This ecosystem is designed to foster

cross-pollination of solutions, promote additional revenue opportunities and enhance recurring revenue.

By emphasizing a security-aware

workforce culture, we aim to become trusted advisors, providing tailored, product-agnostic cybersecurity solutions that align with our

clients’ security needs, financial realities, and strategic goals.

Our comprehensive cybersecurity services span compliance, cybersecurity,

These services include compliance consulting, secured managed services, Security Operations Center (SOC) services, virtual

Chief Information Security Officer (vCISO) services, incident response, certified forensics, technical assessments, and cybersecurity

We believe culture forms the foundation of successful cybersecurity programs.

To support this, we have developed MCCP+ (“Managed

Compliance & Cybersecurity Provider + Culture”), a holistic solution combining all four pillars under one roof, delivered by

a dedicated team of subject matter experts.

Our proprietary software further enhances this offering by streamlining compliance management,

threat detection, and response capabilities, ensuring a faster and more effective security posture for our clients.

We differentiate

ourselves through a technology-agnostic approach and a relentless focus on acquiring high-demand cybersecurity talent, expanding both

service capabilities and global reach.

Paired with our proprietary CISO software, which enhances threat visibility and accelerates incident

response, we strive to deliver unparalleled value to clients.

This strategy aims to drive scalable growth, strengthen recurring revenue

streams, and position us as a leader in a market facing a critical cybersecurity talent shortage.

Our integrated service model enhances

our ability for revenue capture and operational efficiency, which has the ability to result in improved profitability and stronger client

Clients benefit from streamlined engagements with a single provider addressing a broad range of needs, leading to faster problem

resolution and superior outcomes compared to multi-vendor approaches.

This fosters long-term client partnerships.

further differentiate ourselves through our staffing model:

We believe this fosters long-term client partnerships.

aim to further differentiate ourselves through our staffing model:

our employees are dedicated partners, not consultants, available under

recurring monthly contracts.

This structure helps mitigate the challenges associated with hiring experienced cybersecurity

professionals.

By integrating our team of industry and subject matter experts into clients’ operations — supported by

our proprietary software — we offer a robust, embedded cybersecurity solution that continuously adapts to evolving

technology-agnostic stance allows us to work seamlessly with any business, regardless of existing systems or tools.

Clients retain the

flexibility to select the best technologies for their needs without impacting their relationship with us.

This structure helps mitigate the challenges associated with hiring experienced cybersecurity professionals.

By integrating our team of industry and subject matter experts into clients’ operations — supported by our proprietary software

— we offer a robust, embedded cybersecurity solution that continuously adapts to evolving threats.

technology-agnostic stance allows us to work compatibly with almost any business, regardless of existing systems or tools.

Clients retain

the flexibility to select the best technologies for their needs without impacting their relationship with us.

a world-class technology team with industry-specific expertise remains a cornerstone of our strategy.

We will continue acquiring top

cybersecurity talent to expand our services and geographical footprint, reinforcing our ability to deliver exceptional results for

Our goal remains to stay ahead of emerging threats and regulatory changes, ensuring our clients’ safety, compliance,

and success — with our proprietary software serving as a vital tool to support ongoing security, compliance, and operational

cybersecurity talent to expand our services and geographical footprint, reinforcing our ability to deliver exceptional results for clients.

Our goal remains to stay ahead of emerging threats and regulatory changes, ensuring our clients’ safety, compliance, and success

— with our proprietary software serving as a vital tool to support ongoing security, compliance, and operational excellence.

Cybersecurity

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unprecedented economic losses.

Cybersecurity Ventures projects global damages from cybercrime to reach $10.5 trillion annually by 2025.

Ransomware remains one of the fastest-growing attack types, with incidents expected to occur every two seconds, inflicting an estimated

$265 billion in annual damages by 2031 — a dramatic rise from $20 billion and an attack every 11 seconds in 2021.

parallel, an Accenture survey reports that 68% of business leaders perceive increasing cybersecurity risks.

Reflecting this urgency,

global cybersecurity spending is forecasted to surpass $1.75 trillion cumulatively between 2021 and 2025, with $459 billion allocated

in 2025 alone.

Cybersecurity Ventures projected global damages from cybercrime will propel global spending on cybersecurity

products and services to $1 trillion (USD) annually by 2031.

Ransomware remains one of the fastest-growing attack types, with incidents

expected to occur every two seconds, inflicting an estimated $265 billion in annual damages by 2031 — a dramatic rise from $20

billion and an attack every 11 seconds in 2021.

In parallel, an Accenture survey reports that 68% of business leaders perceive increasing

cybersecurity risks.

Reflecting this urgency, global cybersecurity spending is forecasted to surpass $520 billion annually (USD) by 2026,

up from $260 billion in 2021.

Despite this investment surge, the talent gap remains a critical constraint.

According to The New York Times and Cybersecurity

Ventures, 3.5 million cybersecurity roles remain unfilled — a disparity expected to persist through 2025.

According to The New York

Times and Cybersecurity Ventures, 3.5 million cybersecurity roles remain unfilled — a disparity expected to have persisted through

Regulation and Cyber Insurance

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Acquisition Strategy:

Through numerous strategic acquisitions, we have integrated top-tier

talent and broadened our capabilities, creating a comprehensive service portfolio aligned

with market demands.

Through numerous strategic acquisitions, we have integrated top-tier talent and broadened our capabilities,

creating a comprehensive service portfolio aligned with market demands.

Client Portfolio:

Serving more than 475 clients across diverse sectors, we are strategically

positioned to drive revenue growth through cross-selling and upselling high-value services.

Serving more than 437 clients across diverse sectors, we are strategically positioned to drive revenue growth

through cross-selling and upselling high-value services.

Channel and Partnership Ecosystem:

We have cultivated an extensive network of partners,

supported by comprehensive training, enablement resources, and marketing content —

ensuring reliable new client acquisition and recurring revenue streams.

We have cultivated an extensive network of partners, supported by comprehensive training,

enablement resources, and marketing content

and Intellectual Property Development:

Our proprietary technologies and intellectual property provide a

competitive edge, enabling deeper penetration into existing accounts, expansion into new

markets, and enhanced partner collaboration opportunities.

Our proprietary technologies and intellectual property provide a competitive edge, enabling

deeper penetration into existing accounts, expansion into new markets, and enhanced partner collaboration opportunities.

Value Proposition:

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mount, businesses require an agile, trusted cybersecurity partner.

Our proven mergers and acquisitions track record, expansive client base, channel-first

approach, and intellectual property-driven innovation uniquely position us for scalable growth and market leadership.

Our proven mergers and acquisitions track record, expansive client

base, channel-first approach, and intellectual property-driven innovation uniquely position us for scalable growth and market leadership.

remain steadfast in our commitment to innovation and operational excellence — empowering organizations to stay resilient and secure

in an increasingly complex digital ecosystem.

This strategic approach ensures sustained value creation for our stockholders, partners,

and investors alike.

Cybersecurity

offer a comprehensive suite of cybersecurity services to safeguard our clients’ digital assets and ensure compliance

with applicable industry standards and regulations.

offer a comprehensive suite of cybersecurity services designed to safeguard our clients’ digital assets and ensure compliance with

applicable industry standards and regulations.

Our offerings fall into three main categories:

Security Managed Services,

Professional Services, and Cybersecurity Software.

Security Managed Services, Professional

Services, and Cybersecurity Software.

Managed Services

Our Security Managed Services deliver proactive, scalable, and resilient cybersecurity solutions tailored to meet

evolving threat landscapes and regulatory requirements.

assist clients in implementing and maintaining appropriate security controls, prioritizing risk mitigation strategies, and ensuring continuous

compliance with key industry frameworks and regulations, including the following:

Security Managed Services aims to deliver proactive, scalable, and resilient cybersecurity solutions tailored to meet evolving threat

landscapes and regulatory requirements.

assist clients in implementing and maintaining appropriate security controls, prioritizing risk mitigation strategies, and help ensure

continuous compliance with key industry frameworks and regulations, including the following:

Cybersecurity

Maturity Model Certification (“CMMC”);

Risk and Authorization Management Program (“FedRAMP”) ;

Risk and Authorization Management Program;

Information Security Modernization Act (“FISMA”);

Insurance Portability and Accountability Act of 1996 (“HIPAA”);

Information Trust Alliance (“HITRUST”) ;

Export Code (“IEC”) ;

Information Trust Alliance;

International

Organization for Standardization (“ISO”);

Institute of Standards and Technology (“NIST”) .

Organization for Standardization;

Institute of Standards and Technology.

team of certified experts provides ongoing monitoring, assessment, and advisory services to help clients navigate the complexities of

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Managed Services

integrated Security Managed Services (“SMS”) offering combines a robust portfolio of cybersecurity capabilities,

including the following:

integrated Secured Managed Services offering combines a robust portfolio of cybersecurity capabilities, including the following:

network architecture design and management;

● Proprietary

cybersecurity software solutions;

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experienced engineers and cybersecurity architects support clients with secure cloud migrations, infrastructure modernization, and tailored

risk mitigation strategies — ensuring operational resilience and business continuity.

Our Professional Services division delivers comprehensive cybersecurity solutions designed to mitigate risk, enhance

resilience, and protect organizational value.

Incident Response and Digital Forensics

Leveraging advanced threat

intelligence and real-world adversarial techniques, our elite cybersecurity team specializes in swiftly identifying, containing, and eradicating

cyberattacks.

We conduct discreet, environment-wide investigations to assess breach scope, minimize operational disruption, and remediate

persistent threats — positioning us as the trusted partner when others fail.

Security Testing and Training

We empower organizations to proactively strengthen their cyber defenses through rigorous security assessments, including

red team and purple team penetration testing, simulated attack exercises, and specialized cybersecurity training.

Our programs include

industry-recognized certifications such as CMMC (Certified Cyber Professional and Cybersecurity Capability Assessment), CompTIA, and ISC2,

driving measurable improvements in cybersecurity posture and regulatory readiness.

risk mitigation strategies — helping enable operational resilience and business continuity.

Professional Services division helps deliver comprehensive cybersecurity solutions designed to mitigate risk, enhance resilience, and

protect organizational value.

Response and Digital Forensics

advanced threat intelligence and real-world adversarial techniques, our elite cybersecurity team specializes in swiftly identifying,

containing, and eradicating cyberattacks.

We conduct discreet, environment-wide investigations to assess breach scope, minimize operational

disruption, and remediate persistent threats — positioning us as the trusted partner when others fail.

Testing and Training

empower organizations to proactively strengthen their cyber defenses through rigorous security assessments, including red team and purple

team penetration testing, simulated attack exercises, and specialized cybersecurity training.

Our programs include industry-recognized

certifications such as CMMC, CompTIA, and ISC2, driving measurable improvements in cybersecurity posture and regulatory readiness.

Cybersecurity

We offer a comprehensive

suite of proactive cybersecurity software solutions designed to protect organizations from evolving cyber threats.

Our offerings

encompass advanced threat detection, proactive monitoring, and robust risk management to ensure enterprise security and

CISO Edge is an AI-driven

cloud security solution that provides comprehensive protection across cloud-first, hybrid, and remote environments.

Purpose-built for

large enterprises, government entities, and high-value networks, CISO Edge defends against sophisticated cyber threats, including ransomware

and AI-powered exploits.

Notably, during testing at the 2024 Black Hat USA and DEF CON 32 conferences, CISO Edge blocked over 87,000 cyberattacks

in just six hours without a single breach.

CHECKLIGHT® Security Monitoring

CHECKLIGHT is a

proactive security monitoring software that detects potential threats to endpoints and alerts users before attacks can take hold, thereby

reducing the impact of breaches.

It identifies malicious software such as phishing attacks, malware, ransomware, and viruses.

inception, CHECKLIGHT has maintained a record of detecting all breaches, providing organizations with confidence in their endpoint

Argo Security Management

Argo is a security management

platform that aggregates and curates all security data across various services, including SIEM, MDR, XDR, governance, risk, compliance,

This centralized approach enhances the effectiveness of security teams by providing environment-wide cybersecurity visibility

through a customizable dashboard, enabling better-informed decisions.

Through these innovative

software solutions, we empower organizations to enhance their cybersecurity measures, protect critical assets, and maintain

compliance in an ever-evolving threat landscape.

have begun to execute a phased growth strategy designed to position our company as a leading provider of end-to-end cybersecurity

Our strategy is built upon strategic acquisitions, development of proprietary intellectual property (“IP”), and a focus on

scalable growth.

We aim to leverage our expertise and advanced technology offerings to drive both organic growth and market

expansion, thereby creating value for our investors.

offer a comprehensive suite of proactive cybersecurity software solutions designed to protect organizations from evolving cyber threats.

Our offerings encompass advanced threat detection, proactive monitoring, and robust risk management to help ensure enterprise security

and compliance.

Edge is an artificial intelligence (“AI”)-driven cloud security solution that provides comprehensive protection across cloud-first,

hybrid, and remote environments.

Purpose-built for large enterprises, government entities, and high-value networks, CISO Edge is designed

to defend against sophisticated cyber threats, including ransomware and AI-powered exploits

Security Monitoring

is a proactive security monitoring software that is designed to detect potential threats to endpoints and alerts users before attacks

can take hold, thereby reducing the impact of breaches.

It identifies malicious software such as phishing attacks, malware, ransomware,

Since its inception, CHECKLIGHT ® has maintained a record of detecting all breaches, providing organizations

with confidence in their endpoint security, and is backed by a financial warranty.

Security Management

is a security management platform that aggregates and curates all security data across various services, including SIEM, MDR, XDR, governance,

risk, compliance, and more.

This centralized approach is designed to enhance the effectiveness of security teams by providing environment-wide

cybersecurity visibility through a customizable dashboard, enabling better-informed decisions.

these innovative software solutions, we aim to empower organizations to enhance their cybersecurity measures, protect critical assets,

and maintain compliance in an ever-evolving threat landscape.

are executing a phased growth strategy designed to position our company as a leading provider of end-to-end cybersecurity solutions.

Our strategy is built upon strategic acquisitions, development of proprietary intellectual property, and a focus on scalable growth.

We aim to leverage our expertise and advanced technology offerings to drive both organic growth and market expansion, thereby creating

value for our investors.

Foundation of Expertise through Strategic Acquisitions

Phase I, we established a solid foundation of cybersecurity expertise by acquiring niche companies with unparalleled capabilities

in various cybersecurity domains.

These acquisitions have significantly expanded our talent pool and technical expertise, positioning

us as a leading cybersecurity provider.

The acquired talent spans across the United States, with deep domain knowledge in key

cybersecurity areas including the following:

Phase I, we established a solid foundation of cybersecurity expertise by acquiring niche companies with unparalleled capabilities in

various cybersecurity domains.

These acquisitions have significantly expanded our talent pool and technical expertise, positioning us

as a leading cybersecurity provider.

The acquired talent spans across the United States, with deep domain knowledge in key cybersecurity

areas including the following:

and Compliance;

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IT and Architecture.

diverse expertise, coupled with leadership from seasoned industry executives, has enabled us to effectively address the complex

and rapidly evolving cybersecurity needs of organizations across various sectors.

diverse expertise, coupled with leadership from seasoned industry executives, has enabled us to address the complex and rapidly evolving

cybersecurity needs of organizations across various sectors.

Expanding Service Offerings and Capitalizing on Cross-Selling Opportunities

II of our growth strategy focuses on leveraging the synergies from our numerous historical acquisitions to expand service offerings

to existing clients.

Despite having only penetrated approximately 20% of our 475 clients for multiple services, we see significant

opportunities for cross-selling and upselling.

This presents a substantial revenue growth opportunity as we expand our service

offerings across our client base.

II of our growth strategy focused on leveraging the synergies from our numerous historical acquisitions to expand service offerings to

existing clients.

Despite having only penetrated approximately 20% of our 437 clients for multiple services, we saw significant opportunities

for cross-selling and upselling.

This presented a substantial revenue growth opportunity as we expanded our service offerings across

our client base.

Additionally,

we have been building and expanding a strong channel and partnership ecosystem.

This ecosystem provides value-added training,

support, and partner marketing content, establishing a reliable stream of new revenue.

Our growing network of partnerships enhances our

ability to acquire new clients while fostering long-term relationships with existing ones.

This ecosystem provides value-added training, support,

and partner marketing content.

Our growing network of partnerships enhances our ability to acquire new clients while fostering long-term

relationships with existing ones.

Property Development and Innovation

key element of Phase II is the development of proprietary intellectual property that addresses the evolving cybersecurity challenges

key element of Phase II was the development of proprietary intellectual property that addresses the evolving cybersecurity challenges

facing enterprises.

We are investing heavily in the development of software-first technologies, leveraging cutting-edge advancements

such as machine learning (“ML”), artificial intelligence (“AI”), deep learning, neural networks, and proprietary DarkNet threat intelligence.

These technologies will be foundational to our offerings, providing differentiated solutions that drive effectiveness, resilience, and

advanced threat mitigation for our clients.

We invested heavily in the development of software-first technologies, leveraging cutting-edge advancements such

as machine learning (“ML”), AI, deep learning, neural networks, and proprietary DarkNet threat intelligence.

These technologies

are foundational to our offerings, providing differentiated solutions that drive effectiveness, resilience, and advanced threat mitigation

for our clients.

Scaling Through Product-Led Growth and Scalable Technology Solutions

Phase III, our primary focus will shift toward fueling organic growth through the commercialization and scaling of our

proprietary intellectual property.

We plan to accelerate growth through product-led strategies, optimizing the user experience

and enabling hands-free purchasing via digital interfaces.

This approach will allow us to expand our client base while reducing

the demand on our services team, driving efficiency and scalability.

Phase III, in 2026, our primary focus will shift toward fueling organic growth through the commercialization and scaling of our proprietary

intellectual property.

We plan to accelerate growth through product-led strategies, optimizing the user experience and enabling hands-free

purchasing via digital interfaces.

We believe this approach will allow us to expand our client base while reducing the demand on our

services team, driving efficiency and scalability.

we expand our technology offerings, we anticipate increasing revenue and operating margins concurrently.

The scalability of our intellectual property-driven

solutions positions us to capture a larger share of the cybersecurity market while maintaining high levels of profitability.

The scalability of our intellectual

property-driven solutions positions us to capture a larger share of the cybersecurity market while maintaining high levels of profitability.

Property Suite and Future Growth

the heart of our strategy is the development of a comprehensive suite of proprietary software solutions, incorporating AI, neural networks,

and the latest algorithms.

These technologies are designed to address the most pressing cybersecurity challenges facing enterprises today,

positioning us at the forefront of the cybersecurity industry.

these efforts, we aim to deliver sustainable, long-term growth while continuing to provide our clients with best-in-class

cybersecurity solutions.

Our continued investment in intellectual property and innovative technologies will be key drivers of value

creation for our investors as we scale our business and expand our market presence.

Our Intellectual Property suite includes the following:

ARGO Security

Management – A security

management platform that is able to aggregate, then curate security data in real time from a client’s entire environment,

including network asset information, currently deployed cyber tools, SOC, vulnerability management, secure managed IT and

penetration testing data.

the heart of our strategy is a comprehensive suite of proprietary software solutions, incorporating AI, neural networks, and the latest

These technologies are designed to address the most pressing cybersecurity challenges facing enterprises today, positioning

us at the forefront of the cybersecurity industry.

these efforts, we aim to deliver sustainable, long-term growth while continuing to provide our clients with best-in-class cybersecurity

Our continued investment in intellectual property and innovative technologies are key drivers of value creation for our investors

as we scale our business and expand our market presence.

intellectual property suite includes the following:

Security Management – A

security management platform that is able to aggregate, then curate security data in real time from a client’s entire environment,

including network asset information, currently deployed cyber tools, SOC, vulnerability management, secure managed IT and penetration

testing data.

Edge Cloud Security Platform – A cloud-first

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as well as artificial neural networks to provide advanced threat detection and monitoring.

Endpoint Security Monitoring

Security Monitoring

– A powerful, proactive security monitoring software that detects potential threats to networks and provides advance alerts so

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Relying on the same cybersecurity software engine used by several federal agencies, it identifies unauthorized

processes associated with fraudulent phishing attacks, hacking, imposter scams, malware, ransomware, and viruses.

processes associated with fraudulent phishing attacks, hacking, imposter scams, malware, ransomware, and viruses, and provides a financial

Next Gen VPN – A token exchange-protected remote access solution that replaces traditional VPN connections with enhanced

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have also been adjusted.

have substantially expanded our business in recent years through a number of acquisitions.

The following table sets forth certain information

regarding such acquisitions:

have substantially expanded our business in recent years through a number of acquisitions that enhanced our product offerings.

following table sets forth certain information regarding such acquisitions:

Company, Location

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risk management services.

Ocean Point Equities, Inc.

Santiago, Chile (3)

December 1, 2021

Cybersecurity services.

Point Equities, Inc.

Cybersecurity

Digital Security, Inc.

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security services, incident response, threat hunting, and creation and management of security operation centers.

Servicios Informaticos CUATROi, S.P.A.,

Comercializadora CUATROi S.P.A.,

CUATROi Peru, S.A.C., and

CUATROi S.A.S.

Santiago, Chile

Bogota, Columbia, and Lima, Peru (3)

August 25, 2022

Managed services and cybersecurity.

NLT Networks, S.P.A.,

NLT Technologias, Limitada,

NLT Servicios Profesionales, S.P.A., and

White and Blue Solutions, LLC

Providencia, Chile

September 1, 2022

Security solutions and managed services.

Informaticos CUATROi, S.P.A.,

Comercializadora

CUATROi S.P.A.,

Peru, S.A.C., and

Columbia, and Lima, Peru (3)

services and cybersecurity.

Networks, S.P.A.,

Technologias, Limitada,

Servicios Profesionales, S.P.A., and

and Blue Solutions, LLC

solutions and managed services.

Cyber Technologies, LLC

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assist us in satisfying the listing standards of a national securities exchange.

Entities were disposed of on July 1, 2024.

See Note 4 to our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K.

were disposed of on July 1, 2024.

See Note 4 to our consolidated financial statements appearing

elsewhere in this Annual Report on Form 10-K.

acquisitions have contributed to our growth in prior years, we did not complete any acquisitions during the years ended December 31,

2025 and 2024.

past acquisitions have resulted in expansion of our customer base and increased usage within existing customers.

customers individually accounted for more than 10.0% of our consolidated revenue for the years ended December 31, 2024 and 2023, nor

are we dependent upon a few major customers.

Cybersecurity Market Analysis

For the year ended December

31, 2025, one customer represented approximately 10% of our total revenue as presented in the consolidated statements of operations and

comprehensive loss.

For the year ended December 31, 2024, there were no customers that represented 10% or more of our total revenue as

presented in the consolidated statements of operations and comprehensive loss.

of December 31, 2025, the same customer that represented approximately 10% of total revenue accounted for approximately 17% of our accounts

receivable balance.

As of December 31, 2024, two customers represented approximately 13% and 11%, respectively, of our accounts receivable

Cybersecurity

Market Analysis

cybersecurity market is highly fragmented, characterized by a diverse landscape of established industry leaders and emerging security

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Intelligence and Expertise :

Our extensive experience in investigating and remediating complex

cyber incidents, often where other providers have failed, equips us with real-time threat

intelligence and practical insights.

This knowledge directly informs and enhances our solutions,

providing customers with proactive, resilient cybersecurity strategies.

Our extensive experience in investigating and remediating complex cyber incidents, equips us with

real-time threat intelligence and practical insights.

This knowledge directly informs and enhances our solutions, providing customers

with proactive, resilient cybersecurity strategies.

Comprehensive,

Integrated Solutions :

Our platform integrates a broad suite of SaaS offerings, enabling clients

to seamlessly unify threat detection, incident response, and cybersecurity validation.

streamlined approach reduces complexity and operational overhead compared to competitors

that rely on disjointed point solutions.

Our platform integrates a broad suite of SaaS offerings, helping enable clients to seamlessly unify threat

detection, incident response, and cybersecurity validation.

This streamlined approach helps reduce complexity and operational overhead

compared to competitors that rely on disjointed point solutions.

of Deployment and Versatility :

Our solutions are designed to integrate effortlessly into

diverse IT environments, supporting hybrid, on-premises, and cloud architectures.

This flexibility

ensures accelerated time-to-value for clients and minimizes disruption during deployment.

Our solutions are designed to integrate into diverse IT environments, supporting hybrid, on-premises,

and cloud architectures.

This flexibility ensures accelerated time-to-value for clients and minimizes disruption during deployment.

and Consulting Expertise :

Our globally recognized consulting organization enhances our market

By leveraging insights derived from high-profile incident response engagements,

we continuously refine our services, delivering superior outcomes for customers.

Our globally recognized consulting organization enhances our market credibility.

By leveraging insights

derived from high-profile incident response engagements, we continuously refine our services, positioning us to deliver superior

outcomes for customers.

Acquisition Strategy :

As a cybersecurity consolidator, we prioritize identifying and acquiring strategic targets that align with our

commitment to service quality, technological innovation, and geographical expansion.

As a cybersecurity consolidator, we prioritize identifying and acquiring strategic targets that align with

our commitment to service quality, technological innovation, and geographical expansion.

Our track record of successful mergers and

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geographic limitations.

remain committed to leveraging our core strengths, including frontline expertise, integrated solutions, and a disciplined acquisition strategy

— to expand our market presence, drive sustainable growth, and create long-term value for our stockholders.

Our intellectual property portfolio is a critical component of our competitive advantage and long-term business strategy.

We rely on a combination of trademarks,

patents, copyrights, trade secrets, license agreements, intellectual property assignment agreements, confidentiality procedures, non-disclosure

agreements, and employee non-disclosure and invention assignment agreements to secure and enforce our proprietary rights.

legal protections are important, we believe our success is more significantly driven by the expertise and ingenuity of our workforce,

alongside the functionality and continuous innovation embedded in our solutions.

We are committed

to expanding and strengthening our intellectual property portfolio to support our products, services, research and development

efforts, and other strategic initiatives.

Where appropriate and financially prudent, we intend to pursue additional intellectual

property protections to enhance our market position and safeguard our technology.

As we continue

to grow and achieve greater market visibility, we anticipate increased competition and the potential for third parties to develop

solutions that may attempt to replicate or infringe upon our proprietary technologies.

remain committed to leveraging our core strengths, including frontline expertise, integrated solutions, and a disciplined acquisition

strategy — to expand our market presence, drive sustainable growth, and create long-term value for our stockholders.

intellectual property portfolio is a critical component of our competitive advantage and long-term business strategy.

We rely on a combination

of trademarks, patents, copyrights, trade secrets, license agreements, intellectual property assignment agreements, confidentiality procedures,

non-disclosure agreements, and employee non-disclosure and invention assignment agreements to secure and enforce our proprietary rights.

While these legal protections are important, we believe our success is more significantly driven by the expertise and ingenuity of our

workforce, alongside the functionality and continuous innovation embedded in our solutions.

We are committed to expanding and strengthening

our intellectual property portfolio to support our products, services, research and development efforts, and other strategic initiatives.

Where appropriate and financially prudent, we intend to pursue additional intellectual property protections to enhance our market position

and safeguard our technology.

we continue to grow and achieve greater market visibility, we anticipate increased competition and the potential for third parties to

develop solutions that may attempt to replicate or infringe upon our proprietary technologies.

Additionally, large and established companies

within the cybersecurity sector maintain extensive patent portfolios and are frequently involved in both offensive and defensive

intellectual property litigation.

From time to time, we may face allegations of intellectual property infringement from such

companies or from non-practicing entities.

These claims may target us directly, or indirectly affect our business by

targeting our channel partners, cloud service providers, or customers — parties to whom we have contractual indemnification

If a third party

successfully asserts an intellectual property infringement claim against us, we could face significant financial and operational

consequences, including the inability to market or deliver certain products or services, the necessity to allocate resources toward

developing non-infringing alternatives, or the obligation to pay substantial damages, including enhanced damages for willful

infringement in the United States.

Additionally, we could be required to enter into costly licensing agreements or settlement

arrangements.

We cannot guarantee that our current or future products and services will not be found to infringe upon third-party

intellectual property rights.

against intellectual property-related claims, regardless of merit, can be time-consuming, expensive, and disruptive to our business.

We intend to vigorously protect and enforce our intellectual property rights where necessary to preserve our competitive position

and long-term financial performance.

However, there can be no assurance that we will succeed in these efforts or that our

intellectual property protections will be sufficient to prevent competitors from developing similar technologies or services that

may diminish our market share or revenue potential.

within the cybersecurity sector maintain extensive patent portfolios and are frequently involved in both offensive and defensive intellectual

property litigation.

From time to time, we may face allegations of intellectual property infringement from such companies or from non-practicing

These claims may target us directly, or indirectly affect our business by targeting our channel partners, cloud service providers,

or customers — parties to whom we have contractual indemnification obligations.

If a third party successfully asserts an intellectual

property infringement claim against us, we could face significant financial and operational consequences, including the inability to

market or deliver certain products or services, the necessity to allocate resources toward developing non-infringing alternatives, or

the obligation to pay substantial damages, including enhanced damages for willful infringement in the United States.

Additionally, we

could be required to enter into costly licensing agreements or settlement arrangements.

We cannot guarantee that our current or future

products and services will not be found to infringe upon third-party intellectual property rights.

Defending against intellectual property-related

claims, regardless of merit, can be time-consuming, expensive, and disruptive to our business.

We intend to vigorously protect and enforce

our intellectual property rights where necessary to preserve our competitive position and long-term financial performance.

However, there

can be no assurance that we will succeed in these efforts or that our intellectual property protections will be sufficient to prevent

competitors from developing similar technologies or services that may diminish our market share or revenue potential.

are not aware of any specific regulations that govern cybersecurity firms or the areas in which we operate.

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cybersecurity regulations, they govern industries that we serve and exist to focus on specific industries.

of the main cybersecurity regulations are HIPAA, the 1999 Gramm-Leach-Bliley Act, and the 2002 Homeland Security Act, which included

the Federal Information Security Management Act (“FISMA”).

The three regulations mandate that healthcare organizations, financial

institutions, and federal agencies, respectively, should protect their systems and information.

FISMA, which applies to every government

agency, requires the development and implementation of mandatory policies, principles, standards, and guidelines on information security.

However, the regulations do not address numerous computer related industries, such as Internet Service Providers and software companies.

Furthermore, the regulations do not specify what cybersecurity measures must be implemented and require only a “reasonable”

level of security.

addition, the National Cybersecurity Division is another regulatory body that is a division of the Office of Cybersecurity & Communications

of the main cybersecurity regulations are HIPAA, the Cybersecurity Maturity Model Certification (CMMC) program, and the 2002 Homeland

Security Act, which included FISMA.

These regulations mandate that healthcare organizations, financial institutions, federal contractors,

and federal agencies, should protect their systems and information.

FISMA, which applies to every government agency, requires the development

and implementation of mandatory policies, principles, standards, and guidelines on information security.

However, the regulations do

not address numerous computer related industries, such as Internet Service Providers and software companies.

Furthermore, the regulations

do not specify what cybersecurity measures must be implemented and require only a “reasonable” level of security.

the National Cybersecurity Division is another regulatory body that is a division of the Office of Cybersecurity & Communications

within the U.S.

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Capital Management

Our future success relies

on our ability to continually attract, hire, and retain top-tier talent, particularly within our senior management, engineering,

and technical teams.

As a leader in the highly competitive cybersecurity industry, securing skilled personnel is essential to maintaining

our position at the forefront of innovation and incident response.

Competing for Top Talent

We recognize that the

cybersecurity landscape is evolving rapidly, and the demand for specialized expertise continues to grow.

To remain competitive, we have

designed comprehensive compensation and benefits programs that address the diverse needs of our global workforce.

In addition to competitive

salaries, our offerings include performance-based incentive plans, pensions, healthcare and insurance coverage, paid time off, family

leave, and on-site services.

future success relies on our ability to continually attract, hire, and retain top-tier talent, particularly within our senior management,

engineering, and technical teams.

As a leader in the highly competitive cybersecurity industry, securing skilled personnel is essential

to maintaining our position at the forefront of innovation and incident response.

for Top Talent

recognize that the cybersecurity landscape is evolving rapidly, and the demand for specialized expertise continues to grow.

competitive, we have designed comprehensive compensation and benefits programs that address the diverse needs of our global workforce.

In addition to competitive salaries, our offerings include performance-based incentive plans, pensions, healthcare and insurance coverage,

paid time off, and family leave.

These benefits are tailored to meet regional requirements and employment classifications, ensuring flexibility

and relevance.

Retention Through Recognition and Rewards

To retain our most valuable

contributors — particularly senior leaders and key technical personnel — we strategically deploy equity-based grants with

thoughtful vesting schedules.

This approach aligns employee success with company performance, fostering long-term commitment and engagement.

Prioritizing Employee Well-being

The success of

our business is inherently tied to the well-being of our people.

We are steadfast in our commitment to fostering a healthy, safe,

and supportive work environment.

Through Recognition and Rewards

retain our most valuable contributors — particularly senior leaders and key technical personnel — we strategically deploy

equity-based grants with thoughtful vesting schedules.

This approach aligns employee success with company performance, fostering long-term

commitment and engagement.

Employee Well-being

success of our business is inherently tied to the well-being of our people.

We are steadfast in our commitment to fostering a healthy,

safe, and supportive work environment.

Our people are our greatest asset.

By cultivating an environment where talent thrives, supported by

competitive rewards, opportunities for growth, and a commitment to well-being, we ensure our continued leadership in

cybersecurity and incident response.

By cultivating an environment where talent thrives, supported

by competitive rewards, opportunities for growth, and a commitment to well-being, we help ensure our continued leadership in cybersecurity

and incident response.

Environmental,

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are a trusted cybersecurity expert providing safe, efficient, and sustainable services to our existing and new communities.

is the direct result of the dedication and strength of our team and promotes equity, diversity, integrity, inclusion, reliability, and

accountability.

is the direct result of the dedication and strength of our team and promotes diversity, integrity, inclusion, reliability, and accountability.

We believe that a combination of diverse team members and an inclusive culture contributes to our success.

is a valued part of our team bringing a diverse perspective to help grow business and achieve our goals.

Our tradition of serving employees,

customers, and investors is at the core of our culture.

For third-party vendor selection and oversight, we have standard operating procedures

that apply to employees and subcontractors who, on our behalf, oversee and conduct technical protocols.

of December 31, 2024, we had 143 employees, of which 141 were full-time.

In addition, we utilize independent contractors for projects

of short duration or where specialized knowledge or experience is needed for a complex project.

Each member is a valued part

of our team bringing a diverse perspective to help grow business and achieve our goals.

Our tradition of serving employees, customers,

and investors is at the core of our culture.

For third-party vendor selection and oversight, we have standard operating procedures that

apply to employees and subcontractors who, on our behalf, oversee and conduct technical protocols.

of December 31, 2025, we had approximately 125 full-time-equivalent employees.

In addition, we utilize independent contractors for projects of

short duration or where specialized knowledge or experience is needed for a complex project.

We are not dependent on any independent

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from the requirements of holding a nonbinding advisory stockholder vote on executive compensation and any golden parachute payments.

may take advantage of these provisions for up to five years after our first public equity sale or such earlier time that we are no

longer an emerging growth company.

We would cease to be an emerging growth company if we have more than $1.07 billion in annual

revenue, issue more than $1.0 billion of non-convertible debt over a three-year period, or become a large accelerated filer.

as we remain an emerging growth company, we may choose to take advantage of some, but not all, of the available benefits of the JOBS

We have taken advantage of some of the reduced reporting requirements in our filings.

Accordingly, the information contained

herein may be different than the information you receive from other public companies in which you hold stock.

In addition, the JOBS

Act provides that an emerging growth company can delay adopting new or revised accounting standards until such time as those

standards apply to private companies.

We have elected to avail ourselves of this exemption from new or revised accounting standards

and, therefore, we will not be subject to the same new or revised accounting standards as other public companies that are not

emerging growth companies.

may take advantage of these provisions for up to five years after our first public equity sale or such earlier time that we are no longer

an emerging growth company.

We would cease to be an emerging growth company if we have more than $1.07 billion in annual revenue, issue

more than $1.0 billion of non-convertible debt over a three-year period, or become a large accelerated filer.

So long as we remain an

emerging growth company, we may choose to take advantage of some, but not all, of the available benefits of the JOBS Act.

We have taken

advantage of some of the reduced reporting requirements in our filings.

Accordingly, the information contained herein may be different

than the information you receive from other public companies in which you hold stock.

In addition, the JOBS Act provides that an emerging

growth company can delay adopting new or revised accounting standards until such time as those standards apply to private companies.

We have elected to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will not be subject

to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business