Cycurion announced it has been granted a new U.S. patent for fleet driver analytics, a strategic move to enter the global vehicle telematics market estimated at over $100 billion. Separately, the company's Board of Directors authorized a $500,000 share repurchase program, citing a belief that its stock is meaningfully undervalued following recent acquisitions and contract wins.
Key Details
- Share Repurchase Program: The Board authorized the repurchase of up to $500,000 of common stock over the next 12 months. Management projects an annualized revenue run rate of approximately $30 million, supported by recent acquisitions and a $54.6 million contract.
- Fleet Analytics Patent: The new patent (U.S. Patent No. 12,705,983) covers technology for tracking vehicles, mapping incidents with video, and scoring driver performance. It was acquired as part of the Digital Ally video solutions business.
- Strategic Impact: The patent enables Cycurion to target commercial fleet operators in trucking and logistics, expanding beyond its traditional base of over 800 public safety clients.