What is T3 Defense Inc's earnings per share (EPS)?

T3 Defense Inc (DFNS) reported diluted earnings per share of $7.96 for fiscal year 2025. This represents a 261.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

T3 Defense Inc Financials

DFNS

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE September

This page shows T3 Defense Inc (DFNS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DFNS FY2025 2026-05-20

FY2025 resembles a balance-sheet reset, where externally funded asset expansion outweighed evidence of an operating turnaround.

The swing to net income of $78.5M in FY2025 did not reflect cash-generating operations, because operating cash flow remained -$6.2M. Assets still reached $202.4M while financing cash flow was $182.0M, so the larger footprint appears to have been built with external capital rather than with profits turning into cash.

Even after that scale-up, liquidity stayed tight: cash was only $2.6M against current liabilities of $43.5M. That leaves the company with a much bigger balance sheet, but not much near-term cash cushion.

The operating model had looked structurally strained before FY2025: FY2022 and FY2023 both carried negative gross margin. FY2024 restored gross margin to 16.9%, but SG&A of $6.7M still exceeded revenue, showing that overhead remained too heavy for the business then in place.

Financial Health Signals

Financial health score pending refresh

We are recalculating T3 Defense Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Interest Coverage At Risk

-211.7x

T3 Defense Inc earns $-211.7 in operating income for every $1 of interest expense (-$32.6M vs $154K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$32.6M

T3 Defense Inc's EBITDA was -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Net Income

N/A

EPS (Diluted)

$7.96

YoY+261.5%

T3 Defense Inc earned $7.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 261.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$6.2M

T3 Defense Inc generated -$6.2M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt

$7.6M

YoY+2040507.2%

5Y CAGR+60.6%

T3 Defense Inc held $7.6M in cash against $1.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17M

YoY-0.9%

5Y CAGR+22.2%

T3 Defense Inc had 17M shares outstanding in fiscal year 2025. This represents a decrease of 0.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$31K

T3 Defense Inc invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure.

DFNS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$5.9M-72.2%	$21.3M-1.0%	$21.5M	N/A	N/A
Cost of Revenue	N/A	$4.9M-77.3%	$21.6M-2.4%	$22.2M	N/A	N/A
Gross Profit	N/A	$999K+391.0%	-$343K+48.1%	-$661K	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$28.1M+318.3%	$6.7M+5495.0%	$120K-76.4%	$508K	N/A	N/A
Operating Income	-$32.6M-358.8%	-$7.1M+51.5%	-$14.7M-1119.2%	-$1.2M-79.2%	-$671K-353.3%	-$148K
Interest Expense	$154K-60.2%	$387K+21690.5%	$2K+22.1%	$1K	N/A	N/A
Income Tax	$9K	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$8.5M+51.1%	-$17.4M-1701.2%	-$968K-61.5%	-$599K-88.6%	-$318K
EPS (Diluted)	$7.96+261.5%	$-4.93+64.4%	$-13.84-6490.5%	$-0.21-110.0%	$-0.10	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$3.7M	N/A	N/A	N/A	N/A	N/A	$236K+34.7%	$175K
Cost of Revenue	$3.3M	N/A	N/A	N/A	N/A	N/A	$18K-63.2%	$50K
Gross Profit	$371K	N/A	N/A	N/A	N/A	N/A	$218K+73.6%	$125K
R&D Expenses	$274K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.5M	N/A	$231K+223.1%	$71K+12.6%	$64K-98.6%	$4.5M+8384.4%	$53K+113.3%	$25K
Operating Income	-$3.8M	N/A	-$4.8M-355.2%	-$1.0M+30.4%	-$1.5M+66.7%	-$4.5M-280.7%	-$1.2M-15.5%	-$1.0M
Interest Expense	$354K	N/A	$36K+84.4%	$20K-88.0%	$165K-62.5%	$439K+44.6%	$304K+664.7%	$40K
Income Tax	$38K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$27.1M	N/A	-$16.4M-642.2%	$3.0M	N/A	N/A	$4.5M+375.7%	-$1.6M
EPS (Diluted)	$-1.14	N/A	$-2.02-474.1%	$0.54-97.0%	$18.15+134.9%	$-51.96	$2.18+342.2%	$-0.90

DFNS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.3M+1249.0%	$985K-70.6%	$3.4M-81.7%	$18.4M-61.5%	$47.7M+2.0%	$46.7M
Current Assets	$13.1M+1258.4%	$966K-67.0%	$2.9M-20.6%	$3.7M-92.3%	$47.7M+2.0%	$46.7M
Cash & Equivalents	$7.6M+2040507.2%	$373-95.2%	$8K-97.8%	$364K+28.4%	$283K-60.2%	$713K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$506K	N/A	N/A	N/A	N/A	N/A
Goodwill	$7.7M	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$43.7M+440.7%	$8.1M-15.3%	$9.5M+27.7%	$7.5M-84.9%	$49.5M+6.3%	$46.6M
Current Liabilities	$43.6M+517.1%	$7.1M-22.5%	$9.1M+22.1%	$7.5M+286.3%	$1.9M+489.9%	$328K
Long-Term Debt	$1.6M-52.7%	$3.3M	N/A	N/A	N/A	N/A
Total Equity	-$30.4M-328.6%	-$7.1M-14.6%	-$6.2M-156.9%	$10.9M+694.5%	-$1.8M-1283.4%	$155K
Retained Earnings	-$111.5M-176.7%	-$40.3M-26.8%	-$31.8M-121.5%	-$14.3M-151.1%	-$5.7M-53.3%	-$3.7M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$315.5M+55.9%	$202.4M+1423.1%	$13.3M+85.9%	$7.1M-16.9%	$8.6M-5.6%	$9.1M+824.8%	$985K-12.1%	$1.1M
Current Assets	$22.8M+68.3%	$13.6M+3.3%	$13.1M+88.5%	$7.0M-17.8%	$8.5M-6.9%	$9.1M+841.7%	$966K+36.7%	$706K
Cash & Equivalents	$6.4M+144.8%	$2.6M-65.5%	$7.6M+400.9%	$1.5M-65.9%	$4.5M-35.3%	$6.9M+1849229.8%	$373-93.9%	$6K
Inventory	$3.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.6M+619.2%	$506K	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$100.2M+1202.7%	$7.7M	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$279.3M+25.7%	$222.2M+408.3%	$43.7M-27.8%	$60.5M-8.0%	$65.8M-61.8%	$172.5M+2033.7%	$8.1M-39.5%	$13.4M
Current Liabilities	$91.6M+110.4%	$43.5M-0.2%	$43.6M-27.8%	$60.4M-6.6%	$64.7M-62.3%	$171.4M+2325.0%	$7.1M-41.7%	$12.1M
Long-Term Debt	$3.1M	N/A	$1.6M0.0%	$1.6M0.0%	$1.6M0.0%	$1.6M-52.7%	$3.3M	N/A
Total Equity	$36.2M+282.8%	-$19.8M+34.9%	-$30.4M+43.0%	-$53.4M+6.7%	-$57.2M+65.0%	-$163.3M-2201.4%	-$7.1M+42.0%	-$12.2M
Retained Earnings	-$149.7M-22.2%	-$122.5M-9.9%	-$111.5M-17.2%	-$95.1M+3.1%	-$98.1M+51.2%	-$201.1M-399.1%	-$40.3M+17.8%	-$49.0M

DFNS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$6.2M-62.3%	-$3.8M-209.8%	-$1.2M-8.8%	-$1.1M-162.9%	-$431K-214.4%	-$137K
Capital Expenditures	$31K	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$6.2M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	$133K+112.0%	-$1.1M-102.3%	$47.4M+3533.9%	-$1.4M+97.0%	-$46.0M
Financing Cash Flow	N/A	$3.0M+617.2%	$418K+101.0%	-$40.4M-3026.3%	$1.4M-97.0%	$46.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$4.9M-393.4%	-$999K+60.1%	-$2.5M-85.3%	-$1.4M-0.7%	-$1.3M-294.7%	-$340K+75.6%	-$1.4M-87.9%	-$741K
Capital Expenditures	$154K+1151.0%	$12K+220.3%	$4K-20.7%	$5K-51.5%	$10K	N/A	N/A	N/A
Free Cash Flow	-$5.1M-402.6%	-$1.0M+59.7%	-$2.5M-85.0%	-$1.4M-0.4%	-$1.4M	N/A	N/A	N/A
Investing Cash Flow	-$3.8M+97.8%	-$176.3M-8698.5%	-$2.0M-184.3%	-$705K+13.0%	-$810K+13.5%	-$936K-74385.7%	$1K+408.1%	$248
Financing Cash Flow	$12.5M-92.8%	$173.6M+1782.3%	$9.2M	N/A	N/A	$9.1M+928.1%	$881K+39.8%	$631K
Dividends Paid	$297K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DFNS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	16.9%+18.5pp	-1.6%+1.5pp	-3.1%	N/A	N/A
Operating Margin	N/A	-120.2%-51.3pp	-68.8%-63.2pp	-5.6%	N/A	N/A
Net Margin	N/A	-144.1%-62.2pp	-81.8%-77.3pp	-4.5%	N/A	N/A
Return on Equity	N/A	N/A	N/A	-8.9%	N/A	-205.3%
Return on Assets	N/A	-864.9%-345.0pp	-519.8%-514.6pp	-5.3%-4.0pp	-1.3%-0.6pp	-0.7%
Current Ratio	0.30+0.2	0.14-0.2	0.32-0.2	0.49-24.1	24.64-117.8	142.46
Debt-to-Equity	N/A	N/A	N/A	0.69	N/A	300.86
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	10.2%	N/A	N/A	N/A	N/A	N/A	92.2%+20.6pp	71.6%
Operating Margin	-104.3%	N/A	N/A	N/A	N/A	N/A	-503.5%+84.0pp	-587.5%
Net Margin	-743.1%	N/A	N/A	N/A	N/A	N/A	1887.0%+2809.5pp	-922.4%
Return on Equity	-75.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-8.6%	N/A	-123.2%-165.4pp	42.2%	N/A	N/A	452.3%+596.6pp	-144.3%
Current Ratio	0.25-0.1	0.31+0.0	0.30+0.2	0.12-0.0	0.13+0.1	0.05-0.1	0.14+0.1	0.06
Debt-to-Equity	0.09	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	-139.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$30.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.30), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is T3 Defense Inc's EBITDA?

T3 Defense Inc (DFNS) had EBITDA of -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does T3 Defense Inc have?

As of fiscal year 2025, T3 Defense Inc (DFNS) had $7.6M in cash and equivalents against $1.6M in long-term debt.

What is T3 Defense Inc's free cash flow?

T3 Defense Inc (DFNS) generated -$6.2M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is T3 Defense Inc's operating cash flow?

T3 Defense Inc (DFNS) generated -$6.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are T3 Defense Inc's total assets?

T3 Defense Inc (DFNS) had $13.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are T3 Defense Inc's capital expenditures?

T3 Defense Inc (DFNS) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does T3 Defense Inc have outstanding?

T3 Defense Inc (DFNS) had 17M shares outstanding as of fiscal year 2025.

What is T3 Defense Inc's current ratio?

T3 Defense Inc (DFNS) had a current ratio of 0.30 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is T3 Defense Inc's cash runway?

Based on fiscal year 2025 data, T3 Defense Inc (DFNS) had $7.6M in cash against an annual operating cash burn of $6.2M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is T3 Defense Inc's debt-to-equity ratio negative or not reported?

T3 Defense Inc (DFNS) has negative shareholder equity of -$30.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Can T3 Defense Inc cover its interest payments?

T3 Defense Inc (DFNS) has an interest coverage ratio of -211.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.