T3 Defense (DFNS) Financials
Ticker history: NUKK became DFNS (T3 Defense Inc.) on . Earlier news and filings retain their original names and dates. View NUKK history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the S-1/A for Q2 FY2026, filed Oct 2, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DFNS SEC filings page.
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).
FY2025 earnings were disconnected from the business's operations: reported profit came alongside negative cash generation and a balance sheet funded externally.
The combination of$78.6M of net income,-$6.2M of operating cash flow, and an operating-cash-flow-to-net-income figure of-7.9% indicates that the reported profit did not translate into cash from operations. At the same time, assets expanded by20,446.8% while liabilities rose2,648.8% from FY2024, pointing to a major financing or transaction-driven change rather than internally funded operating growth.
The balance sheet remains structurally strained: FY2025 liabilities were
FY2024 provides the clearest operating picture: revenue was
Financial Health Signals
We do not publish a peer-relative financial health score for T3 Defense Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
T3 Defense Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
For every $1 of reported earnings, T3 Defense Inc. used $0.08 of operating cash (-$6.2M OCF vs $78.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
T3 Defense Inc. reported an operating loss of $32.6M against $154K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
T3 Defense Inc. generated $4.0M in revenue in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
T3 Defense Inc. reported a net loss of $81.4M in Q2 2026. This represents a decrease of 2797.3% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
T3 Defense Inc. held $4.1M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
T3 Defense Inc.'s gross margin was 25.4% in Q2 2026, indicating the percentage of revenue retained after direct costs.
T3 Defense Inc.'s operating margin was -84.5% in Q2 2026, reflecting core business profitability.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
T3 Defense Inc. invested $348K in research and development in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Not reported for Q2 2026.
Not reported for Q2 2026.
DFNS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1/A | Q1'26S-1/A | Q4'25S-1/A | Q3'2510-Q | Q2'25S-1/A | Q1'25S-1/A | Q4'24S-1/A | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0Mn/m | N/A | N/A | N/A | $0-100.0% | N/A | N/A | $236K-95.3% |
| Cost of Revenue | $3.0Mn/m | N/A | N/A | N/A | $0-100.0% | N/A | N/A | $18K-99.7% |
| Gross Profit | $1.0Mn/m | N/A | N/A | N/A | $0-100.0% | N/A | N/A | $218Kn/m |
| R&D Expenses | $348Kn/m | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| SG&A Expenses | $3.8M+260.4% | N/A | N/A | N/A | $1.0M | N/A | $4.5M | N/A |
| Operating Income | -$3.4Mn/m | N/A | N/A | -$4.8Mn/m | -$1.0Mn/m | N/A | -$4.5Mn/m | -$1.2Mn/m |
| EBITDA | N/A | N/A | N/A | N/A | -$860K | N/A | -$4.5M | N/A |
| Interest Expense | $825K+298.6% | N/A | N/A | $36K-8.5% | $207K+1900.4% | $165K+2117.4% | $439K | $304K |
| Income Tax | -$190Kn/m | N/A | N/A | N/A | $0 | N/A | $0 | N/A |
| Net Income | -$81.4M-2797.3% | -$26.4M | N/A | -$16.4Mn/m | $3.0Mn/m | N/A | N/A | $4.5Mn/m |
| EPS (Basic) | -$173.80 | N/A | -$6.21 | -$2.02 | $72.50 | N/A | -$51.96 | $2.18n/m |
| EPS (Diluted) | -$173.80 | N/A | -$3.51 | -$2.02 | $67.50 | N/A | -$51.96 | $2.18n/m |
| Diluted Shares (Avg) | 480,024 | N/A | N/A | 8M | 44,991 | N/A | 3M | 2M+6.8% |
DFNS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1/A | Q1'26S-1/A | Q4'25S-1/A | Q3'2510-Q | Q2'25S-1/A | Q1'25S-1/A | Q4'24S-1/A | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $316.0M+4321.3% | N/A | $202.4M+2121.8% | $13.3M+1086.3% | $7.1M+483.1% | $8.6M+261.2% | $9.1M+171.7% | $985K-70.6% |
| Current Assets | $21.2M+205.2% | N/A | $13.6M+49.1% | $13.1M+1757.0% | $7.0M+761.1% | $8.5M+331.8% | $9.1M+210.5% | $966K-67.0% |
| Cash & Equivalents | $4.1M+168.8% | N/A | $2.6M-61.9% | $7.6M+123905.6% | $1.5M+397.3% | $4.5M+2086.1% | $6.9M+87783.8% | $373-95.2% |
| Short-Term Investments | $2.2Mn/m | N/A | $250Kn/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $4.7M | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.6M | N/A | $506Kn/m | N/A | N/A | N/A | $0 | N/A |
| Long-Term Investments | $0n/m | N/A | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $99.0M | N/A | $7.7Mn/m | N/A | N/A | N/A | $0 | N/A |
| Total Liabilities | $341.3M+463.9% | N/A | $222.2M+28.8% | $43.7M+227.4% | $60.5M+374.7% | $65.8M+433.9% | $172.5M+1706.6% | $8.1M-15.3% |
| Current Liabilities | $153.2M+153.5% | N/A | $43.5M-74.6% | $43.6M+259.8% | $60.4M+412.4% | $64.7M+456.7% | $171.4M+1779.2% | $7.1M-22.5% |
| Non-Current Liabilities | $6.6M+6028.3% | N/A | $1.6M+62.5% | $75K-93.9% | $107K-88.8% | $1.1M+57.3% | $1.0M+138.9% | $1.0M+139.7% |
| Long-Term Debt | N/A | N/A | N/A | $1.6M | $1.6M | $1.6M | $1.6M | $3.3M |
| Total Equity | -$25.3Mn/m | $42.5Mn/m | -$19.8Mn/m | -$30.4Mn/m | -$53.4Mn/m | -$57.2Mn/m | -$163.3Mn/m | -$7.1Mn/m |
| Retained Earnings | -$232.2Mn/m | N/A | -$122.5Mn/m | -$111.5Mn/m | -$95.1Mn/m | -$98.1Mn/m | -$201.1Mn/m | -$40.3Mn/m |
DFNS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1/A | Q1'26S-1/A | Q4'25S-1/A | Q3'2510-Q | Q2'25S-1/A | Q1'25S-1/A | Q4'24S-1/A | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | -$999Kn/m | -$2.5Mn/m | N/A | N/A | -$340Kn/m | -$1.2Mn/m |
| Depreciation & Amortization | N/A | N/A | $1Kn/m | N/A | $188K | $136K | $0 | N/A |
| Stock-Based Compensation | N/A | N/A | N/A | N/A | N/A | N/A | $6K | N/A |
| Capital Expenditures | N/A | N/A | $12Kn/m | $4K | N/A | N/A | $0 | N/A |
| Free Cash Flow | N/A | N/A | -$1.0Mn/m | -$2.5M | N/A | N/A | -$340K | N/A |
| Investing Cash Flow | N/A | N/A | -$176.3Mn/m | -$2.0M-808039.5% | N/A | N/A | -$936Kn/m | $1Kn/m |
| Financing Cash Flow | N/A | N/A | $173.6M+1815.9% | $9.2M+1362.6% | N/A | N/A | $9.1M+6764.3% | $704K+432.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
DFNS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1/A | Q1'26S-1/A | Q4'25S-1/A | Q3'2510-Q | Q2'25S-1/A | Q1'25S-1/A | Q4'24S-1/A | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.4% | N/A | N/A | N/A | N/A | N/A | N/A | 92.2%+97.7pp |
| Operating Margin | -84.5% | N/A | N/A | N/A | N/A | N/A | N/A | -503.5% |
| Net Margin | -2037.8% | N/A | N/A | N/A | N/A | N/A | N/A | 1887.0% |
| Return on Equity | N/A | -62.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -25.8%-68.0pp | N/A | N/A | -123.2%+21.1pp | 42.2%+240.5pp | N/A | N/A | 452.3%+456.1pp |
| Current Ratio | 0.140.0x | N/A | 0.31+0.3x | 0.30+0.2x | 0.120.0x | 0.130.0x | 0.05-0.3x | 0.14-0.2x |
| Asset Turnover | 0.010.0x | N/A | N/A | N/A | 0.00-0.2x | N/A | N/A | 0.24-1.3x |
Not reported in any period shown, so not listed: Debt-to-Equity, Liabilities-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$19.8M), which causes the debt-to-equity, liabilities-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 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| T3 Defense Inc. DFNS | FY2025 | N/A | $78.6M | N/A | $11.5M | — |
| DUKE Robotics Corp. DUKR | FY2025 | $377K | -$1.2M | N/A | $12.3M | — |
| Air Industries Group AIRI | FY2025 | $47.9M | -$1.3M | -2.7% | $12.7M | 41/100 |
| ParaZero Technologies Ltd. PRZO | FY2025 | $1.0M | -$5.4M | N/A | $14.0M | 46/100 |
| VisionWave Holdings, Inc. VWAV | FY2025 | N/A | -$6.5M | N/A | $5.7M | — |
| Mobilicom Limited MOB | FY2025 | $3.4M | -$23.7M | N/A | $39.6M | 83/100 |
Where T3 Defense Inc. Ranks
Frequently Asked Questions
Yes, T3 Defense Inc. (DFNS) reported a net income of $78.6M in fiscal year 2025.
T3 Defense Inc. (DFNS) had EBITDA of -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
T3 Defense Inc. (DFNS) recorded an outflow of $6.2M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
T3 Defense Inc. (DFNS) recorded an outflow of $6.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
T3 Defense Inc. (DFNS) had $202.4M in total assets as of fiscal year 2025, including both current and long-term assets.
T3 Defense Inc. (DFNS) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
T3 Defense Inc. (DFNS) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
T3 Defense Inc. (DFNS) had a return on assets of 38.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
T3 Defense Inc. (DFNS) trades at 0.1x earnings, its market capitalization divided by $78.6M net income, FY2025. The market capitalization is $11.5M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
T3 Defense Inc. (DFNS) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $11.5M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, T3 Defense Inc. (DFNS) held $2.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $6.2M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
T3 Defense Inc. (DFNS) has negative shareholder equity of -$19.8M as of fiscal year 2025, so no debt-to-equity or liabilities-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.
T3 Defense Inc. (DFNS) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
For every $1 of reported earnings, T3 Defense Inc. (DFNS) used $0.08 of operating cash (-$6.2M OCF vs $78.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
T3 Defense Inc. (DFNS) reported an operating loss of $32.6M against $154K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.