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

T3 DEFENSE (DFNSW) reported diluted earnings per share of $-4.93 for fiscal year 2024. This represents a 64.4% 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 Financials

DFNSW

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE September

This page shows T3 DEFENSE (DFNSW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Financial Health Signals

Piotroski F-Score Weak

2/9

T3 DEFENSE passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, T3 DEFENSE generates $0.45 in operating cash flow (-$3.8M OCF vs -$8.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-20.7x

T3 DEFENSE earns $-20.7 in operating income for every $1 of interest expense (-$7.1M vs $343K). 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

$5.9M

YoY-72.2%

T3 DEFENSE generated $5.9M in revenue in fiscal year 2024. This represents a decrease of 72.2% from the prior year.

EBITDA

N/A

Net Income

-$8.5M

YoY+51.1%

T3 DEFENSE reported -$8.5M in net income in fiscal year 2024. This represents an increase of 51.1% from the prior year.

EPS (Diluted)

$-4.93

YoY+64.4%

T3 DEFENSE earned $-4.93 per diluted share (EPS) in fiscal year 2024. This represents an increase of 64.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$373

YoY-95.2%

5Y CAGR-57.7%

T3 DEFENSE held $373 in cash against $3.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

17M

YoY+825.3%

T3 DEFENSE had 17M shares outstanding in fiscal year 2024. This represents an increase of 825.3% from the prior year.

Margins & Returns

Gross Margin

16.9%

YoY+18.5pp

T3 DEFENSE's gross margin was 16.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 18.5 percentage points from the prior year.

Operating Margin

-120.1%

YoY-51.3pp

T3 DEFENSE's operating margin was -120.1% in fiscal year 2024, reflecting core business profitability. This is down 51.3 percentage points from the prior year.

Net Margin

-144.0%

YoY-62.2pp

T3 DEFENSE's net profit margin was -144.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 62.2 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

DFNSW Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$5.9M-72.2%	$21.3M-1.0%	$21.5M	N/A	N/A	N/A
Cost of Revenue	$4.9M-77.3%	$21.6M-2.4%	$22.2M	N/A	N/A	N/A
Gross Profit	$999K+391.0%	-$343K+48.1%	-$661K	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$7.1M+51.5%	-$14.7M-1119.2%	-$1.2M-79.2%	-$671K-353.3%	-$148K-616.3%	-$21K
Interest Expense	$343K+19231.8%	$2K+22.1%	$1K	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$8.5M+51.1%	-$17.4M-1701.2%	-$968K-61.5%	-$599K-88.6%	-$318K-1437.6%	-$21K
EPS (Diluted)	$-4.93+64.4%	$-13.84-6490.5%	$-0.21-110.0%	$-0.10	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	$236K+34.7%	$175K-32.5%	$260K-95.0%	$5.2M
Cost of Revenue	N/A	N/A	N/A	N/A	$18K-63.2%	$50K-21.3%	$63K-98.7%	$4.8M
Gross Profit	N/A	N/A	N/A	N/A	$218K+73.6%	$125K-36.2%	$197K-57.1%	$459K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$4.8M-355.2%	-$1.0M+30.4%	-$1.5M+66.7%	-$4.5M-280.6%	-$1.2M-15.5%	-$1.0M+50.6%	-$2.1M+25.6%	-$2.8M
Interest Expense	$36K+84.4%	$20K-88.0%	$165K-62.5%	$439K+44.7%	$304K+664.7%	$40K+283.7%	$10K+39.4%	$7K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$16.4M-642.2%	$3.0M-97.1%	$103.0M+164.0%	-$160.8M-3709.0%	$4.5M+375.7%	-$1.6M+33.5%	-$2.4M+72.8%	-$8.9M
EPS (Diluted)	$-2.02-474.1%	$0.54-97.0%	$18.15+134.9%	$-51.96	$2.18+342.2%	$-0.90-429.4%	$-0.17+97.5%	$-6.76

DFNSW Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$985K-70.6%	$3.4M-81.7%	$18.4M-61.5%	$47.7M+2.0%	$46.7M+22149.5%	$210K
Current Assets	$966K-67.0%	$2.9M-20.6%	$3.7M-92.3%	$47.7M+2.0%	$46.7M	N/A
Cash & Equivalents	$373-95.2%	$8K-97.8%	$364K+28.4%	$283K-60.2%	$713K+2473.4%	$28K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.1M-15.3%	$9.5M+27.7%	$7.5M-84.9%	$49.5M+6.3%	$46.6M+22543.3%	$206K
Current Liabilities	$7.1M-22.5%	$9.1M+22.1%	$7.5M+286.3%	$1.9M+489.9%	$328K+59.5%	$206K
Long-Term Debt	$3.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	-$7.1M-14.6%	-$6.2M-156.9%	$10.9M+694.5%	-$1.8M-1283.4%	$155K+3470.3%	$4K
Retained Earnings	-$40.3M-26.8%	-$31.8M-121.5%	-$14.3M-151.1%	-$5.7M-53.3%	-$3.7M-17928.8%	-$21K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$13.3M+85.9%	$7.1M-16.9%	$8.6M-5.6%	$9.1M+824.8%	$985K-12.1%	$1.1M-8.6%	$1.2M-48.5%	$2.4M
Current Assets	$13.1M+88.5%	$7.0M-17.8%	$8.5M-6.9%	$9.1M+841.7%	$966K+36.7%	$706K-12.6%	$808K-58.8%	$2.0M
Cash & Equivalents	$7.6M+400.9%	$1.5M-65.9%	$4.5M-35.3%	$6.9M+1849148.5%	$373-93.9%	$6K-98.0%	$306K+49.7%	$204K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$43.7M-27.8%	$60.5M-8.0%	$65.8M-61.8%	$172.5M+2033.7%	$8.1M-39.5%	$13.4M+4.7%	$12.8M+3.4%	$12.3M
Current Liabilities	$43.6M-27.8%	$60.4M-6.6%	$64.7M-62.3%	$171.5M+2325.0%	$7.1M-41.7%	$12.1M+2.8%	$11.8M+1.5%	$11.6M
Long-Term Debt	$1.6M0.0%	$1.6M0.0%	$1.6M0.0%	$1.6M-52.7%	$3.3M	N/A	N/A	N/A
Total Equity	-$30.4M+43.0%	-$53.4M+6.7%	-$57.2M+65.0%	-$163.4M-2201.4%	-$7.1M+42.0%	-$12.2M-6.1%	-$11.5M-15.9%	-$9.9M
Retained Earnings	-$111.5M-17.2%	-$95.1M+3.1%	-$98.1M+51.2%	-$201.1M-399.1%	-$40.3M+17.8%	-$49.0M-3.4%	-$47.4M-5.4%	-$44.9M

DFNSW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$3.8M-209.8%	-$1.2M-8.8%	-$1.1M-162.9%	-$431K-214.4%	-$137K-577.4%	-$20K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$133K+112.0%	-$1.1M-102.3%	$47.4M+3533.9%	-$1.4M+97.0%	-$46.0M	N/A
Financing Cash Flow	$3.0M+617.3%	$418K+101.0%	-$40.4M-3026.3%	$1.4M-97.0%	$46.8M+97576.5%	$48K
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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$2.5M-85.3%	-$1.4M-0.8%	-$1.3M-294.5%	-$340K+71.6%	-$1.2M-62.0%	-$741K+34.0%	-$1.1M-52.2%	-$738K
Capital Expenditures	$4K-16.9%	$5K-54.7%	$10K	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$2.5M-84.9%	-$1.4M-0.4%	-$1.4M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.0M-184.4%	-$705K+13.0%	-$810K+13.5%	-$936K-86310.0%	$1K+337.9%	$248-81.7%	$1K-99.0%	$130K
Financing Cash Flow	$9.2M	N/A	N/A	$9.1M+1188.1%	$704K+11.6%	$631K-31.5%	$921K+23.4%	$746K
Dividends Paid	N/A	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

DFNSW Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	16.9%+18.5pp	-1.6%+1.5pp	-3.1%	N/A	N/A	N/A
Operating Margin	-120.1%-51.3pp	-68.8%-63.2pp	-5.6%	N/A	N/A	N/A
Net Margin	-144.0%-62.2pp	-81.8%-77.3pp	-4.5%	N/A	N/A	N/A
Return on Equity	N/A	N/A	-8.9%	N/A	-205.3%+271.3pp	-476.6%
Return on Assets	-864.8%-345.0pp	-519.8%-514.6pp	-5.3%-4.0pp	-1.3%-0.6pp	-0.7%+9.2pp	-9.8%
Current Ratio	0.14-0.2	0.32-0.2	0.49-24.1	24.64-117.8	142.46	N/A
Debt-to-Equity	-0.47+1.1	-1.54-2.2	0.69+27.7	-27.02-327.9	300.86+253.4	47.44
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	92.2%+20.6pp	71.6%-4.1pp	75.7%+66.9pp	8.8%
Operating Margin	N/A	N/A	N/A	N/A	-503.5%+84.0pp	-587.5%+215.3pp	-802.7%-749.3pp	-53.4%
Net Margin	N/A	N/A	N/A	N/A	1887.0%+2809.5pp	-922.4%+12.8pp	-935.3%-765.0pp	-170.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-123.2%-165.4pp	42.2%-1154.7pp	1196.9%+2962.0pp	-1765.1%-2217.4pp	452.3%+596.6pp	-144.3%+53.9pp	-198.2%+176.7pp	-374.9%
Current Ratio	0.30+0.2	0.12-0.0	0.13+0.1	0.05-0.1	0.14+0.1	0.06-0.0	0.07-0.1	0.17
Debt-to-Equity	-0.05-0.0	-0.030.0	-0.03-0.0	-0.01+0.5	-0.47+0.6	-1.09+0.0	-1.11+0.1	-1.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$7.1M), 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 (0.14), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is T3 DEFENSE's annual revenue?

T3 DEFENSE (DFNSW) reported $5.9M in total revenue for fiscal year 2024. This represents a -72.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is T3 DEFENSE's revenue growing?

T3 DEFENSE (DFNSW) revenue declined by 72.2% year-over-year, from $21.3M to $5.9M in fiscal year 2024.

Is T3 DEFENSE profitable?

No, T3 DEFENSE (DFNSW) reported a net income of -$8.5M in fiscal year 2024, with a net profit margin of -144.0%.

How much debt does T3 DEFENSE have?

As of fiscal year 2024, T3 DEFENSE (DFNSW) had $373 in cash and equivalents against $3.3M in long-term debt.

What is T3 DEFENSE's gross margin?

T3 DEFENSE (DFNSW) had a gross margin of 16.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is T3 DEFENSE's operating margin?

T3 DEFENSE (DFNSW) had an operating margin of -120.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is T3 DEFENSE's net profit margin?

T3 DEFENSE (DFNSW) had a net profit margin of -144.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is T3 DEFENSE's operating cash flow?

T3 DEFENSE (DFNSW) generated -$3.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are T3 DEFENSE's total assets?

T3 DEFENSE (DFNSW) had $985K in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does T3 DEFENSE have outstanding?

T3 DEFENSE (DFNSW) had 17M shares outstanding as of fiscal year 2024.

What is T3 DEFENSE's current ratio?

T3 DEFENSE (DFNSW) had a current ratio of 0.14 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is T3 DEFENSE's debt-to-equity ratio?

T3 DEFENSE (DFNSW) had a debt-to-equity ratio of -0.47 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is T3 DEFENSE's return on assets (ROA)?

T3 DEFENSE (DFNSW) had a return on assets of -864.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is T3 DEFENSE's cash runway?

Based on fiscal year 2024 data, T3 DEFENSE (DFNSW) had $373 in cash against an annual operating cash burn of $3.8M. This gives an estimated cash runway of approximately 0 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's debt-to-equity ratio negative or unusual?

T3 DEFENSE (DFNSW) has negative shareholder equity of -$7.1M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. 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.

What is T3 DEFENSE's Piotroski F-Score?

T3 DEFENSE (DFNSW) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are T3 DEFENSE's earnings high quality?

T3 DEFENSE (DFNSW) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). 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.

Can T3 DEFENSE cover its interest payments?

T3 DEFENSE (DFNSW) has an interest coverage ratio of -20.7x, 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.