T3 DEFENSE Financials
This page shows T3 DEFENSE (DFNSW) 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).
Balance-sheet expansion funded externally, not by operations, is the clearest mechanic: DFNSW became much larger while still burning cash.
FY2025’s asset surge from$985K to$202.4M did not come from day-to-day operations; it coincided with heavy financing and investing flows that effectively rewired the balance sheet. That is why reported profit of$78.5M still sat beside operating cash burn of-$6.2M : the year’s accounting gain and its cash generation came from very different places.
Between FY2022 and FY2024, operating margin moved from
The business has carried negative equity while also posting a sub-1.0x current ratio through FY2025, meaning the larger asset base did not repair the funding structure underneath it. Cash improved to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of T3 DEFENSE's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
T3 DEFENSE carries a low D/E ratio of -11.23, meaning only $-11.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.
T3 DEFENSE's current ratio of 0.31 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
T3 DEFENSE passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, T3 DEFENSE generates $-0.08 in operating cash flow (-$6.2M OCF vs $78.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
T3 DEFENSE 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
Earnings & Revenue
T3 DEFENSE's EBITDA was -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
T3 DEFENSE reported $78.5M in net income in fiscal year 2025. This represents an increase of 1022.0% from the prior year.
T3 DEFENSE 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
T3 DEFENSE generated -$6.2M in free cash flow in fiscal year 2025, representing cash available after capex.
T3 DEFENSE held $2.6M in cash against $0 in long-term debt as of fiscal year 2025.
T3 DEFENSE had 19M shares outstanding in fiscal year 2025. This represents an increase of 13.3% from the prior year.
Margins & Returns
Capital Allocation
T3 DEFENSE invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure.
DFNSW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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-95.3% | $1.5M-66.7% | $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 |
DFNSW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 |
DFNSW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.9M-393.4% | -$999K+60.1% | -$2.5M-85.3% | -$1.4M-0.7% | -$1.3M-294.7% | -$340K+71.6% | -$1.2M-61.9% | -$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+1188.9% | $703K+11.5% | $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 |
DFNSW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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+11.3 | -11.23-11.2 | -0.05-0.0 | -0.030.0 | -0.03-0.0 | -0.01+0.5 | -0.47+0.6 | -1.09 |
| FCF Margin | -139.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$19.8M), 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 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
Is T3 DEFENSE profitable?
Yes, T3 DEFENSE (DFNSW) reported a net income of $78.5M in fiscal year 2025.
What is T3 DEFENSE's EBITDA?
T3 DEFENSE (DFNSW) had EBITDA of -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is T3 DEFENSE's free cash flow?
T3 DEFENSE (DFNSW) 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's operating cash flow?
T3 DEFENSE (DFNSW) generated -$6.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are T3 DEFENSE's total assets?
T3 DEFENSE (DFNSW) had $202.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are T3 DEFENSE's capital expenditures?
T3 DEFENSE (DFNSW) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is T3 DEFENSE's current ratio?
T3 DEFENSE (DFNSW) had a current ratio of 0.31 as of fiscal year 2025, 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 -11.23 as of fiscal year 2025, 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 38.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is T3 DEFENSE's cash runway?
Based on fiscal year 2025 data, T3 DEFENSE (DFNSW) had $2.6M in cash against an annual operating cash burn of $6.2M. This gives an estimated cash runway of approximately 5 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 -$19.8M as of fiscal year 2025, 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 4 out of 9, indicating neutral 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 to 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 -0.08x, 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 -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.
How financially healthy is T3 DEFENSE?
T3 DEFENSE (DFNSW) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.