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

T3 DEFENSE (DFNSW) 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 Financials

DFNSW

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 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 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 DFNSW FY2025 2026-04-22

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 -5.6% to -120.2%, which suggests the cost base did not shrink with falling activity and fixed expenses became much heavier relative to sales. FY2024 gross margin turned positive at 16.9%, but selling and administrative expense still ran at $6.7M, so overhead rather than production economics was driving the loss.

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 $2.6M in FY2025, but current liabilities of $43.5M still towered over that cushion, so near-term obligations remain dependent on external capital rather than internally generated liquidity.

Financial Health Signals

Financial health score pending refresh

We are recalculating T3 DEFENSE'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 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'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 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 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 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 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 invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure.

DFNSW 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

DFNSW 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

DFNSW 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

DFNSW 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	-0.47+1.1	-1.54-2.2	0.69+27.7	-27.02-327.9	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+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 (-$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's EBITDA?

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

How much debt does T3 DEFENSE have?

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

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 $13.3M 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.

How many shares does T3 DEFENSE have outstanding?

T3 DEFENSE (DFNSW) had 17M shares outstanding as of fiscal year 2025.

What is T3 DEFENSE's current ratio?

T3 DEFENSE (DFNSW) 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's cash runway?

Based on fiscal year 2025 data, T3 DEFENSE (DFNSW) 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.

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.