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

T3 DEFENSE (DFNSW) reported diluted earnings per share of $7.96 for fiscal year 2025. 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 (DFNSW) Financials

DFNSW

FY2025 annual

Revenue Not reported for FY2025

Net Income $78.5M +1022.0% YoY

EPS (Diluted) $7.96 YoY not available

Operating Cash Flow -$6.2M -62.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Sep 3, 2026 Currency USD FYE December

Newest figures come from the 10-K for Q2 FY2026, filed Sep 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DFNSW SEC filings page.

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 2026-09-05

Financing-led expansion sits beside operating losses, negative cash conversion, and a highly strained balance-sheet structure.

In FY2025, the reported net gain of $78.5M coexisted with an operating loss of $32.6M, indicating that earnings were driven outside the core operating result. Operating cash flow remained negative at -$6.2M, so the accounting gain did not translate into cash generation.

From FY2024 to FY2025, total assets expanded from $985K to $202.4M while liabilities reached $222.2M. The expansion coincided with financing inflows of $182.0M and investing outflows of $179.8M, making external financing the visible engine of the balance-sheet change.

The current ratio improved from 0.1x in FY2024 to 0.3x in FY2025, still leaving current assets below current liabilities. Negative equity of -$19.8M reinforces that the company’s obligations exceed the recorded residual value for shareholders.

Financial Health Signals

Financial health score not available

T3 DEFENSE does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/5

T3 DEFENSE 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.

Earnings Quality No Cash Backing

$0.08used

For every $1 of reported earnings, T3 DEFENSE used $0.08 of operating cash (-$6.2M OCF vs $78.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Interest Coverage At Risk

N/A

T3 DEFENSE 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

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Earnings & Revenue

Revenue

$4.0M

T3 DEFENSE generated $4.0M in revenue in Q2 2026.

Net Income

-$82.5M

YoY-2832.3%

QoQ-213.0%

T3 DEFENSE reported -$82.5M in net income in Q2 2026. This represents a decrease of 2832.3% from the same quarter a year earlier. Against the prior quarter it is down 213.0%.

EPS (Diluted)

-$173.80

T3 DEFENSE earned -$173.80 per diluted share (EPS) in Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$4.1M

YoY+168.8%

T3 DEFENSE held $4.1M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

T3 DEFENSE had 2M shares outstanding in Q2 2026.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

25.4%

T3 DEFENSE's gross margin was 25.4% in Q2 2026, indicating the percentage of revenue retained after direct costs.

Operating Margin

-84.5%

T3 DEFENSE's operating margin was -84.5% in Q2 2026, reflecting core business profitability.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$348K

T3 DEFENSE invested $348K in research and development in Q2 2026.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

DFNSW 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.

DFNSW quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Revenue	N/A	$5.9M-72.2%	$21.3M-1.0%	$21.5M	N/A	N/A	N/A
Cost of Revenue	N/A	$4.9M-77.3%	$21.6M-2.4%	$22.2M	N/A	N/A	N/A
Gross Profit	N/A	$999K+391.0%	-$343K+48.1%	-$661K	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	N/A
Operating Income	-$32.6M-358.8%	-$7.1M+51.5%	-$14.7M-1119.2%	-$1.2M-79.2%	-$671K-353.3%	-$148K-616.3%	-$21K
EBITDA	-$32.6M	N/A	-$14.4M-1433.4%	-$938K	N/A	N/A	N/A
Interest Expense	$154K-60.2%	$387K+21690.5%	$2K+22.1%	$1K	N/A	N/A	N/A
Income Tax	$9K	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$78.5M+1022.0%	-$8.5M+51.1%	-$17.4M-1701.2%	-$968K-61.5%	-$599K-88.6%	-$318K-1437.6%	-$21K
EPS (Basic)	$8.45+271.4%	-$4.93+64.4%	-$13.84-6490.5%	-$0.21-110.0%	-$0.10	N/A	N/A
EPS (Diluted)	$7.96	-$4.93+64.4%	-$13.84	-$0.21	-$0.10	N/A	N/A
Diluted Shares (Avg)	9M	2M+37.2%	1M	5M	6M	N/A	N/A

Metric	Q2'2610-K	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q
Revenue	$4.0M	N/A	N/A	N/A	$0-100.0%	N/A	N/A	$236K-95.3%
Cost of Revenue	$3.0M	N/A	N/A	N/A	$0-100.0%	N/A	N/A	$18K-99.7%
Gross Profit	$1.0M	N/A	N/A	N/A	$0-100.0%	N/A	N/A	$218K+178.3%
R&D Expenses	$348K	N/A	N/A	N/A	$0	N/A	N/A	N/A
SG&A Expenses	$3.6M+242.8%	N/A	N/A	$231K+333.1%	$1.0M+4092.0%	$64K+111.7%	$4.5M	$53K
Operating Income	-$3.4M-222.3%	N/A	N/A	-$4.8M-301.4%	-$1.0M-1.8%	N/A	-$4.5M-61.5%	-$1.2M-918.9%
EBITDA	N/A	N/A	N/A	-$5.1M	-$539K	N/A	N/A	N/A
Interest Expense	$0-100.0%	N/A	N/A	$36K-88.0%	$17K-57.2%	$165K+1490.4%	$439K+5814.8%	$304K
Income Tax	-$190K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$82.5M-2832.3%	-$26.4M	N/A	-$16.4M-467.3%	$3.0M+286.8%	N/A	N/A	$4.5M+3634.2%
EPS (Basic)	-$173.80-339.7%	N/A	-$6.21+88.0%	-$2.02-192.7%	$72.50+8155.6%	N/A	-$51.96-668.6%	$2.18+3214.3%
EPS (Diluted)	-$173.80	N/A	-$3.51	-$2.02	$67.50	N/A	-$51.96-668.6%	$2.18+3214.3%
Diluted Shares (Avg)	480,024	N/A	N/A	8M	44,991	N/A	3M+134.3%	2M+6.8%

DFNSW Balance Sheet

DFNSW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$202.4M+20446.8%	$985K-70.6%	$3.4M-81.7%	$18.4M-61.5%	$47.7M+2.0%	$46.7M+22149.5%	$210K
Current Assets	$13.6M+1303.6%	$966K-67.0%	$2.9M-20.6%	$3.7M-92.3%	$47.7M+2.0%	$46.7M	N/A
Cash & Equivalents	$2.6M+704189.5%	$373-95.2%	$8K-97.8%	$364K+28.4%	$283K-60.2%	$713K+2473.4%	$28K
Short-Term Investments	$250K	$0	$0	$0	$0	$0	$0
Inventory	$0	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	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Goodwill	$7.7M	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$222.2M+2648.8%	$8.1M-15.3%	$9.5M+27.7%	$7.5M-84.9%	$49.5M+6.3%	$46.6M+22543.3%	$206K
Current Liabilities	$43.5M+515.9%	$7.1M-22.5%	$9.1M+22.1%	$7.5M+286.3%	$1.9M+489.9%	$328K+59.5%	$206K
Non-Current Liabilities	$1.6M+62.0%	$1.0M+139.7%	$422K	$0-100.0%	$47.6M+2.9%	$46.2M	$0
Long-Term Debt	N/A	$3.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	-$19.8M-178.8%	-$7.1M-14.6%	-$6.2M-156.9%	$10.9M+694.5%	-$1.8M-1283.4%	$155K+3470.3%	$4K
Retained Earnings	-$122.5M-204.1%	-$40.3M-26.8%	-$31.8M-121.5%	-$14.3M-151.1%	-$5.7M-53.3%	-$3.7M-17928.8%	-$21K

Metric	Q2'2610-K	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q
Total Assets	$316.0M+4321.3%	N/A	$202.4M+2121.8%	$13.3M+1249.0%	$7.1M+538.1%	$8.6M+601.8%	$9.1M+282.5%	$985K-70.6%
Current Assets	$21.2M+205.2%	N/A	$13.6M+49.1%	$13.1M+1258.4%	$7.0M+885.2%	$8.5M+947.1%	$9.1M+364.0%	$966K-67.0%
Cash & Equivalents	$4.1M+168.8%	N/A	$2.6M-61.9%	$7.6M+2040507.2%	$1.5M+24658.0%	$4.5M+1360.4%	$6.9M+3278.9%	$373-95.2%
Short-Term Investments	$2.2M	N/A	$250K	$0	$0	$0	$0	$0
Inventory	$4.7M	N/A	$0	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.6M	N/A	$506K	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	N/A	$0	$0	$0	$0	$0	$0
Goodwill	$99.0M	N/A	$7.7M	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$341.3M+463.9%	N/A	$222.2M+28.8%	$43.7M+440.7%	$60.5M+353.4%	$65.8M+416.2%	$172.5M+1298.9%	$8.1M-15.3%
Current Liabilities	$153.2M+153.5%	N/A	$43.5M-74.6%	$43.6M+517.1%	$60.4M+398.3%	$64.7M+448.8%	$171.4M+1375.1%	$7.1M-22.5%
Non-Current Liabilities	$6.6M+6028.3%	N/A	$1.6M+62.5%	$75K-92.6%	$107K-91.2%	$1.1M+15.8%	$1.0M+43.1%	$1.0M+139.7%
Long-Term Debt	N/A	N/A	N/A	$1.6M-52.7%	$1.6M	$1.6M	$1.6M	$3.3M
Total Equity	-$25.3M+52.6%	$42.5M+174.3%	-$19.8M+87.9%	-$30.4M-328.6%	-$53.4M-336.5%	-$57.2M-396.5%	-$163.3M-1542.3%	-$7.1M-14.6%
Retained Earnings	-$232.2M-144.1%	N/A	-$122.5M+39.1%	-$111.5M-176.7%	-$95.1M-94.1%	-$98.1M-107.1%	-$201.1M-347.4%	-$40.3M-26.8%

DFNSW Cash Flow Statement

DFNSW quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	-$6.2M-62.3%	-$3.8M-209.8%	-$1.2M-8.8%	-$1.1M-162.9%	-$431K-214.4%	-$137K-577.4%	-$20K
Depreciation & Amortization	$4K	N/A	$274K+3.6%	$264K	N/A	N/A	N/A
Stock-Based Compensation	$18.8M+8085.2%	$230K-38.0%	$371K-80.6%	$1.9M	N/A	N/A	N/A
Investing Cash Flow	-$179.8M-135308.3%	$133K+112.0%	-$1.1M-102.3%	$47.4M+3533.9%	-$1.4M+97.0%	-$46.0M	N/A
Financing Cash Flow	$182.0M+5966.2%	$3.0M+617.2%	$418K+101.0%	-$40.4M-3026.3%	$1.4M-97.0%	$46.8M+97576.5%	$48K

Metric	Q2'2610-K	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	N/A	N/A	-$999K-193.7%	-$2.5M-109.0%	N/A	N/A	-$340K+53.9%	-$1.2M-97.9%
Depreciation & Amortization	N/A	N/A	$1K	-$320K	$509K	$136K	N/A	N/A
Stock-Based Compensation	N/A	N/A	N/A	N/A	N/A	N/A	$6K-99.7%	N/A
Capital Expenditures	N/A	N/A	N/A	$4K	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	-$2.5M	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$176.3M-18736.4%	-$2.0M-159123.0%	N/A	N/A	-$936K-819.2%	$1K+100.1%
Financing Cash Flow	N/A	N/A	$173.6M+1815.9%	$9.2M+1211.9%	N/A	N/A	$9.1M+1114.6%	$703K+432.6%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

DFNSW 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.

DFNSW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Gross Margin	N/A	16.9%+18.5pp	-1.6%+1.5pp	-3.1%	N/A	N/A	N/A
Operating Margin	N/A	-120.2%	-68.8%-63.2pp	-5.6%	N/A	N/A	N/A
Net Margin	N/A	-144.1%	-81.8%-77.3pp	-4.5%	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	-8.9%	N/A	-205.3%+271.3pp	-476.6%
Return on Assets	38.8%+903.7pp	-864.9%-345.0pp	-519.8%-514.6pp	-5.3%-4.0pp	-1.3%-0.6pp	-0.7%+9.2pp	-9.8%
Current Ratio	0.31+0.2x	0.14-0.2x	0.32-0.2x	0.49-24.1x	24.64-117.8x	142.46	N/A
Debt-to-Equity	N/A	N/A	N/A	0.69	N/A	300.86+253.4x	47.44
Asset Turnover	N/A	6.00-0.3x	6.35+5.2x	1.17	N/A	N/A	N/A

Metric	Q2'2610-K	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q
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	-26.1%-68.3pp	N/A	N/A	-123.2%-575.5pp	42.2%+186.5pp	N/A	N/A	452.3%+456.1pp
Current Ratio	0.140.0x	N/A	0.31+0.3x	0.30+0.2x	0.12+0.1x	0.13+0.1x	0.05-0.1x	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, 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 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.

Where T3 DEFENSE Ranks

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 operating cash flow?

T3 DEFENSE (DFNSW) recorded an outflow of $6.2M in operating cash flow during fiscal year 2025, representing cash used by 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.

How many shares does T3 DEFENSE have outstanding?

T3 DEFENSE (DFNSW) had 38M shares outstanding as of fiscal year 2025.

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 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.

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

T3 DEFENSE (DFNSW) has negative shareholder equity of -$19.8M 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.

What is T3 DEFENSE's Piotroski F-Score?

T3 DEFENSE (DFNSW) 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.

Are T3 DEFENSE's earnings high quality?

For every $1 of reported earnings, T3 DEFENSE (DFNSW) used $0.08 of operating cash (-$6.2M OCF vs $78.5M 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.

Can T3 DEFENSE cover its interest payments?

T3 DEFENSE (DFNSW) 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.