Nukkleus Inc Financials

NUKK

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

This page shows Nukkleus Inc (NUKK) 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

Nukkleus Inc 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, Nukkleus Inc 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

Nukkleus Inc 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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Revenue

$5.9M

YoY-72.2%

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

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$8.5M

YoY+51.1%

Nukkleus Inc 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%

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

Cash & Debt

$373

YoY-95.2%

5Y CAGR-57.7%

Nukkleus Inc 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%

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

Gross Margin

16.9%

YoY+18.5pp

Nukkleus Inc'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

Nukkleus Inc'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

Nukkleus Inc'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

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NUKK 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	Q3'25	Q4'24	Q3'24	Q2'24	Q1'23	Q3'23	Q2'23	Q1'22
Revenue	N/A	N/A	$175K-32.5%	$260K-95.0%	$5.2M+0.6%	$5.2M-7.5%	$5.6M+4.8%	$5.4M
Cost of Revenue	N/A	N/A	$50K-21.3%	$63K-98.7%	$4.8M-10.9%	$5.4M-2.1%	$5.5M+1.0%	$5.4M
Gross Profit	N/A	N/A	$125K-36.2%	$197K-57.1%	$459K+390.3%	-$158K-206.8%	$148K+369.6%	-$55K
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-5.5%	-$4.5M-280.6%	-$1.2M+43.0%	-$2.1M+25.6%	-$2.8M-2301.1%	-$117K+85.5%	-$806K+29.0%	-$1.1M
Interest Expense	$36K-91.7%	$439K+44.7%	$304K+2834.2%	$10K+39.4%	$7K	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$16.4M+89.8%	-$160.8M-3709.0%	$4.5M+283.4%	-$2.4M+72.8%	-$8.9M-6982.3%	-$126K+84.4%	-$806K+29.0%	-$1.1M
EPS (Diluted)	$-2.02	$-51.96	$2.18+1382.4%	$-0.17+97.5%	$-6.76-9557.1%	$-0.07+12.5%	$-0.08+27.3%	$-0.11

NUKK 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	Q3'25	Q4'24	Q3'24	Q2'24	Q1'23	Q3'23	Q2'23	Q1'22
Total Assets	$13.3M+45.9%	$9.1M+824.8%	$985K-19.6%	$1.2M-48.5%	$2.4M-29.0%	$3.4M-24.9%	$4.5M+33.2%	$3.4M
Current Assets	$13.1M+44.2%	$9.1M+841.7%	$966K+19.5%	$808K-58.8%	$2.0M-33.1%	$2.9M-34.4%	$4.5M-27.0%	$6.1M
Cash & Equivalents	$7.6M+10.3%	$6.9M+1849148.5%	$373-99.9%	$306K+49.7%	$204K+2500.9%	$8K-96.8%	$247K-11.8%	$280K
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-74.7%	$172.5M+2033.7%	$8.1M-36.6%	$12.8M+3.4%	$12.3M+29.1%	$9.5M+304.1%	-$4.7M+28.3%	-$6.5M
Current Liabilities	$43.6M-74.6%	$171.5M+2325.0%	$7.1M-40.0%	$11.8M+1.5%	$11.6M+27.4%	$9.1M+122.3%	$4.1M+3.5%	$4.0M
Long-Term Debt	$1.6M0.0%	$1.6M-52.7%	$3.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	-$30.4M+81.4%	-$163.4M-2201.4%	-$7.1M+38.4%	-$11.5M-15.9%	-$9.9M-60.6%	-$6.2M-167.7%	$9.1M-7.4%	$9.9M
Retained Earnings	-$111.5M+44.6%	-$201.1M-399.1%	-$40.3M+15.0%	-$47.4M-5.4%	-$44.9M-41.5%	-$31.8M-298.8%	-$8.0M-2.1%	-$7.8M

NUKK 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	Q3'25	Q4'24	Q3'24	Q2'24	Q1'23	Q3'23	Q2'23	Q1'22
Operating Cash Flow	-$2.5M-636.7%	-$340K+71.6%	-$1.2M-6.8%	-$1.1M-52.2%	-$738K-21.8%	-$606K-465.1%	-$107K-101.8%	$5.8M
Capital Expenditures	$4K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$2.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.0M-114.0%	-$936K-86310.0%	$1K-19.9%	$1K-99.0%	$130K+114.2%	-$914K-616.4%	-$128K-88.2%	-$68K
Financing Cash Flow	$9.2M+1.8%	$9.1M+1188.1%	$704K-23.6%	$921K+23.4%	$746K+465.2%	$132K+108.6%	-$1.5M+93.8%	-$25.0M
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

NUKK 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	N/A	N/A	N/A	N/A
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	Q3'25	Q4'24	Q3'24	Q2'24	Q1'23	Q3'23	Q2'23	Q1'22
Gross Margin	N/A	N/A	71.6%-4.1pp	75.7%+66.9pp	8.8%+11.8pp	-3.0%-5.7pp	2.6%+3.7pp	-1.0%
Operating Margin	N/A	N/A	-587.5%+215.3pp	-802.7%-749.3pp	-53.4%-30.2pp	-23.3%-9.0pp	-14.3%+6.8pp	-21.1%
Net Margin	N/A	N/A	-922.4%+12.8pp	-935.3%-765.0pp	-170.3%-147.1pp	-23.2%-8.9pp	-14.3%+6.8pp	-21.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-123.2%+1641.9pp	-1765.1%-2217.4pp	452.3%+650.5pp	-198.2%+176.7pp	-374.9%-371.1pp	-3.8%+14.3pp	-18.1%+15.8pp	-33.8%
Current Ratio	0.30+0.2	0.05-0.1	0.14+0.1	0.07-0.1	0.17-0.2	0.32-0.8	1.09-0.5	1.54
Debt-to-Equity	-0.05-0.0	-0.01+0.5	-0.47+0.6	-1.11+0.1	-1.24+0.3	-1.54-1.0	-0.51+0.1	-0.66
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.

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Frequently Asked Questions

What is Nukkleus Inc's annual revenue?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's revenue growing?

Nukkleus Inc (NUKK) revenue declined by 72.2% year-over-year, from $21.3M to $5.9M in fiscal year 2024.

Is Nukkleus Inc profitable?

No, Nukkleus Inc (NUKK) reported a net income of -$8.5M in fiscal year 2024, with a net profit margin of -144.0%.

What is Nukkleus Inc's earnings per share (EPS)?

Nukkleus Inc (NUKK) 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.

How much debt does Nukkleus Inc have?

As of fiscal year 2024, Nukkleus Inc (NUKK) had $373 in cash and equivalents against $3.3M in long-term debt.

What is Nukkleus Inc's gross margin?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's operating margin?

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

What is Nukkleus Inc's net profit margin?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's operating cash flow?

Nukkleus Inc (NUKK) generated -$3.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Nukkleus Inc's total assets?

Nukkleus Inc (NUKK) had $985K in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Nukkleus Inc have outstanding?

Nukkleus Inc (NUKK) had 17M shares outstanding as of fiscal year 2024.

What is Nukkleus Inc's current ratio?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's debt-to-equity ratio?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's return on assets (ROA)?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's cash runway?

Based on fiscal year 2024 data, Nukkleus Inc (NUKK) 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 Nukkleus Inc's debt-to-equity ratio negative or unusual?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's Piotroski F-Score?

Nukkleus Inc (NUKK) 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 Nukkleus Inc's earnings high quality?

Nukkleus Inc (NUKK) 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 Nukkleus Inc cover its interest payments?

Nukkleus Inc (NUKK) 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.