Nukkleus Inc Financials
This page shows Nukkleus Inc (NUKK) 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).
FY2025 was dominated by balance-sheet expansion, with external financing funding growth while operating activity still used cash.
The striking disconnect in FY2025 is that reported profit of$78.5M came with an operating loss of-$32.6M , so accounting earnings and day-to-day performance moved in opposite directions. That gap matters more because operating cash flow stayed negative at-$6.2M even as financing supplied$182.0M , indicating the year's expansion depended on capital flows rather than internally generated cash.
The balance sheet was transformed in one year: total assets jumped from
Cash generation has been consistently weak across the last four valid fiscal years, with operating cash flow negative in every period and reaching
Financial Health Signals
We are recalculating Nukkleus Inc'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.
Nukkleus Inc passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Nukkleus Inc 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.
Nukkleus Inc 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
Nukkleus Inc's EBITDA was -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Nukkleus Inc reported $78.5M in net income in fiscal year 2025. This represents an increase of 1022.0% from the prior year.
Nukkleus Inc 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
Nukkleus Inc generated -$6.2M in free cash flow in fiscal year 2025, representing cash available after capex.
Nukkleus Inc held $2.6M in cash against $0 in long-term debt as of fiscal year 2025.
Nukkleus Inc had 19M shares outstanding in fiscal year 2025. This represents an increase of 13.3% from the prior year.
Margins & Returns
Capital Allocation
Nukkleus Inc invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure.
NUKK 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 |
NUKK 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 |
NUKK 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 |
NUKK 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.
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Frequently Asked Questions
Is Nukkleus Inc profitable?
Yes, Nukkleus Inc (NUKK) reported a net income of $78.5M in fiscal year 2025.
What is Nukkleus Inc's EBITDA?
Nukkleus Inc (NUKK) had EBITDA of -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nukkleus Inc's free cash flow?
Nukkleus Inc (NUKK) 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 Nukkleus Inc's operating cash flow?
Nukkleus Inc (NUKK) generated -$6.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nukkleus Inc's total assets?
Nukkleus Inc (NUKK) had $202.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nukkleus Inc's capital expenditures?
Nukkleus Inc (NUKK) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Nukkleus Inc's current ratio?
Nukkleus Inc (NUKK) 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 Nukkleus Inc's debt-to-equity ratio?
Nukkleus Inc (NUKK) 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 Nukkleus Inc's return on assets (ROA)?
Nukkleus Inc (NUKK) 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 Nukkleus Inc's cash runway?
Based on fiscal year 2025 data, Nukkleus Inc (NUKK) 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 Nukkleus Inc's debt-to-equity ratio negative or unusual?
Nukkleus Inc (NUKK) 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 Nukkleus Inc's Piotroski F-Score?
Nukkleus Inc (NUKK) has a Piotroski F-Score of 3 out of 6 computable signals; 3 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 Nukkleus Inc's earnings high quality?
Nukkleus Inc (NUKK) 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 Nukkleus Inc cover its interest payments?
Nukkleus Inc (NUKK) 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.