Nukkleus Financials
This page shows Nukkleus (NUKKW) 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 shows a liability-funded balance-sheet expansion while core operations still consumed cash and posted large operating losses.
FY2025’s reported profit of$78.5M sits beside an operating loss of-$32.6M and operating cash flow of-$6.2M , so the bottom line was not coming from cash-producing operations. At the same time, assets jumped from$985K in FY2024 to$202.4M after financing inflow of$182.0M largely matched investing outflow of-$179.8M , showing a balance sheet rebuilt through funded transactions rather than retained cash generation.
Despite the larger asset base, near-term liquidity remained tight: cash was only
The operating pattern before FY2025 already pointed to weak unit economics plus heavy overhead: FY2022 and FY2023 had negative gross profit, and even FY2024’s gross profit of
Financial Health Signals
Nukkleus 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.
Nukkleus 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 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.
Nukkleus 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
Earnings & Revenue
Nukkleus's EBITDA was -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Nukkleus reported $78.5M in net income in fiscal year 2025. This represents an increase of 1022.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Nukkleus recorded an outflow of $6.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex.
Nukkleus held $2.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
None of these metrics is reported for fiscal year 2025.
Capital Allocation
Nukkleus invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NUKKW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| 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 |
NUKKW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| 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 |
NUKKW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| 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 |
Not reported in any period shown, so not listed: Share Buybacks.
NUKKW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| 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% | -587.5% |
| Net Margin | -743.1% | N/A | N/A | N/A | N/A | N/A | 1887.0% | -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 | 0.25-0.1x | 0.310.0x | 0.30+0.2x | 0.120.0x | 0.13+0.1x | 0.05-0.1x | 0.14+0.1x | 0.06 |
| Debt-to-Equity | 0.09 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -139.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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, FCF 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.
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Where Nukkleus Ranks
Frequently Asked Questions
Is Nukkleus profitable?
Yes, Nukkleus (NUKKW) reported a net income of $78.5M in fiscal year 2025.
What is Nukkleus's EBITDA?
Nukkleus (NUKKW) had EBITDA of -$32.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nukkleus's free cash flow?
Nukkleus (NUKKW) recorded an outflow of $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's operating cash flow?
Nukkleus (NUKKW) recorded an outflow of $6.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nukkleus's total assets?
Nukkleus (NUKKW) had $202.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nukkleus's capital expenditures?
Nukkleus (NUKKW) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Nukkleus's current ratio?
Nukkleus (NUKKW) 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's return on assets (ROA)?
Nukkleus (NUKKW) 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 Nukkleus's debt-to-equity ratio negative or not reported?
Nukkleus (NUKKW) 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 Nukkleus's Piotroski F-Score?
Nukkleus (NUKKW) 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's earnings high quality?
For every $1 of reported earnings, Nukkleus (NUKKW) 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 Nukkleus cover its interest payments?
Nukkleus (NUKKW) 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.