DEFSEC Technologies Inc. Announces Full Year Fiscal 2025 Results and Outlook for Fiscal 2026

Rhea-AI Summary

DEFSEC Technologies (TSXV:DFSC, NASDAQ:DFSC) reported FY2025 results and FY2026 outlook on December 30, 2025. Revenue rose 229% to $4.9M from FY2024, with digitization revenue up 289% to $4.0M. Gross margin was $1.7M (35.2%). Operating loss narrowed to $9.1M. Cash and equivalents were $6.7M at Sept 30, 2025. Management expects program billings on an annualized go‑forward basis of $8.81M with ~41 roles by February 2026 and estimated programmatic gross margin of $2.62M annually. First DEFSEC Lightning SaaS order received; BLDS prototype evaluation delivered for an armoured vehicle program. 2025 financings raised proceeds and issued common shares and warrants, supporting operations into 2026.

Positive

• Revenue +229% to $4.9M in FY2025
• Digitization revenue +289% to $4.0M
• Cash $6.7M as at Sept 30, 2025
• Expected annualized billings $8.81M by Feb 2026
• Programmatic gross margin $2.62M annualized estimate

Negative

• Operating loss of $9.1M in FY2025
• Issued 1,325,919 common shares in 2025 financing transactions
• Outstanding warrants exercisable at $4.27–$10.52 may dilute shareholders

Key Figures

FY2025 total revenue $4.9 million Full year 2025, up from $1.5 million in FY2024 (229% increase)

FY2025 digitization revenue $4.0 million Full year 2025, 289% increase over FY2024

FY2025 gross margin $1.7 million (35.2%) Full year 2025 vs $0.5 million (32.3%) in FY2024

FY2025 operating loss $9.1 million Full year 2025 operating loss vs $9.8 million in FY2024

Cash and equivalents $6.7 million Balance as of September 30, 2025 vs $0.3 million in 2024

Government program billings $8.8 million Expected annualized billings from February 2026 for government programs

Program gross margin run-rate $2.62 million Estimated annualized gross margin on programmatic work from February 2026

Aug 7, 2025 offering proceeds $6.8 million Public offering of 759,879 shares and warrants at $8.955 per unit

Market Reality Check

$1.75 Last Close

Volume Volume 169,548 is 2.44x the 20-day average, indicating elevated trading activity before this release. high

Technical Shares are trading below the 200-day MA at $4.28, reflecting a prior downtrend into the earnings report.

Peers on Argus 1 Up 1 Down

DFSC was down 3.85% while several aerospace/defense peers like MNTS (-17.77%) and KITT (-12.65%) also declined, but others such as GPUS (-5.44%) moved on unrelated crypto/AI news, and scanner data showed mixed directions, pointing to stock-specific dynamics.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 18	Equity offering	Negative	-28.2%	Registered direct share and warrant financing for working capital.
Dec 17	Equity offering	Negative	-17.4%	Announcement of CAD$2.1M registered direct share offering and warrants.
Dec 05	Revenue momentum update	Positive	-2.4%	Raised February 2026 government-services billing and margin outlook.
Oct 29	Conference presentation	Positive	+11.1%	Investor conference with higher billing run-rate and product updates.
Aug 13	Quarterly results	Positive	+2.8%	Q3 2025 revenue and margin growth driven by defense contracts and ARWEN.

Pattern Detected

The stock has historically sold off on equity offerings but tended to align positively with growth and conference updates, with only one recent divergence where positive operational news coincided with a modest decline.

Recent Company History

Over the last six months, DEFSEC has repeatedly highlighted rapid revenue and billing growth tied to Canadian defense programs and ARWEN products. Offerings on Dec 17–18, 2025 for about CAD$2.1M coincided with sharp share-price declines. Earlier, a Oct 29, 2025 conference update and the Aug 13, 2025 Q3 growth report both saw positive reactions. Today’s full-year FY2025 results and FY2026 outlook extend this revenue-momentum narrative and update government-program run-rate expectations.

Market Pulse Summary

This announcement details a sharp FY2025 revenue increase to $4.9 million, stronger gross margin of $1.7 million, and an improved cash position of $6.7 million, alongside an expected government-program billing run-rate of $8.8 million from February 2026. Investors may track execution on these contracts, progression of DEFSEC Lightning and ARWEN products, and any further financing needs against the still sizeable $9.1 million operating loss.

Key Terms

software as a service technical

"real-time situational awareness system offered as a hosted Software as a Service"

Software as a service (often called SaaS) is software delivered over the internet on a subscription basis, like renting a streaming service instead of buying a DVD. For investors it matters because this model usually creates predictable, recurring revenue, easier scaling to more customers, and clear metrics (subscription growth and churn) that signal business health and future cash flow.

saas technical

"real-time situational awareness system offered as a hosted Software as a Service ("SaaS")"

SaaS, or Software as a Service, is a way of delivering computer programs over the internet, allowing users to access and use them through a web browser without needing to install or maintain the software themselves. For investors, it highlights a business model where companies generate recurring revenue by providing ongoing access to their software, often leading to predictable income and growth potential.

registered direct offering financial

"the Company entered into definitive agreements for the purchase and sale of 566,040 Common Shares at a purchase price of $3.64 ... in a registered direct offering"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

warrants financial

"Common Share purchase warrants (each, a "Warrant") to purchase up to 759,879 Common Shares"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

form f-1 regulatory

"offered pursuant to a registration statement on Form F-1 (File No. 333-288827)"

A Form F-1 is the document a non-U.S. company files with U.S. regulators when it wants to sell stock or other securities to U.S. investors. It lays out the company’s business, finances, risks and how the offering will work, acting like a product manual and ingredient list so investors can judge what they’re buying. For investors, it’s a key source of verified information used to compare opportunities and assess potential reward and risk.

form 20-f regulatory

"Form 20-F Annual Report for the year ended September 30, 2025"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

AI-generated analysis. Not financial advice.

• Revenue up 229% over fiscal 2024, from $1.5 million to $4.9 million, with continuing momentum post year-end;
• Expected program billings on an annualized go-forward basis for Government programs of $8.8 million as of February, 2026 with continued growth;
• Strong financial position to execute operational plan through calendar 2026;
• First DEFSEC Lightning^TM SaaS order received.

Ottawa, Ontario--(Newsfile Corp. - December 29, 2025) - DEFSEC Technologies Inc. (TSXV: DFSC) (TSXV: DFSC.WT.U) (NASDAQ: DFSC) (NASDAQ: DFSCW) ("DEFSEC" or the "Company") is pleased to announce the highlights of its financial year ended September 30, 2025 ("FY2025") results and the outlook for fiscal 2026. This announcement is a summary only and should be read in conjunction with DEFSEC's audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023, management's discussion and analysis for the year ended September 30, 2025, and Form 20-F Annual Report for the year ended September 30, 2025, all of which have been filed on the Company's SEDAR+ and EDGAR profiles, respectively. All figures are stated in Canadian Dollars unless otherwise noted.

"Fiscal 2025 was a break-out year for Company revenue growth and progress towards improved cash flow and profitability," said Sean Homuth, DEFSEC President and CEO. "Management currently believes it has a reasonable basis to support calendar 2026 forecasted activities based on cash on hand, anticipated revenue streams and planned expenditures in the fiscal year, subject to execution of the Company's operating plan and other factors described in its public filings."

The Company also reported that subsequent to year-end it received its first order for the DEFSEC Lightning^TM real-time situational awareness system offered as a hosted Software as a Service ("SaaS") for first responders. Mr. Homuth added, "The strong interest in DEFSEC Lightning^TM is very promising as we plan the full commercial release for early in 2026."

Much of the revenue growth in FY2025 was driven by increases in task orders for the Company's software services for the Canadian Department of National Defence under two foundational long-term program contracts: (i) Directorate Land Command Systems Program Management Software Engineering Facility ("DSEF"); and (ii) land command, control, communications, computers, intelligence, surveillance and reconnaissance ("Land C4ISR"), for the digital modernisation of the Canadian Forces. These multi-year contracts, with renewal options, currently provide for up to $75 million in programmatic services revenue through the initial contract period that run through 2028 and 2029, respectively. Beginning in February 2026, the Company's program billings on an annualized go-forward basis is expected to grow to approximately $8.8¹ million with 41 anticipated roles staffed across both programs by February 2026. This represents a substantial increase in momentum in revenue growth. The Company estimates annualized gross margin on a go-forward basis as of February 2026 for programmatic work to increase to approximately $2.6² million.

In FY2025, the Company also received and delivered an order for evaluation of prototypes of its Battlefield Laser Detection System ("BLDS") for a major North American armoured vehicle program. "We are now actively engaged in discussions with large Canadian-based Defence primes who have approached us to explore partnering to incorporate BLDS into their Canadian offerings and programs," said Mr. Homuth.

The Company's less-lethal ARWEN products also increased revenue and margin contribution to the business in FY2025, with revenue almost doubling from $0.5 million to $0.9 million. "Besides the growing revenue momentum in the ARWEN business, it also created an opportunity in FY2025 to incorporate our PARA SHOT^TM technology into a new training cartridge in response to customer demand from many of our ARWEN customers," said Mr. Homuth. "This has now been developed and is in the final stages of preparation for scaled production."

Management believes that its extensive customer base of law enforcement agencies for ARWEN throughout North America is a ready market for its new products like PARA SHOT^TM as well as DEFSEC Lightning^TM.

Full Year 2025 Financial Highlights:

DEFSEC's digitization revenue in FY2025 was $4.0 million, a 289% increase over fiscal 2024 ("FY2024"). Total revenue increased 229% over FY2024 to $4.9 million.

Gross margin was $1.7 million, or 35.2% of total revenue, in FY2025, compared to $0.5 million, or 32.3% of total revenue, in FY2024.

Operating loss was $9.1 million in FY2025 as compared to a loss of $9.8 million in FY2024.

Total cash and cash equivalents were $6.7 million as at September 30, 2025 compared to $0.3 million as at September 30, 2024.

Major Highlights - Financings

On August 7, 2025, the Company announced the closing of a public offering of 759,879 common shares in the capital of the Company (each, a "Common Share") (or pre-funded warrants in lieu thereof), together with Common Share purchase warrants (each, a "Warrant") to purchase up to 759,879 Common Shares at a combined public offering price of $8.955 per Common Share (or pre-funded warrant in lieu thereof) and Warrant, for gross proceeds to the Company of approximately $6.8 million, before deducting placement agent fees and other offering expenses payable by the Company. The Warrants have an exercise price of $10.52 per Common Share, are exercisable upon issuance and expire on August 7, 2030. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The Common Shares and Warrants were offered pursuant to a registration statement on Form F-1 (File No. 333-288827), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on July 23, 2025.

On December 17, 2025, the Company entered into definitive agreements for the purchase and sale of 566,040 Common Shares at a purchase price of $3.64 (US$2.65) per Common Share in a registered direct offering. In a concurrent private placement, on December 18, 2025, the Company issued unregistered Common Share purchase warrants to purchase up to 566,040 Common Shares at an exercise price of $4.27 per Common Share that are immediately exercisable upon issuance and expire on December 18, 2030.

For further information, please contact:

Jennifer Welsh, Chief Financial Officer and Chief Compliance Officer
welsh@defsectec.com

Sean Homuth, President and Chief Executive Officer
homuth@defsectec.com

Jason Frame, Investor Relations
+1 (587) 225-2599
frame@defsectec.com

About DEFSEC

DEFSEC (TSXV: DFSC) (TSXV: DFSC.WT.U) (NASDAQ: DFSC) (NASDAQ: DFSCSW) (FSE: 62UA) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company's current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other DEFSEC products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA SHOT^TM with applications across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada, with a representative office in London, UK.

For more information, please visit https://www.defsectec.com

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian and United States securities laws (collectively, "forward-looking statements"), which may be identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", or "continue", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking statements contain these terms and phrases. Forward-looking statements are provided for the purpose of assisting the reader in understanding us, our business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes. Such forward-looking statements are based on the current expectations of DEFSEC's management and are based on assumptions and subject to risks and uncertainties. Forward-looking statements included in this include, but are not limited to: management's belief of sufficiency of available financial resources to support forecasted activities in 2026 based on cash on hand, anticipated revenue streams and planned expenditures in the fiscal year, subject to execution of the Company's operating plan and other factors described in its public filings; interest in DEFSEC Lightning^TM as well as timing of full commercial release thereof; the Company's estimates of increases to annualized gross margin on a go-forward basis as of February 2026 and extent thereof, if any; the stage of scaled production for the PARA SHOTTM technology into new training cartridges and timing of release thereof; and management's belief that its extensive customer base of law enforcement agencies for ARWEN throughout North America is a ready market for its new products like PARA SHOT^TM as well as DEFSEC Lightning^TM.

Although DEFSEC's management believes that the assumptions underlying such forward-looking statements are reasonable, they may prove to be incorrect. The forward-looking statements discussed in this news release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting DEFSEC, including DEFSEC's inability to execute on its current operating plan and/or fiscal 2026 forecasted activities, DEFSEC's inability to secure contracts and subcontracts (on the timelines, size and scale expected or at all), statements of work and orders for its products in fiscal 2026 and onwards for reasons beyond its control, the renewal or extension of agreements beyond their original term, the granting of patents applied for by DEFSEC, inability to finance the scale up to full commercial production levels for its physical products, inability to secure key partnership agreements to facilitate the outsourcing and logistics for its ARWEN® and PARA SHOTTM products, inability to commercialize DEFSEC's next generation Battlefield Laser Detection System, inability to secure or complete the execution of government contracts, inability to drive growth in DEFSEC's ARWEN® product line, inability to advance the commercialization of DEFSEC's PARA SHOT^TM products, delay or inability to launch DEFSEC's Lightning SaaS offering, lower than expected or delayed demand for DEFSEC's BLDS, overall interest in DEFSEC's products being lower than anticipated or expected; general economic and stock market conditions; a stagnation or decrease in North American defense and public safety spending, adverse industry events; future legislative and regulatory developments in Canada, the United States and elsewhere; the inability of DEFSEC to implement and execute its business strategies; risks and uncertainties detailed from time to time in DEFSEC's filings with the Canadian Security Administrators and the United States Securities and Exchange Commission, and many other factors beyond the control of DEFSEC. Although DEFSEC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and DEFSEC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its respective Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Non-IFRS Measures

This news release makes reference to certain non-IFRS measures. These measures are not recognized measures under the International Financial Reporting Standards ("IFRS"), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. 

The non-IFRS measures used in this news release. includes "annualized gross margin contribution" and "program billings on annualized go-forward basis", which are unaudited, non-IFRS measures.

"Annualized gross margin contribution", refers to gross margin dollars based on the staff and other related costs for the entire year at the program billing rate. Management believes annualized gross margin contribution is a useful measure because it aligns with annualized revenue and billings. The most directly comparable financial measure that is disclosed in the financial statements of the Company to which this non-IFRS measure relates is gross margin.

"Program billings on annualized go-forward basis", refers to programmatic revenue based on the roles staffed for a full year at the program billing rate. Management believes program billings on annualized go-forward basis is a useful measure because it reflects management's estimate of annualized revenues based on current contractual taskings as of the date of this release. The most directly comparable financial measure that is disclosed in the financial statements of the Company to which the non-IFRS measure relates is revenue.

These non-IFRS financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with IFRS results and the reconciliations to the corresponding IFRS financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-IFRS financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety under the Company's profile on EDGAR and SEDAR+. 

 

		September 30, 2025			September 30, 2024
ASSETS
Cash and cash equivalents	$	6,686,429		$	256,828
Restricted short-term investment		47,500			30,000
Trade and other receivables		1,494,152			567,875
Inventories		519,609			533,163
Prepaid expenses and other		163,562			179,051
Deferred costs		34,773			275,438
Current assets		8,946,025			1,842,355
Property and equipment		279,132			311,712
Right-of-use assets		1,165,181			230,124
Deposit		46,132			28,806
Intangible assets		2,390,030			3,174,832
Deferred costs		94,976			29,319
Non-current assets		3,975,451			3,774,793
Total Assets	$	12,921,476		$	5,617,148
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts payable and accrued liabilities	$	2,310,662		$	1,660,637
Accrued royalties liability		200,000			200,000
Lease obligations		188,907			147,078
Contract liabilities		7,671			120,571
Warrant liabilities		210,965			847,295
Current liabilities		2,918,205			2,975,581
Accrued royalties liability		1,087,009			1,118,135
Lease obligations		1,114,543			155,145
Non-current liabilities		2,201,552			1,273,280
Total Liabilities		5,119,757			4,248,861
Shareholders' Equity
Share capital		47,003,991			37,822,725
Warrants		7,764,412			1,084,687
Contributed surplus		5,398,445			5,152,753
Accumulated other comprehensive loss		(85,077	)		(38,520	)
Accumulated deficit		(52,280,052	)		(42,653,358	)
Total Shareholders' Equity		7,801,719			1,368,287
Total Liabilities and Shareholders' Equity	$	12,921,476		$	5,617,148
Refer to the audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023

 

		September 30, 2025			September 30, 2024			September 30, 2023
Revenue	$	4,942,626		$	1,504,328		$	1,234,450
Cost of sales		(3,204,578	)		(1,017,826	)		(1,425,828	)
Gross profit (loss)		1,738,048			486,502			(191,378	)
Operating expenses
General and administrative		5,225,997			4,836,815			6,165,297
Selling and marketing		2,037,088			1,525,228			2,892,679
Research and development, net		2,367,995			2,354,160			1,529,572
Share-based compensation		113,692			291,761			373,554
Depreciation and amortization		1,073,727			1,277,911			952,508
Total operating expenses		10,818,499			10,285,875			11,913,610
Operating loss		(9,080,451	)		(9,799,373	)		(12,104,988	)
Other income (expenses)
Share issuance costs		(1,807,686	)		(541,566	)		(1,985,074	)
Net finance costs		(173,375	)		(196,323	)		(668,034	)
Foreign exchange gain (loss)		114,347			59,191			(98,275	)
Impairment of right-of-use assets		(88,596	)		-			-
Gain/loss on disposals		6,809			(7,256	)		(291,181	)
Change in fair value of warrant liabilities		1,402,258			3,047,568			5,841,192
Total other income (expenses), net		(546,243	)		2,361,614			2,798,628
Loss before income taxes		(9,626,694	)		(7,437,759	)		(9,306,360	)
Income tax recovery
Deferred tax recovery		-			-			-
Net loss	$	(9,626,694	)	$	(7,437,759	)	$	(9,306,360	)
Other comprehensive income (loss):
Items that are or may be reclassified  subsequently to profit or loss
Foreign currency translation differences		(46,557	)		1,143			61,755
Total comprehensive loss	$	(9,673,251	)	$	(7,436,616	)	$	(9,244,605	)
Net loss per share
Basic and diluted	$	(15.78	)	$	(188.86	)	$	(478.85	)
Weighted average number of shares outstanding
Basic and diluted		610,169			39,382			19,435
Refer to the audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023

 

		September 30, 2025			September 30, 2024
OPERATING ACTIVITIES
Net loss	$	(9,626,694	)	$	(7,437,759	)
Items not affecting cash:
Depreciation and amortization		1,081,590			1,277,911
Share-based compensation		113,692			291,761
Change in fair value of warrant liabilities (including  related foreign exchange gain)		(1,325,549	)		(3,047,568	)
Net finance costs		173,375			196,323
Impairment of intangible assets		-			-
Impairment of ROU asset		72,868			-
Loss on disposals		-			7,256
Gain on debt settlement		(500	)		-
Unrealized foreign exchange loss		29,637			-
Changes in non-cash working capital items		(358,246	)		(343,671	)
Interest received (paid)		74,896			(4,997	)
Add back items not affecting operating activities:
Share issuance costs		1,807,686			-
Cash used in operating activities		(7,957,245	)		(9,060,744	)
INVESTING ACTIVITIES
Additions of property and equipment		(140,620	)		(101,330	)
Investments in intangible assets		(26,675	)		(9,823	)
Purchase of restricted short-term investment		(17,500	)		-
Deposit for advanced royalties		-			-
Recognition of open orders from acquisition		4,387			-
Cash flows used in investing activities		(180,408	)		(111,153	)
FINANCING ACTIVITIES
Proceeds from U.S. IPO and Canadian Offering, net		-			-
Proceeds from the issuance of common shares and  warrants		18,718,524			4,965,680
Payments of share offering costs		(4,346,838	)		(747,926	)
Payments of lease obligations		(172,153	)		(197,651	)
Proceeds from exercise of warrants		402,837			1,613
Repayment of borrowings		-			-
Proceeds from exercise of stock options		-			-
Repurchase of vested RSUs and PSUs		-			-
Cash flows provided by financing activities		14,602,370			4,021,716
Net change in cash during the year		6,429,717			(5,150,181	)
Cash and cash equivalents, beginning of year		256,828			5,407,009
Effect of exchange rates on cash		(35,116	)		-
Cash and cash equivalents, end of year	$	6,686,429		$	256,828
Refer to the audited consolidated financial statements for the years ended September 30, 2025, 2024 and 2023

 

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¹ Unaudited, non-IFRS measure. See "Non-IFRS Measures" in this news release.
² Unaudited, non-IFRS measure. See "Non-IFRS Measures" in this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279178

FAQ

What were DEFSEC (DFSC) full year FY2025 revenues and growth rates?

DEFSEC reported $4.9M total revenue in FY2025, a 229% increase versus FY2024; digitization revenue was $4.0M (+289%).

How much cash did DEFSEC (DFSC) hold at September 30, 2025?

The company reported $6.7M in cash and cash equivalents as at September 30, 2025.

What is DEFSEC's FY2026 program billing outlook and timing (DFSC)?

Management expects annualized go‑forward program billings of approximately $8.81M with ~41 roles staffed by February 2026.

Did DEFSEC (DFSC) receive any commercial orders after year‑end?

Yes; after year‑end DEFSEC received its first order for the DEFSEC Lightning SaaS real‑time situational awareness system.

What financings did DEFSEC (DFSC) complete in 2025 and how much was raised?

DEFSEC closed an August 7, 2025 offering raising approximately $6.8M and completed a December registered direct offering selling 566,040 shares at $3.64 per share.

How did FY2025 margins and losses compare for DEFSEC (DFSC)?

FY2025 gross margin was $1.7M (35.2%); operating loss was $9.1M, slightly improved from FY2024.