Liberty Defense Holdings, Ltd. (DETX) appointed Steve Karoly to its Board of Directors, effective immediately. Karoly replaces outgoing CEO Bill Frain on the Board; Frain is leaving the company at the end of October.
Karoly is Executive Vice President of K2 Security Screening Group and has more than 30 years of government, transportation and technology industry experience. He previously served in senior roles at the Transportation Security Administration, including Acting Assistant Administrator for Requirements and Capabilities Analysis, where he oversaw a $1 billion budget. He also held roles at the Department of Homeland Security and U.S. Customs and Border Protection.
Liberty Defense Holdings, Ltd. (DETX) announced that Chief Executive Officer Bill Frain will resign effective October 31, 2026, and step down from the board effective October 13, 2026. Current Chief Operating Officer Keith Teichmann will assume the role of interim CEO.
The company cited recent business wins in aviation, local government and distribution markets, and said it continues to see opportunities for expansion through its HEXWAVE scanner and TSA-supported HD-AIT scanner technology. Bill Frain said HEXWAVE had installations in over 20 sites, including some of the largest airports in the country.
Liberty Defense Holdings, Ltd. (DETX) appointed John R. Percival chairman of its board, effective immediately. Jason Burinescu left his role as executive chairman to pursue other business opportunities full time.
Percival most recently served as president of SureScan EDS from 2016 through January 2023. During his tenure, SureScan's revenue increased from under $2 million in 2016 to $26 million, with positive cash flow. His background includes security equipment, medical imaging, engineering, product development and operations, as well as experience taking security and imaging technologies from development through commercialization.
Liberty Defense Holdings, Ltd. (DETX) announced that HEXWAVE was selected by one of the country's largest state court systems and a state department of corrections, with combined initial awards for four units to be deployed at various sites over the next few months. The court system plans a first-phase deployment at an active courthouse; results could lead to consideration at additional facilities. The corrections award covers three facilities, including one scheduled to open in 2027. Liberty says HEXWAVE is deployed at approximately 20 sites in five countries, with more than 40 units in the field. Its existing footprint includes aviation, government buildings, courthouses, correctional facilities and commercial venues, including nine airports for aviation worker screening.
Liberty Defense Holdings, Ltd. (DETX) and Wadsworth Solutions announced the sale of two HEXWAVE systems to Cleveland Hopkins International Airport, which will deploy them at designated locations for its Aviation Worker Screening program. The airport serves approximately 10 million passengers annually.
HEXWAVE uses millimeter wave technology and 3D video-rate imaging, with automatic threat detection powered by AI and deep learning algorithms. The release says it detects metallic and non-metallic threats, as well as contraband and other prohibited items, including liquids, powders, plastics and vapes. Wadsworth Solutions is the prime contractor and will install the systems, train operators and provide ongoing support. Liberty’s CEO said HEXWAVE will be deployed at nine airports with Cleveland Hopkins.
Liberty Defense Holdings, Ltd. entered a strategic, non-exclusive distribution agreement with VMI Security for its HEXWAVE walkthrough screening system. VMI will offer HEXWAVE in its security solutions portfolio, serving markets that include airports, critical infrastructure, government and public venues. Liberty said the arrangement is expected to help introduce HEXWAVE to new customers and support additional commercial opportunities.
Liberty also granted 43,888 restricted share units to certain directors and officers on September 24, 2026, under its Omnibus Long-Term Incentive Plan. Of these, 23,888 vest September 24, 2027, and 20,000 vest September 24, 2028; all have an expiry date of September 24, 2031. Each unit entitles its holder to receive one common share upon vesting and settlement.
Liberty Defense Holdings, Ltd. (DETX) reported that a third-party logistics, warehousing and manufacturing provider will deploy two HEXWAVE systems at a U.S. facility in 2026, with additional systems projected for a second facility in 2027. The customer is using Liberty’s financing option, allowing deployment without an upfront capital request, and the systems will be covered by a service and support agreement. HEXWAVE uses millimeter wave technology, 3D video-rate imaging and AI-based threat detection to identify both metallic and non-metallic concealed items while maintaining privacy by displaying only a generic body outline.
LIBERTY DEFENSE HOLDINGS, LTD. (DETX) is convening an Annual General Meeting of security holders. The record date for notice and voting is October 8, 2026, and the meeting will be held on November 27, 2026 in Vancouver. Common shares with ISIN CA53044R8672 and CUSIP 53044R867 are the voting securities. Proxy-related materials will be sent directly to non-objecting beneficial owners, while the issuer will not pay for delivery to objecting beneficial owners. Notice and Access will be used for both beneficial and registered holders.
Liberty Defense Holdings, Ltd. (DETX) reports that it will give its HEXWAVE I-Configuration security screening system its first public showing at GSX 2026 in Atlanta from September 14 to 16. The single-panel I-Configuration is designed for constrained entrances such as hallways and doorways.
The company highlights prior evaluation of its HEXWAVE S-Configuration at a major sporting venue, where it supported enforcement of a prohibited items list across approximately 2,000 people over three consecutive nights. HEXWAVE uses millimeter wave technology and 3D video-rate imaging with AI-based automatic threat detection for metallic and non-metallic threats, without storing images or personal information.
Liberty Defense Holdings Ltd. reported interim results for the six months ended June 30, 2026. Total revenue was $961,623, down from $1,485,207 a year earlier, with HEXWAVE product revenue of $686,623 and contract revenue of $275,000. The company recorded a net loss of $4,928,415, narrower than the prior-period loss of $7,542,442, driven in part by lower operating expenses but offset by a gross loss as cost of revenue exceeded sales.
Liberty raised significant new equity capital, increasing share capital to $64.7 million and moving from a shareholders’ deficit to positive equity of $8,983,719. Cash increased to $7,585,264 versus $319,294 at year-end 2025, while the Parabilis credit line and factoring liabilities were fully repaid and term-loan balances reduced.
Management and the auditor highlight that the company incurred negative operating cash flow of $7,966,878 and remains dependent on additional financing. This creates a material uncertainty about its ability to continue as a going concern, and the financial statements are prepared on that basis.