T3 Defense Inc. · Management Consulting Services

DFNS

High riskNext report: Not enough history

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The short version

A profitable company, with high risk.

Going well

Profitable
Buying back shares: share count down 8.5% in 3 years

Watch out for

Exchange listing notice (a delisting warning or a move to another exchange)
Late quarterly report notice
Late annual report notice

Money moves

No insider buying or selling in the last 30 days

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$3.87-5.4% that day

Company value: $6M; Share price times all shares
Cash vs value: 63%; A big cushion: cash is a large part of what the company is worth
Debt vs value: 24%; Debt as a share of company value

From DFNS's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$4.0M

Sep '23Tap a barJun '26

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

1/4Weak

MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
MissProfitable every yearSteady profits, not one good year.1 of 7 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$6.2M
PassShare count not growingNot diluting owners. Falling means buybacks.-8.5% in 3 years

Total debt: $1.6M
Current ratio: 0.31x; short-term assets / bills due
Free cash flow: -$6.2M

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, net margin 10%+, gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Apr 15

Revenue: $4.0M
EPS: -$173.80; vs $67.50
Op. margin: -84.5%
Gross margin: 25.4%
Free cash flow: -$4.9M
Share count: +966.9%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

80/ 100

This week: 7
Normal week: 1.8
vs normal: 3.9x

SEC filings of any kind. 50 means a normal week.

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-2.9%

Cash runwayAt last year's cash burn

8 months

Debt to equityLatest balance sheet: debt compared with what owners have

Owes more than it owns

Shares outstandingLatest reported

Why high risk

Owes more than it owns (negative equity)
Bills due within a year exceed short-term assets
Revenue down 72.2% from the year before
14 offering filings in 6 months (may sell new shares)
Exchange listing notice (a delisting warning or a move to another exchange)
Late quarterly report notice
Late annual report notice
Auditor change

Earnings reports

Last 1

Next reportNot enough history

Results filedApr 15

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Major agreementOct 27 · Form 8-K ↗Offering prospectusOct 23 · Form 424B3 ↗Offering prospectusOct 23 · Form 424B3 ↗Investor disclosureOct 23 · Form 8-K ↗S-1MEFOct 22 · Form S-1MEF ↗EFFECTOct 22 · Form EFFECT ↗EFFECTOct 22 · Form EFFECT ↗Shelf offering registration (amended)Oct 21 · Form S-3/A ↗Share offering registration (amended)Oct 20 · Form S-1/A ↗Share offering registration (amended)Oct 20 · Form S-1/A ↗Leadership changeOct 7 · Form 8-K ↗Shelf offering registration (amended)Oct 2 · Form S-3/A ↗Share offering registration (amended)Oct 2 · Form S-1/A ↗Share offering registration (amended)Oct 2 · Form S-1/A ↗5%+ holder update (active)Sep 15 · Form SCHEDULE 13D/A ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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