NASDAQ : DFSC
DEFSEC Technologies Inc. — Financial statements
Industrials · Aerospace & Defense · Canada
Last price 0.6701 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.24M
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Financial statements
DEFSEC Technologies Inc. (DFSC) reported revenue of 7.52M CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.52M | 4.94M | 1.50M | 1.23M | 721.52K | 1.28M |
| Cost of Revenue | 4.97M | 3.20M | 1.02M | 1.43M | 536.74K | 798.89K |
| Gross Profit | 2.55M | 1.74M | 486.50K | -191.38K | 184.78K | 476.92K |
| Selling, General & Admin | 7.81M | 7.26M | 6.36M | 9.06M | 8.21M | 7.54M |
| Research & Development | 2.82M | 2.37M | 2.35M | 1.53M | 2.06M | 2.14M |
| Operating Expenses | 11.78M | 10.82M | 10.29M | 11.91M | 10.28M | 9.68M |
| Operating Income | -9.23M | -9.08M | -9.80M | -12.10M | -10.09M | -9.20M |
| Interest Expense | -307.19K | -254.71K | -252.01K | -723.55K | -511.99K | -116.11K |
| Interest & Investment Income | 109.13K | 81.84K | 55.69K | 55.51K | 5.99K | 4.85K |
| Currency Exchange Gain (Loss) | 168.80K | 114.35K | 59.19K | -98.28K | 28.78K | -3.74K |
| Other Non Operating Income (Expenses) | 214.61K | -405.43K | 2.51M | 3.86M | 3.51K | |
| EBT Excluding Unusual Items | -9.04M | -9.54M | -7.43M | -9.02M | -10.57M | -9.31M |
| Gain (Loss) on Sale of Assets | -57.48K | 6.81K | -7.26K | -291.18K | -1.17K | -1.33K |
| Asset Writedown | -88.60K | |||||
| Other Unusual Items | -500.00 | |||||
| Pretax Income | -9.10M | -9.63M | -7.44M | -9.31M | -10.57M | -9.32M |
| Income Tax Expense | -49.44K | |||||
| Net Income | -9.10M | -9.63M | -7.44M | -9.31M | -10.52M | -9.32M |
| Net Income to Common | -9.10M | -9.63M | -7.44M | -9.31M | -10.52M | -9.32M |
| Shares Outstanding (Basic) | 1.68M | 610.17K | 39.38K | 19.43K | ||
| Shares Outstanding (Diluted) | 1.68M | 610.17K | 39.38K | 19.43K | ||
| EPS (Basic) | -5.42 | -15.78 | -188.86 | -478.85 | ||
| EPS (Diluted) | -5.43 | -15.78 | -188.86 | -478.85 | ||
| Free Cash Flow | -8.03M | -8.10M | -9.16M | -14.26M | -4.44M | -7.07M |
| Free Cash Flow Per Share | -4.79 | -13.27 | -232.65 | -733.50 | ||
| Gross Margin | 33.93% | 35.16% | 32.34% | -15.50% | 25.61% | 37.38% |
| Operating Margin | -122.69% | -183.72% | -651.41% | -980.60% | -1,398.62% | -721.31% |
| Profit Margin | -120.99% | -194.77% | -494.42% | -753.89% | -1,458.08% | -730.16% |
| Free Cash Flow Margin | -106.76% | -163.84% | -609.05% | -1,154.81% | -615.93% | -553.78% |
| EBITDA | -8.67M | -8.10M | -8.65M | -11.15M | -9.82M | -9.06M |
| EBITDA Margin | -115.30% | -163.89% | ||||
| D&A For EBITDA | 556.22K | 979.84K | 1.15M | 952.51K | 267.15K | 140.99K |
| EBIT | -9.23M | -9.08M | -9.80M | -12.10M | -10.09M | -9.20M |
| EBIT Margin | -122.69% | -183.72% | ||||
| Advertising Expenses | 636.00 | 60.82K | 19.09K | 1.35M | 1.91M |
Balance sheet
Fiscal year October - September; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.48M | 6.69M | 256.83K | 5.41M | 170.54K | 2.69M |
| Cash & Short-Term Investments | 3.48M | 6.69M | 256.83K | 5.41M | 170.54K | 2.69M |
| Accounts Receivable | 2.31M | 1.35M | 497.30K | 73.74K | 123.76K | 308.73K |
| Other Receivables | 141.94K | 70.58K | 226.53K | 48.12K | 390.52K | |
| Receivables | 2.31M | 1.49M | 567.88K | 300.27K | 171.88K | 699.25K |
| Inventory | 587.14K | 519.61K | 533.16K | 542.39K | 393.54K | 90.30K |
| Prepaid Expenses | 314.05K | 163.56K | 179.05K | 562.41K | 122.17K | 548.04K |
| Other Current Assets | 142.72K | 82.27K | 305.44K | 30.00K | 658.26K | 30.00K |
| Total Current Assets | 6.84M | 8.95M | 1.84M | 6.84M | 1.52M | 4.06M |
| Property, Plant & Equipment | 1.37M | 1.44M | 541.38K | 776.17K | 1.04M | 1.17M |
| Other Intangible Assets | 2.11M | 2.39M | 3.18M | 4.11M | 4.75M | 3.47M |
| Long-Term Deferred Charges | 124.61K | 94.98K | 29.32K | |||
| Other Long-Term Assets | 15.50K | 46.13K | 28.81K | 26.08K | 23.60K | 21.37K |
| Total Assets | 10.45M | 12.92M | 5.62M | 11.76M | 7.32M | 8.72M |
| Accounts Payable | 2.69M | 409.70K | 881.84K | 367.13K | 2.29M | 620.04K |
| Accrued Expenses | 250.00K | 2.10M | 978.80K | 1.43M | 2.32M | 507.16K |
| Short-Term Debt | 2.20M | |||||
| Current Portion of Leases | 68.96K | 188.91K | 147.08K | 127.12K | 69.15K | 32.29K |
| Current Unearned Revenue | 2.70K | 7.67K | 120.57K | 120.97K | 47.27K | |
| Other Current Liabilities | 150.04K | 210.97K | 847.29K | 4.34M | ||
| Total Current Liabilities | 3.16M | 2.92M | 2.98M | 6.38M | 6.93M | 1.16M |
| Long-Term Debt | 78.80K | 53.25K | ||||
| Long-Term Leases | 1.22M | 1.11M | 155.15K | 302.41K | 206.47K | 275.62K |
| Other Long-Term Liabilities | 959.38K | 1.09M | 1.12M | 1.14M | 1.12M | 1.11M |
| Total Liabilities | 5.34M | 5.12M | 4.25M | 7.82M | 8.33M | 2.59M |
| Common Stock | 48.69M | 47.00M | 37.82M | 33.38M | 19.50M | 17.22M |
| Additional Paid-In Capital | 6.30M | 5.40M | 5.15M | 4.77M | 3.55M | 2.46M |
| Retained Earnings | -58.97M | -52.28M | -42.65M | -35.22M | -25.91M | -15.39M |
| Comprehensive Income & Other | 9.09M | 7.68M | 1.05M | 1.00M | 1.86M | 1.84M |
| Shareholders' Equity | 5.11M | 7.80M | 1.37M | 3.94M | -1.00M | 6.12M |
| Total Liabilities & Equity | 10.45M | 12.92M | 5.62M | 11.76M | 7.32M | 8.72M |
| Total Debt | 1.29M | 1.30M | 302.22K | 429.52K | 2.55M | 361.16K |
| Net Cash (Debt) | 2.19M | 5.38M | -45.40K | 4.98M | -2.38M | 2.33M |
| Net Cash Per Share | 1.31 | 8.82 | -1.15 | 256.11 | ||
| Filing Date Shares Outstanding | 2.67M | 1.40M | 75.20K | 26.75K | 19.39K | 3.33K |
| Total Common Shares Outstanding | 2.67M | 1.40M | 75.20K | 26.75K | 3.33K | |
| Working Capital | 3.67M | 6.03M | -1.13M | 458.44K | -5.41M | 2.90M |
| Book Value Per Share | 1.92 | 5.59 | 18.20 | 147.14 | 1,838.41 | |
| Tangible Book Value | 3.00M | 5.41M | -1.81M | -178.90K | -5.75M | 2.65M |
| Tangible Book Value Per Share | 1.13 | 3.88 | -24.03 | -6.69 | 796.40 | |
| Machinery | 784.67K | 905.25K | 764.63K | 700.13K | 1.08M | 916.44K |
| Leasehold Improvements | 26.45K | 131.79K | 131.79K | 131.79K | 137.04K | 117.24K |
Cash flow statement
Fiscal year October - September; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -9.10M | -9.63M | -7.44M | -9.31M | -10.52M | -9.32M |
| Depreciation & Amortization | 657.52K | 1.08M | 1.28M | 952.51K | 325.24K | 140.99K |
| Other Amortization | 455.00 | 455.00 | 1.71K | 1.25K | ||
| Loss (Gain) From Sale of Assets | 57.48K | 7.26K | 291.18K | 1.17K | 1.33K | |
| Asset Writedown & Restructuring Costs | -15.73K | 72.87K | 1.17M | 55.38K | ||
| Stock-Based Compensation | 494.97K | 113.69K | 291.76K | 373.55K | 1.96M | 2.60M |
| Other Operating Activities | 241.43K | 759.54K | -2.86M | -5.25M | 336.14K | 64.77K |
| Change in Accounts Receivable | -1.18M | -925.91K | -267.61K | -128.39K | 631.80K | -218.33K |
| Change in Inventory | -78.39K | 13.55K | 9.22K | -148.85K | 49.45K | 17.55K |
| Change in Accounts Payable | 1.71M | 960.77K | -257.26K | -1.67M | 2.52M | -828.70K |
| Change in Unearned Revenue | -75.82K | -112.90K | -25.79K | 73.70K | 17.41K | -7.05K |
| Change in Other Net Operating Assets | -509.69K | -293.76K | 197.76K | -440.24K | 425.88K | 1.24M |
| Operating Cash Flow | -7.82M | -7.96M | -9.06M | -14.08M | -4.26M | -6.26M |
| Capital Expenditures | -212.05K | -140.62K | -101.33K | -176.95K | -187.48K | -809.96K |
| Cash Acquisitions | 4.39K | 4.39K | 7.81K | 250.35K | ||
| Sale (Purchase) of Intangibles | -26.68K | -9.82K | -1.12M | -1.18M | -233.23K | |
| Other Investing Activities | -17.50K | -17.50K | -148.41K | -30.00K | ||
| Investing Cash Flow | -223.86K | -180.41K | -111.15K | -1.44M | -1.11M | -1.07M |
| Short-Term Debt Issued | 60.00K | |||||
| Long-Term Debt Issued | 2.54M | 326.00K | ||||
| Total Debt Issued | 2.60M | 326.00K | ||||
| Short-Term Debt Repaid | -60.00K | -218.28K | ||||
| Long-Term Debt Repaid | -172.15K | -197.65K | -2.41M | -42.50K | -350.13K | |
| Lease Payments | -174.55K | -172.15K | -197.65K | -75.49K | -42.50K | -44.13K |
| Total Debt Repaid | -174.55K | -172.15K | -197.65K | -2.41M | -102.50K | -568.40K |
| Net Debt Issued (Repaid) | -174.55K | -172.15K | -197.65K | -2.41M | 2.50M | -242.40K |
| Issuance of Common Stock | 11.38M | 19.12M | 4.97M | 23.71M | 559.92K | 7.79M |
| Repurchase of Common Stock | -612.00 | -23.53K | ||||
| Other Financing Activities | -2.18M | -4.35M | -747.93K | -542.59K | -184.29K | -606.62K |
| Financing Cash Flow | 9.02M | 14.60M | 4.02M | 20.76M | 2.85M | 6.94M |
| Foreign Exchange Rate Adjustments | -36.25K | -35.12K | ||||
| Net Cash Flow | 938.96K | 6.43M | -5.15M | 5.24M | -2.52M | -385.65K |
| Free Cash Flow | -8.03M | -8.10M | -9.16M | -14.26M | -4.44M | -7.07M |
| Free Cash Flow Margin | -106.76% | -163.84% | -609.05% | -1,154.81% | -615.93% | -553.78% |
| Free Cash Flow Per Share | -4.79 | -13.27 | -232.65 | -733.50 | ||
| Levered Free Cash Flow | -4.99M | -5.58M | -8.40M | -6.48M | -2.15M | -4.27M |
| Unlevered Free Cash Flow | -4.79M | -5.42M | -8.24M | -6.03M | -1.83M | -4.20M |
| Free Cash Flow After Leases | -8.21M | -8.27M | -9.36M | -14.33M | -4.49M | -7.11M |
| Cash Interest Paid | 120.42K | 42.98K | ||||
| Change in Working Capital | -153.48K | -358.25K | -343.67K | -2.31M | 3.64M | 198.48K |
Ratios
Fiscal year October - September; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.24M | 4.84M | 2.28M | 8.72M | 4.73M | 76.27M |
| Enterprise Value | 1.67M | 4.98M | 1.66M | 7.65M | 6.08M | 74.64M |
| Last Close Price | 0.67 | 3.56 | 32.34 | 325.50 | 1,293.60 | 22,491.04 |
| PS Ratio | 0.61 | 1.36 | 2.05 | 9.55 | 9.00 | 75.59 |
| PB Ratio | 0.90 | 0.86 | 2.25 | 3.00 | -6.48 | 15.75 |
| P/TBV Ratio | 1.53 | 1.25 | 36.35 | |||
| EV/Sales Ratio | 0.32 | 1.40 | 1.49 | 8.38 | 11.57 | 73.97 |
| Debt / Equity Ratio | 0.25 | 0.17 | 0.22 | 0.11 | -2.55 | 0.06 |
| Net Debt / Equity Ratio | -0.43 | -0.69 | 0.03 | -1.26 | -2.38 | -0.38 |
| Net Debt / EBITDA Ratio | 0.25 | 0.67 | -0.01 | 0.45 | -0.24 | 0.26 |
| Net Debt / FCF Ratio | 0.27 | 0.67 | -0.01 | 0.35 | -0.54 | 0.33 |
| Asset Turnover | 0.73 | 0.53 | 0.17 | 0.13 | 0.09 | 0.18 |
| Inventory Turnover | 9.07 | 6.09 | 1.89 | 3.05 | 2.22 | |
| Quick Ratio | 1.83 | 2.80 | 0.28 | 0.89 | 0.05 | 2.92 |
| Current Ratio | 2.16 | 3.07 | 0.62 | 1.07 | 0.22 | 3.50 |
| Return on Equity (ROE) | -187.77% | -209.96% | -280.46% | -634.65% | -410.88% | -186.15% |
| Return on Assets (ROA) | -56.12% | -61.23% | -70.49% | -79.30% | -78.64% | -81.99% |
| Return on Capital Employed (ROCE) | -126.60% | -90.80% | -371.00% | -225.20% | -2,538.20% | -121.80% |
| Earnings Yield | -579.56% | -142.90% | -241.54% | -78.90% | -161.97% | -9.66% |
| FCF Yield | -177.08% | -120.20% | -297.53% | -120.87% | -68.42% | -7.33% |
| Buyback Yield / Dilution | -416.49% | -1,449.36% | -102.63% |