Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data T3 Defense Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2023
FY2022
FY2023
FY2024
FY2025
Revenue
21.5
21.3
5.91
Cost of revenue
22.2
21.6
4.91
Gross profit
-0.66
-0.34
1
Selling and marketing
0.42
0.06
General and administrative
6.71
28.1
Operating expenses
10.5
14.7
7.11
32.6
Operating income
-0.02
-0.15
-0.67
-11.1
-1.2
-14.7
-7.11
-32.6
Interest expense
0
0
0.39
0.15
Interest income
0
0
0
0.06
0
Other non-operating income
-0.17
0.07
-0.7
0.23
-0
-0.27
109
Pre-tax income
-11.8
-17.4
-7.38
76.6
Income tax
0.01
Income from continuing operations
-14.7
-7.38
76.6
Net income to minority interests
0.08
Net income
-0.02
-0.32
-0.6
-11.8
-0.97
-17.4
-8.52
78.5
EBITDA
-10.9
-14.4
-32.6
EPS, basic
-0.04
-0.09
-0.10
-1.21
-0.21
-13.84
-4.93
8.45
EPS, diluted
-0.04
-0.09
-0.10
-1.21
-0.21
-13.84
-4.93
7.96
Shares, basic (weighted)
0.56
3.7
6.11
9.77
4.64
1.26
1.73
8.36
Shares, diluted (weighted)
0.56
3.7
6.11
9.77
4.64
1.26
1.73
9.25
Balance sheet
FY2020
FY2020
FY2021
FY2023
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.03
0.71
0.28
0.36
0.28
0.01
0
2.63
Short-term investments
0.25
Receivables
0.51
Inventory
0
Other current assets
0.01
0.02
0
0.01
0.24
0.22
Total current assets
46.7
47.7
3.69
6.11
2.93
0.97
13.6
Property, plant and equipment
0.1
Lease right-of-use assets
0.82
Goodwill
7.69
Intangible assets
8.08
0.03
0.02
0.02
Other non-current assets
0.04
Total assets
0.21
46.7
47.7
18.4
3.35
3.35
0.98
202
Accounts payable
0
0.03
0.31
0.05
0.32
0.14
0.45
0.12
Accrued liabilities
0.02
0.06
1.65
Short-term debt
0.01
Total current liabilities
0.21
0.33
1.93
7.47
3.97
9.12
7.07
43.5
Lease liabilities
0.14
Total liabilities
0.21
0.58
2.12
7.47
3.98
9.55
8.08
45.2
Total debt
3.31
Paid-in capital
25.2
25.5
33.3
103
Retained earnings
-0.02
-3.73
-5.71
-14.3
-7.8
-31.8
-40.3
-123
Other comprehensive income
0.06
0.03
-0.14
0
Shareholders' equity
0
0.15
-1.83
10.9
9.88
-6.19
-7.1
-19.8
Minority interests
4.21
Total equity
0
0.15
-1.83
-3.96
-3.92
-6.19
-7.1
-15.6
Total liabilities and equity
0.21
46.7
47.7
18.4
6.11
3.35
0.98
202
Shares outstanding
1.15
1.51
1.51
10.1
1.51
1.26
2.1
0.15
Cash flow statement
FY2020
FY2020
FY2021
FY2023
FY2022
FY2023
FY2024
FY2025
Net income
-0.02
-0.32
-0.6
-11.8
-0.97
-17.4
-8.52
78.6
Depreciation and amortization
0.26
0.27
0
Stock-based compensation
1.91
0.37
0.23
18.8
Deferred income tax
-1.35
-0.99
-2.08
Change in receivables
0.05
-0
Change in payables
0
0.03
0.23
0.01
0.01
0.08
0.28
0.03
Cash from operations
-0.02
-0.14
-0.43
1.62
-1.13
-1.23
-3.82
-6.2
Capital expenditures
-0.03
Purchases of investments
-1.38
Cash from investing
-46
-1.38
-0.04
47.4
-1.11
0.13
-180
Debt issued
0.08
Debt repaid
-1
Stock issued
0.03
44.4
Cash from financing
0.05
46.8
1.38
-40.4
0.42
3
182
Exchange rate effect
0.23
0.03
0.1
Net change in cash
0.03
0.69
0.43
1.18
5.83
-1.69
-0.66
-3.91
Free cash flow
-6.23
Interest paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.79 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-43.0%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets CAGR, 3y
292.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change per year, 3y
25.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.14x
Current assets / current liabilities.
Quick ratio
0.06x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.04x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$28.10
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$27.70
Cash from operations / diluted weighted shares.
Book value per share
-$33.38
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
FCF yield
-68.6%
Free cash flow / market cap.
Earnings yield
-691.1%
Net income / market cap (the inverse of P/E).
Was T3 Defense Inc. profitable in fiscal 2025?
Yes. Net income was $78.5M, a net margin of -.
How much free cash flow did T3 Defense Inc. generate in fiscal 2025?
Cash from operations of $6.2M minus capital expenditures of $31.0K left free cash flow of -$6.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.