T3 Defense
DFNS on Nasdaq. Management consulting services. Market value $216m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.56 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.41 a share, at its 1-year low
Over the past year the price has ranged from $3.37 to $930.00.
Pays no dividend
Prices from Monday’s close (2 November).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $13 million in the past 12 months, a shortfall of $6 million in the year to December 2025.
| Revenue | |||||
| Revenue | n/a | n/a | $21m | $6m | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | -68.8% | -120.1% | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.00bn | 0.02bn | 0.01bn | 0.00bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 20% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $81 million, after a profit of $3 million a year ago.
- 1556% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| June 2024 | $175,214 |
| September 2024 | $236,099 |
| March 2025 | Not reported |
| June 2025 | $0 |
| September 2025 | Not reported |
| December 2025 | Not reported |
| March 2026 | $4m |
| June 2026 | $4m |
| Quarter to | Amount |
|---|---|
| June 2024 | -$2m |
| September 2024 | $4m |
| March 2025 | $103m |
| June 2025 | $3m |
| September 2025 | -$16m |
| December 2025 | -$11m |
| March 2026 | -$27m |
| June 2026 | -$81m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 April 2026
- Next quarterly (estimated, 10-Q)
- 17 November 2026
Who owns it
We don't have fund holdings for this stock yet.
Big holders and activists
4 investors own more than 5%.
- Shalom MenachemInsider or founder25.4%−0.6 ptsSince 27 April 2026
- X S.E. Security and Defense Ltd.at least 16.7%(filed with 1 related holder)Since 6 July 2026
What they said
The Reporting Persons acquired the shares of Common Stock referred to in this Schedule 13D for investment purposes. The Reporting Persons are currently in discussions with the Issuer regarding the acquisition of an equity interest in another asset held by the Reporting Persons.…
Read the filing - VisionWave Holdings, Inc.Passive investor10.0%Since 17 May 2026
- Esousa Group Holdings LLCPassive investorat least 9.9%0.0 pts(filed with 1 related holder)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Shalom Menachem Insider or founder | 25.4%−0.6 pts | 27 April 2026 | |
X S.E. Security and Defense Ltd. | at least 16.7% (filed with 1 related holder) | 6 July 2026 | What they saidThe Reporting Persons acquired the shares of Common Stock referred to in this Schedule 13D for investment purposes. The Reporting Persons are currently in discussions with the Issuer regarding the acquisition of an equity interest in another asset held by the Reporting Persons.… Read the filing |
VisionWave Holdings, Inc. Passive investor | 10.0% | 17 May 2026 | |
Esousa Group Holdings LLC Passive investor | at least 9.9%0.0 pts (filed with 1 related holder) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in T3 Defense’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Apr 2026, plus the 10-Q filed 18 Aug 2026 and 22 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 8 Jan 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 8 January 2025: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“Effective as of January 14, 2026, Nukkleus Inc., a Delaware corporation (the “Company”), dismissed GreenGrowth CPAs (“GreenGrowth”) as the independent registered public accounting firm engaged to audit the Company’s financial statements.”
From an 8-K filed 14 January 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.