DFSC

MKT CAP:$3M

DEFSEC Technologies Inc.

Market Cap

$3M

Industrials·Aerospace & Defense·🇨🇦 Canada·NASDAQ

Industrials·Aerospace·🇨🇦·NASDAQ

Stock Price

$1.94+$0.02 (+1.04%)

Apr 17, 2026

Company Details

Develops and commercializes next-gen tactical systems—non-lethal, digitization, and counter-threat—for military, public safety, and defense markets

CEO

Sean Homuth

IPO Date

Jan 8, 2021

Website

kwesst.com

Key Metrics TTM

Revenue

$4M

+137.0% YoY

Net Income

-$6M

EPS (Diluted)

-$9.68

Free Cash Flow

-$6M

Revenue / Share

$2.62

Gross Margin

32.4%

Operating Margin

-153.4%

Net Margin

-154.0%

FCF Margin

-148.6%

P/S

0.8x

P/E

—

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Dec 31, 2025

$955.7K+47.3%EPS -$1.02

FY 2025

Sep 30, 2025

$4M+228.6%EPS -$11.53

Q4 2025

Sep 30, 2025

$1M+145.3%EPS -$1.46

Q3 2025

Jun 30, 2025

$1M+330.2%EPS -$2.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 24	$355.1K	$177.0K	-$2M
Q3 24	$240.8K	$29.8K	-$2M
Q4 24	$409.2K	$188.0K	-$2M
Q1 25	$648.7K	$295.6K	-$2M
Q2 25	$923.8K	$229.5K	-$1M
Q3 25	$1M	$291.9K	-$1M
Q4 25	$1M	$453.1K	-$2M
Q1 26	$955.7K	$295.7K	-$2M

Valuation

Quarter	P/S	P/E
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	1.9x	—
Q2 25	1.4x	—
Q3 25	1.0x	—
Q4 25	0.9x	—
Q1 26	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 24	-$2M	-$2M
Q3 24	-$1M	-$1M
Q4 24	-$2M	-$2M
Q1 25	-$2M	-$2M
Q2 25	-$1M	-$1M
Q3 25	-$1M	-$1M
Q4 25	-$1M	-$1M
Q1 26	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q2 24	$17.0K
Q3 24	$18.9K
Q4 24	$11.6K
Q1 25	$37.9K
Q2 25	$5.0K
Q3 25	$64.4K
Q4 25	$14.9K
Q1 26	$13.1K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 25	+160.2%	-12.6%
Q3 25	+330.2%	+28.9%
Q4 25	+145.3%	+46.3%
Q1 26	+47.3%	-11.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 24	$44.6K	12.6%
Q3 24	$43.2K	17.9%
Q4 24	$79.0K	19.3%
Q1 25	$37.3K	5.8%
Q2 25	$19.3K	2.1%
Q3 25	$15.9K	1.5%
Q4 25	$10.6K	1.1%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 24	$515.7K	$1M	$305.5K
Q3 24	$377.3K	$1M	$164.3K
Q4 24	$447.3K	$1M	$291.9K
Q1 25	$502.7K	$1M	$500.4K
Q2 25	$219.2K	$824.8K	$244.2K
Q3 25	$294.0K	$829.5K	$274.3K
Q4 25	$725.8K	$824.3K	$471.4K
Q1 26	$474.7K	$978.0K	$221.7K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 24	$192.7K	$0	$192.7K
Q3 24	$861.5K	$0	$861.5K
Q4 24	$187.7K	$0	$187.7K
Q1 25	$2M	$0	$2M
Q2 25	$3M	$0	$3M
Q3 25	$2M	$0	$2M
Q4 25	$5M	$0	$5M
Q1 26	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 24	28K	—	—
Q3 24	42K	+51.2%	—
Q4 24	0	-100.0%	—
Q1 25	144K	—	—
Q2 25	237K	+64.2%	+754.7%
Q3 25	625K	+163.8%	+1391.7%
Q4 25	1M	+92.6%	—
Q1 26	1M	+24.3%	+936.8%

Shares Outstanding