T3 Defense Inc. (DFNS) Balance Sheet
DFNS balance sheet, 2025
December 31, 2025 · U.S. dollars$202.4M assets = $45.2M liabilities + $157.2M equity
Both columns are drawn to the same scale: what DFNS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DFNS financial health
Descriptive bands, not a rating. Fiscal 2025.
DFNS balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $15.8M2021 | $202.4M2025 | +89.1%/yr | |
| Total liabilities | $6.7M2021 | $45.2M2025 | +61.4%/yr | |
| Shareholders’ equity | $9.2M2021 | −$19.8M2025 | — | |
| Cash & short-term investments | $1.6M2021 | $4.1M2025 | +27.4%/yr | |
| Total debt | $420,6192023 | $2.4M2025 | +136.4%/yr | |
| Net cash (debt) | −$401,3012023 | $1.8M2025 | +$2.2M | |
| Working capital | −$1.6M2021 | −$30.0M2025 | −$28.4M | |
| Current ratio | 0.762021 | 0.312025 | −0.45 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DFNS assets
DFNS liabilities and equity
DFNS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DFNS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $4.1M | $619,039 | $19,318 | $612,237 | $1.6M |
| Cash & equivalents | $3.9M | $3,678 | $19,318 | $364,023 | $403,771 |
| Short-term investments | $250,000 | $615,361 | $0 | $248,214 | $1.2M |
| Receivables | $9.1M | $35,045 | $2.2M | $966,136 | $2.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $311,000 | $311,625 | $706,996 | $2.1M | $812,426 |
| Total current assets | $13.6M | $965,709 | $2.9M | $3.7M | $5.1M |
| Property, plant & equipment (net) | $924,000 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $15.1M | $19,290 | $33,000 | $8.1M | $10.8M |
| Long-term investments | $0 | $0 | $391,217 | $6.6M | $0 |
| Other non-current assets | $172.8M | $0 | $0 | $0 | $0 |
| Total assets | $202.4M | $984,999 | $3.4M | $18.4M | $15.8M |
| Liabilities | |||||
| Accounts payable | $124,000 | $448,307 | $138,666 | $51,712 | $54,831 |
| Short-term debt | $1.4M | $3.0M | — | — | — |
| Deferred revenue | — | $166,369 | $151,617 | $203,222 | $49,000 |
| Total current liabilities | $43.5M | $7.1M | $9.1M | $7.5M | $6.7M |
| Long-term debt | $850,000 | $966,056 | $420,619 | $0 | $0 |
| Lease obligations | $647,000 | — | — | — | — |
| Other long-term liabilities | $790,000 | $46,585 | $1,771 | $0 | $0 |
| Total liabilities | $45.2M | $8.1M | $9.5M | $7.5M | $6.7M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $2,000 | $209 | $126 | $1,007 | $33,203 |
| Retained earnings (deficit) | −$122.5M | −$40.3M | −$31.8M | −$14.3M | −$2.5M |
| Accumulated other comprehensive income | — | −$144,883 | $31,959 | $58,219 | $8,440 |
| Minority interest | $177.0M | — | — | — | — |
| Total shareholders' equity | −$19.8M | −$7.1M | −$6.2M | $10.9M | $9.2M |
| Key figures | |||||
| Total debt | $2.4M | $4.0M | $420,619 | — | — |
| Net cash (debt) | $1.8M | −$3.4M | −$401,301 | — | — |
| Working capital | −$30.0M | −$6.1M | −$6.2M | −$3.8M | −$1.6M |
| Tangible book value | −$34.9M | −$7.1M | −$6.2M | $2.8M | −$1.6M |
| Current ratio | 0.31 | 0.14 | 0.32 | 0.49 | 0.76 |
| Quick ratio | 0.30 | 0.09 | 0.24 | 0.21 | 0.64 |
| Equity / assets | −9.8% | −720.6% | −184.7% | 59.3% | 57.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $7.4M | $11.0M | $4.1M | $7.6M | $1.5M | $4.5M | $6.9M | $619,039 |
| Cash & equivalents | $5.2M | $7.4M | $3.9M | $7.6M | $1.5M | $4.5M | $6.9M | $3,678 |
| Short-term investments | $2.2M | $3.6M | $250,000 | — | — | — | — | $615,361 |
| Receivables | $3.6M | $6.1M | $9.1M | $4.7M | $2.6M | $0 | $0 | $35,045 |
| Inventory | $4.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $5.6M | $5.7M | $311,000 | $763,076 | $2.8M | $4.0M | $2.2M | $311,625 |
| Total current assets | $21.2M | $22.8M | $13.6M | $13.1M | $7.0M | $8.5M | $9.1M | $965,709 |
| Property, plant & equipment (net) | $4.8M | $4.9M | $924,000 | $169,452 | $178,611 | $127,328 | $0 | $0 |
| Goodwill & intangible assets | $111.2M | $112.7M | $15.1M | $0 | $0 | $0 | $0 | $19,290 |
| Long-term investments | $2.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $176.3M | $175.0M | $172.8M | $0 | $8,746 | $11,646 | $14,887 | $0 |
| Total assets | $316.0M | $315.5M | $202.4M | $13.3M | $7.1M | $8.6M | $9.1M | $984,999 |
| Liabilities | ||||||||
| Accounts payable | $4.0M | $2.5M | $124,000 | $87,420 | $97,157 | $18,341 | $69,600 | $448,307 |
| Short-term debt | $8.7M | $12.6M | $1.4M | $1.6M | $2.2M | $1.6M | $1.4M | $3.0M |
| Deferred revenue | — | — | — | — | — | — | — | $166,369 |
| Total current liabilities | $153.2M | $91.6M | $43.5M | $43.6M | $60.4M | $64.7M | $171.5M | $7.1M |
| Long-term debt | $3.3M | $3.1M | $850,000 | $0 | $0 | $947,548 | $992,000 | $0 |
| Lease obligations | $4.0M | $4.4M | $647,000 | $153,569 | $165,228 | $117,406 | $0 | — |
| Other long-term liabilities | $3.3M | $3.7M | $790,000 | $74,994 | $107,403 | $162,050 | $17,027 | $1.0M |
| Total liabilities | $159.8M | $98.4M | $45.2M | $43.7M | $60.5M | $65.8M | $172.5M | $8.1M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $10,000 | $4,000 | $2,000 | $1,110 | $537 | $501 | $493 | $209 |
| Retained earnings (deficit) | −$232.2M | −$149.7M | −$122.5M | −$111.5M | −$95.1M | −$98.1M | −$201.1M | −$40.3M |
| Accumulated other comprehensive income | −$276,000 | −$24,000 | — | −$2,277 | −$216,426 | −$93,213 | −$34,448 | −$144,883 |
| Minority interest | $181.6M | $180.9M | $177.0M | — | — | — | — | — |
| Total shareholders' equity | $150.6M | $36.2M | −$19.8M | −$30.4M | −$53.4M | −$57.2M | −$163.4M | −$7.1M |
| Key figures | ||||||||
| Total debt | $14.6M | $18.6M | $2.4M | $1.7M | $2.2M | $2.6M | $2.3M | $4.0M |
| Net cash (debt) | −$7.3M | −$7.6M | $1.8M | $5.9M | −$727,569 | $1.9M | $4.6M | −$3.4M |
| Working capital | −$131.9M | −$68.8M | −$30.0M | −$30.5M | −$53.5M | −$56.2M | −$162.4M | −$6.1M |
| Tangible book value | $39.3M | −$76.5M | −$34.9M | −$30.4M | −$53.4M | −$57.2M | −$163.4M | −$7.1M |
| Current ratio | 0.14 | 0.25 | 0.31 | 0.30 | 0.12 | 0.13 | 0.05 | 0.14 |
| Quick ratio | 0.07 | 0.19 | 0.30 | 0.28 | 0.07 | 0.07 | 0.04 | 0.09 |
| Debt / equity | 0.10 | 0.51 | — | — | — | — | — | — |
| Equity / assets | 47.6% | 11.5% | −9.8% | −228.9% | −746.9% | −665.2% | −1,793.2% | −720.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 9, 2026); data from EODHD.
DFNS financial position
At the end of fiscal 2025 (December 31, 2025), T3 Defense had total assets of $202.4 million (up 20,446.8% from a year earlier), total liabilities of $45.2 million and shareholders' equity of -$19.8 million. It held $4.1 million in cash and short-term investments against $2.4 million of debt, a net cash position of $1.8 million. Its current ratio was 0.31. In the latest quarter (ended June 30, 2026) total assets were $316.0 million and equity $150.6 million.
Related: DFNS income statement, DFNS cash flow statement, DFNS key metrics. See the DFNS stock overview for the latest quote and news.
DFNS balance sheet FAQ
What are T3 Defense's total assets?
T3 Defense reported total assets of $202.4 million at the end of fiscal 2025 (December 31, 2025), compared with $1.0 million a year earlier.
How much debt does T3 Defense have?
T3 Defense had $2.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does T3 Defense have?
T3 Defense held $4.1 million in cash and short-term investments at the end of fiscal 2025; with $2.4 million of debt that is net cash of $1.8 million.
What is T3 Defense's book value?
T3 Defense's shareholders' equity (book value) was -$19.8 million at the end of fiscal 2025.
What is T3 Defense's current ratio?
T3 Defense had current assets of $13.6 million and current liabilities of $43.5 million, a current ratio of 0.31 (current liabilities exceed current assets).
How much goodwill does T3 Defense have?
T3 Defense carried $15.1 million of goodwill and intangible assets, 7.5% of total assets, at the end of fiscal 2025.