Peer comparison (GICS sub-industry)
Key metrics vs sector peers
Ticker
Market Cap
P/E
Rev YoY
Net Margin
ROE
Gross Margin
DFNS
$77M
0.5
-72.2%
—
-214.7%
—
BGDE
—
—
—
—
—
—
SAIH
—
—
—
—
—
—
VIP
—
—
—
—
—
—
LPSN
$47M
-0.3
-22.0%
-27.6%
106.0%
—
AWRE
—
-6.6
-0.55%
—
—
—
TAOX
$27M
-0.4
—
-9609.2%
-150.1%
—
NTRP
$40M
-1.6
641.0%
-428.2%
-290.2%
17.6%
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
Income Statement16
Annual Income Statement data for DFNS
Metric
Trend
2025
2024
2023
2022
Revenue
·
·
$21M
·
Cost of Revenue
·
·
$22M
·
Gross Profit
·
·
$-343.1K
·
SG&A Expense
$28M
·
·
·
Operating Expenses
$33M
·
$17M
·
Operating Income
$-33M
·
$-17M
$-1M
Interest Expense
·
·
$1.8K
·
Other Non-op
$109M
·
$36.6K
$234.8K
Pretax Income
$77M
·
$-17M
·
Income Tax
$9.0K
·
·
·
Net Income
$79M
·
$-17M
$-967.6K
EPS (Basic)
$8.45
·
$-1.73
$-0.21
EPS (Diluted)
$7.96
·
$-1.73
$-0.21
Shares (Basic)
8,364,332
·
1,259,333
4,636,222
Shares (Diluted)
9,249,992
·
1,259,333
4,636,222
EBITDA
$-33M
·
$-17M
$-1M
Balance Sheet27
Annual Balance Sheet data for DFNS
Metric
Trend
2025
2024
2023
2022
Cash & Equivalents
$3M
$7M
$19.3K
$279.7K
Short-term Investments
$250.0K
·
·
·
Receivables
$506.0K
·
·
·
Prepaid Expense
$159.0K
$102.0K
·
$738
Other Current Assets
$224.0K
$107.0K
$32.5K
·
Current Assets
$14M
$9M
$3M
$6M
PP&E (Net)
$101.0K
·
·
·
Goodwill
$8M
·
·
·
Intangibles
$16.0K
·
$33.0K
·
Other Non-current Assets
$36.0K
·
·
·
Total Assets
$202M
$9M
$3M
$3M
Accounts Payable
$124.0K
$70.0K
$138.7K
$315.0K
Accrued Liabilities
$2M
$1M
·
·
Short-term Debt
$12.0K
·
·
·
Current Liabilities
$44M
$171M
$9M
$4M
Capital Leases
$143.0K
·
·
·
Deferred Tax
$647.0K
·
·
·
Total Liabilities
$45M
$172M
$10M
$4M
Long-term Debt
·
$2M
·
·
Total Debt
$12.0K
·
·
·
Common Stock
$2.0K
·
$126
$4M
Paid-in Capital
$103M
$38M
$26M
·
Retained Earnings
$-123M
$-201M
$-32M
$-8M
AOCI
·
$-34.0K
$32.0K
·
Stockholders' Equity
$-20M
$-163M
$-6M
$10M
Liabilities + Equity
$202M
$9M
$3M
$6M
Shares Outstanding
19,025,767
4,930,531
1,259,333
1,511,000
Cash Flow11
Annual Cash Flow data for DFNS
Metric
Trend
2025
2024
2023
2022
D&A
·
·
$273.7K
·
Stock-based Comp
$19M
·
$370.9K
·
Deferred Tax
·
·
$-989.3K
·
Amort. of Intangibles
·
·
$2M
·
Other Non-cash
·
·
$17M
·
Operating Cash Flow
$-6M
·
$-1M
$-1M
CapEx
$31.0K
·
·
·
Investing Cash Flow
$-180M
·
$-1M
$47M
Financing Cash Flow
$182M
·
$418.3K
$-40M
Net Change in Cash
$-4M
·
$-2M
·
Free Cash Flow
$-6M
·
·
·
Profitability8
Annual Profitability data for DFNS
Metric
Trend
2025
2024
2023
2022
Gross Margin
·
·
-1.6%
·
Operating Margin
·
·
-82.0%
·
Net Margin
·
·
-81.8%
·
Pretax Margin
·
·
-81.8%
·
EBITDA Margin
·
·
-80.7%
·
ROA
74.3%
·
-519.8%
-7.9%
ROE
-214.7%
·
-1944.4%
-27.8%
ROIC
164.8%
·
·
·
Liquidity & Solvency4
Annual Liquidity & Solvency data for DFNS
Metric
Trend
2025
2024
2023
2022
Current Ratio
0.3
·
0.3
1.5
Quick Ratio
0.1
·
0.0
1.5
Debt / Equity
-0.0
·
·
·
Interest Coverage
·
·
-9832.9
·
Efficiency1
Annual Efficiency data for DFNS
Metric
Trend
2025
2024
2023
2022
Asset Turnover
·
·
6.4
·
Per Share5
Annual Per Share data for DFNS
Metric
Trend
2025
2024
2023
2022
Book Value / Share
$-1.04
·
$-0.61
$-2.59
Revenue / Share
·
·
$2.11
·
Cash Flow / Share
$-0.67
·
$-0.12
$-0.24
Cash / Share
$0.14
·
$0.00
$4.04
EPS (TTM)
$7.96
·
$-1.73
$-0.21
Growth Rates1
Annual Growth Rates data for DFNS
Metric
Trend
2025
2024
2023
2022
Revenue YoY
·
·
-1.0%
·
Valuation (TTM)13
Annual Valuation (TTM) data for DFNS
Metric
Trend
2025
2024
2023
2022
Revenue TTM
$16M
·
$21M
·
Net Income TTM
$79M
·
$-17M
$-967.6K
Market Cap
$77M
·
·
·
Enterprise Value
$74M
·
·
·
P/E
0.5
·
·
·
P/S
4.7
·
·
·
P/B
-3.9
·
·
·
P / Cash Flow
-12.4
·
·
·
P / FCF
-12.3
·
·
·
EV / EBITDA
-2.3
·
·
·
EV / FCF
-11.8
·
·
·
EV / Revenue
4.5
·
·
·
Earnings Yield
197.5%
·
·
·
Income Statement15
Quarterly Income Statement data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Revenue
·
·
·
·
·
·
$5M
$5M
$5M
$6M
Cost of Revenue
·
·
·
·
·
·
$5M
$5M
$5M
$5M
Gross Profit
·
·
·
·
·
·
$458.7K
$-278.2K
$-158.0K
$148.0K
SG&A Expense
·
·
·
$5M
·
·
·
·
·
·
Operating Expenses
$25M
$5M
$2M
$5M
$1M
$2M
$9M
$14M
$1M
$954.3K
Operating Income
$-25M
$-5M
$-2M
$-5M
$-1M
$-2M
$-9M
$-14M
$-1M
$-806.4K
Interest Expense
·
·
·
·
·
$10.3K
$7.4K
·
·
·
Other Non-op
$109M
$118.8K
$718
$-156M
$-282.6K
·
$19.1K
$30.2K
$3.1K
$715
Pretax Income
$-13M
$-16M
$103M
$-161M
$-2M
$-2M
$-9M
·
$-1M
$-805.6K
Net Income
$-11M
$-16M
$103M
$-161M
$-9M
$-2M
$-9M
$-14M
$-1M
$-805.6K
EPS (Basic)
$-6.21
$-2.02
$20.76
$-51.96
$-5.56
$-1.38
$-0.85
$-0.07
$-0.12
$-0.08
EPS (Diluted)
$-3.51
$-2.02
$18.15
$-51.96
$-6.09
·
$-0.85
$-0.07
$-0.12
$-0.08
Shares (Basic)
2,253,053
8,124,786
4,959,516
3,094,253
-16,105,822
1,754,449
10,563,645
-28,964,638
10,074,657
10,074,657
Shares (Diluted)
1,436,400
8,124,786
5,671,702
3,094,253
-24,915,018
·
10,563,645
-28,964,638
10,074,657
10,074,657
EBITDA
·
$-5M
·
·
·
$-2M
$-9M
$-116.7K
$-123.7K
$-78.4K
Balance Sheet26
Quarterly Balance Sheet data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Cash & Equivalents
$3M
$8M
$4M
·
·
$305.6K
$204.1K
$19.3K
$5M
$4M
Short-term Investments
$250.0K
·
·
·
·
·
·
·
·
·
Receivables
$506.0K
·
·
·
·
·
·
·
·
·
Prepaid Expense
$159.0K
·
·
·
·
·
·
·
·
$738
Other Current Assets
$224.0K
$730.9K
$72.8K
·
·
$48.4K
$32.9K
$32.5K
·
·
Current Assets
$14M
$13M
$8M
·
·
$808.3K
$2M
$3M
$5M
$4M
PP&E (Net)
$101.0K
$15.9K
$9.9K
·
·
·
·
·
·
·
Goodwill
$8M
·
·
·
·
·
·
·
·
·
Intangibles
$16.0K
·
·
·
·
$26.2K
$30.3K
$33.0K
·
·
Other Non-current Assets
$36.0K
·
·
·
·
·
·
·
·
·
Total Assets
$202M
$13M
$9M
·
·
$1M
$2M
$3M
$5M
$4M
Accounts Payable
$124.0K
$87.4K
$18.3K
·
·
$310.4K
$296.2K
$138.7K
$474.3K
$286.2K
Accrued Liabilities
$2M
·
·
·
·
·
·
·
·
·
Short-term Debt
$12.0K
·
·
·
·
·
·
·
·
·
Current Liabilities
$44M
$44M
$65M
·
·
$12M
$12M
$9M
$5M
$4M
Capital Leases
$143.0K
$75.0K
$66.2K
·
·
·
·
·
·
·
Deferred Tax
$647.0K
·
·
·
·
·
·
·
·
·
Total Liabilities
$45M
$44M
$66M
·
·
$13M
$12M
$10M
$5M
$4M
Long-term Debt
·
$2M
$2M
·
·
·
·
·
·
·
Common Stock
$2.0K
$1.1K
$501
·
·
$1.4K
$1.4K
$126
$4M
$4M
Paid-in Capital
$103M
$81M
$41M
·
·
$36M
$35M
$26M
·
·
Retained Earnings
$-123M
$-111M
$-98M
·
·
$-47M
$-45M
$-32M
$-8M
$-8M
AOCI
·
$-2.3K
$-93.2K
·
·
$-4.8K
$-31.4K
$32.0K
·
·
Stockholders' Equity
$-20M
$-30M
$-57M
·
·
$-12M
$-10M
$-6M
$-4M
$-4M
Liabilities + Equity
$202M
$13M
$9M
·
·
$1M
$2M
$3M
$5M
$4M
Shares Outstanding
19,025,767
11,096,264
5,013,863
·
·
14,102,414
13,899,712
1,259,333
1,511,000
1,511,000
Cash Flow8
Quarterly Cash Flow data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Stock-based Comp
$19M
$0
$177.9K
$6.0K
$75.1K
$74.7K
$2M
$74.7K
$74.7K
$74.7K
Amort. of Intangibles
·
·
$135.5K
·
·
·
$3.4K
$601.4K
$592.9K
$592.9K
Operating Cash Flow
$-998.6K
$-3M
$-1M
$-340.0K
$-605.7K
$-1M
$-737.8K
$-605.7K
$1M
$-8M
CapEx
$12.3K
$3.8K
$10.2K
·
·
·
·
·
·
·
Investing Cash Flow
$-176M
$-2M
$-810.2K
$-936.0K
$1.3K
·
$130.1K
$-914.1K
$-461
$-127.6K
Stock Issued
·
·
·
$478.0K
·
·
·
·
·
·
Financing Cash Flow
$174M
$9M
·
$9M
$613.1K
$920.7K
$746.2K
$2M
$209.5K
$-2M
Net Change in Cash
$-4M
$5M
$-2M
$8M
$172.0K
$-212.4K
$171.8K
$-1M
$1M
$-8M
Profitability7
Quarterly Profitability data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Gross Margin
·
·
·
·
·
75.7%
8.8%
·
·
·
Operating Margin
·
·
·
·
·
-931.6%
-170.7%
·
·
·
Net Margin
·
·
·
·
·
-935.3%
-170.3%
·
·
·
Pretax Margin
·
·
·
·
·
-935.3%
-170.3%
·
·
·
EBITDA Margin
·
·
·
·
·
-931.6%
-170.7%
·
·
·
ROA
·
-227.2%
·
·
·
-83.5%
-260.8%
-0.70%
-0.53%
-0.34%
ROE
·
76.8%
·
·
·
30.4%
127.2%
2.9%
3.3%
3.2%
Liquidity & Solvency3
Quarterly Liquidity & Solvency data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Current Ratio
·
0.3
·
·
·
0.1
0.2
1.0
1.0
1.1
Quick Ratio
·
0.2
·
·
·
0.0
0.0
1.0
1.0
1.1
Interest Coverage
·
·
·
·
·
-233.8
-1205.5
·
·
·
Efficiency1
Quarterly Efficiency data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Asset Turnover
·
·
·
·
·
0.1
1.5
·
·
·
Per Share5
Quarterly Per Share data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Book Value / Share
·
$-2.74
·
·
·
$-0.82
$-0.72
$-3.09
$-2.94
$-2.70
Revenue / Share
·
·
·
·
·
$0.02
$0.50
·
·
·
Cash Flow / Share
·
·
·
·
·
·
$-0.07
·
·
$-0.06
Cash / Share
·
$0.69
·
·
·
$0.02
$0.01
$3.05
$3.04
$2.95
EPS (TTM)
·
$-35.29
$-32.53
·
·
$-1.15
·
$-1.73
·
·
Valuation (TTM)7
Quarterly Valuation (TTM) data for DFNS
Metric
Trend
Q4 2025
Q3 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q3 2023
Q2 2023
Q1 2023
Revenue TTM
·
$16M
$16M
·
·
$16M
$21M
$21M
·
·
Net Income TTM
·
·
·
·
·
·
·
$-17M
·
·
Market Cap
·
$78M
·
·
·
$111M
·
·
·
·
P/E
·
-0.2
-0.4
·
·
-6.8
·
·
·
·
P/S
·
4.8
·
·
·
6.8
·
·
·
·
P/B
·
-2.6
·
·
·
-9.6
·
·
·
·
Earnings Yield
·
-504.1%
-273.6%
·
·
-14.7%
·
·
·
·
Financial Statements
Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
2025-12-31
2024-12-31
2024-09-30
2023-09-30
2022-12-31
Revenue
—
—
$6M
$21M
—
Gross Margin %
—
—
16.9%
-1.6%
—
Operating Margin %
—
—
-239.8%
-82.0%
—
Net Income
$79M
—
$-9M
$-17M
$-967.6K
Diluted EPS
$7.96
—
$-4.93
$-1.73
$-0.21
Balance Sheet
2025-12-31
2024-12-31
2024-09-30
2023-09-30
2022-12-31
Debt / Equity
-0.0
—
—
—
—
Current Ratio
0.3
—
0.1
0.3
1.5
Quick Ratio
0.1
—
0.0
0.0
1.5
Cash Flow
2025-12-31
2024-12-31
2024-09-30
2023-09-30
2022-12-31
Free Cash Flow
$-6M
—
—
—
—
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Institutional owners (13F)
33 filers · $3.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
14
(-1 vs prior Q)
10
(+3 vs prior Q)
9
(+5 vs prior Q)
1
(-1 vs prior Q)
+4.3M
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners
1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership
Held by 2 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.