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DFSC on Nasdaq

DEFSEC Technologies Inc.

DEFSEC Technologies Inc. is a corporation domiciled in Canada.1 Its shares trade on Nasdaq under the symbol DFSC.1

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Last updated Oct 21, 2026.

Overview

1.5MRevenue, fiscal 20242
-7.4MNet income, fiscal 20242

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  • TickerDFSC on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersA11
  • Incorporated inBritish Columbia, Canada3
  • Business address80 Hines Rd, Suite 300, Ottawa, K2K 2T83
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formCorporation

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DEFSEC Technologies Inc. is a corporation domiciled in Canada and was incorporated under the BCBCA on November 28, 2017. On June 30, 2025, the Company changed its name from KWESST Micro Systems Inc. to DEFSEC Technologies Inc. We develop and commercialize next-generation tactical systems for military, security, and personal defense markets. Key market segments and solutions addressed by our proprietary solutions are:4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CAD, the currency the company reports in.

Key numbers, fiscal 2024

32.3%Gross margin2
-651.4%Operating margin2
-494.4%Net margin2
21.9%Revenue growth, 20242
-543.6%Return on equity2
-9.2M CADFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Digitization brought in 81% of the revenue DEFSEC Technologies Inc. broke down this way in fiscal 2025.

  1. Digitization4.0M CAD581%up 289% from 2024
  2. Less Lethal914.1K CAD518%up 97% from 2024
  3. Training And Services8.7K CAD50%up 746% from 2024
  4. Revenue From Other1.2K CAD50%down 71% from 2024
Products and services by year
Products and services202320242025
Digitization819.6K CAD1.0M CAD4.0M CAD
Less Lethal411.8K CAD465.1K CAD914.1K CAD
Training And Services1.0K CAD8.7K CAD
Revenue From Other3.1K CAD4.0K CAD1.2K CAD

Regions

CAMember brought in 93% of the revenue DEFSEC Technologies Inc. broke down this way in fiscal 2025.

  1. CAMember4.6M CAD593%up 239% from 2024
  2. United States364.4K CAD57%up 135% from 2024
Regions by year
Regions202320242025
CAMember743.2K CAD1.3M CAD4.6M CAD
United States42.8K CAD155.1K CAD364.4K CAD

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue19¢1.0M CAD
  • Research and development47¢2.5M CAD
  • Selling, general and admin29¢1.5M CAD
  • Interest5¢252.0K CAD

Out of 1.5M CAD in revenue.2 The company lost money this year.

Financial statements

Revenue6721.5M CAD in 2024+195% since 2019
0500.0K CAD1.0M CAD1.5M CAD2.0M CAD2019: 509.1K CAD509.1K CAD20192021: 1.3M CAD1.3M CAD2021+151%2022: 721.5K CAD721.5K CAD2022−43%2023: 1.2M CAD1.2M CAD2023+71%2024: 1.5M CAD1.5M CAD2024+22%
Gross profit672486.5K CAD in 2024+15% since 2019
-200.0K CAD0200.0K CAD400.0K CAD600.0K CAD2019: 424.0K CAD424.0K CAD20192021: 476.9K CAD476.9K CAD2021+12%2022: 184.8K CAD184.8K CAD2022−61%2023: -191.4K CAD-191.4K CAD20232024: 486.5K CAD486.5K CAD2024
Operating income672-9.8M CAD in 2024+866% since 2019
-15.0M CAD-10.0M CAD-5.0M CAD02019: -1.0M CAD-1.0M CAD20192021: -9.2M CAD-9.2M CAD2021+807%2022: -10.1M CAD-10.1M CAD2022+10%2023: -12.1M CAD-12.1M CAD2023+20%2024: -9.8M CAD-9.8M CAD2024−19%
Net income672-7.4M CAD in 2024+548% since 2019
-15.0M CAD-10.0M CAD-5.0M CAD02019: -1.1M CAD-1.1M CAD20192021: -9.3M CAD-9.3M CAD2021+712%2022: -10.5M CAD-10.5M CAD2022+13%2023: -9.3M CAD-9.3M CAD2023−12%2024: -7.4M CAD-7.4M CAD2024−20%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-09-302024-09-302023-09-30
Revenue4.9M CAD1.5M CAD1.2M CAD
Cost of sales-3.2M CAD-1.0M CAD-1.4M CAD
Gross profit (loss)1.7M CAD486.5K CAD-191.4K CAD
General and administrative5.2M CAD4.8M CAD6.2M CAD
Selling and marketing2.0M CAD1.5M CAD2.9M CAD
Research and development, net2.4M CAD2.4M CAD1.5M CAD
Share-based compensation113.7K CAD291.8K CAD373.6K CAD
Depreciation and amortization1.1M CAD1.3M CAD952.5K CAD
Total operating expenses10.8M CAD10.3M CAD11.9M CAD
Operating loss-9.1M CAD-9.8M CAD-12.1M CAD
Share issuance costs-1.8M CAD-541.6K CAD-2.0M CAD
Net finance costs-173.4K CAD-196.3K CAD-668.0K CAD
Foreign exchange gain (loss)114.3K CAD59.2K CAD-98.3K CAD
Impairment of right-of-use assets-88.6K CAD
Gain/loss on disposals6.8K CAD-7.3K CAD-291.2K CAD
Change in fair value of warrant liabilities1.4M CAD3.0M CAD5.8M CAD
Total other income (expenses), net-546.2K CAD2.4M CAD2.8M CAD
Loss before income taxes-9.6M CAD-7.4M CAD-9.3M CAD
Net loss-9.6M CAD-7.4M CAD-9.3M CAD
Foreign currency translation differences-46.6K CAD1.1K CAD61.8K CAD
Total comprehensive loss-9.7M CAD-7.4M CAD-9.2M CAD
Net loss per share, Basic (in Dollars per share)-15.78 CAD-188.86 CAD-478.85 CAD
Net loss per share, Diluted (in Dollars per share)-15.78 CAD-188.86 CAD-478.85 CAD
Weighted average number of shares outstanding, Basic (in Shares)610.2K shares39.4K shares19.4K shares
Weighted average number of shares outstanding, Diluted (in Shares)610.2K shares39.4K shares19.4K shares

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Corporate structure

DEFSEC Technologies Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DEFSEC Technologies Inc.

  • Lind Global Fund III LP Filed SCHEDULE 13G on DEFSEC Technologies Inc., latest Aug 25, 2026 (4 filings since Dec 23, 2025)
  • Ayrton Capital LLC Filed SCHEDULE 13G/A on DEFSEC Technologies Inc., latest Aug 13, 2026 (5 filings since Nov 14, 2024)
  • CLEAR STREET LLC Filed SCHEDULE 13G on DEFSEC Technologies Inc., latest May 13, 2026
  • Iroquois Capital Management, LLC Filed SCHEDULE 13G/A on DEFSEC Technologies Inc., latest Nov 14, 2025 (2 filings since Jul 28, 2025)
  • CVI Investments, Inc. Filed SCHEDULE 13G/A on DEFSEC Technologies Inc., latest Nov 7, 2025 (2 filings since Jul 30, 2025)
  • INTRACOASTAL CAPITAL, LLC Filed SCHEDULE 13G on DEFSEC Technologies Inc., latest Jul 29, 2025 (2 filings since Aug 16, 2024)
  • 3i, LP Filed SCHEDULE 13G/A on DEFSEC Technologies Inc., latest Feb 13, 2025 (3 filings since Apr 9, 2024)
  • Orin Hirschman Filed SC 13G/A on DEFSEC Technologies Inc., latest Jun 11, 2024 (4 filings since Dec 12, 2022)
  • Hewlett Fund LP Filed SC 13G/A on DEFSEC Technologies Inc., latest Apr 9, 2024 (2 filings since Dec 14, 2022)
  • Paul Packer Filed SC 13G/A on DEFSEC Technologies Inc., latest Feb 14, 2024 (3 filings since Dec 16, 2022)
  • DEFSEC Technologies Inc. A1

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DEFSEC Technologies Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net311.7K CAD2 Sep 30, 2024417.3K CAD2 Sep 30, 2023−25.3%
Operating-lease assets (leased space)230.1K CAD2 Sep 30, 2024361.0K CAD2 Sep 30, 2023−36.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents256.8K CAD2 Sep 30, 20245.4M CAD2 Sep 30, 2023−95.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)3.2M CAD2 Sep 30, 20244.1M CAD2 Sep 30, 2023−22.8%

Inventory

ItemLatestA year beforeChange
Inventory, total533.2K CAD2 Sep 30, 2024542.4K CAD2 Sep 30, 2023−1.7%

Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerElisabeth Preston named Jul 10, 20268
  • Executive OfficerHarry Webster named Jan 2, 2026 to Jul 10, 20268
  • Executive OfficerJennifer Welsh named Jan 2, 2026 to Jul 10, 20268
  • Director, Executive OfficerSean Homuth named Aug 4, 2023 to Jul 10, 20268
  • Executive Officer, DirectorJeff MacLeod named Aug 4, 2023 to Oct 24, 20239
  • DirectorDavid E. Ibbetson named Jul 10, 20268
  • DirectorDavid E. Luxton named Aug 4, 2023 to Jul 10, 20268
  • DirectorJames E. Yersh named Jan 2, 2026 to Jul 10, 20268
  • DirectorNiel E. Marotta named Jul 10, 20268
  • DirectorPaul E. Fortin named Jan 2, 2026 to Jul 10, 20268
  • DirectorRick E. Hillier named Jan 2, 2026 to Jul 10, 20268
  • DirectorPaul E. Mangano named Jan 2, 202610

Former names

  • KWESST Micro Systems Inc.Jul 5, 2022 to Jun 26, 20253

Filings

256 filings to the SEC since October 2021: 5 annual reports, 28 large holders, 4 private raises, 219 other. The latest 20:

  1. Sep 14, 20266-K EDGAR
  2. Sep 9, 2026EFFECT EDGAR
  3. Sep 2, 2026F-3 EDGAR
  4. Aug 25, 2026SCHEDULE 13G EDGAR
  5. Aug 19, 20266-K EDGAR
  6. Aug 18, 20266-K EDGAR
  7. Aug 17, 20266-K EDGAR
  8. Aug 13, 2026SCHEDULE 13G/A EDGAR
  9. Aug 13, 20266-K EDGAR
  10. Aug 12, 20266-K EDGAR
  11. Aug 3, 2026EFFECT EDGAR
  12. Jul 22, 2026F-1 EDGAR
  13. Jul 15, 2026SCHEDULE 13G/A EDGAR
  14. Jul 15, 2026SCHEDULE 13G EDGAR
  15. Jul 10, 2026D EDGAR
  16. Jun 26, 20266-K EDGAR
  17. Jun 26, 2026424B5 EDGAR
  18. Jun 26, 20266-K EDGAR
  19. Jun 25, 20266-K EDGAR
  20. May 14, 20266-K EDGAR

The 256 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$5.6M 2023–2023
Money received by yearMoney received by year, 2023–2023: $5.6M in all. Private raises (Form D) $5.6M.$0$2M$4M$6M2023 · Private raises (Form D): $5.6M2023
Figures by year
YearPrivate raises (Form D)Total
2023$5.6M$5.6M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jun 26, 2026Filed a private offering of securities8 Form D: $2.2 million offered in all Form D
  2. Dec 18, 2025Filed a private offering of securities10 Form D: $1.9 million offered in all Form D
  3. Aug 16, 2023Filed a private offering of securities9 Form D: $37,689 offered in all Form D
  4. Jul 21, 2023Raised $5.6 million in a private offering of equity21 Form D: $12.2 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Armistice Capital, LLC218,000$551.5K0.0%New
Jane Street Group, LLC15,082$38.2K0.0%New
UBS Group AG14,425$36.5K0.0%+13,818
National Bank Of Canada /fi/3,232$6.7K0.0%New
Harbour Investments, Inc.300$7590.0%No change
Osaic Holdings, Inc.200$5060.0%No change
Caitong International Asset Management Co., Ltd2$50.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How DEFSEC Technologies Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDEFSEC Technologies Inc.1
  • CIK0001889823
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inBritish Columbia4
  • Fiscal year endsSeptember 301
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address80 Hines Rd, Suite 300, Ottawa, K2K 2T8, Ontario, Canada1
  • Phone613-319-05371
  • Shares outstanding1,396,321 shares as of Sep 30, 20254
  • AuditorMNP, Ottawa, Canada PCAOB ID 1930; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJul 5, 20221
  • Filings256 in all: 6-K (120), CORRESP (35), UPLOAD (14), EFFECT (11), SCHEDULE 13G (8), 424B5 (7), F-1/A (7), SC 13G/A (7)1
    All 23 form types

    SCHEDULE 13G/A (7), F-1 (6), F-3 (6), SC 13G (6), 20-F (4), D (4), 424B4 (3), DRS (2), DRSLTR (2), SEC STAFF LETTER (2), 20-F/A (1), 8-A12B (1), CERT (1), F-3/A (1), RW (1)

  • Latest filingsAnnual report (20-F) Dec 29, 2025

Securities registered for trading

ClassSymbolExchange
Common Shares, no par valueDFSCNasdaq
WarrantsDFSCWNasdaq

From the cover page of the 20-F filed Dec 29, 2025 (Section 12(b) of the Exchange Act).4

Sources

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