DEFSEC Technologies Inc. (DFSC)

Nasdaq: DFSC · Services-Prepackaged Software · Ottawa · filing with the SEC since 2022

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Grade4.1

◀ Past 3.1● Present 4.0▶ Future 4.8

3 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of DEFSEC Technologies Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.1/10

◀ Past3.125% of the headline

● Present4.035% of the headline

▶ Future4.840% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.1/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

7.3/10

Has it survived what it has been through?

No warning events in its filings since 2022.

weight 22% of this tense · 73rd percentile among 230 sector filers · read for itself

From the record

DEFSEC Technologies Inc.'s filings since 2022 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.1/10

What has it actually done, year after year?

+25.6% a year over 5 filed years; profitable in 0 of 5.

weight 45% of this tense · 31st percentile among 213 sector filers · read for its customers

From the record

DEFSEC Technologies Inc.'s 5 filed years say what it did: revenue went from CAD 509 thousand in fiscal 2019 to CAD 2 million in fiscal 2024, up 25.6% a year; it rose in 3 of 4 years; the deepest fall was 43% from fiscal 2021 to fiscal 2022; net income was positive in 0 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span25.6%top 37% of its family
the share of years revenue rosebottom 29% of its family
the share of filed years with a profitbottom 17% of its family
the deepest fall from a revenue peak43.4%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.3/10

How has it treated the people who own it?

SI estimate 0.3/10, confidence 35 of 100 (one part).

weight 33% of this tense · 3rd percentile among 216 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 3% of 216 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 216 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: DEFSEC Technologies Inc.'s shareholder treatment is put at 0.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 3% of 216 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.0/1035% of the headline grade · 1 of 3 filed, 2 estimated

Financial health

SI estimate

5.1/10

Is it financially healthy right now?

SI estimate 5.1/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 221 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate: The newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 221 members with one.
What the record cannot read: The newest annual statements on file are more than two years old.
How it was reasoned: family median, 221 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: DEFSEC Technologies Inc.'s financial health is put at 5.1 of 10 with a confidence of 20 of 100, because the newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 221 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed

1.9/10

How strong is its position in its industry?

bottom 19% of 218 in its family; net margin -494.4%.

weight 33% of this tense · 19th percentile among 218 sector filers · read for its customers

From the record

DEFSEC Technologies Inc.'s standing among 218 graded names in its industry family: revenue of CAD 2 million in fiscal 2024 is not ranked by size, since the family reports in another currency; a net margin of -494.4% ranks in the bottom 6%; revenue growth of 5.6% a year over the last 3 filed years ranks in the bottom 32% (its annual reports).

What it rests on

net margin-494.4%bottom 6% of its family
three-year revenue growth5.6%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.8/10

What are the people in charge doing?

SI estimate 4.8/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 157 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 157 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 157 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: DEFSEC Technologies Inc.'s leadership is put at 4.8 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 157 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.8/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.6/10

How much room does it have to grow?

bottom 36% of 216 in its family for room to expand.

weight 22% of this tense · 36th percentile among 216 sector filers · read for itself

From the record

DEFSEC Technologies Inc.'s room to grow, from the newest filed statements (fiscal 2024): cash of CAD 257 thousand against debt of CAD 0 thousand leaves 4.6% of its assets as net cash, bottom 31% of its family; cash from operations less capital spending is -609% of revenue (bottom 4%); a gross margin of 32.3% (bottom 13%); research spending of 164.7% of revenue (top 4%) (its annual report).

What it rests on

cash less debt against assets4.6%bottom 31% of its family
cash from operations less capital spending against revenue-609.0%bottom 4% of its family
gross margin32.3%bottom 13% of its family
research spending against revenue164.7%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

3.5/10

What could actually drive growth from here?

bottom 35% of 213 in its family for growth drivers.

weight 45% of this tense · 35th percentile among 213 sector filers · read for its customers

From the record

DEFSEC Technologies Inc.'s growth drivers, from the filed years to fiscal 2024: revenue grew 5.6% a year over the last three filed years against 25.6% over all 5, slowing (bottom 16% of its family); the newest year grew 21.8% (top 28%); research spending grew 5% a year (bottom 42%); capital spending grew -50% a year (bottom 8%) (its annual reports). DEFSEC Technologies Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-20.0 points a yearbottom 16% of its family
the newest year's revenue growth21.8%top 28% of its family
three-year growth of research spending5.0%bottom 42% of its family
three-year growth of capital spending-50.0%bottom 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

7.5/10

Did its newest year beat what its own record pointed to?

top 25% of 194 in its family for expectations against reality.

weight 33% of this tense · 75th percentile among 194 sector filers · read for its shareholders

From the record

DEFSEC Technologies Inc.'s newest year against its own record: revenue of CAD 2 million in fiscal 2024 came in 23.9% above the CAD 1 million its prior three years' pace pointed to (top 13% of its family); net income of CAD 7 million against a prior three-year average of CAD 10 million (bottom 40%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 3%) (its annual reports).

What it rests on

revenue against the prior three years' pace23.9%top 13% of its family
net income against the prior three years' average+23%bottom 40% of its family
net margin against its prior averageup more than 100 pointstop 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton DFSC · research, not advice