---
title: "T3 Defense - CW27 | 10-K: FY2025 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282237549.md"
datetime: "2026-04-09T18:32:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282237549.md)
  - [en](https://longbridge.com/en/news/282237549.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282237549.md)
---

# T3 Defense - CW27 | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD 7.96.

### Continuing Operations (Aerospace and Defense)

#### Segment Revenue

-   The Company reported no revenues from operations for both the twelve months ended December 31, 2025, and December 31, 2024, due to its transformation into a strategic acquirer and operator of aerospace and defense businesses.

#### Operational Metrics

-   **Total Operating Expenses:** Increased by approximately 269%, from $8,827 thousand for the year ended December 31, 2024, to $32,600 thousand for the year ended December 31, 2025.
-   **Professional Fees:** Increased from $6,373 thousand in 2024 to $7,803 thousand in 2025.
-   **Compensation and Related Benefits:** Significantly increased from $1,279 thousand in 2024 to $19,145 thousand in 2025, primarily due to $18,825 thousand in share-based compensation in 2025.
-   **Other General and Administrative Expenses:** Increased from $785 thousand in 2024 to $1,308 thousand in 2025.
-   **Impairment Loss:** Increased from $391 thousand in 2024 to $4,344 thousand in 2025, solely due to the impairment of digital assets acquired in 2025.
-   **Net Income (Loss) from Continuing Operations:** The Company recorded a net income of $76,601 thousand for the year ended December 31, 2025, compared to a net loss of -$165,200 thousand for the year ended December 31, 2024.

#### Cash Flow

-   **Net Cash Used in Operating Activities:** Increased from -$3,421 thousand for the year ended December 31, 2024, to -$6,147 thousand for the year ended December 31, 2025.
-   **Net Cash Used in Investing Activities:** Increased significantly from -$933 thousand in 2024 to -$178,867 thousand in 2025.
-   **Net Cash Provided by Financing Activities:** Increased from $11,307 thousand in 2024 to $181,985 thousand in 2025.

#### Unique Metrics

-   **Cash and Cash Equivalents:** $3,897 thousand as of December 31, 2025.
-   **Negative Working Capital:** Approximately -$30 million as of December 31, 2025, which includes $24.5 million in stock purchase warrant liabilities not requiring cash extinguishment.
-   **Stockholders’ Deficit:** -$15.6 million as of December 31, 2025.
-   **Goodwill:** $7,688 thousand as of December 31, 2025, primarily from the Tiltan acquisition.
-   **Other Intangible Assets:** $7,388 thousand as of December 31, 2025, from the Tiltan acquisition.

### Discontinued Operations (Financial Technology)

#### Segment Revenue

-   **Revenues from Financial Services:** Totaled $569 thousand for the year ended December 31, 2025, compared to $404 thousand for the three months ended December 31, 2024, and $5,914 thousand for the year ended September 30, 2024.
-   **Cost of Revenues:** -$96 thousand for the year ended December 31, 2025.
-   **Gross Profit:** $473 thousand for the year ended December 31, 2025.

#### Operational Metrics

-   **Total Operating Expenses:** -$792 thousand for the year ended December 31, 2025.
-   **Loss from Operations:** -$319 thousand for the year ended December 31, 2025.
-   **Net Gain (Loss) from Discontinued Operations:** A net gain of $2,030 thousand for the year ended December 31, 2025, which includes a $2,491 thousand gain on deconsolidation.
-   This compares to a net loss of -$158 thousand for the three months ended December 31, 2024, and -$1,141 thousand for the year ended September 30, 2024.

#### Cash Flow

-   **Net Cash Used in Operating Activities:** -$51 thousand for the year ended December 31, 2025.

### Outlook / Guidance

Management believes its plans address concerns about the Company’s ability to continue as a going concern, anticipating $6 million will be needed for the next 12 months of operations. These plans leverage an existing $7.0 million unrestricted cash balance, an active Equity Line of Credit, and cash-positive majority-owned subsidiaries. The Company also has the option to satisfy obligations via equity issuance and is working to expand bank credit facilities for its subsidiaries.

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