**Nukkleus Inc. Announces Financial Results and Strategic Shift in Latest 10-K Filing**
Nukkleus Inc., now known as T3 Defense Inc., filed its 10-K report, detailing a year of significant transformation. The company reported no revenue for the year ended December 31, 2025, and December 31, 2024, reflecting its strategic shift from a financial technology services provider to an aerospace and defense company. Operating expenses totaled $32.6 million in 2025, a substantial increase from $8.8 million in 2024, driven primarily by share-based compensation and impairment losses on digital assets. Despite the operating loss, the company reported a net income of $78.6 million for 2025, compared to a net loss of $160.8 million in 2024, largely due to a $131.8 million change in the fair value of stock purchase warrant liabilities.
The company's strategic pivot involved several key operational developments. T3 Defense completed the acquisition of Tiltan Software Engineering Ltd. for approximately $14 million, issuing a combination of cash and common stock. It also acquired 100% of Nimbus Drones Technologies and Marketing Ltd., issuing 1,850,000 shares of common stock and a $3.25 million convertible note. Furthermore, the company finalized the acquisition of Star 26 Capital Inc., a defense technology holding company, in January 2026. These acquisitions mark a clear shift towards building a portfolio of mission-critical suppliers and advanced technology companies in the aerospace and defense sectors.
Key operational developments included entering into an exclusive distribution agreement with Blade Ranger Ltd. for drone payload systems in the U.S. defense and homeland security markets, with minimum purchase commitments over three years. T3 Defense also established a joint venture, Mandragola Aviation, to develop aviation and defense infrastructure in the Baltics and Israel. The company's employee headcount increased to 112, reflecting the expansion of its operations in the defense sector.
Looking ahead, T3 Defense faces challenges related to its transformation, including integrating multiple defense companies, obtaining security clearances, and managing fixed-price defense contracts. The company acknowledges risks associated with the ongoing conflict in Israel, which could impact its operations and supply chains. Despite these challenges, T3 Defense believes it has sufficient capital to fund its ongoing operations, citing an equity line of credit and cash-positive subsidiaries. The company is also pursuing additional acquisitions and strategic partnerships to further expand its presence in the aerospace and defense industries.
About T3 Defense Inc.
Nukkleus Inc. is a financial technology company specializing in blockchain-enabled transaction solutions, including cross-border payments, digital banking, and settlement services. Its core segments include a blockchain payment gateway, digital RFQ for institutional transfers, and DigiClear for post-trade settlement. The company targets institutional clients globally, leveraging advanced technology, strategic acquisitions, and sector expertise, with a focus on defense, finance, and international markets.
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View the complete official filing on the SEC website.
Read on SEC.gov