The $20M Nasdaq IPO transforms the liquidity picture — the company went from near-zero cash to funded operations. Monitor Q2 2026 for revenue acceleration as production scales with new capital. The unresolved competing security interests (Parabilis vs Viken) remain a legal overhang. FY2026 revenue guidance of $5.5M-$8.5M implies significant H2 ramp — watch for customer deployment announcements and backlog conversion.
Price Chart
Executive Summary
Liberty Defense Holdings reported Q1 2026 results showing a 12.8% YoY revenue decline to $919,421, a net loss of $2.7 million, and a working capital deficiency of $6.6 million with only $22,409 cash on hand. The filing includes a going concern warning and disclosure of competing security interests over substantially all assets. However, the subsequent $20 million Nasdaq IPO (closed April 23, 2026) has materially alleviated the immediate liquidity crisis and provides runway to scale HEXWAVE production.
Key Facts
- Q1 2026 revenue declined 12.8% YoY to $919,421 (HEXWAVE revenue down 17.4% to $644,421)
- Net loss of $2.7 million vs $3.8 million in Q1 2025 (improved YoY)
- Cash balance of only $22,409 at March 31, 2026, with working capital deficiency of $6.6 million
- Subsequent $20 million Nasdaq IPO closed April 23, 2026 (3,673,638 shares at $4.50 + pre-funded warrants)
- Going concern material uncertainty noted; management now believes current cash sufficient for 12 months
- Competing security interests over substantially all assets between Parabilis and Viken Detection (unresolved)
- Backlog of $1 million in signed purchase orders; management projects FY2026 revenue of $5.5M-$8.5M
- Delivered 6 HEXWAVE units in Q1 (vs 9 in Q1 2025) at higher average ASP of ~$95,000
- Parabilis term loan ($1.55M) and credit line ($1.97M) carry 17.99% and 14.99% interest rates respectively
- Board appointed Will Hamilton (Kestrel Merchant Partners) on April 21, 2026
Financial Impact
Q1 revenue $919,421 (down 12.8% YoY); net loss $2.7M; IPO raised $20M gross; working capital deficiency -$6.6M pre-IPO
Risk Factors
- Going concern risk materially reduced but not eliminated — IPO proceeds burn rate unknown
- Competing security interests over all assets could trigger enforcement actions if unresolved
- Revenue concentration: 4 customers represent all trade receivables; TSA contracts nearing completion
- High-cost debt (Parabilis at 14.99%-17.99%) continues to drain cash
- Dilution from IPO (3.67M shares + 770K pre-funded warrants) on pre-IPO base of ~1.98M shares
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-068610 |
| Document: tm2616094d1_ex99-2.htm | 0001104659-26-068610 |
| Document: tm2616094d1_6k.htm | 0001104659-26-068610 |
| Document: tm2616094d1_ex99-4.htm | 0001104659-26-068610 |
| Document: tm2616094d1_ex99-3.htm | 0001104659-26-068610 |
| Document: 0001104659-26-068610-index-headers.html | 0001104659-26-068610 |
| Document: 0001104659-26-068610-index.html | 0001104659-26-068610 |
| Document: 0001104659-26-068610.txt | 0001104659-26-068610 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 6-K | $1.44 $1.71 | ▲ +18.75% | ▲ +18.66% | $1.69 (+17.36%) |
Oct 13, 2026 13d ago | 6-K | $1.53 $1.50 | ▼ −1.96% | ▼ −2.41% | $1.69 (+10.46%) |
Oct 13, 2026 13d ago | Press Release | $1.53 $1.50 | ▼ −1.96% | ▼ −2.41% | $1.69 (+10.46%) |
Oct 13, 2026 13d ago | 6-K | $1.56 $1.50 | ▼ −3.85% | ▼ −2.69% | $1.69 (+8.33%) |
Oct 6, 2026 20d ago | 6-K | $1.96 $1.56 | ▼ −20.41% | ▼ −20.27% | $1.69 (−13.78%) |
Oct 2, 2026 24d ago | 6-K | $2.11 $1.80 | ▼ −14.69% | ▼ −15.85% | $1.69 (−19.90%) |
Oct 2, 2026 24d ago | Press Release | $2.11 $1.80 | ▼ −14.69% | ▼ −15.85% | $1.69 (−19.90%) |
Sep 24, 2026 4w ago | 6-K | $2.10 $2.09 | ▼ −0.48% | ▼ −0.06% | $1.69 (−19.52%) |
Sep 24, 2026 4w ago | Press Release | $2.10 $2.09 | ▼ −0.48% | ▼ −0.06% | $1.69 (−19.52%) |
Sep 16, 2026 5w ago | 6-K | $2.23 $2.05 | ▼ −7.96% | ▼ −10.53% | $1.69 (−24.13%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers