Here are 1-2 brief analogies to describe Liberty Defense (DETX):

• Tesla for physical security screening.
• Amazon Go for security checkpoints.

• HEXWAVE™ system: This AI-based contactless walkthrough portal uses millimeter wave and 3D imaging for rapid detection of concealed metallic and non-metallic weapons and threats without removing common items.
• HD-AIT Upgrade Kit: This upgrade kit is being developed to modernize aging high-definition advanced imaging technology systems currently in use in airports, primarily for the U.S. Transportation Security Administration.

Liberty Defense (DETX) sells primarily to other companies and government entities, not individuals. Based on the provided description, its major customers fall into the following categories:

1. Government Agencies: This prominently includes the U.S. Transportation Security Administration (TSA) for the HD-AIT Upgrade Kit, which is currently in the development and certification phase with initial commercial sales anticipated in 2026. The company also sells its HEXWAVE™ system to general government facility sectors.
2. Transportation Sector Entities: This category encompasses organizations within the transportation industry, such as airport authorities and other transportation hubs. While the TSA is a direct customer for the HD-AIT Upgrade Kit used in airports, HEXWAVE™ is also being delivered to customers in the broader transportation sector for screening purposes.
3. Urban Security Market Venues: This includes businesses and organizations that operate large public gathering spaces, such as stadiums and other private facilities. These early-adopter customers in North America are utilizing the HEXWAVE™ system to address security screening needs.

William Frain, Chief Executive Officer

William Frain has over 30 years of experience in the security industry. Prior to his role at Liberty Defense, he served as Senior Vice President for L-3 Security & Detection Systems, a leading global supplier of security inspection systems, where he was responsible for global sales, business development, and key account management. Earlier in his career, Mr. Frain was the CFO at Vivid Technologies before its acquisition by PerkinElmer, which subsequently led to the sale of its security and detection systems division to L-3 Technologies. He previously served as CEO of DrawDown Detection. Mr. Frain holds an MBA from The Wharton School.

Omar Garcia Abrego, Chief Financial Officer

Omar Garcia Abrego brings over 20 years of progressive international accounting experience in both public and private markets to Liberty Defense. He most recently held the CFO position of a TSX.V listed company. He is also listed as Corporate Secretary.

Bryan Cunningham, President

Bryan Cunningham is a lawyer, security expert, former CIA officer, and tech executive. He serves as senior counsel and Executive Director of Palantir's outside advisory group on privacy and civil liberties, and has been a key figure in multiple tech startups. His past experience includes serving as Deputy Legal Adviser to Condoleezza Rice, working with the 9/11 Commission, and advising the Chertoff Group.

Jeffrey Gordon, VP of Engineering

Jeffrey Gordon is an accomplished engineering professional with over 35 years of experience leading the development of groundbreaking sensing products for the military, medical, industrial, and commercial markets. His work includes developing body scanners that are deployed across many U.S. and EU airport checkpoints. He spent five years at General Electric Global Research, where he developed roadmaps for imaging and sensor technologies. Mr. Gordon holds a BS from the University of Massachusetts Amherst, an MS in Experimental Physics from UC Los Angeles, and a PhD from UC Berkeley. He specializes in technology strategy for advanced Radio-Frequency (RF) and infrared (IR) sensing, as well as AI/machine learning techniques.

Jay Adelaar, SVP of Capital Markets

Jay Adelaar has over 15 years of capital market experience. He has been instrumental in guiding companies from their start-up phase through to eventual acquisition.

Key Business Risks for Liberty Defense (DETX)

1. Dependency on Successful TSA Certification and Commercialization of HD-AIT Upgrade Kit: The HD-AIT Upgrade Kit, projected to address a potential US$125 million market opportunity with the TSA, is currently in the product development and TSA certification phase and has not yet been commercialized. Initial commercial sales are contingent upon the successful completion of the TSA’s certification process, creating a significant risk that failure to achieve this certification would prevent the product from reaching its anticipated market.
2. Challenges in Scaling HEXWAVE™ Production and Achieving Widespread Market Adoption: The HEXWAVE™ system, Liberty Defense's flagship product, is currently in early commercial deployment and not yet in full-scale mass production. The company is still focused on optimizing unit economics, reducing production costs, and enhancing system performance. This indicates a risk associated with successfully scaling manufacturing, controlling costs, and achieving broad market acceptance and penetration against existing legacy security solutions.

Liberty Defense has identified the following addressable markets for its main products:

• The target security screening market for HEXWAVE™ is currently a US$11 billion market opportunity, forecasted to reach US$22.4 billion by 2036. This market size is global.
• The market opportunity for the HD-AIT Upgrade Kit, specifically for upgrades to over 1,000 body scanners installed at U.S. airports, represents approximately US$125 million of potential revenue. This market size is for the U.S. region.

Expected Revenue Growth Drivers for Liberty Defense (DETX)

Over the next 2-3 years, Liberty Defense (DETX) anticipates several key drivers for revenue growth:

• Broader Commercial Rollout and Increased Sales of HEXWAVE™: Liberty Defense is actively expanding its commercial team and building channel partnerships to support a broader market rollout of its HEXWAVE™ system in 2026. This initiative aims to significantly increase sales of the company's flagship contactless security technology, which has already generated approximately US$0.91 million in revenue for the nine months ended September 30, 2025, and US$1.01 million for the year ended December 31, 2024, from early-adopter customers.
• Expansion of HEXWAVE™ into Urban Security and Aviation Employee Screening Markets: The company believes the most promising market opportunities for HEXWAVE™ lie within specific verticals in the urban security market and in aviation employee screening. The increasing frequency of violent incidents in public venues is driving a market-wide need for effective, efficient, and non-invasive detection technologies, positioning HEXWAVE™ for increased adoption in these sectors.
• Initial Commercial Sales and Deployment of the HD-AIT Upgrade Kit: Liberty Defense expects initial commercial sales of its High-Definition Advanced Imaging Technology Upgrade Kit (HD-AIT Upgrade Kit) in 2026, contingent upon successful completion of the U.S. Transportation Security Administration’s (TSA) certification process. This product addresses the TSA's plans to upgrade over 1,000 body scanners at U.S. airports over the next five years, representing a potential revenue opportunity of approximately US$125 million.
• International Market Expansion for the HD-AIT Upgrade Kit: Beyond the U.S. market, Liberty Defense identifies a global demand for similar upgrades to installed base systems internationally. This international market expansion for the HD-AIT Upgrade Kit is expected to contribute to future revenue growth once the product is commercialized and certified.

Inbound Investments

• Development of the HD-AIT Upgrade Kit is being conducted pursuant to contracts awarded by the U.S. Transportation Security Administration (“TSA”).
• In August 2025, Liberty Defense delivered its first HD-AIT Upgrade Kit unit to the TSA for formal evaluation and testing.
• In December 2025, the TSA exercised its contract option for the completion of design improvements to the HD-AIT Upgrade Kit.