• A specialized Booz Allen Hamilton or SAIC focused exclusively on comprehensive security (cyber and physical).
• Like a high-end ADT meets CrowdStrike for government and critical infrastructure security.

• Cybersecurity Solutions: Provides advanced software and services to protect government and defense networks and critical infrastructure from cyber threats.
• Defense Systems Integration: Develops, engineers, and integrates complex hardware and software systems for military platforms and operational capabilities.
• Intelligence, Surveillance, and Reconnaissance (ISR) Solutions: Offers sophisticated sensor platforms, data collection, and analytics tools for critical intelligence gathering and analysis.
• Secure Communication Platforms: Designs and manufactures encrypted communication devices and networks to ensure secure information exchange in sensitive environments.

DEFSEC Technologies (symbol: DFSC) appears to be a fictional company often used in hypothetical scenarios. However, assuming it operates in the defense and security sector as its name suggests, its major customers would primarily be other companies (prime defense contractors) and government entities globally. Based on this hypothetical premise, its customer base would typically include:

Prime Defense Contractors:

These companies integrate specialized defense and security technologies into larger systems for government and military contracts.

• Lockheed Martin Corporation (symbol: LMT)
• Raytheon Technologies Corporation (symbol: RTX)
• Northrop Grumman Corporation (symbol: NOC)
• The Boeing Company (symbol: BA) - particularly its Defense, Space & Security division

Government Agencies:

These entities are direct end-users and primary contractors for advanced defense and security technologies. While not public companies with stock symbols, they represent a significant portion of DEFSEC Technologies' hypothetical customer base.

• U.S. Department of Defense (DoD)
• Various U.S. Intelligence Community agencies (e.g., Central Intelligence Agency (CIA), National Security Agency (NSA))
• Department of Homeland Security (DHS) components (e.g., Cybersecurity and Infrastructure Security Agency (CISA))
• International defense ministries and government security forces (e.g., Ministries of Defense, national police forces, border patrol agencies)

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Sean Homuth President, Chief Executive Officer, and Director

Sean Homuth was appointed CEO in November 2023. He is a senior financial executive with over 20 years of experience working with Canadian and U.S. public companies across a broad range of industries. Since 2008, he has primarily held senior executive roles with emerging companies, and he has experience with various financing (equity, debt, royalty) and M&A transactions. Homuth is a Chartered Professional Accountant (CPA, CA Ontario) and a Certified Public Accountant (Illinois) and was recognized in Ottawa Business Journal's Forty Under 40 in 2011.

Jennifer Welsh Chief Financial Officer and Chief Compliance Officer

Jennifer Welsh has over 20 years of experience, including more than 18 years with Canadian public companies. She served as VP Finance at Indiva for SNDL Inc., a NASDAQ-listed company, and was previously the founding CFO of Indiva Limited, where she contributed to its growth into a leading Canadian cannabis edibles producer. At Indiva Limited, she was responsible for key financing transactions, brand licensing, and manufacturing operations.

Harry Webster Chief Operating Officer

Harry Webster is the Chief Operating Officer of DEFSEC Technologies.

David E. Luxton Executive Chairman of the Board

David E. Luxton is a recognized entrepreneur within the defense and security industry. Before establishing Simunition, which became a world leader in simulated munitions for close-quarters combat training, he served as an infantry officer and senior official with the Canadian and British governments. He also spearheaded the development of Allen-Vanguard, remaining Chairman until October 2021, and is the former Chairman and CEO of United Tactical Systems, a global leader in non-lethal munitions.

General (Retired) Rick Hillier Board Member

General (Retired) Rick Hillier held Canada's highest-ranking position in the Canadian Forces as the Canadian Chief of the Defence Staff from February 4, 2005, to July 1, 2008. His notable military achievements include overseeing Canada's mission in Afghanistan and being a strong advocate for modernized equipment. General Hillier joined DEFSEC Technologies' Board of Directors on December 6, 2023, and chairs the company's Strategic Planning Committee, after previously serving as an international advisor to the company.

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1. Expansion of Government Defense Contracts: DEFSEC Technologies anticipates continued revenue growth through its involvement in Canadian Government Defense programs, specifically citing the Land C4ISR (Land Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance) and DSEF (Directorate Land Command Systems Program Management Software Engineering Facility) government contracts. The company plans to add resources to fulfill these programs.
2. Growth of the ARWEN® Product Line: The ARWEN® business is expected to drive increased revenue, fueled by anticipated demand and future orders for new 40mm ammunition and PARA SHOT™ products. Accelerated deliveries resulting from reduced supply chain lead-times are also contributing to higher ARWEN® sales.
3. Commercialization of KWESST Lightning™ Platform: The commercial launch of the KWESST Lightning™ SaaS (Software as a Service) offering is projected to increase revenue. This platform represents a strategic move into digital infrastructure, addressing the need for real-time data analytics on the modern battlefield and offering high-margin potential.
4. Development and Sales of Battlefield Laser Detection System (BLDS): The initial order for the BLDS prototype in Q3 2025 is expected to lead to requests for additional networked prototypes and subsequent future sales orders. The company is actively commercializing the next generation of this system.

Share Repurchases

No information is available regarding share repurchases made by DEFSEC Technologies (DFSC) or its predecessor, KWESST Micro Systems Inc., over the last 3-5 years. A "Buyback Yield" of -949.52% in the last 12 months indicates share issuance rather than repurchases.

Share Issuance

• In July 2025, DEFSEC Technologies completed a public offering, issuing 673,084 common shares and 86,795 pre-funded warrants, along with common share purchase warrants for up to 759,879 common shares, for gross proceeds of CAD$6.8 million.
• In February 2025, the company (then KWESST Micro Systems Inc.) announced a private placement for approximately CAD$3.5 million (approximately US$2.5 million), issuing 3,787,879 common shares and/or pre-funded warrants.
• Effective April 23, 2025, a reverse stock split was implemented on a 1-for-21 basis, reducing the number of outstanding shares from 11,137,638 to approximately 530,363 shares to maintain Nasdaq listing compliance.
• In August 2024, KWESST Micro Systems Inc. closed a registered direct offering for 4,715,000 common shares at $0.20 per share, generating approximately $943,000 in gross proceeds, intended for working capital and general corporate purposes.

Inbound Investments

• A public offering in July 2025 raised gross proceeds of CAD$6.8 million.
• A private placement in February 2025 generated approximately CAD$3.5 million (approximately US$2.5 million) in gross proceeds.
• The company's cash balance increased by $2.3 million over Fiscal 2024 year-end, which was bolstered by the July 2025 public offering.

Outbound Investments

No specific information is available regarding outbound investments or acquisitions of other companies by DEFSEC Technologies or its predecessor, KWESST Micro Systems Inc., over the last 3-5 years. The acquisition of Kwesst Micro Systems Inc. by Kwesst Inc. in September 2020 was a reverse merger transaction related to the company's formation, not an outbound investment.

Capital Expenditures

• Capital expenditures in the last 12 months (ending around August 2025) were approximately -$99,749.
• In June 2025, the company announced the opening of an expanded facility in Kanata North, Ottawa, which is twice the size of its previous location, implying significant capital expenditure.
• Capital investments are required to ramp up full-rate production quantities for the ARWEN training cartridge in early calendar year 2026.