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Interactive Brokers for institutional FX and crypto markets.

Coinbase for institutions, also offering advanced FX and CFD trading.

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• Foreign Exchange (FX) Brokerage: Provides retail and institutional clients with access to trade currency pairs in the global foreign exchange market.
• Multi-Asset Trading Platforms: Offers technology and access for trading various financial instruments, including stocks, futures, options, and cryptocurrencies.
• Institutional Liquidity Solutions: Supplies deep liquidity pools and prime brokerage services for foreign exchange and other asset classes to financial institutions.

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Nukkleus Inc. (NUKK) operates a dual business model, serving both business-to-business (B2B) and business-to-consumer (B2C) segments through its various subsidiaries.

Its subsidiaries Forexware and Match-Trade Technologies primarily serve other companies (B2B) by providing technology solutions, liquidity, and infrastructure to forex brokers, financial institutions, and crypto exchanges globally. However, the specific names of these customer companies, especially public ones, are generally not disclosed publicly due to the fragmented nature of the market and client confidentiality for these types of service providers.

Given the challenge in identifying specific named public company customers for its B2B segment, and to fulfill the prompt's requirements, we will focus on the customer categories served by its subsidiary FXDD, which sells primarily to individuals (B2C). The up to three categories of customers that Nukkleus serves through FXDD are:

• Independent Retail Forex Traders: These are individual investors and traders who directly open and manage accounts with FXDD to speculate on currency movements. They use the platform for self-directed trading, leveraging FXDD's liquidity and trading tools.

• Proprietary Trading Groups and Managed Account Providers: This category includes individuals or small entities who manage trading capital, either for themselves or on behalf of other individuals. While these entities might operate like small businesses, their ultimate beneficiaries are often individuals, and they utilize FXDD's brokerage services to execute trades.

• Algorithmic and Automated Traders: Individuals or small teams who employ automated trading systems and algorithms to execute trades. These clients often require robust API access, low latency, and reliable execution, which FXDD aims to provide through its platforms.

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Menachem Shalom, Chief Executive Officer & Chief Financial Officer
Menachem Shalom is a seasoned entrepreneur with over 20 years of leadership experience in defense technology, precision manufacturing, and enterprise software. He previously served as CEO of Motomova Inc. and Hold Me Ltd. Prior to these roles, he was the Founder & CEO of both Wayerz and Mipso.

Ilanit Halperin, Director of Finance
Ilanit Halperin is a CPA (Israel) with approximately 28 years of experience, including 11 years as a partner at a top-six international accounting firm. She specializes in Israeli GAAP, IFRS, and US GAAP, and has extensive experience in public offerings in Israel and abroad.

Yair Ohayon, CMO & IR Manager
Yair Ohayon leads marketing and investor relations at Nukkleus Group, overseeing the company's global communications strategy and capital markets positioning. He has worked with numerous startups and tech companies, helping them secure funding and venture partnerships, and has a strong track record in leading large marketing teams and managing investor communications.

Uriya Rosenbaum, Financial Manager
Uriya Rosenbaum is Nukkleus Group's financial manager. Previously, he contributed to the growth and financial operations of Lili Financial Services, overseeing financial modeling, variance analysis, and comprehensive reporting. He also gained experience in financial analysis as an Assurance Senior at EY and an FP&A Manager in the IDF, with expertise in US and Israeli GAAP, as well as IFRS.

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The public company Nukkleus (NUKK) faces several significant risks, primarily stemming from its recent strategic pivot and precarious financial position. The three most significant key risks are:

1. High Dependence on Successful Acquisitions and Integration in a New Sector: Nukkleus has undergone a radical transformation from a financial technology company to a defense-focused corporation, aiming to acquire, develop, and scale high-impact defense companies. This "rollup strategy" is highlighted as being exceptionally difficult to execute, especially given Nukkleus's history of operational failures and a perceived lack of expertise in the aerospace and defense (A&D) industry. The company's future is "entirely contingent" on key pending acquisitions, such as Star 26, closing successfully. A failure in these deals could cause the entire strategy to collapse, leading to a complete loss of market confidence and potentially the company's demise. Furthermore, the company possesses "no discernable economic moat," lacking proprietary technology, brand recognition, or scale advantages in this new competitive landscape.
2. Significant Financial Instability and Insolvency: Nukkleus's financial health is precarious, with "existential" financial risks. The company is identified as insolvent, which is a direct threat to its continuation as a going concern, as warned by auditors. Key financial indicators also show negative shareholder equity and declining earnings over the past five years.
3. Risk of NASDAQ Delisting Due to Non-Compliance: Nukkleus is grappling with ongoing compliance challenges and has received multiple notifications from Nasdaq regarding its failure to meet listing requirements. These issues include not filing quarterly reports on time, and failing to meet the minimum bid price and market value for publicly held shares. Continued non-compliance could lead to the delisting of its stock, severely impacting its ability to raise capital and operate as a public company. The company also experiences a highly volatile share price, making it a "very high risk" stock.

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The primary clear emerging threat to Nukkleus (NUKK), primarily through its significant stake in StoneX Group Inc. (SNEX) and its other fintech ventures, is the continued growth and institutional adoption of Decentralized Finance (DeFi) and blockchain-based financial market infrastructure.

DeFi protocols aim to disintermediate traditional financial service providers by enabling peer-to-peer transactions, automated clearing, and settlement through smart contracts, bypassing the need for traditional brokers, exchanges, and clearinghouses. As firms like StoneX operate as key intermediaries in commodities, foreign exchange, fixed income, and equities markets, a widespread shift towards highly efficient, transparent, and potentially lower-cost blockchain-native financial systems could erode their core business model. While still evolving, institutional interest and investment in tokenized assets, distributed ledger technology for trade finance, and digital currencies signal a clear emerging trend with the potential to fundamentally alter the landscape for traditional financial intermediaries.

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Nukkleus Inc. (NUKK) primarily operates in the aerospace and defense sector, focusing on acquiring and scaling mission-critical suppliers and innovating across several defense-related technologies. Based on available market research, the addressable markets for Nukkleus's main products and services are sizable and are projected to grow significantly.

Here are the estimated market sizes for their key areas of operation:

• Global Aerospace and Defense Market: The global aerospace and defense market was valued at approximately USD 796.24 billion in 2024 and is projected to reach USD 1.1 trillion by 2029. Another estimate places the market at USD 820.61 billion in 2024, expected to hit around USD 1,250.28 billion by 2034.
• U.S. Aerospace and Defense Market: This market is estimated at USD 525.16 billion in 2025 and is expected to reach USD 694.86 billion by 2030.
• Europe Aerospace and Defense Market: The European aerospace and defense market was valued at approximately USD 237.2 billion in 2024 and is likely to surpass USD 350.2 billion by 2032. Turnover for Europe's aerospace and defense industry in 2023 was €290.4 billion (approximately $314.5 billion using a rough exchange rate).
• Israel Defense Market: The Israel defense budget, including U.S. aid, was estimated at USD 23.6 billion in 2023 and is expected to grow at a CAGR of more than 2% during 2024-2028. Israel's defense exports reached a record USD 14.7 billion in 2024.
• Global Unmanned Aerial Vehicle (UAV) / Drone Market: This market was valued at approximately USD 36.41 billion in 2024 and is projected to grow to USD 125.91 billion by 2032. Other sources indicate the market at USD 73.06 billion in 2024, projected to reach USD 163.60 billion by 2030.
• U.S. Unmanned Aerial Vehicle (UAV) / Drone Market: The U.S. drone market size was estimated at USD 28.44 billion in 2025 and is expected to grow at a CAGR of 13.0% from 2025 to 2030. The U.S. military drone market was valued at USD 13,747.1 million in 2024 and is expected to reach USD 28,155.5 million by 2030.
• Global AI in Aerospace and Defense Market (including AI in Military/Defense & Security): The global AI in aerospace and defense market was accounted for USD 25.43 billion in 2024 and is expected to exceed USD 65.43 billion by 2034. The global AI & analytics in military and defense market was valued at USD 10.42 billion in 2024 and is projected to grow from USD 11.53 billion in 2025 to USD 35.78 billion by 2034.
• U.S. AI in Aerospace and Defense Market: This market was valued at USD 7.82 billion in 2024 and is anticipated to be worth around USD 20.50 billion by 2034.
• Global Command and Control Systems Market: The global command and control systems market was valued at USD 36.7 billion in 2024 and is estimated to grow to USD 69.5 billion by 2034.
• U.S. Drone Payload Market: The U.S. drone payload market is estimated to reach USD 3.51 billion in 2025.
• Global UAV Payload and Subsystems Market: This market was valued at USD 7.86 billion in 2025 and is forecasted to reach USD 12.41 billion by 2030.

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Expected Drivers of Future Revenue Growth for Nukkleus (NUKK)

1. Strategic Mergers and Acquisitions (M&A) in Aerospace & Defense: Nukkleus is actively pursuing a global M&A strategy within the Aerospace & Defense (A&D) industry, targeting mission-critical suppliers. This approach aims to acquire and scale Tier 2 and Tier 3 companies, thereby modernizing and expanding strategic suppliers within national security infrastructure and supporting resilient supply chains. This disciplined M&A strategy is expected to enable transformational scale.
2. Expansion in Fintech and Digital Asset Ecosystem: The company positions itself as a gateway to the future of finance infrastructure, investing in and nurturing technologies foundational to new-age financial services. This includes leveraging blockchain technology and digital assets to foster a more efficient and inclusive financial services industry.
3. Growth in Digital Asset Offerings and Payment Solutions: Nukkleus plans to expand its Exchange Traded Fund (ETF) offerings, as evidenced by its acquisition of a stake in Jacobi Asset Management, sponsor of Europe’s regulated Bitcoin spot ETF. Furthermore, the company aims to enhance its payment solutions and further develop its technological infrastructure, indicating a focus on both new asset classes and improved transaction capabilities.
4. Strategic Partnerships and Regulatory Approvals in Digital Finance: New ventures spurred by innovative partnerships are accelerating technological advancements in digital finance, which are anticipated to create substantial value for consumers and players in the sector. Additionally, securing fresh regulatory approvals is expected to enable the company to expand its operational footprint and unlock new revenue streams.

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Share Issuance

• Nukkleus Inc. completed a strategic merger with Brilliant Acquisition Corp in November 2023, valuing Nukkleus at approximately $105 million, which involved the issuance and exchange of shares.
• In September 2025, the company secured a $250 million equity line agreement with Esousa Holding Group LLC, enabling it to sell up to $250 million in common stock over a 36-month period, contingent on the effectiveness of a related registration statement.
• Nukkleus Inc. announced a strategic $10.0 million private placement in September 2025, reinforcing its financial foundation.

Inbound Investments

• The company successfully completed a $10.0 million private placement in September 2025, with investments from entities including Esousa Group Holdings, LLC and Sixth Borough Capital Fund, LP.
• Nukkleus Inc. secured a $250 million line of equity with Esousa Holding Group LLC in September 2025 to fund its strategic acquisition program in the Aerospace and Defense sector.
• In December 2024, Nukkleus received the first tranche of a $2.0 million pre-paid advance in the form of convertible promissory notes from YA II PN Ltd., with $0.50 million disbursed.

Outbound Investments

• Nukkleus Inc. entered into an agreement on September 15, 2025, to acquire 100% of Star 26 Capital Inc. for $21 million, which includes a $16 million promissory note, $5 million cash, 4,770,340 shares of common stock, and warrants. This acquisition is aimed at enhancing its holdings in military and technology assets.
• In October 2025, Nukkleus announced it became the majority owner of the sponsor of a new Special Purpose Acquisition Company (SPAC), SC II Acquisition Corp., which plans to raise $150 million through an initial public offering.
• The company formed a strategic joint venture with Israeli firm Mandragola Ltd. in September 2025 to develop aviation hubs and advanced manufacturing zones in the Baltics and Israel.

Capital Expenditures

• For the last 12 months, as of September 2025, capital expenditures were approximately -$14,847.