Liberty Defense (SCAN) Q1 2025 earnings summary

Executive summary

• Report covers unaudited results for the three months ended March 31, 2025 and 2024, prepared by management and not reviewed by external auditors.

• Company develops and commercializes advanced security detection technologies, with HEXWAVE as flagship product.

• Going concern uncertainty exists due to recurring losses and reliance on future financing.

Financial highlights

• Revenue for Q1 2025 was $1,055,358, up from $632,056 in Q1 2024, driven by HEXWAVE and contract revenue.

• Net loss for Q1 2025 was $3,784,695, compared to $1,377,916 in Q1 2024.

• Gross loss of $290,474 in Q1 2025 versus gross income of $144,638 in Q1 2024.

• Cash at March 31, 2025 was $2,657,011, up from $1,153,229 at December 31, 2024.

• Cash used in operating activities was $3,553,322 for Q1 2025.

Outlook and guidance

• Future contract revenues expected as milestones are achieved, with $579,849 in contract awards anticipated for 2025 and 2026.

• Company expects current capital resources to be sufficient for foreseeable operations, but ongoing financing is critical.