Defsec Technologies files restated Q3 financials

Executive Summary

• Defsec Technologies Inc. voluntarily filed restated unaudited condensed consolidated interim financial statements for the three and nine months ended June 30, 2025, and June 30, 2024, along with the related Management’s Discussion and Analysis (MD&A).
• The restatement corrects errors related to the initial measurement of right-of-use assets and lease liabilities, as well as lease-related prepayments, stemming from a lease entered into in June 2025.
• The adjustments are limited to the statements of financial position and related notes; there is no change to the interim statements of net loss, changes in shareholders' equity, or cash flows.

Key Details

• Periods Affected: Three and nine months ended June 30, 2025, and June 30, 2024.
• Nature of Error: Errors in the initial measurement of right-of-use assets and lease liabilities associated with a lease entered into in June 2025, and the recording of lease-related prepayments.
• Financial Impact:
  • No change to interim statements of net loss and comprehensive loss.
  • No change to interim statements of changes in shareholders' equity.
  • No change to interim statements of cash flows.
  • Working capital as at June 30, 2025, increased by $200,000.
  • No impact on the company's cash balance, revenues, or expenses.
• Scope of Change: Changes were limited to the interim statements of financial position and related notes.
• Documentation: Restated interim financial statements and restated MD&A are available under the company's SEDAR+ profile.

Notable Quotes

• "Reissuing our Q3 2025 financial results demonstrates our continued commitment to transparency, accuracy and corporate governance," said Jennifer Welsh, chief financial officer and chief compliance officer. "This adjustment is a one-time change with no impact on the company's cash balance, revenues, expenses or cash flows, and results in the company's working capital as at June 30, 2025, increasing by $200,000."