Liberty Defense Holdings (TSE:SCAN)
:SCAN
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Liberty Defense Holdings
(SCAN)
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Rating:42Neutral
Price Target:
C$5.50
▲(2519.05% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by very weak financial performance (deep losses, negative gross profit, persistent and worsening cash burn, and negative equity with rising debt). Technicals add pressure due to a broader downtrend (below key moving averages and negative MACD), while valuation is constrained by a negative P/E and no dividend support.
Positive Factors
Product Differentiation
HEXWAVE targets a core, structural need: rapid detection of metallic and non-metallic threats in venues. The capability to screen at high throughput addresses the long-term tradeoff between security and throughput, supporting durable adoption by stadiums, transit hubs, and large venues.
Negative Factors
Negative Gross Profit & Widening Losses
The company reported negative gross profit and materially wider net losses in 2025, indicating the core product currently does not cover production or direct costs. Persistent negative margins undermine path to sustained profitability and require meaningful scale or cost reduction to correct.
Read all positive and negative factors
Positive Factors
Negative Factors
Product Differentiation
HEXWAVE targets a core, structural need: rapid detection of metallic and non-metallic threats in venues. The capability to screen at high throughput addresses the long-term tradeoff between security and throughput, supporting durable adoption by stadiums, transit hubs, and large venues.
Read all positive factors
Liberty Defense Holdings (SCAN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$32.36M
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)―
Beta (1Y)-0.11
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees27
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)-10.68
Shares Outstanding5,657,941
10 Day Avg. Volume714,923
30 Day Avg. Volume1,373,594
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-3.49
Price to Sales (P/S)5.79
P/FCF Ratio-0.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Liberty Defense Holdings Business Overview & Revenue Model
Company Description
Liberty Defense Holdings, Ltd., through its subsidiary, Liberty Defense Technologies Inc., engages in the development and commercialization of an active 3D imaging technology system for the security industry in Canada and the United States. The co...
How the Company Makes Money
Liberty Defense primarily makes money by commercializing its threat-detection products—most notably the HEXWAVE screening system—through sales and deployment arrangements with customers that need high-throughput security screening. Revenue is gene...
Liberty Defense Holdings Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
10
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.52M | 2.44M | 1.49M | 0.00 | 0.00 |
| Gross Profit | -3.11M | -1.68M | -1.22M | 0.00 | 0.00 |
| EBITDA | -12.86M | -6.30M | -8.49M | -11.06M | -9.55M |
| Net Income | -14.38M | -8.85M | -9.37M | -12.16M | -12.39M |
Balance Sheet | |||||
| Total Assets | 6.37M | 7.29M | 5.83M | 6.23M | 6.50M |
| Cash, Cash Equivalents and Short-Term Investments | 318.71K | 1.15M | 963.00 | 677.47K | 1.34M |
| Total Debt | 3.93M | 3.72M | 1.45M | 667.12K | 802.94K |
| Total Liabilities | 8.90M | 8.05M | 6.60M | 2.14M | 1.56M |
| Stockholders Equity | -2.53M | -764.48K | -764.46K | 4.09M | 4.94M |
Cash Flow | |||||
| Free Cash Flow | -11.64M | -6.59M | -5.76M | -9.78M | -7.49M |
| Operating Cash Flow | -11.55M | -6.47M | -5.54M | -8.86M | -7.21M |
| Investing Cash Flow | -88.64K | -121.22K | -221.09K | -925.48K | -571.83K |
| Financing Cash Flow | 10.55M | 7.78M | 5.07M | 9.30M | 9.27M |
Liberty Defense Holdings Technical Analysis
Negative
0.21
Price Trends
6.68
Negative
7.42
Negative
10.09
Negative
Market Momentum
-0.28
Negative
45.14
Neutral
45.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SCAN, the sentiment is Negative. The current price of 0.21 is below the 20-day moving average (MA) of 5.86, below the 50-day MA of 6.68, and below the 200-day MA of 10.09, indicating a bearish trend. The MACD of -0.28 indicates Negative momentum. The RSI at 45.14 is Neutral, neither overbought nor oversold. The STOCH value of 45.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SCAN.
Liberty Defense Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | C$313.50M | -9.96 | -29.13% | ― | 25.32% | 68.42% | |
49 Neutral | C$146.85M | -132.51 | -12.55% | ― | 11.27% | -43.78% | |
46 Neutral | C$11.64M | -1.05 | -132.31% | ― | 104.47% | 90.11% | |
42 Neutral | C$32.36M | -0.61 | 1979.16% | ― | ― | ― |
* Industrials Sector Average
TSE:SCAN
Liberty Defense Holdings
5.74
-10.01
-63.56%
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0.00%
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TSE:DFSC
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Liberty Defense Holdings Corporate Events
Stock Split
Liberty Defense Sets 45-for-1 Share Consolidation Effective March 13
Neutral
Mar 11, 2026
Liberty Defense Holdings will consolidate its common shares on a 45-to-1 basis effective March 13, 2026, a move approved by shareholders and aligned with TSX Venture Exchange requirements. The consolidation will reduce the number of outstanding sh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.