T3 Defense Inc.
(NASDAQ:DFNS) shares are up on Monday, trading higher by more than 70%.
Short seller Fugazi Research released a bearish report questioning the company’s financial performance, capital structure and acquisition strategy.
Short Seller Highlights Large Losses Fugazi alleged that T3 Defense’s recent growth narrative has been driven primarily by capital markets activity and equity issuance rather than sustainable operating performance.
According to the report, T3 Defense generated $3.6 million in revenue in the first quarter of 2026 but reported a net loss of $26.3 million.
