NAPC Defense, Inc.

NAPC Defense, Inc. (BLIS) reported a net loss applicable to common stockholders of $290K for the three months ended January 31, 2026 (Q3 FY2026), an improvement from the $639K loss in Q3 FY2025, primarily due to lower operating expenses and reduced other expenses. No revenue was generated in the quarter or over the nine months ended January 31, 2026, as the company focuses on developing and commercializing defense products like CornerShot units, small arms, ballistic protection, and less-lethal items, with no sales closed yet. Operating expenses totaled $152K, driven by consulting and accounting ($60K), rent ($43K), professional fees ($21K), and general/administrative ($18K). Other expenses included amortization of debt discount ($91K) and interest ($46K), offset partially by financing fees (-$865) and credit loss reversal (-$67K). For the nine months, net loss was $1.89M including deemed dividend $118K, compared to $1.53M prior year. Balance sheet reflects total assets $163K (cash $25K), liabilities $1.8M (convertible notes net $1.3M), and stockholders' deficit $1.6M. Nine-month cash flows: operating use $594K, investing use $6K, financing inflow $614K, net cash increase $13K. Going concern doubt persists with working capital deficit $1.65M and cash runway under one month; management plans equity raises and revenue from contracts, but significant revenues not expected soon amid debt defaults and dilution risks.

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