T3 Defense shares jump more than 70% on Monday after short seller report flags losses and liquidity risk
T3 Defense (NASDAQ: DFNS) shares surged more than 70% on Monday even as its fiscal 2026 first-quarter results showed $3.6 million in revenue and a net loss of $26.3 million. Gross profit was about $371,000 versus more than $4 million in operating expenses, while cash, cash equivalents and restricted cash totaled $7.6 million at quarter-end against $4.9 million in quarterly operating cash burn, implying roughly 4.7 months of runway. The company also reported that Rimon posted $2.6 million in monthly revenue in July 2026, an all-time high. The sharp move followed a bearish report by short seller Fugazi Research that questioned the sustainability of the business.