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Liberty Defense Holdings
(SCAN)
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Rating:42Neutral
Price Target:
C$2.00
▼(-58.76% Downside)
Action:Upgraded
Date:10/14/26
The score is held down primarily by weak financial performance (declining revenue, large ongoing losses, and substantial cash burn implying continued financing needs). Technicals add further pressure with a strong downtrend and negative momentum, while valuation is constrained by losses (negative P/E) and no dividend support.
Positive Factors
Modest leverage
Debt remains modest relative to reported equity, giving the company a less leveraged capital structure than its operating losses alone might suggest. This provides some financial flexibility and reduces interest-related pressure, although equity stability remains an important consideration.
Negative Factors
Declining revenue
Revenue contraction is a fundamental weakness because it signals that the company is not yet converting its screening technology into expanding commercial scale. Continued top-line volatility would make it harder to absorb fixed costs, finance development, and approach sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Modest leverage
Debt remains modest relative to reported equity, giving the company a less leveraged capital structure than its operating losses alone might suggest. This provides some financial flexibility and reduces interest-related pressure, although equity stability remains an important consideration.
Read all positive factors
Liberty Defense Holdings (SCAN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$12.10M
Dividend YieldN/A
Average Volume (3M)2.08K
Price to Earnings (P/E)―
Beta (1Y)-0.34
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees27
SectorIndustrials
Sector Strength72
IndustrySecurity & Protection Services
Share Statistics
EPS (TTM)-5.99
Shares Outstanding5,681,983
10 Day Avg. Volume4,184
30 Day Avg. Volume2,078
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., operating through its subsidiary Liberty Defense Technologies Inc., specializes in the creation and market introduction of advanced active 3D imaging technology. This cutting-edge system is specifically tailored for...
How the Company Makes Money
Liberty Defense primarily makes money by selling security screening hardware and associated solutions to customers seeking to detect concealed threats in high-traffic environments (e.g., venues and other facilities that require weapons/explosives ...
Liberty Defense Holdings Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
38
Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 985.17K | 1.52M | 2.44M | 1.49M | 0.00 | 0.00 |
| Gross Profit | -3.53M | -3.11M | -1.68M | -1.22M | -1.09M | -161.07K |
| EBITDA | -9.61M | -12.86M | -6.11M | -8.49M | -10.94M | -9.55M |
| Net Income | -11.66M | -14.38M | -8.85M | -9.37M | -12.16M | -12.39M |
Balance Sheet | ||||||
| Total Assets | 13.46M | 6.37M | 7.29M | 5.83M | 6.23M | 6.50M |
| Cash, Cash Equivalents and Short-Term Investments | 7.57M | 318.71K | 1.15M | 963.00 | 677.47K | 1.34M |
| Total Debt | 962.13K | 3.93M | 3.72M | 1.45M | 667.12K | 802.94K |
| Total Liabilities | 4.49M | 8.90M | 8.05M | 6.60M | 2.14M | 1.56M |
| Stockholders Equity | 8.97M | -2.53M | -764.48K | -764.46K | 4.09M | 4.94M |
Cash Flow | ||||||
| Free Cash Flow | -13.92M | -11.64M | -6.59M | -5.76M | -9.78M | -7.49M |
| Operating Cash Flow | -13.94M | -11.55M | -6.47M | -5.54M | -8.86M | -7.21M |
| Investing Cash Flow | 22.23K | -88.64K | -121.22K | -221.09K | -925.48K | -571.83K |
| Financing Cash Flow | 20.88M | 10.55M | 7.78M | 5.07M | 9.30M | 9.27M |
Liberty Defense Holdings Technical Analysis
Negative
4.85
Price Trends
3.40
Negative
4.32
Negative
5.76
Negative
Market Momentum
-0.37
Negative
25.80
Positive
12.00
Positive
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 4.85 is above the 20-day moving average (MA) of 2.53, above the 50-day MA of 3.40, and below the 200-day MA of 5.76, indicating a bearish trend. The MACD of -0.37 indicates Negative momentum. The RSI at 25.80 is Positive, neither overbought nor oversold. The STOCH value of 12.00 is Positive, 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% | |
52 Neutral | C$185.24M | -131.75 | -3.14% | ― | 23.49% | 51.27% | |
45 Neutral | C$2.83M | -0.17 | -143.89% | ― | 82.19% | 90.16% | |
44 Neutral | C$183.97M | -4.35 | -27.52% | ― | 26.30% | 55.00% | |
42 Neutral | C$12.10M | -0.25 | -7968.55% | ― | ― | ― |
* Industrials Sector Average
TSE:SCAN
Liberty Defense Holdings
2.13
-17.45
-89.12%
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Liberty Defense Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Liberty Defense Names COO Keith Teichmann Interim CEO Amid Growth Push
Positive
Oct 13, 2026
Liberty Defense Holdings announced a leadership transition, with Chief Executive Officer Bill Frain resigning and stepping down from the board, while Chief Operating Officer Keith Teichmann will assume the role of interim CEO at the end of October...
Business Operations and StrategyExecutive/Board Changes
Liberty Defense Appoints Security Technology Veteran John Percival as Chairman
Positive
Oct 12, 2026
Liberty Defense Holdings has named veteran security technology executive John R. Percival as Chairman of the Board, succeeding Executive Chairman Jason Burinescu, who has departed the company to pursue other opportunities. The leadership change pl...
Business Operations and StrategyProduct-Related Announcements
Liberty Defense Expands HEXWAVE Footprint in Courts and Corrections
Positive
Oct 6, 2026
Liberty Defense Holdings has expanded deployment of its HEXWAVE concealed weapon detection system with new wins in one of the largest U.S. state court systems and a state department of corrections, adding four units that will be installed across m...
Business Operations and StrategyProduct-Related Announcements
Liberty Defense’s HEXWAVE Chosen to Enhance Worker Screening at Cleveland Airport
Positive
Oct 2, 2026
Liberty Defense Holdings and Wadsworth Solutions will deploy two HEXWAVE walkthrough security detection portals at Cleveland Hopkins International Airport to bolster its Aviation Worker Screening program. The installation extends HEXWAVE’s f...
Business Operations and StrategyExecutive/Board ChangesProduct-Related Announcements
Liberty Defense Taps VMI Security to Broaden U.S. HEXWAVE Distribution
Positive
Sep 24, 2026
Liberty Defense has signed a non-exclusive distribution agreement with VMI Security that will expand the U.S. sales footprint for its HEXWAVE walkthrough screening system. VMI will integrate HEXWAVE into its portfolio of non-intrusive inspection s...
Business Operations and StrategyProduct-Related Announcements
Liberty Defense Enters Commercial Loss Prevention Market with HEXWAVE Deal
Positive
Sep 16, 2026
Liberty Defense Holdings has signed a multi-site agreement with a third-party logistics and manufacturing provider that will deploy two HEXWAVE screening systems at a U.S. facility in 2026, with more units projected for a second site in 2027. The ...
Business Operations and StrategyProduct-Related Announcements
Liberty Defense Unveils Single-Panel HEXWAVE Configuration for Tight Entrances
Positive
Sep 8, 2026
Liberty Defense is introducing a new single-panel “I-Configuration” of its HEXWAVE screening system at GSX 2026 in Atlanta, designed for entrances where traditional multi-panel lanes cannot fit. By having individuals walk up, rotate on...
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.