Liberty Defense Holdings, Ltd. (NASDAQ: DETX; TSXV: SCAN) is a British Columbia corporation headquartered in Wilmington, Massachusetts, that commercializes walkthrough concealed weapons detection. The flagship HEXWAVE unit runs on active three dimensional microwave imaging licensed exclusively from MIT Lincoln Laboratory through December 2035, a technology that screens subjects walking through the portal without requiring them to stop. The company also holds a licensed body and shoe scanner technology from Battelle Memorial Institute, the operator of Pacific Northwest National Laboratory, for its airport checkpoint work.
The stock is a post IPO small cap, not a defunct one. Shares began trading on the Nasdaq Capital Market in late April 2026 after a U.S. initial public offering priced at 4.50 per share, closing the next day with gross proceeds of roughly 20 million. The offering capped a run of serial private placements, accelerated warrant exercises, and factoring lines through 2025 and into 2026 that kept a company with a shareholders deficiency and a near empty cash account solvent long enough to list.
The central argument runs through three variables. The first is gross margin inflection, since the company posted a gross loss on every dollar of product revenue in the last two fiscal periods, with only a brief positive quarter that the next did not sustain. The second is backlog conversion, because the signed purchase order balance fell over the first half of 2026 while unit deliveries slowed, even as the average selling price per unit rose sharply. The third is the TSA program, the single largest deployment channel in the product's target market, whose contract revenue line has been shrinking year over year while the PreCheck evaluation remains unresolved.
The stock traded near 2.16 in early September, well below the 7.00 high reached in the first weeks of the Nasdaq listing. The market cap sits at roughly 12 million against about 5.7 million shares outstanding, and institutional holders own about a third of the float with insiders holding the rest of the block. The open question is whether the cash on hand is a runway to a profitable unit cost curve or a smaller, later dilution at a lower price. The answer turns on the next two quarters of unit delivery data.