DETX | Market Cap: $20.5M (07/13/26)
Industry:
Aerospace & Defense
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DESCRIPTION

Liberty Defense Holdings makes security screening systems that detect concealed weapons and threats. The company's flagship product, HEXWAVE, is a walk-through portal that uses millimeter wave technology, 3D imaging, and AI to detect both metallic and non-metallic weapons — including 3D-printed guns, ceramic knives, and explosives — without requiring people to empty their pockets or stop walking. HEXWAVE targets stadiums, correctional facilities, corporate campuses, government buildings, transportation hubs, and airports. Liberty's second product, the HD-AIT Upgrade Kit, is a retrofit kit under development that would upgrade aging body scanners deployed by the TSA at U.S. airports, using wideband millimeter wave technology and AI to improve threat detection. Liberty sells HEXWAVE through a small direct sales force and a distributor network, while the HD-AIT kit is funded through TSA and government lab contracts. Revenue is split roughly equally between HEXWAVE hardware sales and government contract milestone payments. HEXWAVE customers pay an upfront hardware fee and can subscribe to software and AI updates; Liberty is also offering leasing arrangements. Liberty has delivered only 33 HEXWAVE units in total through early 2026, and currently sells each unit at a loss due to low production volumes. The company holds an exclusive commercial license to PNNL's wideband scanning technology, which underpins the HD-AIT kit. Liberty is pre-profitability, carries a going concern qualification, and depends on continued external financing to fund operations.

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