HLSQNYSEServices-Prepackaged SoftwareUS GAAP · USD

Tessera Defense & Homeland Security Inc.

Tessera Defense & Homeland Security Inc. is a U.S.-based security and defense technology company organized around Israeli operating subsidiaries that develop detection, monitoring, and command-and-control systems. Its business spans perimeter security, AI-powered video analytics, LADAR-based detection, and first-response technologies for defense, critical infrastructure, and public safety applications.

Kysy yhtiöstä
Liikevoitto (EBIT)−41,5milj. USD
+6,9 %v/v
Nettotulos−36,2milj. USD
−104,2 %v/v
Vapaa kassavirta−26,4milj. USD
+28,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50−40−30−20−100milj. USD2020: EBIT −30 milj. USD20202021: EBIT −35 milj. USD20212022: EBIT −27 milj. USD20222023: EBIT −25 milj. USD20232024: EBIT −45 milj. USD20242025: EBIT −41 milj. USD2025−41
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
AI security software30 %

AI-driven platforms for threat detection, video analytics, and command-and-control.

LADAR detection systems25 %

Laser-based detection systems used for perimeter, rail, and infrastructure security.

Defense and perimeter systems20 %

Integrated defense hardware and security systems for military and critical sites.

Project and deployment services15 %

Installation, integration, pilots, and discrete customer deployments.

R&D and co-development10 %

Government-funded development, co-development, and reimbursable programs.

Asiakkaat

The company sells to military and defense agencies, homeland security authorities, and defense prime contractors that need surveillance, detection, and command-and-control capabilities. It also serves critical infrastructure operators and security-sensitive end markets such as transportation, municipalities, energy, education, and commercial security providers. Demand is tied to protection of sites, monitoring of people and assets, and rapid response to drone, perimeter, and public-safety threats.

Military and defense agencies

Buy detection, border, base, and command-center systems for force protection and surveillance.

Defense prime contractors

Buy or co-develop sub-systems and analytics to integrate into larger defense programs.

Critical infrastructure operators

Buy perimeter security, rail safety, and monitoring tools to protect facilities and networks.

Homeland security and public safety agencies

Buy counter-UAS, crowd analytics, and first-response systems for public safety missions.

Commercial security providers

Buy deployed software and systems for customer sites, campuses, and industrial assets.

Strategia

The company is building around defense, security, and critical infrastructure markets, with emphasis on counter-UAS, AI analytics, and detection systems. Its strategy combines direct government sales, project-based deployments, co-development with prime contractors, and recurring software revenue from installed platforms. Recent acquisitions and distribution agreements are intended to broaden the product set, increase deployable systems, and extend the sales funnel across multiple security use cases.

Scale defense and security platform across multiple use casesKeskipitkä aikaväli

Diversifies beyond single-project work and increases the installed base for recurring deployments.

Expand AI analytics and command-and-control softwareKeskipitkä aikaväli

Software can create recurring revenue and higher customer stickiness than one-off hardware sales.

Build distribution and partner channelsLyhyt aikaväli

Defense and security markets often require local partners, integrators, and approvals to win contracts.

Maantiede

The company is U.S.-listed but its operating activities are centered in Israel through acquired subsidiaries and distribution relationships. Its commercial footprint extends into Israel, the United States, and selected international markets such as the United Arab Emirates and Mexico through pilots, deployments, and distribution agreements. Geography matters because defense procurement, export approvals, and local security needs shape where the company can sell and deploy its systems.

Riskit

The business depends on winning defense and security contracts, which are often slow, political, and subject to procurement, export, and customer-approval risks. It also faces integration risk from acquisitions, technology competition, and execution risk in moving from pilots to broader deployment. Capital structure and control issues remain important because the company has relied on financing transactions that can materially change ownership and operating flexibility.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration and procurement dependence1Competition from larger defense and security vendors2Dilution and control risk from financing structures3Integration of acquired subsidiaries4Cross-border regulatory and export compliance5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentration and procurement dependenceVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue depends on a limited number of defense, security, and infrastructure customers and projects.

    KohdistuuDefense agenciesPrime contractorsPublic-safety customers
  2. Competition from larger defense and security vendorsVaikutus: KorkeaTodennäköisyys: Korkea

    Bigger players can offer broader solutions, more references, and stronger balance sheets.

    KohdistuuCounter-UASAnalyticsDetection markets
  3. Dilution and control risk from financing structuresVaikutus: KorkeaTodennäköisyys: Korkea

    Convertible securities and warrants can materially shift ownership and strategic control.

    KohdistuuPreferred stockWarrantsStockholder approval
  4. Integration of acquired subsidiariesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company recently added operating businesses that must be integrated into sales, engineering, and reporting systems.

    Kohdistuu: DFSL and Zorronet

  5. Cross-border regulatory and export complianceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Defense technology sales across Israel, the U.S., and Gulf markets can require approvals and compliance controls.

    KohdistuuIsraelUnited StatesUnited Arab Emirates

Kirjanpito

Harkinnanvaraiset erät
Fair value measurement of preferred stock and warrants

Valuation assumptions can create non-cash gains or losses and change reported equity.

Vaikutus: Series Y convertible preferred stock and related warrants

Consolidation of acquired subsidiaries

Timing of acquisitions affects whether results are included in full or only from acquisition date.

Vaikutus: DFSL and Zorronet

Revenue recognition on project-based engagements

Deployments, pilots, and co-development contracts may recognize revenue over time or at milestones.

Vaikutus: Defense and security project revenue

Government R&D contract accounting

Cost-reimbursement arrangements require classification of reimbursable expenses and contract income.

Vaikutus: BX011 and legacy research contracts

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Päivitetty: 28.9.2026