Executive Summary
NAPC Defense Inc (BLIS) reported QQ1 2025 revenue of $67,467 with a gross profit of $67,467, yielding a gross margin of 100% in the period due to the absence of recognized cost of revenue. However, ongoing operating expenses dominated, resulting in an operating loss of $257,032 and an EBITDA of negative $399,589. Net income was negative $435,863, translating to an EPS of −0.0068. Cash flow remained negative, with cash from operations of −$163,549 and free cash flow of −$163,549, while the company ended the period with only $6,739 in cash and cash equivalents. The balance sheet shows a heavy leverage position: total debt $1.93 billion and net debt roughly $1.92 billion against assets of $3.164 billion and equity of $0.944 billion. Liquidity is severely constrained, evidenced by a current ratio of 0.103 and a cash ratio of 0.00624. Retained earnings sit at a meaningful deficit (−$5.423 million, in the reported unit framework), underscoring a long history of losses. The revenue base remains small relative to the cost structure, and debt maturities, potential refinancing needs, and the ability to achieve meaningful top-line growth will be critical to assess going forward. No QQ1 2025 earnings-call transcript was available for extracting management commentary in this document; as such, the analysis integrates the reported numbers with forward-looking considerations typical for a highly levered asset-heavy defense/subsea salvage business.
Overall, BLIS exhibits a risk-heavy profile with limited near-term liquidity, but a sizeable fixed asset base and intangible assets that, if monetized or leverage-recaptured through contract wins and cost discipline, could offer optionality. Investors should monitor debt maturities, capital-structure actions, potential contract awards, and any management guidance on cost control and revenue diversification.
Key Performance Indicators
QoQ: -112.43% | YoY:-5.39%
QoQ: -113.37% | YoY:-68.63%
QoQ: -112.50% | YoY:-30.77%
Key Insights
Revenue: $67,467; Gross Profit: $67,467; Gross Margin: 100.0% (reported as 1.0000000000)
YoY gross profit: +180.71%; QoQ not disclosed
Operating Income: −$257,032; Operating Margin: −3.81%
YoY operating income: −5.39%; QoQ: −112.43%
Net Income: −$435,863; Net Margin: −6.46%
YoY net income: −68.63%; QoQ: −113.37%
EPS: −$0.00680; Diluted: −$0.00250
YoY EPS: −30.77%; QoQ: −112.50%
EBITDA: −$399,589; EBITDA Margin: −5.92%
Interest Expense: $32,838; Depreciation/Amortiza...
Financial Highlights
Revenue: $67,467; Gross Profit: $67,467; Gross Margin: 100.0% (reported as 1.0000000000)
YoY gross profit: +180.71%; QoQ not disclosed
Operating Income: −$257,032; Operating Margin: −3.81%
YoY operating income: −5.39%; QoQ: −112.43%
Net Income: −$435,863; Net Margin: −6.46%
YoY net income: −68.63%; QoQ: −113.37%
EPS: −$0.00680; Diluted: −$0.00250
YoY EPS: −30.77%; QoQ: −112.50%
EBITDA: −$399,589; EBITDA Margin: −5.92%
Interest Expense: $32,838; Depreciation/Amortization: −$142,557
Cash Flow: Net cash from operating activities −$163,549; Free cash flow −$163,549
CFO per share: −$0.00254; Free cash flow per share: −$0.00254
Cash and cash equivalents: $6,739; Net debt: $1,918,658
Total debt: $1,925,397; Long-term debt: $1,140,091; Short-term debt: $785,306
Total assets: $3,164,231; Total liabilities: $2,219,876; Total stockholders’ equity: $944,355
Liquidity ratios: Current ratio 0.103; Quick ratio 0.103; Cash ratio 0.00624
Leverage and efficiency: Debt to equity 2.04; Debt to capitalization 0.671; Asset turnover 0.0213; Fixed asset turnover 0.0470
Earnings per share (basic): −0.0068; Shares outstanding (weighted average): 174,526,582
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
67.47K |
N/A |
N/A |
| Gross Profit |
67.47K |
180.71% |
N/A |
| Operating Income |
-257.03K |
-5.39% |
-112.43% |
| Net Income |
-435.86K |
-68.63% |
-113.37% |
| EPS |
-0.01 |
-30.77% |
-112.50% |
Key Financial Ratios
operatingProfitMargin
-381%
operatingCashFlowPerShare
$-0
Management Commentary
No QQ1 2025 earnings-call transcript available in the provided dataset. As a result, there are no management commentary highlights included in this report. Investors should await formal transcripts or company press releases for qualitative insights on strategy, contract prospects, and cost-control measures.
Forward Guidance
No formal forward guidance was disclosed for QQ1 2025 in the provided materials. Given the company’s current liquidity constraints, leverage profile, and minimal top-line scale, near-term guidance would likely hinge on debt refinancing options, potential contract wins, and cost-reduction initiatives. Industry-wide defense spending trends could provide upside if BLIS can secure stable revenue streams in salvage, military, and law-enforcement fields. Our assessment: upside would require substantial improvement in revenue execution, discipline on opex, and a plan to de-leverage or secure favorable financing terms. Key factors investors should monitor include: contract awards or backlog emergence, refinancing opportunities to extend maturities, cost-reduction programs, and any liquidity-enhancing actions (asset monetization, equity issuance, or strategic partnerships).