KWESST to change name to DEFSEC Technologies, ticker to DFSC

OTTAWA - Defense systems provider KWESST Micro Systems Inc. (TSXV:KWE) (NASDAQ:KWE) announced Wednesday it plans to change its corporate name to "DEFSEC Technologies Inc." and its ticker symbol to "DFSC" on both the TSX Venture Exchange and Nasdaq. According to InvestingPro data, the company has shown impressive revenue growth of 122% over the last twelve months, though it remains in a growth phase with negative earnings.

The name change, subject to regulatory approvals, is expected to become effective around June 30, 2025. The company’s legal entity will remain unchanged, and no action is required from shareholders.

"DEFSEC is a much more obvious descriptor of what we do in the Defense and Public Security market," said Sean Homuth, President and CEO, in a press release statement.

The announcement was made during the opening of the company’s expanded facility in Kanata North, Ottawa. The new location is reportedly twice the size of its previous facility to accommodate growth.

KWESST develops tactical systems for military and security forces, including digitization technologies for situational awareness, countermeasures against electronic detection and laser threats, and non-lethal products.

The company recently received its first order for a Battlefield Laser Detection System from a military systems integrator for a North American armored vehicle program. KWESST is also working on strategic contracts for the Canadian Department of National Defence valued at up to $75 million through 2028 with industry partners Thales and Akkodis.

The new CUSIP number for common shares will be 244778106 and the ISIN number will be CA2447781063. The company’s listed warrants will trade under "DFSC.WT.U" on TSXV and "DFSCW" on Nasdaq.

In other recent news, KWESST Micro Systems Inc. reported several significant developments. The company has received an initial order for prototypes of its latest battlefield laser detection system from a defense systems integrator for a major North American armored vehicle program. This system is designed to detect laser threats in real-time and will undergo performance testing soon. Additionally, KWESST has submitted a Form 6-K to the U.S. Securities and Exchange Commission, detailing its financial status as of March 31, 2025, providing investors with insights into its financial performance.

KWESST also announced a share consolidation on a 21-to-1 basis to comply with Nasdaq’s minimum bid price requirements. This move was approved at a special shareholder meeting and aims to ensure the company’s continued compliance with listing standards. Furthermore, KWESST has entered a strategic partnership with Nordon Inc. to expand its manufacturing capabilities in the U.S. This partnership will focus on producing the company’s ARWEN™ and PARA OPS™ products, enhancing its presence in the U.S. market.

These recent developments highlight KWESST’s ongoing efforts to expand its product offerings and maintain compliance with regulatory requirements. Investors and stakeholders can refer to the company’s Form 6-K filing for a detailed understanding of its financial performance and strategic direction.

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