NAPC Defense Inc (BLIS) posted a materially negative QQ2 2025 performance with a net loss of $453,921 and an operating loss of $204,730. Gross profit stood at -$75,000 on $75,000 of cost of revenue, and EBITDA registered at -$390,153, indicating limited top-line visibility and high operating leverage. Cash flow was negative from operations at -$182,820, while financing activities provided $189,000 to support liquidity; however, the balance sheet shows extreme liquidity constraints with only $12,919 in cash and a current liability base of $1,003,055. Net debt approximates $507,546 on a total debt position of $520,465, underscoring a precarious liquidity position. Intangible assets of $1.615 million contribute to asset carry but do not supply near-term liquidity. With negative retained earnings of -$5.878 million and a debt-heavy balance sheet, the near-term investment thesis hinges on external financing, potential asset monetization, or new defense/salvage contracts. Absent such actions, solvency risk remains salient.