NASDAQ: DETX | TSXV:SCAN
April 2026
© Liberty Defense. All rights reserved.
NEXT GENERATION SECURITY DETECTIONMISSION
Protecting communities & preserving peace of mind through next generation weapons detection solutions
PEOPLE
Deep domain expertise in security & threat detection
Designed & deployed threat detection technology globally for 30 years
1 Future Market Insights, Inc, Security Screening Market Forecast and Outlook 2026-2036
PRODUCTS
HEXWAVE MW scanner and High-Definition AIT disruptive technology
$6M TSA Investment and
$40M+ invested in technology
POTENTIAL
Total Addressable Market:
$11B $22B 1
Market need for non-metallic weapons detection
3
THREATS OF TODAY & TOMORROW
An urgent need exists to advance weapon detection security to protect against emerging risks
Current Climate
Emerging Risks
Future Needs
The security screening market is valued at US $11B in 2024 and is projected to reach US $22B by 2036 1
DHS $1B modernization plan
Terrorism and geopolitical tensions among several countries are on the rise
There were greater than 500 mass shootings in 2024 in the US alone and already 51 in 2026.
Future Market Insights, Inc, Security Screening Market Forecast and Outlook 2026-2036
Gun Violence Archive
Advancements in 3D printing technology enable ability to print functioning weapons from plastic composites: Ghost Guns
Undetectable by conventional
metal detectors
Urgent need for detection which surpasses the development of advanced threats
Needs to be fast, adaptable and non-invasive
OUR SOLUTIONSIntroducing our proprietary, non-invasive weapons detection technology
Flagship HEXWAVE mobile walkthrough scanner identifies potential threats
HD-AIT Upgrade Kit replaces outdated technology at TSA checkpoints
AI technology provides rapid, non-intrusive scanning and threat detection
HEXWAVE
HD-AIT Upgrade Kit
AI Technology
3D Radar Image Reconstruction
Automatic Threat Detection
AI & Deep Learning
Antenna Array
& Transceiver
Smart IoT Functionality
FCC Equipment Certification Approval for indoor/outdoor use
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+
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Captures real-time data
Convert captured data into 3D radar images
Interprets the data and 3D radar images with AI
Provides connectivity to existing security systems
EMIT CAPTURE RICH DATA AI INTERPRET ACTION
Low power signal
is transmitted to reflect off the individual
Each standalone unit captures reflected signals
~400,000 datapoints create a 3D image
Artificial intelligence models interpret rich data and provide go/no-go decisions
Smart loT functionality allows notification & interaction with existing infrastructure
Currently under review in the Transportation Safety Lab
Contract option exercised by TSA in December 2025 for completion of design improvements
TSA UPGRADE KIT
TSA Upgrade Kit developed to replace aging HD-AIT systems currently in use in airports throughout North America and around the globe.
Our HD-AIT Upgrade kits provide:
Improved imaging capability to detect new and emerging threats
Inexpensive replacement alternatives
KEY FEATURES
Open Architecture Platform
TSA identified "best in class" partners for optimal performance
Meets new detection standards issued by Homeland Security
"We will be putting over $1 billion into new scanning equipment, new X-ray equipment, [Advanced Imaging Technology] equipment" - Kristi Noem
MANAGEMENT & DEVELOPMENT TEAM
Leaders in the security industry, product development, technology and manufacturing
TEAM
Led by a seasoned leadership team in security & product development, management, and
corporate finance
Supported by Board of Directors and advisors who provide extensive market access
BILL FRAIN
CEO
Former SVP of L3
(LHX-NYSE)
BRYAN CUNNINGHAM
President
Lawyer, security expert, former
CIA officer, and tech executive
JEFFREY GORDON
CTO
Engineering leader with 35+
years experience in security
IAN MCNAUGHTON
Sr. Director BD
Senior sales leader with 25+ years experience in security
MATT JOHNSON
DHS Strategy
Senior Leader for Aviation and
Security Applications for TSA
OUR EXPERIENCE
BOARD OF DIRECTORS
JASON BURINESCU
Executive Chairman
Senior operating executive and Managing Partner of Vision Equity Partner Solutions
BILL FRAIN
CEO/ Director
Former SVP of L3 (LHX-NYSE)
LINDA JACKSTA
Independent Director
Customs & Border Protection Executive 35 years experience
ARJUN GREWAL
Independent Director
CEO of Arctic Training Centre and 19-year Veteran of the Canadian Armed Forces.
INDUSTRY PARTNERSHIPSGlobal Distribution Network
TSA is investing in Liberty Defense for enhanced detection performance
US$6M
Grants to date
MIT and Pacific Northwest National Labs chose Liberty to commercialize the technology
MARKET OPPORTUNITY
A multibillion-dollar opportunity exists in the North America Physical Security Market
Security Screening Market Growth
7.5% CAGR
$22.5B
$20.9B
$19.4B
$16.8B
$14.6B
$12.6B
$11.7B
$10.9B
$18.1B
$15.6B
$13.5B
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
.Future Market Insights, Inc, Security Screening Market Forecast and Outlook 2026-2036
Demand Drivers - Regulatory Tailwinds
2024 TSA Employee Screening Mandate
2025 DHS $1B TSA Modernization Plan
Federal investment in advanced screening upgrades highlighting Advance Imaging Technology (AIT)
Number of Possible Screening Applications
Federal US Airport Screening Lanes2 | 2,500+ |
Correctional Facilities3 | 6,000+ |
Distribution Centers4 | 14,500+ |
Federal Government (Estimate) | 125,000+ |
Hospitals6 | 6,000+ |
Schools7 | 130,000+ |
Sports & Entertainment Venues8 | 12,000+ |
Transportation Security Administration (TSA) Breaks Record for Most Individuals Screened on a Single Day, Readies for Record Breaking Independence Day Travel Volumes
SJIA Security Journal Americas:.How many correctional facilities are in the United States
Industry Estimate-Brush Pass Research
American Hospital Association (AHA) fast facts on US hospitals 2026
Agile education marketing
Smart Scrapers, List of sports complexes United States
TSA AVIATION WORKER SCREENING
Insider threat poses a real risk with the potential for employees to exploit secure access and insider knowledge to smuggle contraband and weapons
TSA mandates call for planning and rapid adoption of next generation, open architecture technology
HEXWAVE's portability allows for use at multiple entrances to push the security perimeter out
MARKET OUTLOOK1
Rochester Airport
Airport Category | # of Airports | Average Operating Time (Hours/Week) | Average # of Screening Systems/Airport | Total Minimum # of Screening Systems |
X | 27 | 160 | 7.7 | 208 |
I | 57 | 75-90 | 3.8 | 217 |
II | 89 | 36-50 | 1 | 89 |
514 | ||||
Manchester Airport
We Estimate a $50M OPPORTUNITY
This Market Assessment was conducted by an outside consulting firm using a bottoms-up approach, estimated operating time requirements are based on total badged population, SIDA access control points, passenger enplanement and number of terminals were factored into estimations of minimum-security screening systems needed to meet requirements. This Market Assessment was initially provided in 2023, and has since been updated to reflect latest discussions with the firm.
Category X: A designation used by the Transportation Security Administration (TSA) to identify the largest and busiest airports in the US
Category I: Large airports with significant traffic but generally fewer enplanements than Cat X.
Category II: Medium to small community airports with lower traffic volumes
COMPETITIVE LANDSCAPE
HEXWAVE System's features provides detection solution on the market
Liberty Defense
Thruvision
Rohde s
Schwarz
Rohde s
Schwartz
Evolv
Tek84
Model
HexWave
LPCDD
QPS201
QPS Walk2000
Express
Defender
Divestiture of
Outer garments
No
Yes
No
No
No
Yes
Metal Threats
Yes
Yes
Yes
Yes
Yes
Yes
Non-Metal
Threats
Yes
Yes
Yes
Yes
Limited
Yes
Sensor Type
Millimeter Wave
Terahertz (Heat Sensor)
Millimeter Wave
Millimeter Wave
Smart Metal Detector
X-Ray Backscatter
Frequencies
6 GHz - 10.6 GHz
250 GHz
70 GHz - 80 GHz
10 Hz - 30 Hz
50 Hz - 60 Hz
N/A
Scan time
real-time
real-time
2.5 seconds
real-time
real-time
7 seconds
Throughput
(persons/h)
~ 700
~ 1200
~ 300
~ 750
~ 3600
~ 300
Movable
Yes
Yes
No
No
Yes
No
Indoor /
Protected Outdoor Usage
Both
Indoor
Indoor
Both
Both
Indoor
Market Position Assessment from an Outside Consulting Firm
BUSINESS MODEL
Hardware Sales
Units deployed individually or as portal configuration
HEXWAVE ASP $100,000
REVENUE STREAMS
Maintenance & AI Updates
3-5-year maintenance plan including software and AI updates incurring annual revenue stream
HD-AIT Upgrade Kit Target Pricing $125,000 Implementation
HEXWAVE can be used as a standalone system or integrated into existing security platforms
Implementations will vary from basic to more fully integrated
Product margins improving
Volume, technology curve, and value engineering will further enhance margins
MARGINS
Initial focus will be on the Americas but there is an international need
Key partners in place combined with direct sales
Amsource Capital engaged to facilitate large and small ticket leasing and financing of HEXWAVE
MARKET
BUSINESS UPDATE
HEXWAVE Installations
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Los Alamos National Labs
Greater Toronto Airport Authority Manchester Airport
Birmingham Airport Rochester Airport Malaysia
MIT Lincoln Labs (High Speed Transit) TSA
Netherlands - GRASP Technologies Bogota, Columbia (Theatre/Concert venue) Chile (Correctional Facility)
Palm Springs Airport
US Infectious Disease Lab
Recent Contracts:
JFK Airport, New Terminal One: 2
US Major International Airport: 2
Capitol Buildings/Northeast: 3
Point Security/Birmingham: 3
Bogota, Columbia: 1
MIT LL Program for Mass Transit (Integration)
Active Aviation Worker Screening quoting several US airports
Major demonstrations conducted in the last 30 days across multiple
verticals (Gov't Agencies, Corrections, Loss Prevention)
Installed HD-AIT Upgrade Kit at TSL in August.
CAPITALIZATION STRUCTURE1 (April 2026)
Nasdaq:DETX; TSXV: SCAN | |
Shares Outstanding | 5,657,941 |
Warrants Outstanding | 811,442 |
Pre-Funded Warrants Outstanding | 770,807 |
Options | 110,834 |
RSU's | 15,421 |
$4.0M
$2.0M
$1.5M
$2.4M
$1.8M
$0.0M
($2.0M)
($4.0M)
($6.0M)
($8.0M)
($10.0M)
($12.0M)
($9.1M)
($7.4M)
($10.0M)
Year ended Dec 2023 Year ended Dec 2024 9 months ended Sep 2025
Operating Loss Revenue1 As of April 28, 2026
WHY LIBERTY DEFENSELeadership: Developed and Deployed comprehensive security systems on a global scale.
TAM: $11B $22B1 by 2036, shifting to comprehensive full body threat detection
Technology: Millimeter Wave is a proven technology with enhanced A.I. performance
Products:
HEXWAVE deployed in leading airports, correctional facilities, universities, courthouses, labs
HD-AIT upgrade kit delivered to TSA in August, $100M opportunity
Investors: TSA invested $6M sole source in Liberty for enhanced detection
Partners: MIT & Pacific Northwest National Labs chose Liberty to commercialize
Distributors: Rapiscan (OSI), Point Security, Isotec Security, Linev Systems, K2, Grasp
USA: Engineered & Manufactured in USA
Protecting communities & preserving peace of mind through next generation weapons detection solutions!
1 Future Market Insights, Inc, Security Screening Market Forecast and Outlook 2026-2036
Together we can build a safer future
CONTACT US
Tel: 604-809-2500
General: info@libertydefense.com
Investor Relations: investors@libertydefense.com
NASDAQ: DETX | TSXV: SCAN
187 Ballardvale St, Suite 110
Wilmington, MA, 01887 https://www.LibertyDefense.com
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