DarkPulse, Inc.

What they do

The company generates revenues primarily from sales of services, which it describes as advanced technology solutions for integrated communications and security systems, as well as habitat management. Product sales were previously generated from its TJM subsidiaries and are now generated from its subsidiary Optilan India Pvt Ltd. The company also accounts for a tradename intangible and goodwill from business combinations and evaluates one reporting unit for impairment.

Revenue drivers

• Technology services — The company states revenues are generated primarily from the sale of services consisting of advanced technology solutions for integrated communications and security systems; this is the principal revenue category named in the 10-Q.
• Habitat management — Named alongside communications and security solutions as a source of service revenues, though no dollar amount is disclosed in the excerpts provided.
• Product sales via Optilan India Pvt Ltd — Product sales previously came from the TJM subsidiaries and are now generated from Optilan India Pvt Ltd; product and service sales are reported as separate from one another, but no segment-level revenue totals appear in the excerpts.

Recent performance

Annual revenue fell from $7.8 million in 2021 to $2.0 million in 2023, then to $126,836 in 2024 and $308,492 in 2025. Annual net loss was $3.0 million in 2025, following $3.9 million in 2024, $20.8 million in 2023, $35.3 million in 2022 and $4.7 million in 2021, with diluted EPS of $(0.04) in 2025. Operating cash flow was negative $66,483 in 2025, compared with negative $11.4 million in 2021 and negative $1.5 million in 2024. Recent quarterly revenue was $32,206 for the quarter ended September 30, 2025, $84,355 for December 31, 2025, $18,518 for March 31, 2026 and $17,833 for June 30, 2026. At June 30, 2026 the company reported total assets of $1.4 million, total liabilities of $21.0 million, shareholder equity of negative $19.6 million and cash and equivalents of $83,182.

Strategy

The filing excerpts provided do not describe a stated strategy, planned investments or management priorities beyond accounting policies and revenue recognition discussion. The 10-K/A was filed solely to correct errors in the going-concern paragraph of the audit report and certain figures, and it expressly does not amend or update other disclosures or reflect events after the original filing date. Financial statement preparation relies on significant estimates including derivative liabilities, revenue recognition and impairment of long-lived assets, with goodwill tested at least annually in the fourth quarter. No forward-looking operational plan from management is quoted in the source material.

Risks

• Going concern — The 10-K/A was filed to correct errors in the going-concern paragraph of the audit report issued by Boladale Lawal & Co., indicating the auditor's report addresses the company's ability to continue as a going concern.
• Negative working capital and shareholder deficit — The 10-K/A corrects negative working capital to $(19,721,196), and the June 30, 2026 balance sheet shows total liabilities of $21.0 million against total assets of $1.4 million and shareholder equity of negative $19.6 million.
• Minimal liquidity — Cash and equivalents were $83,182 at June 30, 2026, while quarterly revenue in the two most recent quarters was $18,518 and $17,833.
• Collapsing revenue base — Annual revenue declined from $7.8 million in 2021 to $126,836 in 2024, and the company's dependence on a small number of named revenue sources leaves limited room for error.
• Accounting and disclosure corrections — The original 10-K misstated accumulated deficit, net loss and negative working capital, prompting an amendment and new Section 302 and 906 certifications.

Outlook

The excerpts provided do not contain management guidance or a stated outlook for future periods. The 10-K/A states it does not reflect events occurring after the date of the original filing and does not modify or update other disclosures. The most recent MD&A section included is limited to critical accounting policies and does not present forward-looking operating expectations.