Nukkleus Inc. is a fintech company focusing on blockchain-enabled transaction technology solutions and defense sector investments.

# Nukkleus Inc. Business Summary

## Company Overview
- **Formation Date:** May 24, 2019  
- **Former Name:** Brilliant Acquisition Corporation  
- **Current Name:** Nukkleus Inc. (changed after the Business Combination completed on December 22, 2023)  
- **Type of Business:** Financial technology (fintech) focused on blockchain-enabled transaction technology solutions and defense sector investments.  

## History & Evolution
- Initially formed to pursue business combinations, acquisitions, and asset purchases.
- Acquired Old Nukk (formerly Compliance & Risk Management Solutions Inc.) in a merger with Brilliant in June 2023.
- Post-merger, changed name to Nukkleus Inc.
- Operates as a full-service transactions technology and advisory business providing end-to-end transaction solutions.

## Core Business Activities
- **Technology Platform:** Offers an advanced transactions platform for dealing and risk management with:
  - Global liquidity
  - Customizable leverage
  - User control over quote and liquidity strategies
- **Blockchain Payments:** Developed blockchain-enabled cross-border payment solutions through Digital RFQ Limited.
- **Financial Services:** Previously provided retail foreign exchange trading solutions (notably via TCM, a primary client before termination of the GSA).
- **Future Focus:** After recent transactions, the company is shifting focus to the defense sector, particularly through acquisitions such as Star 26 Capital Inc. and its subsidiaries Rimon Agencies Ltd.

## Recent Strategic Transactions
- **Acquisition of Star 26 Capital Inc.:** 
  - On December 15, 2024, entered into an agreement to acquire 51% of Star, a defense acquisition company.
  - Consideration includes $15 million in cash, a promissory note, issuance of company shares, and a warrant.
  - Option to acquire remaining 49% for $16,084,250.
- **Sale of Digital RFQ:** 
  - Agreement made on Nov 8, 2024, to sell Digital RFQ (blockchain payment solutions) to Mr. Jamal Khurshid for £1,000, subject to shareholder approval.
- **Other Transactions:** 
  - Multiple debt and equity financings (e.g., from X Group Fund of Funds and East Asia Technology Investments Limited).
  - Private Placement in December 2024 for $10 million, issuing 1,666,666 units (each containing one share and a warrant).

## Revenue & Employees
- **Number of Employees:** Approximately 12 total
  - 11 employees work for Digital RFQ
  - 1 employee works for Nukkleus Inc.
- **Revenue:** Historically generated mainly through services under a General Services Agreement (GSA) with TCM, terminated effective January 2024.
- **Income:** Not explicitly provided; recent transactions and business model shifts aim at focusing on defense-related acquisitions.

## Business Focus Post-Transactions
- Shifted away from retail FX services.
- Moving toward investments in defense sector companies (notably Rimon and Star).
- Developing blockchain transaction platforms and related fintech solutions, with future plans for blockchain payment and custody/settlement systems.

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**Note:** All strategic, operational, and revenue details are based solely on provided information; no projections or assumptions are included.

Nukkleus Inc. is a fintech company that provides blockchain-enabled technology solutions for the financial sector, focusing on trading, liquidity management, and cross-border payment services.

# Nukkleus Inc. Overview

## Company Structure and History
- **Formerly Known As:** Brilliant Acquisition Corporation
- **Formed:** May 24, 2019
- **Merger Completion:** December 22, 2023, resulting in a name change to Nukkleus Inc.
- **Fiscal Year End:** September 30

## Business Model
Nukkleus Inc. operates as a financial technology company focusing on providing **blockchain-enabled technology solutions**, primarily in the financial sector. The company has two main business units: Nukkleus Technology and Digital RFQ.

### Nukkleus Technology
- **Services Offered:** Full-service transaction technology solutions, including:
  - End-to-end transaction technology and risk management.
  - Advanced transaction platforms for trading and liquidity management.
- **Key Client:** FXDD (Foreign Exchange Direct)

### Digital RFQ
- **Objective:** To deliver cross-border payment solutions and blockchain-enabled financial services to institutional investors in a secure and compliant manner.
- **Current Products:** Payment and settlement services utilizing blockchain.
- **Future Plans:** Introduction of a white-label digital bank with comprehensive digital banking solutions for international businesses.
  
## Customer and Employee Metrics
- **Customers:** Specific customer numbers are not disclosed. However, the company emphasizes its focus on institutional investors in cross-border transactions.
- **Employees:** Approximately 12 employees, with 11 working for Digital RFQ and one directly for Nukkleus.
- **Outsourced Services:** Through partnerships with firms like FXDIRECT, the company has access to around 30 account managers speaking over 10 languages.

## Financial Performance
- **Revenue:** For the fiscal year ending September 30, 2023, Nukkleus reported a revenue concentration mostly from its largest customer, TCM, contributing about **90.2%** of total revenue. 
- **Recent Developments:** The company is currently repositioning its focus away from services that generated limited net income under its General Services Agreement with TCM.

## Technology and Platforms
- **Platforms Offered:**
  - **WebTrader**, **MetaTrader**, **XWare**, **Forexware**: These platforms are essential for forex trading, providing tools for risk management and customer interactions.
- **Intellectual Property:** As of January 12, 2024, Nukkleus holds various registered trademarks, including "Forexware", "XW," and "Swordfish."

## Market Position
Nukkleus targets the evolving and competitive financial tech landscape, particularly in the foreign exchange (forex) market, seeking to leverage blockchain technology for faster and more reliable transaction solutions. The company intends to compete effectively against traditional banking institutions and newer fintech competitors by offering innovative solutions that prioritize speed, reliability, and reduced regulatory burdens.

### Market Challenges
The company acknowledges facing several risks, including limited operational history, regulatory compliance issues, competitive pressures, and the inherent volatility of cybersecurity threats in the fintech space.

Nukkleus Inc.

10-K / April 14, 2025

10-K / July 12, 2024

10-K / April 14, 2025

Nukkleus Inc. Business Summary

Company Overview

History & Evolution

Core Business Activities

Recent Strategic Transactions

Revenue & Employees

Business Focus Post-Transactions