One month into the conflict between the United States and Iran, a comparative "war report card" shows asymmetrical losses. The US has faced limited troop casualties but key strategic setbacks, including aircraft, drones, and critical radar systems. Meanwhile, Iran has suffered heavier overall damage, losing significant numbers of aircraft, naval assets, and much of its air defence network. However, both sides are now facing a serious depletion of missiles and munitions, turning the conflict into a war of attrition with long-term risks.