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SMX

SMX (Security Matters) Public Limited Company

SMX

SMX (Security Matters) Public Limited Company • NASDAQ
$60.18 ▲ 245.86% (+42.78)
Market Cap $76.43 M
52w High $8393.25
52w Low $1.04
Dividend Yield 0%
P/E -0.01
Volume 21.82M
Outstanding Shares 1.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2022 $0 $1.349M ▼ $-2.96M ▼ 0% $0 ▲ $-1.658M ▲
Q3-2022 $0 $2.328M ▲ $-1.871M ▼ 0% $-1.717M ▼ $-1.742M ▼
Q2-2022 $0 $1.266M ▲ $-1.115M ▼ 0% $-1.023M ▼ $-1.015M ▼
Q1-2022 $0 $246.491K ▼ $-238.195K ▲ 0% $-271.561K ▲ $-238.195K ▲
Q4-2021 $0 $340.759K $-339.169K 0% $-311.281K $-339.169K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $750K ▼ $38.91M ▼ $22.618M ▲ $1.361M ▼
Q4-2024 $2.343M ▲ $43.529M ▼ $21.137M ▲ $6.411M ▼
Q2-2024 $0 ▼ $50.559M ▼ $20.2M ▲ $9.764M ▼
Q4-2023 $168K ▼ $51.16M ▲ $18.916M ▼ $11.476M ▲
Q2-2023 $3.02M $10.258M $22.259M $-12.001M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2022 $-1.871M ▼ $-415.551K ▼ $0 $-300 ▲ $-415.851K ▼ $-415.551K ▼
Q2-2022 $-1.115M ▼ $-390.173K ▼ $0 $-14.54K ▼ $-404.713K ▼ $-390.173K ▼
Q1-2022 $-238.195K ▲ $-105.906K ▲ $0 ▲ $0 ▼ $-105.906K ▼ $-105.906K ▲
Q4-2021 $-339.169K ▼ $-405.763K ▼ $-126.25M ▼ $128.068M ▲ $1.412M ▲ $-405.763K ▼
Q3-2021 $-2.83K $-30 $0 $-7K $-7.03K $-30

Five-Year Company Overview

Income Statement

Income Statement SMX looks like a very early‑stage, pre‑revenue business. The company has essentially no recorded sales over the last several years, while expenses have led to ongoing operating and net losses. Losses are modest in absolute size but meaningful relative to the company’s tiny scale. The unusual earnings‑per‑share figures mainly reflect extreme share structure changes, not sudden swings in the underlying business. Overall, this is a technology platform still in the build‑out and commercialization phase rather than a mature operating company.

Balance Sheet

Balance Sheet The balance sheet is very small and thinly capitalized, with only a modest base of assets and equity. Cash levels appear limited, and there is at least some use of debt, which reduces flexibility for a company that is not yet generating revenue. Repeated reverse stock splits signal significant historical dilution and market‑value pressure. This combination points to a fragile financial position that likely leaves SMX dependent on external funding to support operations and growth. Any delays in commercial traction could strain this balance sheet further.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting that the business spends more cash than it brings in. Free cash flow is also negative, even though capital spending is minimal, which suggests the cash burn is mainly from ongoing operating and development costs rather than heavy investment in physical assets. This pattern is typical for an early‑stage technology company, but it does mean the business is reliant on raising capital rather than self‑funding. Sustained negative cash flow is a key risk area until recurring, meaningful customer revenues develop.

Competitive Edge

Competitive Edge On the strategic side, SMX appears to have a distinctive and well‑protected technology for linking physical materials to digital records, backed by patents and specialized hardware and software. Its focus on traceability, anti‑counterfeiting, and recycling aligns well with growing regulatory, ESG, and supply‑chain transparency trends. The platform can span multiple industries, which, if adopted, could create powerful network effects and high switching costs for customers. However, the company is still an emerging player, competing in markets where larger, better‑funded firms and alternative tracking methods also exist. The key uncertainty is how quickly SMX can convert its technological edge and partnerships into broad, paying customer adoption.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of SMX’s story: molecular markers, proprietary readers, and a blockchain‑based platform create a differentiated “physical‑to‑digital” traceability offering. The company is pushing into specific use cases such as plastics recycling, precious metals provenance, and anti‑counterfeiting for electronics, showing a willingness to tailor its technology to high‑value verticals. The move toward “as‑a‑service” models suggests a strategy to build recurring revenue and deeper integration into clients’ operations. Future upside depends on continuing to expand marker capabilities, monetize data and analytics, and secure strategic partnerships. The main risk is execution: turning strong R&D into scalable, profitable commercial products before funding constraints slow progress.

Summary

SMX is a highly innovative, but very early‑stage, industrial technology company focused on supply‑chain traceability and authenticity. Financially, it remains pre‑revenue with ongoing losses, a very lean balance sheet, negative cash flow, and a history of repeated reverse stock splits, all of which point to meaningful financing and going‑concern risk. Strategically, the firm has a compelling technology platform, IP protection, and alignment with powerful ESG and transparency trends across multiple industries, which together form a potential competitive moat if adoption scales. The investment case revolves around whether SMX can secure enough capital and commercial traction to bridge from today’s small, loss‑making base to a sustainable, recurring‑revenue model. Outcomes could vary widely, making this a high‑uncertainty, high‑execution‑risk profile centered on technology and market adoption rather than current financial strength.

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