SMX (Security Matters) Public Limited Company

SMX (Security Matters) Public Limited Company reported a net loss of $174.6 million for FY 2025 ending December 31, 2025, a sharp increase from $35.4 million in 2024 and $21.0 million in 2023, driven by $120.1 million in general and administrative expenses (up from $12.7 million), $11.2 million in R&D, $4.1 million in selling/marketing, and $10.8 million in impairment/amortization. Operating loss widened to $146.3 million from $27.9 million YoY. No revenue was generated, reflecting pre-commercial stage focus on technology development. Balance sheet shows total assets of $41.4 million, with cash at $12.2 million (up from $2.3 million), liabilities $22.1 million, and equity $19.3 million. Cash burn from operations was $17.0 million, offset by $29.7 million financing inflows. EPS was -$1 basic/diluted (adjusted for multiple reverse splits). Heavy reliance on equity raises ($29.7 million net financing) and share-based comp ($114.2 million) fueled losses. Going concern doubt persists due to recurring losses and funding needs, with plans for commercialization in circular economy, metals, and traceability.

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