0001493152-26-011985
SEC filingSMX (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.
SMX reported FY 2025 net loss of $174.6M, up 393% YoY from $35.4M in 2024 and $21.0M in 2023. Operating loss reached $146.3M (425% worse than $27.9M YoY), with no revenue as the company remains pre-commercial. Key drivers: G&A expenses $120.1M (843% increase YoY), R&D $11.2M (267% up), selling/marketing $4.1M (314% up), impairment/amortization $10.8M. Share-based comp $114.2M dominated costs. Balance sheet: assets $41.4M (down from prior), cash $12.2M (up from $2.3M), equity $19.3M. Cash from financing $29.7M offset $17.0M operating burn. EPS -$1 (adjusted for splits). Going concern risks noted due to losses and funding reliance.
No revenue disclosed for 2025, consistent with pre-revenue status. Focus on tech validation in circular economy, metals (gold/silver), plastics/rubber. Pilots with partners like Bio-Packaging, Tradepro, A*STAR for traceability. No segment revenue breakdown provided.
N/A - no revenue, thus no gross/operating margins. Losses driven by non-cash items: share comp $114.2M, impairments $7.6M goodwill + $1.5M intangibles. Finance expenses $40.7M (up 202% YoY) from notes/warrants. Total comp loss $177.7M.
Operating cash -$17.0M (worse from -$11.3M YoY). Investing -$1.0M (capex/development). Financing +$29.7M (notes $31.2M net). Cash end $12.2M (up from $2.3M). Assets $41.4M (current $12.8M, non-current $28.7M incl. goodwill $20.1M). Liabilities $22.1M (current $21.7M incl. payables $12.9M, notes $8.3M). Equity $19.3M (owners $8.9M, NCI $10.5M). Debt: notes $8.3M, bridge $0.5M.
Management highlights commercialization shift: pilots in rubber, plastics, gold/silver. Partnerships (A*STAR, Tradepro, CETI) for circularity. Tokenization (Plastic Cycle Token), cyber hardware. SEPA $250M facility for funding. Risks: Nasdaq compliance, dilution, going concern. Strategic expansion: UAE entity, denim/cotton initiatives.