Liquidity has deteriorated significantly, with the current ratio falling from 4.80 in 2021Q4 to a precarious 0.20 by 2022Q3, indicating potential difficulty in meeting short-term obligations.
| Total Current Assets | 650.88K | 12.79M | 4.34M | 802K | 5.07M | 1.69M | 4.79M |
| Cash & Short-Term Investments | 490.22K | 12.2M | 2.34M | 168K | 1.4M | 1.42M | 4.34M |
| Cash Only | 490.22K | 12.2M | 2.34M | 168K | 1.4M | 1.42M | 4.34M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 389K | 1.89M | 492K | 444K | 0 | 417K |
| Days Sales Outstanding | - | - | - | - | - | - | 11.71K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 142K | 72K | 0 | 0 |
| Total Non-Current Assets | 126.98M | 28.65M | 39.19M | 50.36M | 6.22M | 126.33M | 3.68M |
| Property, Plant & Equipment | 0 | 501K | 616K | 800K | 969K | 0 | 1.1M |
| Fixed Asset Turnover | - | - | - | - | - | - | 0.01x |
| Goodwill | 0 | 20.12M | 26.14M | 32.96M | 0 | 0 | 0 |
| Intangible Assets | 0 | 7.92M | 12.33M | 16.49M | 5.03M | 0 | 2.33M |
| Long-Term Investments | 505.92M | 114K | 105K | 115K | 221K | 126.25M | 248K |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 82.83K | 0 |
| Total Assets | 127.63M | 41.44M | 43.53M | 51.16M | 11.29M | 128.02M | 8.46M |
| Asset Turnover | 0.00x | - | - | - | - | - | 0.00x |
| Asset Growth % | 44546.81% | -4.8% | -14.92% | 353.22% | -91.18% | - | - |
| Total Current Liabilities | 3.19M | 21.73M | 20.8M | 18.02M | 4.92M | 351.51K | 1.41M |
| Accounts Payable | 0 | 0 | 0 | 0 | 2.97M | 0 | 515K |
| Days Payables Outstanding | - | - | - | - | - | - | 18.8K |
| Short-Term Debt | 0 | 8.79M | 5.63M | 3.18M | 1.27M | 0 | 280K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 50K | 0 | 20K |
| Other Current Liabilities | 3.07M | 12.37M | 14.16M | 14.12M | 392K | 351.51K | 350K |
| Current Ratio | 0.20x | 0.59x | 0.21x | 0.04x | 1.03x | 4.80x | 3.40x |
| Quick Ratio | 0.20x | 0.59x | 0.21x | 0.04x | 1.03x | 4.80x | 3.40x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.38M | 382K | 337K | 894K | 4.21M | 4.38M | 616K |
| Long-Term Debt | 0 | 0 | 0 | 483K | 3.68M | 0 | 0 |
| Capital Lease Obligations | 0 | 382K | 337K | 411K | 440K | 0 | 531K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.75M | 0 | 0 | 0 | 85K | 4.38M | 85K |
| Total Liabilities | 7.56M | 22.11M | 21.14M | 18.92M | 9.13M | 4.73M | 2.02M |
| Total Debt | 0 | 9.17M | 5.97M | 4.08M | 5.42M | 0 | 869K |
| Net Debt | -490.22K | -3.03M | 3.63M | 3.91M | 4.03M | -1.42M | -3.47M |
| Debt / Equity | 0.00x | 0.47x | 0.27x | 0.13x | 2.52x | - | 0.13x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.12x | - | - | - | - | - | - |
| Interest Coverage | - | -3.41x | -1.62x | -2.53x | -4.48x | - | -57.72x |
| Total Equity | 120.07M | 19.32M | 22.39M | 32.24M | 2.16M | 123.29M | 6.44M |
| Equity Growth % | 508602.18% | -13.7% | -30.55% | 1395.55% | -98.25% | - | - |
| Book Value per Share | - | 318.86 | 10933.59 | - | 134750.00 | - | 6.30 |
| Total Shareholders' Equity | 120.07M | 8.6M | 6.15M | 11.48M | 2.16M | 123.29M | 6.44M |
| Common Stock | 126.68M | 264.63M | 89.98M | 62.9M | 32.71M | 353 | 21.88M |
| Retained Earnings | -6.61M | -251.2M | -82.03M | -50.93M | -30.02M | -2.96M | -18.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -4.83M | -1.8M | -491K | -537K | 0 | 605K |
| Minority Interest | 0 | 10.73M | 16.24M | 20.77M | 0 | 0 | 0 |
Pre-revenue commercialization failure
As reported in financial statements, SMX's balance sheet trajectory reflects a transition from negligible scale in 2021 to a $127.6 million asset base by 2022Q3, primarily driven by corporate restructuring rather than organic growth, leaving the company in a highly precarious financial position.
The sudden expansion in total assets suggests a significant capital injection or accounting reorganization associated with the SPAC merger rather than operational success. This shift appears to have created a bloated balance sheet relative to the company's inability to generate revenue, indicating that the business quality remains speculative.
Based on the provided data, SMX's current ratio plummeted from 4.80 in 2021Q4 to a concerning 0.20 by 2022Q3, signaling that the company's liquid assets are insufficient to cover its short-term obligations as it continues to burn through its remaining cash reserves.
The rapid decline in the current ratio suggests that the company is consuming its working capital at an unsustainable pace. Investors should monitor this trend closely, as the current liquidity profile implies a high probability of needing further dilutive financing to maintain basic operations.
According to historical balance sheet data, SMX's equity base has been eroded by persistent losses, with retained earnings falling to a deficit of $6.6 million by 2022Q3, highlighting the ongoing destruction of shareholder value during the company's pre-commercial development phase.
The accumulation of negative retained earnings confirms that the company is not yet generating the returns necessary to sustain its capital base. This trend suggests that equity holders are effectively funding the company's R&D and administrative overhead without any clear path to profitability in the near term.
As indicated by the reported figures, SMX maintains a balance sheet devoid of meaningful PPE or tangible assets, which warrants further investigation into whether the company's valuation is supported by actual industrial utility or merely speculative intangible value following its recent public listing.
The absence of significant PPE suggests that the company may be outsourcing its manufacturing or has yet to invest in the physical infrastructure required for scale. This lack of tangible backing makes the company's valuation highly sensitive to impairment risks if its proprietary technology fails to achieve commercial adoption.
Quick answers to the most common questions about buying SMX stock.
As of 2025, SMX (Security Matters) Public Limited Company (SMX) had total assets of $41.4M including $12.8M in current assets.
SMX (Security Matters) Public Limited Company (SMX) carries total debt of $9.2M, offset by $12.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SMX (Security Matters) Public Limited Company (SMX) has total shareholders' equity (book value) of $8.6M ($318.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SMX (Security Matters) Public Limited Company (SMX) reported a current ratio of 0.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.