Operating cash flow remains consistently negative, with a $415.6K deficit in 2022Q3 highlighting a structural reliance on external financing rather than internal cash generation.
| Cash from Operations | -1.32M | -17M | -11.31M | -12.48M | -5.22M | -406.17K | -3.52M |
| Operating CF Margin % | - | - | - | - | - | - | -27038.46% |
| Operating CF Growth % | -253318.37% | -50.27% | 9.34% | -138.92% | -1185.91% | - | - |
| Net Income | -3.33M | -169.18M | -31.09M | -20.91M | -6.18M | -343.03K | -4.57M |
| Depreciation & Amortization | 0 | 3.45M | 2.27M | 227K | 290K | 0 | 219K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 306K | 0 | 483K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1K |
| Other Non-Cash Items | -733.89K | 148.79M | 18.38M | 3.41M | 953K | -1.59K | 65K |
| Working Capital Changes | 2.98M | -63K | -879K | 4.8M | -588K | -61.55K | 290K |
| Change in Receivables | 0 | 1.24M | 140K | 2.94M | 0 | 0 | -162K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 2.22M | 0 | 323K |
| Cash from Investing | -126.25M | 0 | -190K | -1.04M | -1.13M | -126.25M | -958K |
| Capital Expenditures | 0 | 0 | -190K | -1.04M | -152K | 0 | -235K |
| CapEx % of Revenue | - | - | - | - | - | - | 1807.69% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -975K | 0 | -723K |
| Cash from Financing | 128.05M | 29.75M | 13.11M | 11.95M | 3.85M | 128.07M | 6.7M |
| Debt Issued (Net) | -87K | 29.8M | 4.27M | 3.13M | 3.66M | 0 | -156K |
| Equity Issued (Net) | 128.14M | 0 | 9.34M | 6.19M | 0 | 128.07M | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -53K | -503K | 2.64M | 182K | 0 | 0 |
| Net Change in Cash | 485.93K | 9.86M | 2.17M | -1.25M | -2.77M | 1.42M | 2.63M |
| Free Cash Flow | -1.21M | -17M | -11.34M | -12.54M | -6.35M | -406.17K | -4.47M |
| FCF Margin % | - | - | - | - | - | - | -34407.69% |
| FCF Growth % | - | -49.99% | 9.6% | -97.46% | -1463.38% | - | - |
| FCF per Share | - | -280.51 | -5534.67 | - | -396875.00 | - | -4.37 |
| FCF Conversion (FCF/Net Income) | 0.36x | 0.10x | 0.36x | 0.60x | 0.84x | 1.18x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-revenue commercialization failure
As reported in financial statements, SMX consistently records negative operating cash flow, with the 2022Q3 deficit reaching $415.6K, which underscores the company's inability to generate internal liquidity from its core business activities while it remains in a pre-revenue, high-burn development phase.
The persistent gap between net income and operating cash flow suggests that the company is not yet capturing value from its pilot programs. Investors should monitor whether the company can transition from these cash-consuming activities to a model where operational inflows begin to offset its significant administrative and research overhead.
Based on the provided data, SMX's free cash flow remains consistently negative, with the 2022Q3 outflow of $415.6K highlighting a structural reliance on external financing to sustain operations in the absence of any meaningful revenue generation or self-funding capabilities.
The lack of positive free cash flow indicates that the company is currently a pure capital consumer rather than a self-sustaining enterprise. This trajectory warrants further investigation into how long the current cash reserves can support the existing burn rate before additional dilutive financing becomes necessary.
According to recent SEC filings, working capital changes have frequently provided temporary cash inflows, such as the $2.0 million benefit recorded in 2022Q3, which appears to obscure the underlying cash burn inherent in the company's current operational structure.
These fluctuations in working capital suggest that the company's cash position is highly sensitive to timing differences in payables and receivables rather than organic operational success. Analysts should be cautious, as these non-recurring working capital adjustments may provide a misleading picture of the company's true liquidity health.
As indicated by the provided financial data, the absence of significant capital expenditures, with values near zero across multiple quarters, suggests that the company may be expensing most development costs, which keeps the reported cash burn high and transparently reflects the lack of commercial scale.
The minimal investment in physical assets may imply that the company is not yet building the infrastructure required for mass-market deployment of its technology. This lack of capital intensity may indicate that the business model is still in a conceptual stage, requiring further validation before significant asset-based scaling can occur.
Quick answers to the most common questions about buying SMX stock.
SMX (Security Matters) Public Limited Company (SMX) generated $-17.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SMX (Security Matters) Public Limited Company (SMX) reported negative free cash flow of $17.0M in 2025, indicating capital requirements exceeded cash from operations.
SMX (Security Matters) Public Limited Company (SMX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.