The company has failed to generate any revenue across all tracked periods, while SG&A expenses surged to $2.3 million by 2022Q3, reflecting a lack of commercial traction.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 13K |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 3.45M | 0 | 227K | 0 | 0 | 10K |
| COGS % of Revenue | - | - | - | - | - | - | 76.92% |
| Gross Profit | 0 | -3.45M | 0 | -227K | 0 | 0 | 3K |
| Gross Margin % | - | - | - | - | - | - | 23.08% |
| Gross Profit Growth % | - | - | 100% | - | - | - | - |
| Operating Expenses | 4.18M | 135.24M | 27.86M | 19.71M | 5.19M | 344.62K | 4.56M |
| OpEx % of Revenue | - | - | - | - | - | - | 35100% |
| Selling, General & Admin | 4.18M | 121.29M | 10.98M | 17.2M | 3.11M | 344.62K | 2.74M |
| SG&A % of Revenue | - | - | - | - | - | - | 21061.54% |
| Research & Development | 0 | 11.05M | 3.06M | 2.51M | 1.9M | 0 | 1.69M |
| R&D % of Revenue | - | - | - | - | - | - | 12992.31% |
| Other Operating Expenses | 0 | 2.9M | 13.83M | 0 | 180K | 0 | 136K |
| Operating Income | -3.93M | -138.69M | -27.86M | -19.94M | -5.19M | -344.62K | -4.56M |
| Operating Margin % | - | - | - | - | - | - | -35076.92% |
| Operating Income Growth % | - | -397.71% | -39.75% | -284.18% | -1406.02% | - | - |
| EBITDA | -3.94M | -135.24M | -25.59M | -19.71M | -4.9M | -344.62K | -4.34M |
| EBITDA Margin % | - | - | - | - | - | - | -33392.31% |
| EBITDA Growth % | - | -428.44% | -29.83% | -302.29% | -1321.86% | - | - |
| D&A (Non-Cash Add-back) | 0 | 3.45M | 2.27M | 227K | 290K | 0 | 219K |
| EBIT | -4.17M | -138.69M | -21.91M | -19.94M | -5.06M | -344.62K | -4.49M |
| Net Interest Income | 725.6K | -28.3M | -7.54M | -6.31M | -1.1M | 1.59K | -12K |
| Interest Income | 733.89K | 12.4M | 5.96M | 1.58M | 28K | 1.59K | 67K |
| Interest Expense | 0 | 40.7M | 13.49M | 7.89M | 1.13M | 0 | 79K |
| Other Income/Expense | 733.89K | -35.9M | -7.54M | -1.05M | -994K | 1.59K | -13K |
| Pretax Income | -3.45M | -174.59M | -35.4M | -20.99M | -6.18M | -343.03K | -4.57M |
| Pretax Margin % | - | - | - | - | - | - | -35176.92% |
| Income Tax | 115.3K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -3.34% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -3.33M | -169.18M | -31.09M | -20.91M | -6.18M | -343.03K | -4.57M |
| Net Margin % | - | - | - | - | - | - | -35176.92% |
| Net Income Growth % | - | -444.12% | -48.67% | -238.2% | -1702.77% | - | - |
| Net Income (Continuing) | -3.56M | -174.59M | -35.4M | -20.99M | -6.18M | -343.03K | -4.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 10.73M | 16.24M | 20.77M | 0 | 0 | 0 |
| EPS (Diluted) | - | -0.82 | -14799.80 | -999999.00 | -386500.00 | -999999.00 | -4.47 |
| EPS Growth % | - | 99.99% | 100% | -277408.23% | 99.84% | - | - |
| EPS (Basic) | - | -0.82 | -14799.80 | -999999.00 | -386500.00 | -999999.00 | -4.47 |
| Diluted Shares Outstanding | 0 | 60.61K | 2.05K | 0 | 16 | 0 | 1.02M |
| Basic Shares Outstanding | 0 | 60.61K | 2.05K | 0 | 16 | 0 | 1.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Pre-revenue commercialization failure
According to historical income statement data, SMX has reported zero revenue across all tracked periods, indicating that the company remains in a pre-commercial phase despite its transition to public markets and the pursuit of various industrial pilot programs for its molecular tagging technology.
The absence of top-line figures suggests that the company has yet to successfully convert its technical pilots into recurring commercial contracts. Investors should monitor whether the lack of revenue reflects a fundamental inability to scale the technology or merely a prolonged gestation period for its circular economy audit services.
Based on reported financial filings, SG&A expenses surged from negligible levels in 2021 to $2.3 million by 2022Q3, reflecting the significant administrative and operational costs associated with maintaining a public listing and supporting the company's corporate infrastructure during its pre-revenue stage.
The rapid expansion of SG&A without a corresponding increase in R&D or revenue suggests that the company is prioritizing corporate overhead over product development. This cost structure warrants further investigation, as it may indicate that the firm is burdened by the expenses of being a public entity before establishing a viable commercial footprint.
As reported in financial statements, SMX has consistently generated net losses, culminating in a $1.9 million deficit in 2022Q3, which highlights the company's reliance on external capital to fund its ongoing operations in the absence of any meaningful commercial revenue streams.
The recurring net losses appear to be driven entirely by operating expenses, as there is no gross profit to offset these costs. This pattern suggests that the company's current valuation is highly speculative and contingent upon future breakthroughs that have yet to manifest in the income statement.
While management emphasizes the potential of its molecular marking technology, the lack of any recorded revenue in the provided data suggests that the market's current valuation may be disconnected from the company's actual ability to monetize its intellectual property in competitive industrial environments.
Short-sellers would likely focus on the widening gap between corporate administrative spending and the total absence of commercial sales. The risk remains that the company may exhaust its capital reserves before it can prove that its technology is a necessary utility rather than a discretionary, unscalable experiment.
Quick answers to the most common questions about buying SMX stock.
For fiscal year 2025, SMX (Security Matters) Public Limited Company (SMX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2020.
SMX (Security Matters) Public Limited Company (SMX) reported a net loss of $169.2M for the fiscal year ending 2025.