olivLaw · US equity research
A2Z Cust2Mate Solutions Corp. AZ
General Industrial Machinery & Equipment, NEC · SIC 3569 · Vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)
A2Z Cust2Mate Solutions Corp. develops smart shopping carts for supermarkets and sells advertising through them, alongside precision metal parts made in Israel. The company is moving from one-time equipment sales toward long-term contracts with monthly per-cart fees, which makes its financial trajectory in the coming years relevant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, A2Z Cust2Mate Solutions Corp. (AZ) stock was 6.13 USD (−1.29% on the day), with market capitalisation 269.0 m USD, beta 1.15, 52-week range 5.12–8.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.6
- neutral
- Bollinger (20, 2)
- 5.48 – 6.34
- in the upper half of the band · %B 0.76 · band width 14.6%
- SMA 50 / 200
- 5.98 / 6.33
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −0.9% | +7.5 pp | — |
| 3 months | −0.3% | +1.2% | −1.5 pp | — |
| 6 months | −17.3% | +4.8% | −22.1 pp | — |
| Year to date | −5.8% | +10.7% | −16.6 pp | — |
| 1 year | −14.3% | +11.1% | −25.4 pp | −36.7% |
| 3 years | +60.3% | +80.7% | −20.5 pp | +26.1% |
| 5 years | −69.9% | +64.6% | −134.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 m | 1.1 m | 2.7 m | 9.4 m | 9.2 m | 5.4 m | 7.9 m |
| Revenue YoY | unavailable | −22.8% | +151.4% | +248.3% | −1.5% | −41.6% | +47.0% |
| Net income | unavailable | -6.0 m | -39.2 m | -16.6 m | -16.1 m | -17.0 m | -37.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.68 | -1.50 | -1.15 | -0.80 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -557.4% | -1,458.6% | -177.1% | -174.3% | -316.1% | -477.6% |
| Free cash flow | unavailable | -1.2 m | -9.8 m | -10.2 m | -11.6 m | -11.9 m | -23.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.5 m USD
- Financial debt
- 38.0 k USD
- Net debt
- -13.5 m USD
- Equity
- 76.4 m USD
- Total assets
- 85.2 m USD
- Debt / equity
- 0.00x
- Current ratio
- 11.42x
- ROE
- -90.6%
- ROA
- -72.5%
- FCF margin
- -295.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 m | 2.7 m | 9.4 m | 9.2 m | 5.4 m | 7.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Cost of revenue | 853.0 k | 2.0 m | 7.5 m | 8.0 m | 3.5 m | 6.8 m | SEC (XBRL)· 01 Apr 2026verified |
| Gross profit | 215.0 k | 656.0 k | 1.8 m | 1.3 m | 1.9 m | 1.1 m | SEC (XBRL)· 01 Apr 2026verified |
| Research & development | 418.0 k | 3.2 m | 4.5 m | 4.1 m | 3.9 m | 9.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Operating income | -2.7 m | -9.2 m | -16.7 m | -18.3 m | -12.9 m | -36.5 m | SEC (XBRL)· 01 Apr 2026verified |
| Depreciation & amortisation | 213.0 k | 321.0 k | 420.0 k | 414.0 k | 395.0 k | 494.0 k | SEC (XBRL)· 01 Apr 2026verified |
| EBITDA | -2.5 m ≈ | -8.8 m ≈ | -16.3 m ≈ | -17.9 m ≈ | -12.5 m ≈ | -36.0 m ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Interest expense | 107.0 k | 91.0 k | 1.4 m | 256.0 k | 336.0 k | 1.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Pre-tax income | -5.9 m | -40.1 m | -18.3 m | -18.1 m | -19.3 m | -38.5 m | SEC (XBRL)· 01 Apr 2026verified |
| Income tax | 17.0 k | 142.0 k | — | — | — | — | SEC (XBRL)· 08 Apr 2022verified |
| Net income | -6.0 m | -39.2 m | -16.6 m | -16.1 m | -17.0 m | -37.7 m | SEC (XBRL)· 01 Apr 2026verified |
| Diluted EPS | — | -1.68 | -1.50 | -1.15 | -0.80 | — | SEC (XBRL)· 31 Mar 2025verified |
| Weighted average diluted shares | — | — | 11.1 m | 13.9 m | 21.4 m | 37.0 m | SEC (XBRL)· 01 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.4 m | 8.5 m | 2.6 m | 2.3 m | 13.5 m | 13.5 m | SEC (XBRL)· 01 Apr 2026verified |
| Receivables | 353.0 k | 434.0 k | 2.6 m | 660.0 k | 581.0 k | 2.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Inventories | 19.0 k | 1.1 m | 375.0 k | 250.0 k | 796.0 k | 3.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Current assets | 6.2 m | 11.0 m | 6.9 m | 4.7 m | 17.1 m | 79.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Property, plant & equipment, net | 456.0 k | 1.1 m | 2.4 m | 1.9 m | 1.5 m | 3.6 m | SEC (XBRL)· 01 Apr 2026verified |
| Goodwill | — | — | 1.2 m | — | — | — | SEC (XBRL)· 27 Mar 2023verified |
| Intangibles (excl. goodwill) | 2.2 m | 2.1 m | 2.2 m | 1.9 m | — | 637.0 k | SEC (XBRL)· 01 Apr 2026verified |
| Total assets | 8.9 m | 14.1 m | 12.7 m | 8.5 m | 18.9 m | 85.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Accounts payable | 376.0 k | 1.1 m | 956.0 k | 2.5 m | 918.0 k | 2.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Short-term debt | 358.0 k | 158.0 k | 1.4 m | 1.2 m | 111.0 k | 9.0 k | SEC (XBRL)· 01 Apr 2026verified |
| Long-term debt | 666.0 k | 483.0 k | 341.0 k | 228.0 k | 108.0 k | 29.0 k | SEC (XBRL)· 01 Apr 2026verified |
| Current liabilities | 1.3 m | 2.4 m | 6.2 m | 5.6 m | 11.5 m | 7.0 m | SEC (XBRL)· 01 Apr 2026verified |
| Total liabilities | 10.8 m | 3.2 m | 9.8 m | 10.8 m | 12.0 m | 8.7 m | SEC (XBRL)· 01 Apr 2026verified |
| Equity | -2.0 m | 10.9 m | 2.9 m | -2.3 m | 6.8 m | 76.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Shares outstanding at year end | — | 26.3 m | 30.9 m | 38.4 m | 29.6 m | 43.9 m | SEC (XBRL)· 01 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.0 m | -9.4 m | -9.4 m | -11.4 m | -11.7 m | -22.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Capex | 227.0 k | 412.0 k | 727.0 k | 174.0 k | 140.0 k | 452.0 k | SEC (XBRL)· 01 Apr 2026verified |
| Free cash flow | -1.2 m ≈ | -9.8 m ≈ | -10.2 m ≈ | -11.6 m ≈ | -11.9 m ≈ | -23.4 m ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Investing cash flow | -425.0 k | -280.0 k | -1.6 m | -320.0 k | -269.0 k | -57.0 m | SEC (XBRL)· 01 Apr 2026verified |
| Financing cash flow | 7.2 m | 12.4 m | 6.1 m | 10.9 m | 22.8 m | 81.3 m | SEC (XBRL)· 01 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 269.0 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -108.5% | 0 (vs peers) | 24% |
| Net margin · Quality | -477.6% | 21 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.5% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -29.9x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 11.4x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.7% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
A2Z CUST2MATE SOLUTIONS CORP. (AZ). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.9 m USD in 2025; YoY growth 47.0%; net margin -477.6%; ROE -82.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 11.4x
What contradicts it
- ROIC: -108.5%
- Net margin: -477.6%
- Revenue CAGR 3Y: -5.5%
- Interest coverage: -29.9x
- FCF yield: -8.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
General Industrial Machinery & Equipment, NEC (SIC 3569) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYMSymbotic Inc. | 22.9 bn | 789.3 | 1.8% | 0.3% | +25.7% | −53% / +11% |
| NDSNNordson Corporation | 18.0 bn | 32.6 | 17.8% | 18.6% | +3.8% | +39% / +52% |
| RRXRegal Rexnord Corp | 10.5 bn | 32.4 | 4.8% | 5.4% | −1.6% | +12% / +33% |
| ESABESAB Corporation | 4.3 bn | 25.0 | 7.5% | 5.7% | +3.7% | −40% / +10% |
| OUSTOuster, Inc. | 2.1 bn | — | -18.0% | -26.0% | +52.5% | −11% / +679% |
| CHRNChronoscale Holdings Corporation | 2.1 bn | — | -42.0% | -70.3% | +459.4% | +167% / −12% |
| HSAIHesai Group | 1.9 bn | 28.3 | 6.9% | 14.4% | +52.1% | −49% / +26% |
| HLPHongli Group Inc. | 298.2 m | 135.3 | 3.5% | 9.9% | +39.0% | +165% / +89% |
| AZA2z Cust2mate Solutions Corp. | 269.0 m | — | -82.1% | -477.6% | +47.0% | −14% / +60% |
| SERVServe Robotics Inc. | 225.4 m | — | -64.6% | -2,315.8% | +46.2% | −80% / unavailable |
| TAYDTaylor Devices, Inc. | 180.2 m | 26.4 | 9.9% | 17.5% | −10.0% | +22% / +153% |
| RRRichtech Robotics Inc. | 20.1 m | — | -16.2% | -700.1% | +19.0% | −80% / unavailable |
| KITTNauticus Robotics, Inc. | 10.7 m | — | — | -1,132.2% | +191.8% | −98% / −100% |
| INLFInlif Limited | 1.2 m | — | -41.3% | -29.6% | +16.5% | −100% / unavailable |
| ATSATS Corp | — | — | -1.7% | -1.1% | −16.5% | −33% / −45% |
1- and 3-year price returns: for AZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (06 Oct 2026), 6-K (17 Sept 2026), 6-K (12 Aug 2026), 6-K (14 Jul 2026), 6-K (06 Jul 2026), 6-K (15 May 2026).
In brief
A2Z Cust2Mate Solutions Corp. develops smart shopping carts for supermarkets and sells advertising through them, alongside precision metal parts made in Israel. The company is moving from one-time equipment sales toward long-term contracts with monthly per-cart fees, which makes its financial trajectory in the coming years relevant.
SWOT
Strengths
- The company has large multi-year contracts with retailers, plus proprietary recognition and in-cart payment technology 1.
- The precision parts subsidiary brings revenue from dozens of customers and reduces dependence on a single contract 1.
- The subscription model creates potential for recurring revenue, distinct from one-time equipment sales 1.
Weaknesses
Opportunities
- Large contracts with Super Sapir, Trixo and Yochananof could bring recurring revenue if implemented as planned 1.
- In-cart advertising could become a higher-margin revenue source if more brands sign contracts 1.
- Geographic expansion into Mexico, Central America and France could reduce dependence on the Israeli market 1.
Risks
- Persistent losseshigh
The company has reported losses in recent years and cannot predict when it will become profitable, which could affect its financial resources 1.
- Need for additional capitalhigh
Future financing could come through share issuance with dilution for shareholders, or may not be available on acceptable terms 1.
- Customer concentrationmedium
The cart segment depends on one customer, and losing or delaying that customer could significantly reduce revenue 1.
- Currency riskmedium
Revenue is reported in dollars while many expenses are in shekels, which could affect results and cash flow 1.
- Instability in Israelmedium
Operations and personnel in Israel could be affected by conflict and military reserve call-ups 1.
Investment thesis
What would need to be true (bull case)
- If the large contracts are implemented as planned, recurring revenue could grow and reduce reliance on one-time equipment sales 1.
- The retail media division could add higher-margin revenue on the same cart infrastructure 1.
- Expansion into more countries could diversify customers and reduce risk tied to the Israeli market 1.
What would break the thesis
- The company cannot guarantee when or whether it will become profitable, and losses could keep consuming available capital 1.
- Concentration on one major customer in the cart segment could amplify the impact of any delivery delay 1.
- Additional financing could dilute existing shareholders or may not be available in time 1.
What to watch
- Deployment of the Super Sapir and Trixo contracts and cart segment revenue2026
- Financing changes and any share issuances2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (06 Oct 2026), 6-K (17 Sept 2026), 6-K (12 Aug 2026), 6-K (14 Jul 2026), 6-K (06 Jul 2026), 6-K (15 May 2026).
The business
The company runs four business lines through subsidiaries, the most important being Cust2Mate smart carts, which scan products and allow payment directly from the cart, and precision metal parts manufacturing through the Isramat subsidiary. Total revenues were 7,901 mil USD in 2025, compared with 5,376 mil USD in 2024 1. The comprehensive loss was approximately 39.8 mil USD in 2025 1.
Segments
Retail media advertising
The division launched in September 2025 combines per-cart subscriptions with advertising revenue and transaction commissions. An agreement with Toys R Us Israel and The Red Pirate guarantees a minimum of 1,2 mil USD from January 2026 1.
Market context
The company targets the international market for mobile checkout systems in stores, with a focus on supermarkets. Recent contracts in Israel, Mexico, Central America and France show geographic expansion, but the market remains concentrated among a few large customers 1.
The precision parts business depends on industrial demand in Israel, where the company has its operational offices. Stability in this market is influenced by the regional tensions described in the report 1.
Trends
- Shift to subscription modelmixed
Customers pay a small upfront fee and then monthly per-cart fees on multi-year contracts, which could stabilise revenues if these contracts are implemented. The effect depends on the actual deployment rate of the carts 1.
- Growth of retail advertisingtailwind
The retail media platform brings revenue from impressions and commissions and could diversify income sources if brands sign further contracts 1.
- Trade tariffs and supply chainsheadwind
US tariffs and possible retaliatory measures could raise the cost of certain components and materials and could make sales abroad harder 1.
- Military tensions in Israelheadwind
Conflicts in the region could affect operations, personnel and customers in Israel, where most of the business is based 1.
Competitive position
The annual report does not name competitors explicitly, describing the company instead as seeking to become a leader in international mobile checkout systems 1. Competition could come from integrated in-store payment solutions and other smart cart providers.
The stated advantages are proprietary recognition technology, integration with existing store systems and a recurring revenue model. Competitive pressure could affect pricing and adoption rates 1.
- Nayax Ltd.
Payment partner in the French deployment, not necessarily a direct competitor; it may also provide complementary solutions 1.
- Trixo
Technology integrator in Mexico and Central America and an installation partner that could also become a competitor in services 1.
- Self-service checkout system providers
Other companies offering in-store payment systems, not identified by name in the report.
- Retail media advertising platforms
Platforms selling in-store advertising space that could compete for the same brand budgets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)15 May 2026
- Current report (foreign issuer)08 Apr 2026
- Current report (foreign issuer)01 Apr 2026
- Annual report (foreign issuer)01 Apr 2026
- Current report (foreign issuer)27 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / A2Z Cust2Mate Solutions Corp. · 01 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.