olivLaw · US equity research
SMX (Security Matters) Public Limited Company SMX
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
SMX (Security Matters) Public Limited Company develops molecular marking, reading and tracking technology for product authentication and supply chain integrity, with a focus on the circular economy. The company reported total current liabilities of 21,732 thousand USD as of December 31 2025, and the context of plastic recycling, where it cites a global rate of just 9%, shows why its solution could matter to brands seeking verifiable traceability.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SMX (Security Matters) Public Limited Company (SMX) stock was 1.18 USD (−31.40% on the day), with market capitalisation 2.1 m USD, beta 2.00, 52-week range 1.18–3,723.92 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)
- 17.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.51 – 4.14
- in the lower half of the band · %B 0.18 · band width 156.2%
- SMA 50 / 200
- 8.49 / 34.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.79 / -2.15
- 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 | −69.7% | −1.1% | −68.6 pp | — |
| 3 months | −93.0% | −0.5% | −92.6 pp | — |
| 6 months | −66.3% | +4.4% | −70.7 pp | — |
| Year to date | −99.4% | +12.3% | −111.7 pp | — |
| 1 year | −92.8% | +13.5% | −106.4 pp | −47.0% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +54.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 13.0 k | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -4.6 m | -4.9 m | -6.2 m | -20.9 m | -31.1 m | -174.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -7.41 | -17,624.00 | -202,900.00 | -3,031.00 | -0.82 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -35,176.9% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -3.8 m | -4.2 m | -5.4 m | -12.5 m | -11.3 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 19.3 m USD
- Total assets
- 41.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.59x
- ROE
- -837.0%
- ROA
- -411.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 13.0 k | — | — | — | — | — | SEC (XBRL)· 01 May 2023verified |
| Cost of revenue | 10.0 k | — | — | — | — | — | SEC (XBRL)· 01 May 2023verified |
| Gross profit | 3.0 k | — | — | — | — | — | SEC (XBRL)· 01 May 2023verified |
| Research & development | 1.7 m | 2.0 m | 1.9 m | 2.7 m | 3.1 m | 11.2 m | SEC (XBRL)· 20 Mar 2026verified |
| Operating income | -4.6 m | -5.0 m | -5.2 m | -36.7 m | -27.9 m | -146.3 m | SEC (XBRL)· 20 Mar 2026verified |
| Interest expense | 79.0 k | 101.0 k | 1.1 m | 7.9 m | 13.5 m | 40.7 m | SEC (XBRL)· 20 Mar 2026verified |
| Pre-tax income | -4.6 m | -4.9 m | -6.2 m | -21.0 m | -35.4 m | -174.6 m | SEC (XBRL)· 20 Mar 2026verified |
| Net income | -4.6 m | -4.9 m | -6.2 m | -20.9 m | -31.1 m | -174.6 m | SEC (XBRL)· 20 Mar 2026verified |
| Diluted EPS | -0.04 | -7.41 | -17,624.00 | -202,900.00 | -3,031.00 | -0.82 | SEC (XBRL)· 20 Mar 2026verified |
| Weighted average diluted shares | — | 666 | 351 | 1.3 k | 10 | 206.9 k | SEC (XBRL)· 20 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.3 m | 4.2 m | 1.4 m | 168.0 k | 2.3 m | 12.2 m | SEC (XBRL)· 20 Mar 2026verified |
| Current assets | — | 5.1 m | 5.1 m | 802.0 k | 4.3 m | 12.8 m | SEC (XBRL)· 20 Mar 2026verified |
| Property, plant & equipment, net | — | 1.2 m | 555.0 k | 411.0 k | 268.0 k | 165.0 k | SEC (XBRL)· 20 Mar 2026verified |
| Goodwill | — | — | — | 33.0 m | 26.1 m | 20.1 m | SEC (XBRL)· 20 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 3.9 m | 5.0 m | 16.5 m | 12.3 m | 7.9 m | SEC (XBRL)· 20 Mar 2026verified |
| Total assets | — | 10.3 m | 11.3 m | 51.2 m | 43.5 m | 41.4 m | SEC (XBRL)· 20 Mar 2026verified |
| Short-term debt | — | 270.0 k | 710.0 k | — | 1.0 m | — | SEC (XBRL)· 14 May 2025verified |
| Current liabilities | — | 1.9 m | 4.9 m | 18.0 m | 20.8 m | 21.7 m | SEC (XBRL)· 20 Mar 2026verified |
| Total liabilities | — | 2.4 m | 9.1 m | 18.9 m | 21.1 m | 22.1 m | SEC (XBRL)· 20 Mar 2026verified |
| Equity | 6.4 m | 7.9 m | 2.2 m | 32.2 m | 22.4 m | 19.3 m | SEC (XBRL)· 20 Mar 2026verified |
| Shares outstanding at year end | — | — | — | — | — | 1.8 m | SEC (XBRL)· 20 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.5 m | -3.9 m | -5.2 m | -12.5 m | -11.3 m | -17.0 m | SEC (XBRL)· 20 Mar 2026verified |
| Capex | 235.0 k | 297.0 k | 152.0 k | 60.0 k | 21.0 k | — | SEC (XBRL)· 14 May 2025verified |
| Free cash flow | -3.8 m ≈ | -4.2 m ≈ | -5.4 m ≈ | -12.5 m ≈ | -11.3 m ≈ | — | SEC (XBRL)· 14 May 2025derived |
| Investing cash flow | -958.0 k | -1.8 m | -1.1 m | -1.0 m | -190.0 k | — | SEC (XBRL)· 14 May 2025verified |
| Financing cash flow | 6.7 m | 6.1 m | 3.8 m | 12.0 m | 13.1 m | 29.7 m | SEC (XBRL)· 20 Mar 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 m USD
Key indicators
Coverage and freshness
Score by group
19% · 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.6x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -803.2% | 0 (on a fixed band) | 44% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
SMX (Security Matters) Public Limited Company (SMX). Latest full fiscal year: 2020; data up to 2025-12-31.
Figures computed from the financial statements: revenue 13.0 k USD in 2020; ROE -2,287.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -3.6x
- Current ratio: 0.6x
- FCF yield: -803.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · same industry (4-digit SIC) · compared with 10 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 | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 137.2 bn | 35.3 | 19.6% | 12.2% | +10.3% | +2% / +55% |
| CWCurtiss-Wright Corporation | 16.7 bn | 31.1 | 19.7% | 14.8% | +12.1% | −20% / +111% |
| EPACEnerpac Tool Group Corp. | 2.2 bn | 24.5 | 20.2% | 13.8% | +5.7% | +11% / +55% |
| ZOOZZOOZ Strategy Ltd. | 972.0 m | — | -88.3% | -22,505.7% | −76.3% | −49% / unavailable |
| VHUBVenhub Global, Inc. | 21.4 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 10.4 m | — | -48.9% | -63.2% | +13.0% | −83% / −91% |
| SMXSMX (Security Matters) Public Limited Company | 2.1 m | — | -2,287.2% | — | unavailable | −93% / −100% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −47% / unavailable |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −53% / −97% |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −89% / unavailable |
| MOG-AMOOG Inc. | — | 27.7 | 18.2% | 8.7% | +7.0% | +42% / +133% |
1- and 3-year price returns: for SMX 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
Scenarios are not available. input data missing
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 20 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (08 Sept 2026), 6-K (28 Jul 2026), 6-K (17 Jul 2026), 6-K (01 Jul 2026).
In brief
SMX (Security Matters) Public Limited Company develops molecular marking, reading and tracking technology for product authentication and supply chain integrity, with a focus on the circular economy. The company reported total current liabilities of 21,732 thousand USD as of December 31 2025 1, and the context of plastic recycling, where it cites a global rate of just 9% 1, shows why its solution could matter to brands seeking verifiable traceability.
SWOT
Strengths
- A patent portfolio and a marking technology that works across different materials, with one reader and a common platform.
- A core technology license without industry restrictions provides a base for expansion into several sectors.
- Positioning in the circular economy and ESG traceability fits the sustainability goals of many brands.
Weaknesses
- The company has not yet recorded revenue from technology sales, and its current liabilities are significant.
- The filing includes a substantial doubt going concern paragraph, which makes financing more difficult.
- The operating history is relatively short, and the company has carried out several reverse stock splits in recent years.
Opportunities
- Expansion into Asia, the Middle East and Europe could open access to large packaging and materials manufacturers.
- Collaborations with recycled packaging producers and sorting partners could turn pilot projects into commercial contracts.
- Tokenization of physical materials could create new revenue streams if financial partnerships materialize.
Threats
- Long sales cycles with large corporations could cancel projects already in advanced stages for external reasons.
- Regulatory changes or legislative delays could reduce demand for verifiable traceability.
- Geopolitical pressures, tariffs and freight costs could affect the production and delivery of markers and readers.
Risks
- Substantial doubt about going concernhigh
The 2025 financial statements contain an explanatory paragraph on substantial doubt about the company's ability to continue as a going concern, which could make obtaining financing on reasonable terms harder.
- High current liabilitieshigh
Current operations do not generate enough cash flow to cover payables and other liabilities, which could reduce financial flexibility and increase interest expense.
- Dilution from debt conversionmedium
Debt convertible into shares could cause significant dilution for existing shareholders, particularly if financing is raised through share issuance.
- Dependence on the Isorad licensemedium
If the Isorad license were terminated, the business could be affected, because the core technology depends on this agreement.
- Share price volatility and liquiditylow
The share price has been described as volatile, and an active market may not be sustained, which could limit investor liquidity.
Investment thesis
What would need to be true (bull case)
- If large packaging producers and brands adopt molecular marking, the company could turn its patent portfolio and partnerships into a recurring revenue stream.
- A technology that works across several material types with a single reader could offer an advantage over more limited solutions.
- Regulatory pressure for recycling and sustainability could increase interest in verifiable traceability in the coming years.
What would break the thesis
- The lack of sales revenue and the going concern warning could make financing expensive or limited.
- Long sales cycles and dependence on a few large clients could delay adoption and reduce predictability.
- Dilution from debt conversion and repeated reverse stock splits could weigh on investor confidence and value per share.
What to watch
- First revenue from commercial contracts with the partners that signed letters of intent2026
- Trend in current liabilities and cash flow, and any new financingnext 10-K
- Status of the Isorad license and patent approvals2026
- Progress of the BT-SYSTEMS REDWAVE project and the LIQOS partnership2026
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 20 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (08 Sept 2026), 6-K (28 Jul 2026), 6-K (17 Jul 2026), 6-K (01 Jul 2026).
The business
The company describes its solution as a complete tracking system made of a molecular marker, a reader and a blockchain-based digital platform. Markers are applied to solid, liquid or gaseous materials, and the reader captures the data, which is stored on a digital ledger. The business model targets manufacturers and brands rather than consumers, through business-to-business sales or white label solutions, priced on a fixed fee or volume basis. The company says it has not yet recorded revenue from technology sales 1.
The company's history starts with SMX Israel, founded in 2014, which licenses its core technology from Isorad, linked to Soreq. The company was formed in Ireland in 2022 and took over Security Matters PTY through a business combination with Lionheart, completed on March 7 2023, and its shares were listed on NASDAQ under the symbol SMX. It also holds stakes in trueGold, SMX Circular Economy Platform and other subsidiaries 1.
The expansion strategy targets Asia, with a focus on Japan, the Middle East and Europe, as entry points for large-scale deployment. The company has announced collaborations with recycled packaging manufacturers and partners in recycling and materials tokenization, but the filing describes these as letters of intent or strategic partnerships rather than confirmed revenue 1.
Segments
Molecular marking and traceability
This is the core of the business: invisible molecular markers applied during production that allow verification of origin, material type and recycling history. The company says markers can be permanent or removable and can indicate concentration as well as presence 1.
Readers and digital platform
The reader, available as a handheld device or industrial apparatus, reads markers without laboratory analysis. Data is recorded on a blockchain, where producer, production date and past owners can be verified. The company is also developing capabilities to tokenize physical materials, extending the platform into financial ecosystems 1.
Circular economy and recycling credits
The company has announced a plastic recycling token, designed as an alternative to carbon credits, which could support the transition to sustainable practices. The project is at an early stage, and its success depends on partners and regulation 1.
Market context
The market described by the company is authentication, anti-counterfeiting and supply chain traceability, with a related segment in recycling. The company cites an estimated market of over 40 billion USD for plastic recycling 1, but this is the company's own estimate, not an independently verified size.
Demand depends on regulatory pressure and the ESG requirements of brands. The company says recycling policies and sustainability regulations could accelerate adoption, but acknowledges that slow legislation or shifting priorities could slow growth 1.
Trends
- Regulatory pressure for recyclingtailwind
Policies on recycling packaging and metals, and regulations on the circular economy, could create demand for verifiable traceability if they are adopted and enforced.
- Demand for traceability and sanctions compliancetailwind
The company identifies supply chain security and sanctions compliance as a growth engine, which could extend use of the technology beyond sustainability 1.
- Long sales cyclesheadwind
The company aims sales at large international conglomerates, which means long sales cycles and a risk that a project is broken off for reasons outside its control 1.
- Geopolitical tensions and production costsmixed
The company mentions Eastern European issues, tariffs, freight costs and other external pressures that could affect the availability and cost of producing markers and readers 1.
Competitive position
The company's filing does not name competitors explicitly. It says it operates in a traceability solutions space that other entities could enter, and its stated advantage is that a single reader can detect data in metals, fabrics, food and plastics on one common digital platform 1.
The stated advantage rests on a portfolio of over one hundred patents at various stages of approval and on the Isorad license, which applies across industries. The company acknowledges it still has no sales revenue, so its competitive position depends on customer adoption 1.
- Traceability and anti-counterfeiting providers not named in the source
The company refers to competitors in general without naming them. No specific firms can be identified from this source.
- Recycling traceability solution providers
The source mentions other entities in the traceability space without names or tickers.
- Sorting and certification partners for recycling
The company works with detection and sorting partners, but they are collaborators rather than competitors named in the filing.
- Material tokenization platforms
The idea of tokenizing physical materials could attract new actors, but the source does not identify them.
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)04 Nov 2026
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)17 Jul 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)10 Jun 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)15 May 2026
- Current report (foreign issuer)08 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / SMX (Security Matters) Public Limited Company · 20 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.