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SMX (Security Matters) Public Limited Company Warrant (SMXWW) Financials

SMXWW
FY2025 annual
Revenue Not reported for FY2025
Net Income -$174.6M n/m YoY
EPS (Diluted) -$0.82 YoY not available
Operating Cash Flow -$17.0M n/m YoY
Source SEC Filings (20-F/6-K) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Mar 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SMXWW SEC filings page.

This page shows SMX (Security Matters) Public Limited Company Warrant (SMXWW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SMXWW FY2025

The numbers depict a business whose cash needs are financed externally while its reported losses have become dramatically larger.

In FY2025, the net loss reached $174.6M while operating cash flow was -$17.0M; that wide divergence means accounting losses were not a direct measure of current-period cash consumption. Compared with FY2024, the loss expanded nearly fivefold while operating cash outflow rose by only about half, pointing to noncash charges or other accounting items driving much of the earnings deterioration.

The near-term funding position is tight: a current ratio of 0.6 means current liabilities of $21.7M exceed current assets of $12.8M. Yet total liabilities of $22.1M remain below total assets of $41.4M, separating short-term payment pressure from the broader balance-sheet position.

Financing supplied $29.7M in FY2025 against operating cash outflow of $17.0M, so cash needs were met by external financing rather than internally generated cash. This pattern was also visible in FY2024, when financing cash flow of $13.1M exceeded operating cash outflow of $11.3M, making outside funding a recurring operating feature.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

SMX (Security Matters) Public Limited Company Warrant does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
2/5

SMX (Security Matters) Public Limited Company Warrant passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.

Earnings Quality No Cash Backing
N/A

SMX (Security Matters) Public Limited Company Warrant reported a net loss of $174.6M while operations used $17.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk
N/A

SMX (Security Matters) Public Limited Company Warrant reported an operating loss of $146.3M against $40.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

EBITDA
-$142.8M
YoYn/m
5Y CAGRn/m

SMX (Security Matters) Public Limited Company Warrant's EBITDA was -$142.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.

Net Income
-$174.6M
YoYn/m
5Y CAGRn/m

SMX (Security Matters) Public Limited Company Warrant reported a net loss of $174.6M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.

EPS (Diluted)
-$0.82

SMX (Security Matters) Public Limited Company Warrant earned -$0.82 per diluted share (EPS) in fiscal year 2025.

Revenue

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt
$12.2M
YoY+420.7%
5Y CAGR+23.0%

SMX (Security Matters) Public Limited Company Warrant held $12.2M in cash against $6K in long-term debt as of fiscal year 2025, with $21.7M of liabilities due within a year.

Shares Outstanding
2M

SMX (Security Matters) Public Limited Company Warrant had 2M shares outstanding in fiscal year 2025.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity
-1971.4%
YoY-1486.5pp
5Y change-1900.4pp

SMX (Security Matters) Public Limited Company Warrant's ROE was -1971.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1486.5 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending
$11.2M
YoY+267.0%
5Y CAGR+46.1%

SMX (Security Matters) Public Limited Company Warrant invested $11.2M in research and development in fiscal year 2025. This represents an increase of 267.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

SMXWW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SMXWW annual income statement
MetricFY2520-FFY2420-FFY2320-FFY2220-FFY2120-FFY2020-F
RevenueN/AN/AN/AN/AN/A$13K
Cost of RevenueN/AN/AN/AN/AN/A$10K
Gross ProfitN/AN/AN/AN/AN/A$3K
R&D Expenses$11.2M+267.0%$3.1M+12.8%$2.7M+42.8%$1.9M-6.9%$2.0M+20.7%$1.7M
Operating Income-$146.3Mn/m-$27.9Mn/m-$36.7Mn/m-$5.2Mn/m-$5.0Mn/m-$4.6M
EBITDA-$142.8Mn/m-$25.6Mn/m-$36.5Mn/m-$4.9Mn/m-$4.7Mn/m-$4.3M
Interest Expense$40.7M+201.7%$13.5M+71.0%$7.9M+599.6%$1.1M+1016.8%$101K+27.8%$79K
Net Income-$174.6Mn/m-$31.1Mn/m-$20.9Mn/m-$6.2Mn/m-$4.9Mn/m-$4.6M
EPS (Basic)-$0.82-$3031.00-$202900.00-$1000000.00-$0.03n/m-$0.04
EPS (Diluted)-$0.82-$3031.00-$202900.00-$1000000.00-$7.41N/A
Diluted Shares (Avg)206,8501010666N/A

Not reported in any period shown, so not listed: SG&A Expenses, Income Tax.

SMXWW Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SMXWW annual balance sheet
MetricFY2520-FFY2420-FFY2320-FFY2220-FFY2120-FFY2020-F
Total Assets$41.4M-4.8%$43.5M-14.9%$51.2M+353.2%$11.3M+9.2%$10.3MN/A
Current Assets$12.8M+194.9%$4.3M+440.6%$802K-84.2%$5.1M-0.4%$5.1MN/A
Cash & Equivalents$12.2M+420.7%$2.3M+1294.6%$168K-88.0%$1.4M-66.5%$4.2M-3.9%$4.3M
Goodwill$20.1M-23.0%$26.1M-20.7%$33.0MN/AN/AN/A
Total Liabilities$32.6M-12.2%$37.1M-6.5%$39.7M+334.6%$9.1M+273.2%$2.4MN/A
Current Liabilities$21.7M+4.5%$20.8M+15.4%$18.0M+265.9%$4.9M+159.8%$1.9MN/A
Non-Current Liabilities$382K+13.4%$337K-62.3%$894K-78.7%$4.2M+663.5%$551KN/A
Long-Term Debt$6KN/AN/AN/AN/AN/A
Total Equity$8.9M+38.1%$6.4M-44.1%$11.5M+432.3%$2.2M-72.7%$7.9M+22.5%$6.4M
Retained Earnings-$251.2Mn/m-$82.0Mn/m-$50.9Mn/m-$30.0Mn/m-$23.8MN/A

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments.

SMXWW Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SMXWW annual cash flow statement
MetricFY2520-FFY2420-FFY2320-FFY2220-FFY2120-FFY2020-F
Operating Cash Flow-$17.0Mn/m-$11.3Mn/m-$12.5Mn/m-$5.2Mn/m-$3.9Mn/m-$3.5M
Depreciation & Amortization$3.5M+51.8%$2.3M+910.2%$225K-22.4%$290K-7.9%$315K+43.8%$219K
Capital ExpendituresN/A$21K-65.0%$60K-60.5%$152K-48.8%$297K+26.4%$235K
Free Cash FlowN/A-$11.3Mn/m-$12.5Mn/m-$5.4Mn/m-$4.2Mn/m-$3.8M
Investing Cash FlowN/A-$190Kn/m-$1.0Mn/m-$1.1Mn/m-$1.8Mn/m-$958K
Financing Cash Flow$29.7M+126.9%$13.1M+9.7%$12.0M+210.8%$3.8M-37.1%$6.1M-8.7%$6.7M

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

SMXWW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SMXWW annual financial ratios
MetricFY2520-FFY2420-FFY2320-FFY2220-FFY2120-FFY2020-F
Gross MarginN/AN/AN/AN/AN/A23.1%
Operating MarginN/AN/AN/AN/AN/A-35076.9%
Net MarginN/AN/AN/AN/AN/A-35176.9%
Return on Equity-1971.4%-1486.5pp-485.0%-302.7pp-182.2%+104.6pp-286.8%-224.2pp-62.6%+8.4pp-71.0%
Return on Assets-421.3%-349.9pp-71.4%-30.6pp-40.9%+13.9pp-54.8%-7.0pp-47.8%N/A
Current Ratio0.59+0.4x0.21+0.2x0.04-1.0x1.03-1.7x2.69N/A
Debt-to-Equity0.00N/AN/AN/AN/AN/A
Liabilities-to-Equity3.68-2.1x5.79+2.3x3.46-0.8x4.24+3.9x0.31N/A
FCF MarginN/AN/AN/AN/AN/A-28846.2%

Not reported in any period shown, so not listed: Asset Turnover.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
SMX (Security Matters) Public Limited Company Warrant SMXWW FY2025 N/A -$174.6M N/A N/A —
SMX (Security Matters) Public Limited Company SMX FY2025 N/A -$174.6M N/A $2.0M —
Samfine Creation Holdings Group Limited SFHG FY2025 $21.8M -$2.5M -11.7% $8.3M 34/100
Powell Max Limited PMAX FY2025 $6.1M -$3.0M -49.3% $2.1M 66/100
Lichen China Limited LICN FY2025 $24.5M -$22.0M -89.6% $14.0M 36/100

Frequently Asked Questions

Is SMX (Security Matters) Public Limited Company Warrant profitable?

No, SMX (Security Matters) Public Limited Company Warrant (SMXWW) reported a net loss of $174.6M in fiscal year 2025.

What is SMX (Security Matters) Public Limited Company Warrant's earnings per share (EPS)?

SMX (Security Matters) Public Limited Company Warrant (SMXWW) reported diluted earnings per share of -$0.82 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is SMX (Security Matters) Public Limited Company Warrant's EBITDA?

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had EBITDA of -$142.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, SMX (Security Matters) Public Limited Company Warrant (SMXWW) had $12.2M in cash and equivalents against $6K in long-term debt.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) has a return on equity of -1971.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) recorded an outflow of $17.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had $41.4M in total assets as of fiscal year 2025, including both current and long-term assets.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) invested $11.2M in research and development during fiscal year 2025.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had 2M shares outstanding as of fiscal year 2025.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had a debt-to-equity ratio of 0.00 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had a liabilities-to-equity ratio of 3.68 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) had a return on assets of -421.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) reported a net loss of $174.6M while operations used $17.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

SMX (Security Matters) Public Limited Company Warrant (SMXWW) reported an operating loss of $146.3M against $40.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

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