SMX SEC MATTERS PLC Financials

SMXWW

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows SMX SEC MATTERS PLC (SMXWW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 2026-04-22

External funding is carrying a business whose reported losses are far larger than its ongoing cash burn.

In FY2025, the gap between net loss of -$174.6M and operating cash outflow of -$17.0M suggests the reported loss was dominated by non-cash charges rather than equivalent cash leaving the business. Cash rose to $12.2M only after financing inflows of $29.7M, so the better cash balance did not come from self-funded operations.

The balance sheet looks liquidity-tight but not debt-heavy, a useful distinction that the headline loss can hide. Long-term debt is only $382K and debt-to-equity is 0.02x. But current liabilities still exceed current assets by $8.9M. The current ratio improved from 0.2x in FY2024 to 0.6x in FY2025, which is progress but still leaves near-term obligations heavier than liquid resources.

Across FY2023-FY2025, outside capital repeatedly covered operating cash burn, indicating a business model still funded by markets rather than by customers. In FY2025, financing cash of $29.7M was larger than operating cash burn of -$17.0M. Goodwill still makes up 48.6% of total assets, so much of the asset base reflects past transaction value rather than cash that can absorb losses.

Financial Health Signals

Financial health score pending refresh

We are recalculating SMX SEC MATTERS PLC's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

SMX SEC MATTERS PLC passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.10x

For every $1 of reported earnings, SMX SEC MATTERS PLC generates $0.10 in operating cash flow (-$17.0M OCF vs -$174.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$174.6M

YoY-393.2%

SMX SEC MATTERS PLC reported -$174.6M in net income in fiscal year 2025. This represents a decrease of 393.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$5.4M

YoY+52.6%

SMX SEC MATTERS PLC generated -$5.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 52.6% from the prior year.

Cash & Debt

$12.2M

YoY+420.7%

SMX SEC MATTERS PLC held $12.2M in cash against $382K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

SMX SEC MATTERS PLC had 2M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-903.4%

YoY-745.3pp

SMX SEC MATTERS PLC's ROE was -903.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 745.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$152K

YoY+623.8%

SMX SEC MATTERS PLC invested $152K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 623.8% from the prior year.

SMXWW Income Statement

Metric	FY25	FY24	FY23	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	$13K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$36K+24.1%	$29K-9.4%	$32K	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$174.6M-393.2%	-$35.4M-68.7%	-$21.0M-325.0%	-$4.9M-8.0%	-$4.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SMXWW Balance Sheet

Metric	FY25	FY24	FY23	FY21	FY20
Total Assets	$41.4M-4.8%	$43.5M-14.9%	$51.2M+394.9%	$10.3M	N/A
Current Assets	$12.8M+194.9%	$4.3M+440.6%	$802K-84.2%	$5.1M	N/A
Cash & Equivalents	$12.2M+420.7%	$2.3M+1294.6%	$168K-96.0%	$4.2M-3.9%	$4.3M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$20.1M-23.0%	$26.1M-20.7%	$33.0M	N/A	N/A
Total Liabilities	$22.1M+4.6%	$21.1M+11.7%	$18.9M+673.0%	$2.4M	N/A
Current Liabilities	$21.7M+4.5%	$20.8M+15.4%	$18.0M+850.5%	$1.9M	N/A
Long-Term Debt	$382K+13.4%	$337K-18.0%	$411K-11.8%	$466K	N/A
Total Equity	$19.3M-13.7%	$22.4M-30.6%	$32.2M+308.6%	$7.9M+22.5%	$6.4M
Retained Earnings	-$251.2M-206.2%	-$82.0M-61.0%	-$50.9M-113.7%	-$23.8M	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Total Assets	$41.4M+6.5%	$38.9M-10.6%	$43.5M-13.9%	$50.6M-1.2%	$51.2M+398.7%	$10.3M-9.1%	$11.3M+9.2%	$10.3M
Current Assets	$12.8M+630.7%	$1.8M-59.6%	$4.3M+1062.5%	$373K-53.5%	$802K-80.2%	$4.1M-20.0%	$5.1M-0.4%	$5.1M
Cash & Equivalents	$12.2M+1526.8%	$750K-68.0%	$2.3M	N/A	$168K-94.4%	$3.0M+116.0%	$1.4M-66.5%	$4.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$20.1M-23.0%	$26.1M0.0%	$26.1M-20.7%	$33.0M0.0%	$33.0M	N/A	N/A	N/A
Total Liabilities	$22.1M-2.2%	$22.6M+7.0%	$21.1M+4.6%	$20.2M+6.8%	$18.9M-15.0%	$22.3M+143.7%	$9.1M+273.2%	$2.4M
Current Liabilities	$21.7M-2.3%	$22.3M+7.0%	$20.8M+5.0%	$19.8M+9.9%	$18.0M+6.1%	$17.0M+244.9%	$4.9M+159.8%	$1.9M
Long-Term Debt	$382K+4.7%	$365K+8.3%	$337K-13.1%	$388K-5.6%	$411K+2.0%	$403K-8.4%	$440K-5.6%	$466K
Total Equity	$19.3M+18.6%	$16.3M-27.2%	$22.4M-26.2%	$30.4M-5.8%	$32.2M+368.7%	-$12.0M-656.6%	$2.2M-72.7%	$7.9M
Retained Earnings	-$251.2M-137.7%	-$105.7M-28.8%	-$82.0M-33.1%	-$61.6M-21.0%	-$50.9M+19.2%	-$63.0M-110.0%	-$30.0M-25.9%	-$23.8M

SMXWW Cash Flow Statement

Metric	FY25	FY24	FY23	FY21	FY20
Operating Cash Flow	-$17.0M-50.3%	-$11.3M+9.3%	-$12.5M-219.3%	-$3.9M-11.2%	-$3.5M
Capital Expenditures	$152K+623.8%	$21K-65.0%	$60K-79.8%	$297K+26.4%	$235K
Free Cash Flow	-$5.4M+52.6%	-$11.3M+9.6%	-$12.5M-198.2%	-$4.2M-12.1%	-$3.8M
Investing Cash Flow	-$1.1M-493.2%	-$190K+81.7%	-$1.0M+41.3%	-$1.8M-84.2%	-$958K
Financing Cash Flow	$29.7M+126.9%	$13.1M+9.7%	$12.0M+95.4%	$6.1M-8.7%	$6.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SMXWW Financial Ratios

Metric	FY25	FY24	FY23	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	-35176.9%
Return on Equity	-903.4%-745.3pp	-158.1%-93.0pp	-65.1%-2.5pp	-62.6%+8.4pp	-71.0%
Return on Assets	-421.3%-340.0pp	-81.3%-40.3pp	-41.0%+6.8pp	-47.8%	N/A
Current Ratio	0.59+0.4	0.21+0.2	0.04-2.6	2.69	N/A
Debt-to-Equity	0.020.0	0.020.0	0.01-0.0	0.06	N/A
FCF Margin	N/A	N/A	N/A	N/A	-28846.2%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.59+0.5	0.08-0.1	0.21+0.2	0.02-0.0	0.04-0.2	0.24-0.8	1.03-1.7	2.69
Debt-to-Equity	0.020.0	0.020.0	0.020.0	0.010.0	0.01+0.0	-0.03-0.2	0.20+0.1	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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

SMX SMX

$19.0M

Nisun Intl Ent Dvpmt Gp Co Ltd NISN

$7.0M

Samfine Creation Holdings Group Limited SFHG

$10.1M

Powell Max Limited PMAX

$2.8M

Lichen International LICN

$22.4M

Frequently Asked Questions

Is SMX SEC MATTERS PLC profitable?

No, SMX SEC MATTERS PLC (SMXWW) reported a net income of -$174.6M in fiscal year 2025.

How much debt does SMX SEC MATTERS PLC have?

As of fiscal year 2025, SMX SEC MATTERS PLC (SMXWW) had $12.2M in cash and equivalents against $382K in long-term debt.

What is SMX SEC MATTERS PLC's return on equity (ROE)?

SMX SEC MATTERS PLC (SMXWW) has a return on equity of -903.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is SMX SEC MATTERS PLC's free cash flow?

SMX SEC MATTERS PLC (SMXWW) generated -$5.4M in free cash flow during fiscal year 2025. This represents a 52.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is SMX SEC MATTERS PLC's operating cash flow?

SMX SEC MATTERS PLC (SMXWW) generated -$17.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are SMX SEC MATTERS PLC's total assets?

SMX SEC MATTERS PLC (SMXWW) had $41.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are SMX SEC MATTERS PLC's capital expenditures?

SMX SEC MATTERS PLC (SMXWW) invested $152K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does SMX SEC MATTERS PLC have outstanding?

SMX SEC MATTERS PLC (SMXWW) had 2M shares outstanding as of fiscal year 2025.

What is SMX SEC MATTERS PLC's current ratio?

SMX SEC MATTERS PLC (SMXWW) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is SMX SEC MATTERS PLC's debt-to-equity ratio?

SMX SEC MATTERS PLC (SMXWW) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is SMX SEC MATTERS PLC's return on assets (ROA)?

SMX SEC MATTERS PLC (SMXWW) had a return on assets of -421.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is SMX SEC MATTERS PLC's cash runway?

Based on fiscal year 2025 data, SMX SEC MATTERS PLC (SMXWW) had $12.2M in cash against an annual operating cash burn of $17.0M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is SMX SEC MATTERS PLC's Piotroski F-Score?

SMX SEC MATTERS PLC (SMXWW) has a Piotroski F-Score of 2 out of 6 computable signals; 3 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.

Are SMX SEC MATTERS PLC's earnings high quality?

SMX SEC MATTERS PLC (SMXWW) has an earnings quality ratio of 0.10x, considered low quality (accrual-driven). 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.