Cust2Mate (AZ) Q4 2025 earnings summary

Executive summary

• Revenues increased to $7.9 million in 2025, up from $5.4 million in 2024, driven by smart cart segment growth and new customer contracts.

• Net loss widened to $38.5 million in 2025 from $19.3 million in 2024, reflecting higher R&D, sales, and administrative expenses, including significant share-based compensation.

• Major contracts signed in 2025 include a $55 million order from Yochananof, a $30 million order from Super Sapir, and a $50 million agreement with Carrefour Israel, all supporting recurring revenue models.

• The company completed two major equity financings in 2025, raising $30 million in January and $45 million in September, strengthening liquidity for future growth.

Financial highlights

• 2025 revenues: $7.9 million (2024: $5.4 million; 2023: $9.2 million).

• Gross profit: $1.1 million in 2025 (2024: $1.9 million; 2023: $1.3 million).

• Net loss: $38.5 million in 2025 (2024: $19.3 million; 2023: $18.1 million).

• R&D expenses rose to $9.9 million in 2025 (2024: $3.9 million), mainly due to increased hiring and share-based compensation.

• General and administrative expenses surged to $23.7 million in 2025 (2024: $7.9 million), driven by share-based grants and professional fees.

• Cash and cash equivalents at year-end 2025: $13.5 million; working capital: $72.5 million.

Outlook and guidance

• Management expects significant revenue growth in 2026, supported by large multi-year contracts and a shift to a recurring subscription-based model.

• The company anticipates continued investment in R&D and sales to support international expansion and product innovation.

• Sufficient working capital is available for at least the next 12 months following recent financings.