SMX Financials

SMX

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

This page shows SMX (SMX) 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 SMX FY2025 2026-04-22

External financing is the dominant mechanic as cash burn persists, liquidity stays tight, and conventional debt remains minimal.

FY2025 net loss of $174.6M dwarfed operating cash outflow of $17.0M, so the earnings collapse did not translate into an equally severe cash collapse. With goodwill still near half of assets, reported results appear more shaped by non-cash balance-sheet changes than by a sudden jump in cash operating spending.

The company held cash of $12.2M in FY2025, but its current ratio was only 0.6x, so near-term obligations still outweighed readily available resources. Because most liabilities are current rather than long-term, the funding pressure is mainly about short-term liquidity, which makes fresh financing a recurring support for day-to-day continuity.

This is not a capex-heavy or debt-funded model: long-term debt was just $382K, and capex was only $21K in FY2024. Goodwill fell from $33.0M in FY2023 to $20.1M in FY2025, pointing to an asset base shaped more by intangible balances than by hard assets, which helps explain why accounting results can swing harder than cash use.

Financial Health Signals

Financial Profile 18/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of SMX's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

SMX carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

SMX's current ratio of 0.59 is below the typical benchmark, resulting in a score of 6/100. However, the company holds substantial cash reserves (56% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

SMX generates a -903.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -158.1% the prior year.

Piotroski F-Score Weak

2/9

SMX passes 2 of 9 financial strength tests. 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 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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$174.6M

YoY-393.2%

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

Dividends Per Share

N/A

Shares Outstanding

SMX 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'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 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.

SMX 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

SMX 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

SMX 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

SMX 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.

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Frequently Asked Questions

Is SMX profitable?

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

How much debt does SMX have?

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

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

SMX (SMX) 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's free cash flow?

SMX (SMX) 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's operating cash flow?

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

What are SMX's total assets?

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

What are SMX's capital expenditures?

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

How many shares does SMX have outstanding?

SMX (SMX) had 2M shares outstanding as of fiscal year 2025.

What is SMX's current ratio?

SMX (SMX) 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's debt-to-equity ratio?

SMX (SMX) 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's return on assets (ROA)?

SMX (SMX) 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's cash runway?

Based on fiscal year 2025 data, SMX (SMX) 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's Piotroski F-Score?

SMX (SMX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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's earnings high quality?

SMX (SMX) 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.

How financially healthy is SMX?

SMX (SMX) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.