Cust2Mate (AZ) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025, was $4.25M, up from $3.96M year-over-year, driven by growth in both smart carts and precision metal parts segments.

• Net loss for the nine months was $20.74M, compared to $7.10M in the prior year, reflecting increased R&D and administrative expenses.

• Major orders secured: 5,000 smart carts from Yochananof ($55M+) and 3,000 smart carts from Trixo ($25M+), supporting future revenue growth.

• The company completed significant equity financings, raising $75M gross in 2025 to fund expansion and working capital.

Financial highlights

• Gross profit for the nine months was $1.38M, up from $1.10M year-over-year.

• Operating loss widened to $17.49M from $9.06M year-over-year, mainly due to higher R&D and G&A expenses.

• Cash and cash equivalents at September 30, 2025, were $43.2M, up from $13.5M at year-end 2024.

• Working capital increased to $68.9M from $5.6M at December 31, 2024.

• Share-based compensation for the nine months was $8.68M, up from $1.71M year-over-year.

Outlook and guidance

• Management expects continued revenue growth from large smart cart orders and expansion into new markets.

• The company plans to shift toward a subscription-based model for smart carts, aiming for recurring revenue streams.

• Sufficient liquidity is expected for at least the next 12 months following recent financings.