| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
SMX (Security Matters) Public Limited Company is an innovative Australian firm specializing in track-and-trace technologies, serving industries requiring authentication, supply chain transparency, and circularity solutions. Operating in the Specialty Business Services sector under Industrials, SMX commercializes a proprietary chemical-based hidden barcode system combined with blockchain technology to verify authenticity, track movements, and ensure quality across solid, liquid, and gas objects. Founded in 2018 and headquartered in Melbourne, SMX targets brand owners and manufacturers seeking tamper-proof digital and physical verification. Despite its early-stage revenue challenges, the company’s unique positioning in anti-counterfeiting and sustainability-driven traceability aligns with growing global demand for secure supply chain solutions. Trading on the NASDAQ Global Market, SMX represents a high-risk, high-reward opportunity in the emerging tech-driven authentication space.
SMX presents a speculative investment case with significant technological differentiation but substantial financial risks. The company’s negative revenue, high net losses ($20.9M in FY2023), and limited cash reserves ($168K) underscore its pre-revenue status and reliance on future commercialization success. Its negative beta (-2.551) suggests atypical volatility, potentially appealing to contrarian investors. The proprietary barcode-blockchain hybrid technology addresses critical pain points in anti-counterfeiting and ESG-driven supply chains, but scalability and adoption remain unproven. With $4.1M in debt and negligible operating cash flow (-$12.5M), SMX’s survival hinges on additional funding or strategic partnerships. Suitable only for investors comfortable with early-stage, high-risk ventures in industrial tech.
SMX’s competitive edge lies in its dual chemical-and-digital authentication system, which is rare among traceability providers. Unlike pure blockchain or RFID solutions, its hidden barcode technology offers offline verification—a critical advantage in low-connectivity environments. However, the company faces intense competition from established supply chain visibility platforms and anti-counterfeiting specialists. SMX’s lack of revenue and small market cap ($6.3M) limit its ability to invest in sales infrastructure or R&D compared to larger peers. Its focus on cross-industry applicability (from luxury goods to chemicals) differentiates it from niche players but may dilute vertical expertise. The integration of blockchain for immutable records aligns with trends but competes with enterprise SaaS platforms offering broader logistics analytics. SMX’s success depends on securing anchor clients to validate its tech and attract partnerships, as standalone adoption may be hindered by competing standards like GS1’s digital links.