SMX (Security Matters) Public Limited Company, a technology firm integrating chemistry, physics, and computer science to enhance material transparency and supply chain integrity, filed a Form 6-K with the SEC for October 2024. The report includes a Management's Discussion and Analysis for the first half of 2024, comparing financial conditions and results to the same period in 2023. The company reported a decrease in operating loss from $31,552 thousand in 2023 to $9,256 thousand in 2024, attributed mainly to reduced costs associated with its business combination and listing. Research and development expenses increased due to expanded professional teams and preparation for relocating the Israeli innovation center to Singapore. General and administrative expenses decreased, while selling and marketing expenses rose significantly due to third-party marketing and...Show More

SMX (Security Matters) Public Limited Company, a technology firm integrating chemistry, physics, and computer science to enhance material transparency and supply chain integrity, filed a Form 6-K with the SEC for October 2024. The report includes a Management's Discussion and Analysis for the first half of 2024, comparing financial conditions and results to the same period in 2023. The company reported a decrease in operating loss from $31,552 thousand in 2023 to $9,256 thousand in 2024, attributed mainly to reduced costs associated with its business combination and listing. Research and development expenses increased due to expanded professional teams and preparation for relocating the Israeli innovation center to Singapore. General and administrative expenses decreased, while selling and marketing expenses rose significantly due to third-party marketing and digital branding services. The company's finance income increased, and finance expenses also rose due to interest on promissory notes and other financial liabilities. SMX's technology, which includes nearly 100 patents, aims to help companies meet ESG commitments and transition to a low-carbon economy. The company's recent contract with R&I Trading to manage supply chains for a NATO member state was terminated by R&I Trading, leading to a dispute and arbitration demand. SMX believes the termination is unlawful and intends to defend vigorously. The company's liquidity and capital resources are primarily from issuing shares, warrants, and loans. As of June 30, 2024, SMX had minimal cash and was operating at a loss, requiring constant capital injections. The company has raised additional funds and restructured debt since then, but faces uncertainty regarding its ability to continue as a going concern. SMX's financial statements do not include adjustments that might result from these uncertainties.