SMX Public Limited Company reported its financial performance for the fiscal year ended December 31, 2023, with no significant revenue as it continues to develop and commercialize its technology. The company experienced an operating loss of $36,741 thousand, primarily driven by research and development, selling and marketing, and general and administrative expenses. The net loss for the year significantly increased to $20,989 thousand, up from $6,184 thousand in the previous year. The basic and diluted loss per share was $(7.82). SMX's cash and cash equivalents saw a decrease to $168 thousand, down from $1,398 thousand. However, total assets grew to $51,160 thousand, largely due to the acquisition of TrueGold Consortium Pty Ltd. and the subsequent recognition of goodwill. Total liabilities also rose to $18,916 thousand, with new liabilities including...Show More

SMX Public Limited Company reported its financial performance for the fiscal year ended December 31, 2023, with no significant revenue as it continues to develop and commercialize its technology. The company experienced an operating loss of $36,741 thousand, primarily driven by research and development, selling and marketing, and general and administrative expenses. The net loss for the year significantly increased to $20,989 thousand, up from $6,184 thousand in the previous year. The basic and diluted loss per share was $(7.82). SMX's cash and cash equivalents saw a decrease to $168 thousand, down from $1,398 thousand. However, total assets grew to $51,160 thousand, largely due to the acquisition of TrueGold Consortium Pty Ltd. and the subsequent recognition of goodwill. Total liabilities also rose to $18,916 thousand, with new liabilities including bridge loans and a convertible promissory note. Equity increased to $32,244 thousand, with a notable contribution from non-controlling interests after the TrueGold acquisition. The company completed a significant business combination through a SPAC transaction with Lionheart III Corp, which resulted in a reverse acquisition and a listing on NASDAQ. Additionally, SMX acquired a controlling interest in TrueGold, leading to a gain from remeasurement and recognition of goodwill. The company also executed agreements to raise capital through equity lines and the issuance of shares and warrants. Despite the financial losses, SMX has not recognized any income tax benefit due to carryforward tax losses of approximately $45,095 thousand. The company is actively managing financial risks, including foreign currency, credit, and liquidity risks.