AZNasdaqGeneral Industrial Machinery & Equipment, NECUS GAAP · USD

A2Z Cust2Mate Solutions Corp

A2Z Cust2Mate Solutions Corp. designs smart-cart and in-store retail automation systems that connect shoppers, retailers, brands, and payment workflows at the point of purchase. Through its Cust2Mate platform and subsidiary activities, the company also develops precision metal parts for military, security, and civilian applications.

Revenue2.2m USD
−69.3 %y/y
Operating profit (EBIT)-36.5m USD
−149.1 %y/y
EBIT margin-1,657.1%
−1,452.8 ppy/y
Net income-38.5m USD
−99.8 %y/y
Free cash flow-23.4m USD
−97.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-40-30-20-1001020m USD202020212022: 9.4 m USD2022: EBIT -17 m USD20222023: 11 m USD2023: EBIT -18 m USD20232024: 7.2 m USD2024: EBIT -15 m USD20242025: 2.2 m USD2025: EBIT -36 m USD20252.2-36
RevenueOperating profit (EBIT)

Business

Share of revenue
Cust2Mate Smart Cart Platform70 %

Connected shopping carts and software that automate in-store checkout and engagement.

Retail Media and Shopper Analytics10 %

Tools that deliver targeted advertising, shopper data, and point-of-purchase engagement.

Retail Automation Hardware10 %

Cart-mounted devices and components such as scanners, scales, and payment modules.

Precision Metal Parts10 %

Manufacturing of precision metal parts for military, security, and civilian applications.

Customers

The company sells primarily to grocery stores, supermarkets, and other retailers that want to automate checkout and capture shopper data in the aisle. It also serves brands and advertisers seeking retail media access at the moment purchase decisions are made, while its industrial manufacturing activities serve military, security, and civilian customers.

Grocery retailers and supermarkets

They buy smart-cart systems to reduce checkout friction, automate pricing, and improve store operations.

Brands and consumer advertisers

They use the retail media layer to reach shoppers in-store with targeted messages and promotions.

Military and security buyers

They purchase precision metal parts for specialized defense and security applications.

Civilian industrial buyers

They buy precision components for non-defense industrial uses.

Strategy

A2Z’s strategy centers on deploying its smart-cart platform across retail chains so it can monetize checkout automation, shopper engagement, and retail media in one system. The company also maintains a separate industrial manufacturing activity, giving it exposure to both retail technology and precision components markets.

Deploy Smart Cart systems in retail chainsMedium term

Installed base growth drives recurring platform usage, retailer adoption, and data generation.

Monetize retail media and shopper engagementMedium term

Advertising and engagement features add value beyond hardware and improve the platform economics.

Improve capital allocation and operating disciplineShort term

A capital-intensive hardware-plus-software model depends on efficient deployment and product economics.

Geography

The company is headquartered in the United States, with reporting and market presence tied to Nasdaq in the U.S. Its operating structure includes Israeli subsidiaries and a U.S. subsidiary in Delaware, reflecting a cross-border technology and manufacturing footprint. Customer deployment for the smart-cart platform is described as global, while the precision metal business is tied to Israeli operations.

Risks

The business depends on retailer adoption of a relatively new in-store technology, so sales cycles, rollout execution, and customer acceptance are central risks. It also faces manufacturing, supply-chain, and product-quality risks in its hardware and precision parts businesses, along with normal risks tied to early-stage technology commercialization and cross-border operations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Retail adoption and rollout risk1Hardware and supply-chain execution risk2Cross-border operating complexity3Manufacturing and quality control risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Retail adoption and rollout riskImpact: HighLikelihood: Medium

    The smart-cart model depends on retailers installing and using the system at scale, which can be slow and uneven.

    Exposure: Smart Cart deployments

  2. Hardware and supply-chain execution riskImpact: HighLikelihood: Medium

    Cart-based systems require reliable hardware, components, and integration across store environments.

    Exposure: Retail automation hardware

  3. Cross-border operating complexityImpact: MediumLikelihood: High

    The company operates through U.S. and Israeli subsidiaries, adding legal, tax, and operational complexity.

    Exposure: United States and Israel

  4. Manufacturing and quality control riskImpact: MediumLikelihood: Medium

    Precision metal parts and hardware products require consistent tolerances and production quality.

    Exposure: Precision metal parts

Accounting

Judgemental items
Revenue recognition

Smart-cart hardware, software, and service elements may have different recognition timing.

Impact: Affects reported revenue timing and gross margin comparability

Capitalized development costs

The company noted reassessment of historically capitalized development costs.

Impact: Can reduce assets and increase current-period expense

Fair value accounting

Financial assets at fair value can create non-cash volatility.

Impact: Can affect earnings and balance-sheet asset values

IFRS 18 adoption

The company is assessing a new presentation standard effective in future periods.

Impact: May alter statement presentation and comparability

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026