A2Z Cust2Mate Solutions Corp. (AZ)
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The shopping cart built by A2Z Cust2Mate (Nasdaq: AZ) weighs, scans, takes payment and shows ads — and the press releases read like a directory of Israeli retail: Yochananof, Carrefour, HaStock, Toys "R" Us, plus Trixo in Mexico and Migros in Turkey. Roughly $166 million in announced order value all together. The mandatory filings to the U.S. securities regulator, the SEC, carry the other half: $7.901 million in 2025 revenue, a $38.484 million annual loss, $20.357 million for stock-based pay alone — and through March 31, 2026 the smart-cart revenue came from exactly one customer. Not investment advice — just the question of how many carts actually have to roll before fourteen names turn into a business.
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Basics
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Valuation
Profitability
Balance Sheet & Safety
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Quality & Screener
AI Rating
Sells AIDie verkauften Smart Carts enthalten laut Jahresbericht (20-F) Computer Vision, Erkennungsplattform und Big-Data-Algorithmen; genau diese Funktionen ermöglichen die kundenspezifische Werbung, aus der die Retail-Media-Erlöse stammen. A2Z bewirbt das ausgelieferte Produkt in seinen Pflichtmeldungen selbst als „AI-powered“. Der eigene Analysedienst („advanced AI service“) ist zusätzlich noch in Entwicklung — er ist aber nicht die Grundlage der schon heute verkauften KI-Funktionen.
View the full file — quotes, sources, reviewed filings
„We combine scanning, computer vision, security scales and other anti-fraud/theft technologies, with a large screen tablet capable of relaying real-time shopping information and value-added digital services."
Wir verbinden Scannen, Computer Vision, Sicherheitswaagen und weitere Technologien gegen Betrug und Diebstahl mit einem Tablet mit großem Bildschirm, das Einkaufsinformationen in Echtzeit und digitale Zusatzdienste ausspielen kann.
„In addition, the product includes big data smart algorithms and computer vision capabilities, allowing for customer specific targeted advertising."
Darüber hinaus enthält das Produkt Big-Data-Smart-Algorithmen und Computer-Vision-Fähigkeiten, die kundenspezifisch zugeschnittene Werbung ermöglichen.
„Our efforts to expand AI capabilities within our products and internal functions involve risks, costs and operational challenges."
Unsere Bemühungen, KI-Fähigkeiten innerhalb unserer Produkte und interner Funktionen auszubauen, bringen Risiken, Kosten und operative Herausforderungen mit sich.
„Cust2Mate transforms everyday shopping carts into AI-powered, connected commerce platforms that elevate the in-store experience, turning each visit into a seamless, personalized, and rewarding journey."
Cust2Mate verwandelt alltägliche Einkaufswagen in KI-gestützte, vernetzte Handelsplattformen, die das Einkaufserlebnis im Laden aufwerten und jeden Besuch in eine reibungslose, persönliche und lohnende Reise verwandeln.
Filings Reviewed: 20-F 2026-04-01 · 6-K 2026-05-15 · 6-K 2026-07-06 · 6-K 2026-07-14 · F-3 2026-04-17
Rated on July 30, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.12 | 73.60 | 2 | -46.20 | -167.10 | -4 | -4 |
| 2024: Q3 | -0.37 | -206.80 | 2 | -19.90 | -155.00 | -1 | -1 |
| 2024: Q4 | -0.43 | -357.00 | 2 | 40.80 | -612.70 | -3 | -3 |
| 2025: Q1 | -0.19 | -58.30 | 2 | 49.70 | -325.30 | -4 | -4 |
| 2025: Q2 | -0.31 | -149.60 | 1 | -24.60 | -1,078.90 | -6 | -6 |
| 2025: Q3 | -0.04 | 89.10 | 2 | -25.40 | -84.40 | -4 | -5 |
| 2025: Q4 | -0.42 | 2.30 | 4 | 96.40 | -479.70 | -9 | -10 |
| 2026: Q1 | -0.18 | 5.30 | 3 | 68.00 | -243.40 | -10 | -10 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
For a company with $7.901 million of annual revenue the balance sheet is unusually clean: as of March 31, 2026, $68.646 million of equity, roughly $57.3 million of liquidity ($16.208 million cash plus $40.664 million short-term securities plus $0.473 million short-term deposits), only $8.175 million of total liabilities and $63.288 million of working capital. Auditor BDO Ziv Haft signed off on the 2025 accounts without qualification and without a going-concern paragraph.
Roughly $166 million of announced order value from five quantified agreements (Yochananof $55 million, Carrefour Israel about $50 million, Trixo more than $25 million, Toys "R" Us Israel and The Red Pirate at least $15 million, HaStock more than $21 million) stands against $9.671 million of revenue for the twelve months through March 31, 2026. The dates are named — rollout at Carrefour Israel and HaStock from the third quarter of 2026, Migros Ticaret from the first quarter of 2027 — but none of it has been delivered yet.
Smart-cart revenue comes from exactly one customer per the annual report 20-F for 2025 and the MD&A as of March 31, 2026 (41 percent of consolidated revenue in 2025, 10 percent in 2024, 67 percent in 2023), and all 2025 consolidated revenue was earned in Israel. Concentration risk in customer and country at once; cushioned only by the metal-parts business with dozens of customers (59 percent of 2025 revenue).
Gross margin fell from 35.1 percent (2024) to 13.8 percent (2025) and to 4.2 percent in the first quarter of 2026 — in the strongest revenue quarter. In 2025 share-based compensation cost $20.357 million, 2.6 times revenue, contributing more than half of the $38.484 million annual loss. Cash used in operating activities was $22.907 million in 2025 and $9.658 million in the first quarter of 2026.
A2Z repurchased its own shares for $6,668,473 through July 6, 2026 (1,066,541 shares, program running to December 31, 2026, $13.3 million unused) and has held an effective shelf registration for $200 million since May 14, 2026 — roughly 76 percent of market value. Add 5,163,571 options and warrants against 45,075,009 shares (11.5 percent) and the record of two 2025 placements totaling $75 million gross.
Internal control over financial reporting was not effective as of December 31, 2025 (weaknesses in inventory, payroll and accounts payable); as of March 31, 2026 procurement to pay and inventory management remained open while inventories grew from $796 thousand to $5.536 million in fifteen months. In parallel runs the unaudited switch from IFRS to U.S. GAAP announced on April 16, 2026.
A2Z Cust2Mate is the announcement trap in its purest form: a tangible product, five quantified orders worth roughly $166 million in total, a balance sheet that is remarkably clean for this size with $68.646 million of equity and $57.3 million of liquidity (March 31, 2026) — and next to it $7.901 million of 2025 revenue, a gross margin down to 4.2 percent in the first quarter of 2026, $20.357 million of share-based compensation in a single year, and smart-cart revenue that per the company's own filings comes from exactly one customer in exactly one country. Whoever buys here is not betting on the product but on a conversion: that announced contracts turn into revenue with margin before the liquidity is used up or the $200 million shelf registration is drawn. Not investment advice.
- A2Z Cust2Mate reached the research list through the Reddit hype scan of July 30, 2026. A live query of our own data set on the same day showed that the stock sits in none of our regular scanner lists (no momentum, quality or value filter). The lists are recalculated daily, so the finding can change.
- Data provenance and reporting regime: A2Z is registered with the SEC as a foreign private issuer (CIK 0001866030) and therefore files no quarterly report (10-Q), but an annual report on Form 20-F and interim reports on Form 6-K. The quarterly figures as of March 31, 2026 sit in exhibits 99.1 and 99.2 of the interim report of May 15, 2026. The accounts follow IFRS in U.S. dollars; the switch to U.S. GAAP is announced but preliminary and unaudited.
- Risk of confusion: until August 12, 2024 the company was called A2Z Smart Technologies Corp., and before July 20, 2020 ECC Ventures 1 Corp. Some data sheets still carry the old name — it is the same company under the ticker AZ. Cross-check on the market value of about $263 million (data as of July 30, 2026): it rests on 44,532,164 shares and therefore sits within 0.1 percent of the 44,545,009 shares reported in the interim accounts as of March 31, 2026 (the MD&A of May 14, 2026 states 45,075,009, including treasury shares not yet cancelled). The share price of roughly $5.90 implied by that figure is a single day's number and not a valuation argument; the only price tied to a day in the filings themselves is the $8.39 closing price of April 16, 2026 on the cover page of the shelf registration F-3. What is cleanly checkable is the revenue base: the price-to-sales ratio in the fundamental data uses revenue of $9.671 million — exactly the sum of $7.901 million (2025) less $1.547 million (Q1 2025) plus $3.317 million (Q1 2026). Analyses are evergreen; daily prices are not a buy argument.
About the Company
A2Z Cust2Mate Solutions Corp., a technology company, focuses on the development and commercialization of retail smart cart solutions for grocery stores and supermarkets in Israel and internationally. It operates through Precision Metal Parts, Advanced Engineering, and Smart Carts segments. The company provides Cust2Mate system, which incorporates a smart cart that automatically calculates the value of the customers purchases in their smart cart without having to unload and reload their purchases at a customer checkout point. It also manufactures and sells precision metal parts; provides retail automation solutions; and develops Fuel Tank Inertia Capsule System technology (FTICS), a vehicle device cover for the military and civilian automotive industry. In addition, the company provides maintenance services for various electronic systems. It serves its products to grocery stores, hardware stores, household essentials, do it yourself (DIY) retailers, discount stores, warehouse stores, convenience stores, drug stores, duty free shops, and similar outlets. The company was formerly known as A2Z Smart Technologies Corp. and changed its name to A2Z Cust2Mate Solutions Corp. in August 2024. A2Z Cust2Mate Solutions Corp. is headquartered in Vancouver, Canada.
| IPO Year | 2020 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.