- Security Matters (SMX) has reported a 12 per cent quarter-on-quarter increase in customer receipts to US$299,000 (A$397,430) in the September quarter
- While SMX did report an operating loss of US$982,000 (A$1.3 million), it reduced spending on marketing and admin costs compared to the prior quarter
- The brand protection and anti-counterfeit company partnered with Continental to develop market technology for natural rubber and it also became a member of the Plastic Recycling Association
- CEO and Founder Haggai Alon says SMX has a strong balance sheet enabling it to be well resourced and confident in progressing towards the commercialisation of its technology
- Company shares are down 4.41 per cent to trade at 32.5 cents at market close
Security Matters (SMX) has delivered a recap of its quarterly activities during the three months ending September 30 2021.
The brand protection and anti-counterfeit company increased customer receipts by 12 per cent from the June quarter to US$299,000 (A$397,430) in the September quarter. This also marks a 39 per cent leap from the US$215,000 (A$285,778) recorded in the March 2021 quarter.
The company did however report an operating loss of US$982,000 (A$1.3 million) following US$249,000 (A$330,995) spent on research and development and roughly US$1.1 million (A$1.5 million) in total staff and admin costs.
Although, the US$503,000 (A$668,638) allocated to admin and corporate costs alone did represent a decrease from the US$567,000 (A$753,708) spent in the June quarter.
One of the highlights for the quarter was entering a collaboration deal with automotive giant Continental to develop and test market technology for use in natural rubber.
The deal utilises SMX’s technology to track and trace the rubber in order to create transparency along the value chain of tyres and technical rubber products. This aligns with Security Matters’ goal of creating a circular economy and to use 100 per cent sustainably produced materials in its tyre products by 2050.
The company also became a member of the Plastic Recycling Association of Singapore (PRAS). PRAS and SMX will work together to identify suitable pilot projects along with the establishment of a plastic recycling centre which will address recycling challenges in Southeast Asia and Singapore.
Security Matters’ technology will be useful in detecting the name of the brand owner, the percentage of recycled content, the type of plastic polymer and the number of times that plastic polymer has been recycled.
“SMX is establishing its market presence within the Asia Pacific region, first in Singapore which is the international trading hub for rubber, plastics and other key commodities for its neighbouring Southeast Asian markets,” CEO Haggai Alon said.
“SMX remains stable, retaining a strong balance sheet which enables the company to be well resourced and confident in its progression towards the adoption and commercialisation of its technology, across its strategic market segments globally.”
Security Matters ended the quarter with about US$3.8 million (A$5.1 million) in cash and an estimated 3.92 quarters left of available funding should spending levels remain the same.
Company shares were down 4.41 per cent to trade at 32.5 cents at market close.