- Information technology company, Security Matters (SMX) saw a 55 per cent increase in customer receipts quarter on quarter at the end of 2021
- While operating costs outweighed receipts with cash flows totalling $1.5 million, the company is fully funded until the end of this financial year with $5.4m in cash
- Over the quarter SMX completed field trials following research and lab trials in marking seeds and plants, and is set to launch its forest, lumber and wood operations
- The company expects revenue and receivables from customers to increase, which it predicts will fund the company until the end of the second quarter of 2023
- Company shares ended trade grey at 25 cents
Information technology company, Security Matters (SMX) has reported a 55 per cent increase in customer receipts quarter on quarter at the end of 2021.
The company is focused on digitising physical objects on the blockchain to enable a circular and closed loop economy. Its technology uses a hidden chemical-based ‘barcode’ to permanently and irrevocably ‘mark’ any object through which stored data can be accessed.
For the fourth quarter of the year, the company received customer receipts totalling USD $306,000 (A$436,545), bringing total receipts for the financial year to just over USD $1 million (A$1.5m), a 76 per cent increase on the 2020 financial year.
Operations over the period involved field trials, following research and lab trials in the marking of seeds and plants, in order to provide a full end to end solution from seed, to plant, to product, to recycle and reuse.
Now, Security Matters is launching its forest, lumber and wood operations to further its blockchain application and assist forest growers and associated companies to comply with regulations.
In collaboration with global fashion and leather goods house, LVMH Métiers d’Art, SMX is progressing improvements to traceability for raw materials in the luxury fashion industry.
According to the company, successful completion of the joint project will “lay the foundations for a tangible and measurable transition to the sustainable circular economy and provide in-depth knowledge of the supply chain for LVMH Métiers d’Art”.
Around $348,000 was spent on research and development over the three months to December 31, and the company ended the quarter with total cash outflows of roughly $1.5 million.
Security Matters started the quarter with roughly $5.4 million and given the cash outflows, ended the year with cash and cash equivalents of just over $5.9 million which is estimated to fund 3.8 quarters.
The company expects revenue and receivables from customers to increase, which is predicted to fund operations to the end of quarter two of 2023.
Company shares ended trade on Monday grey at 25 cents.