AZ

MKT CAP:$282M

A2Z Cust2Mate Solutions Corp.

Market Cap

$282M

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$7.63+$0.80 (+11.71%)

Apr 21, 2026

Company Details

A2Z Smart Technologies Corp. provides services in the field of advanced engineering capabilities to the military/security markets and governmental agencies in Israel. The company produces unmanned remote-controlled vehicles and energy power...

CEO

Gadi Graus

IPO Date

Jan 8, 2021

Website

cust2mate.com

Key Metrics TTM

Revenue

$6M

-23.5% YoY

Net Income

-$19M

EPS (Diluted)

-$0.61

Free Cash Flow

-$14M

Revenue / Share

$0.17

Gross Margin

15.4%

Operating Margin

-262.9%

Net Margin

-301.4%

FCF Margin

-217.5%

P/S

45.1x

P/E

—

Earnings Reports

Q3 2025

Nov 13, 2025

$2MEPS -$0.04

FY 2024

Mar 31, 2025

$7MEPS -$0.80

Q4 2024

Mar 31, 2025

$2M+40.8%EPS -$0.43

Q2 2024

Jun 28, 2024

$2MEPS -$0.05

Q4 2023

Apr 2, 2024

$1M-65.5%EPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$423.0K	$188.0K	-$10.8K
Q2 19	$371.0K	$172.0K	-$14.6K
Q3 19	$232.0K	-$21.0K	-$80.2K
Q1 20	$291.0K	$99.0K	-$608.0K
Q2 20	$233.0K	-$86.0K	-$436.0K
Q3 20	$281.0K	$17.0K	-$548.0K
Q4 20	$263.0K	$53.0K	-$1M
Q2 21	$1M	$901.0K	-$1M
Q3 21	$278.0K	$34.0K	-$3M
Q2 22	$1M	$211.0K	-$3M
Q3 22	$3M	$430.0K	-$6M
Q4 22	$4M	$917.0K	-$4M
Q4 23	$1M	-$34.0K	-$4M
Q2 24	$2M	$123.0K	-$4M
Q4 24	$2M	$350.0K	-$4M
Q3 25	$2M	$526.0K	-$4M

Valuation

Quarter	P/S	P/E
Q1 19	22.6x	—
Q2 19	21.3x	—
Q3 19	21.5x	—
Q1 20	22.8x	—
Q2 20	26.7x	—
Q3 20	68.8x	—
Q4 20	107.8x	—
Q2 21	251.8x	—
Q3 21	194.2x	—
Q2 22	60.6x	—
Q3 22	20.5x	—
Q4 22	13.4x	—
Q4 23	13.2x	—
Q2 24	2.3x	—
Q4 24	16.2x	—
Q3 25	44.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	-$10.7K	-$20.7K
Q2 19	-$23.1K	-$38.1K
Q3 19	-$3.9K	-$4.9K
Q1 20	-$461.0K	-$461.0K
Q2 20	-$355.9K	-$355.9K
Q3 20	-$302.0K	-$302.0K
Q4 20	$113.8K	-$119.8K
Q2 21	-$3M	-$3M
Q3 21	-$2M	-$2M
Q2 22	-$4M	-$4M
Q3 22	-$1M	-$2M
Q4 22	-$1M	-$1M
Q4 23	-$2M	-$2M
Q2 24	-$4M	-$4M
Q4 24	-$3M	-$3M
Q3 25	-$4M	-$5M

Capital Expenditures

Quarter	CapEx
Q1 19	$10.0K
Q2 19	$15.0K
Q3 19	$1.0K
Q1 20	$0
Q2 20	$4
Q3 20	$0
Q4 20	$233.7K
Q2 21	$176.3K
Q3 21	$3.3K
Q2 22	$3.2K
Q3 22	$299.7K
Q4 22	$189.3K
Q4 23	$19.4K
Q2 24	$2.0K
Q4 24	$29.4K
Q3 25	$519.4K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+28.6%	+17.4%
Q3 19	-4.5%	+5.7%
Q1 20	-22.4%	+139.2%
Q2 20	-44.9%	+54.2%
Q3 20	-24.3%	+115.0%
Q4 20	+13.4%	+331.5%
Q2 21	+382.5%	+175.8%
Q3 21	+19.3%	+348.9%
Q2 22	+408.9%	+479.0%
Q3 22	+907.6%	+552.8%
Q4 22	+172.4%	+234.7%
Q4 23	+374.5%	+88.7%
Q2 24	+7.6%	+5.4%
Q4 24	-29.9%	-27.9%
Q3 25	-59.6%	-31.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$305.0K	108.5%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$178.0K	11.6%
Q4 24	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 19	—	$10.8K	—	—
Q2 19	—	$14.6K	—	—
Q3 19	—	$80.2K	—	—
Q1 20	$47.0K	$286.0K	$250.0K	—
Q2 20	$34.0K	—	—	$316.0K
Q3 20	$10.0K	$460.0K	$25.0K	—
Q4 20	$327.0K	$1M	—	—
Q2 21	$153.0K	$2M	$133.0K	—
Q3 21	$2M	$1M	$8.0K	—
Q2 22	$1M	$2M	$199.0K	—
Q3 22	$1M	$5M	$69.0K	—
Q4 22	$1M	$3M	$124.0K	—
Q4 23	$1M	$2M	$620.0K	—
Q2 24	$978.0K	$2M	$583.0K	—
Q4 24	$980.0K	$2M	$133.0K	—
Q3 25	$2M	$3M	$413.0K	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 19	—	4.5%	—
Q2 19	28.6%	-3.9%	24.7
Q3 19	-4.5%	-34.6%	-39.2
Q1 20	-22.4%	-93.1%	-115.5
Q2 20	-44.9%	-88.4%	-133.3
Q3 20	-24.3%	-216.7%	-241.0
Q4 20	13.4%	-1642.2%	-1628.8
Q2 21	382.5%	-73.4%	309.1
Q3 21	19.3%	-693.5%	-674.2
Q2 22	408.9%	-223.7%	185.2
Q3 22	907.6%	-227.7%	679.9
Q4 22	172.4%	-147.2%	25.3
Q4 23	374.5%	-292.6%	81.8
Q2 24	7.6%	-185.3%	-177.8
Q4 24	-29.9%	-142.4%	-172.3
Q3 25	-59.6%	-72.3%	-131.8

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$0	$6M
Q2 22	$2M	$0	$2M
Q3 22	$565.0K	$0	$565.0K
Q4 22	$3M	$8.0K	$3M
Q1 23	$2M	$0	$2M
Q2 23	$6M	$0	$6M
Q3 23	$2M	$0	$2M
Q4 23	$2M	$77.0K	$2M
Q1 24	$480.0K	$0	$480.0K
Q2 24	$653.0K	$75.0K	$728.0K
Q3 24	$3M	$76.0K	$3M
Q4 24	$14M	$206.0K	$14M
Q1 25	$24M	$11M	$35M
Q2 25	$28M	$8M	$36M
Q3 25	$43M	$27M	$70M
Q4 25	$14M	$56M	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	869K	0.0%	—
Q2 19	869K	0.0%	-35.4%
Q3 19	869K	0.0%	+11.5%
Q1 20	16M	+1735.4%	+1735.4%
Q2 20	16M	+1.4%	+1761.5%
Q3 20	16M	+1.1%	+1782.5%
Q4 20	22M	+35.9%	+2457.6%
Q2 21	23M	+3.0%	+43.5%
Q3 21	24M	+4.2%	+47.4%
Q2 22	27M	+14.3%	+66.6%
Q3 22	27M	+0.4%	+23.1%
Q4 22	29M	+4.4%	+24.8%
Q4 23	38M	+34.4%	+61.0%
Q2 24	52M	+34.7%	+89.8%
Q4 24	27M	-48.6%	-2.8%
Q3 25	37M	+38.4%	+28.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q2 21	—	—
Q3 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$32.1K	119
Q4 23	$13.6K	97
Q2 24	$15.9K	97
Q4 24	$20.9K	89
Q3 25	$17.4K	89

Revenue / Employee