A2Z Smart Technologies Corp. Announces Preliminary Results for 2023

A2Z Smart Technologies Corp. (NASDAQ:AZ), a global pioneer in technology solutions, revealed its unaudited preliminary financial outcomes for the fourth quarter and the full year of 2023. The Israel-based company reported an annual revenue increase of 20%, reaching approximately $11.3 million, up from $9.4 million in the previous year. This growth was largely attributed to the successful deployment of their smart carts to clients.

However, the company experienced a 66% decrease in revenue during the fourth quarter, earning about $1.3 million, down from $3.8 million in the same quarter of the previous year. This was due to the completion of their Gen 2.5 smart cart deliveries by the end of Q3. A2Z launched its next-generation 3.0 smart carts in January, with deployments expected to begin in Q2 2024. As a result, the company anticipates minimal smart cart revenues in the first quarter of 2024.

The company also reported an operating loss of approximately $17.9 million for the year, noting an increase in operational activities. To bolster its financial position, A2Z recently raised $2.9 million through a registered direct offering. Looking ahead to 2024, A2Z aims to focus on deploying its new 3.0 smart carts, addressing both existing backlog and new client orders.