Here are 1-2 brief analogies to describe A2Z Cust2Mate Solutions (AZ):

• Like Amazon Go, but built into a shopping cart.
• Essentially Square for smart shopping carts.

• Cust2Mate Smart Cart: An intelligent shopping cart system that allows customers to scan, weigh, and pay for items directly from the cart, streamlining the retail checkout process.
• Electric Micro-Mobility Devices: Offers electric bikes and scooters designed for personal transportation, last-mile delivery, and urban mobility solutions.

A2Z Cust2Mate Solutions (symbol: AZ) primarily sells its smart shopping cart technology and related software to other companies, specifically grocery store chains and retailers. Its major customers and partners for deployments and pilot programs include:

• Village Super Market, Inc. (symbol: VLGEA) - This company operates various supermarkets, including Fairway Market locations where Cust2Mate smart carts have been deployed.
• Wakefern Food Corp. (private company) - A retailer-owned cooperative, representing multiple supermarket banners, including ShopRite, where Cust2Mate solutions have been implemented in various locations.
• Associated Food Stores (private company) - A large grocery wholesaler and retailer operating primarily in the Intermountain West region of the United States.
• Morton Williams Supermarkets (private company) - A chain of grocery stores predominantly located in New York City.

The company also frequently announces ongoing pilot programs and expansions with additional, sometimes unnamed, tier-1 retailers as part of its growth strategy.

• KeyTronicEMS (Symbol: KTCC)

Gadi Graus, CEO & Director

Gadi Graus was appointed CEO of A2Z Cust2Mate Solutions Corp. in April 2024. Prior to this role, he served as President of A2Z Cust2Mate Solutions Corp. (formerly A2Z Smart Technologies Corp.) from December 2022 until April 18, 2024, and has been a Director since January 6, 2023. Mr. Graus also served as CEO of the subsidiary Cust2Mate.

Alan Rootenberg, CFO & Director

Alan Rootenberg is a Chartered Professional Accountant with extensive CFO experience in publicly traded companies listed on the TSX, TSX Venture Exchange, OTCBB, and CSE. His expertise spans the mineral exploration, mining, technology, and cannabis industries. He holds a Bachelor of Commerce from the University of the Witwatersrand, Johannesburg, South Africa, and earned his CPA designation in Ontario, Canada.

Joseph Ben Tsur, Chairman A2Z

Joseph Ben Tsur is a serial entrepreneur known for establishing successful companies and expanding them into new markets and industries. His past roles include serving as Chairman of the international Elad Hotels chain, Director of MARLAZ Holdings (which holds a portfolio of publicly traded industrial, real estate, communications, and hi-tech companies), and CEO of DIG Ltd., a company that produces and markets electronic components throughout Israel. Mr. Ben Tsur also holds several patents.

Elkana Porag, Deputy CEO & CTO

Elkana Porag serves as the Deputy CEO & CTO of A2Z Cust2Mate Solutions.

Fraser Neil, Chief Sales Officer

Fraser Neil was appointed Chief Sales Officer of A2Z Cust2Mate Solutions in September 2025, leading the company's worldwide sales strategy across North America, Europe, and Israel. He brings nearly 30 years of experience in CPG, retail, SaaS, and AI-driven technology solutions. Most recently, he was the Vice President of CPG at Trax Retail Ltd., where he consistently achieved revenue growth and product innovation.

The key risks for A2Z Cust2Mate Solutions (symbol: AZ) are primarily centered around its financial viability, the execution of its business model, and its valuation.

1. Lack of Profitability and Reliance on External Financing: A2Z Cust2Mate Solutions is currently not profitable, experiencing persistent losses and negative cash flows. The company relies on external financing to fund its ongoing operations. This presents a significant risk as continued losses necessitate further capital raises, which can dilute existing shareholders or become challenging to secure.
2. Execution Risk and Slow Adoption of Smart Carts: The company's business model hinges on the rapid and widespread adoption of its smart cart solutions. There is an execution risk that the multiplication of smart carts across stores might slow down, potentially due to reduced technology investments by grocers or supply chain delays. Furthermore, a short report has questioned the company's business practices, alleging that A2Z Cust2Mate has "seriously misled investors with falsehoods and critical omissions about its past deals" and that claimed orders were significantly higher than actual deliveries, raising concerns about the true rate of deployment and fulfillment.
3. High Valuation Based on Aggressive Growth Assumptions: The company's stock trades at a rich valuation, with its forward Price-to-Sales ratio being particularly high. This valuation already incorporates aggressive growth assumptions, leaving little margin for error if the company fails to meet these high expectations. The stock has also demonstrated substantial volatility, further highlighting the risk associated with its current market pricing.

The clear emerging threat to A2Z Cust2Mate Solutions (AZ) is the accelerating development and adoption of fully autonomous, "Just Walk Out" or computer vision-based cashierless retail systems. These systems, exemplified by technologies used in Amazon Go stores, Grabango, and Trigo, allow shoppers to pick up items and leave without any manual scanning or interaction, providing an even more seamless and frictionless experience than smart carts, which still require customers to scan each item. As these "Just Walk Out" technologies become more cost-effective, accurate, and scalable for larger store formats, they pose a significant risk of making smart cart solutions appear less advanced or desirable, similar to how the iPhone's intuitive interface and ecosystem overshadowed BlackBerry's button-centric design.

A2Z Cust2Mate Solutions (AZ) primarily focuses on smart shopping cart solutions, with additional revenue streams from retail media and data monetization through their Cust2Mate smart carts. The addressable markets for these products and services are sizable and growing globally.

Smart Shopping Cart Market

• The global Smart Shopping Cart market was valued at USD 2,338.7 million in 2024 and is projected to reach USD 16,952.2 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 28.10%. Another estimate places the global market at USD 2.0 billion in 2025, projected to reach USD 7.5 billion by 2033, with an 18.6% CAGR.
• North America holds the largest share of this market, accounting for approximately 34% of the global market in 2024. Europe follows with a 27% share, and Asia-Pacific with 28%.
• There are over 60 million traditional shopping carts globally available for retrofitting with smart technology.

Retail Media Market

• The global retail media market is a rapidly growing segment, estimated at $140 billion with a CAGR of approximately 20%. Other sources indicate a rapidly growing global retail media segment of $170 billion.

Retail Data Monetization Platform Market

• This market is projected to reach $20.3 billion globally by 2033.

Global Self-Checkout Market

• The global self-checkout market is projected to reach $8 billion by 2027, with a CAGR of approximately 15%.

1. Expansion of Smart Cart Technology (Cust2Mate System) Deployments: The widespread adoption and deployment of A2Z Cust2Mate's innovative smart cart technology are a primary driver of future revenue. The Cust2Mate system automates the checkout process, enhancing the shopping experience and operational efficiency for retailers. A significant order in June 2025 for 3,000 Cust2Mate 3.0 carts, valued at $25 million, highlights the potential for substantial revenue from increased installations.

2. Growth in Retail Media and Advertising Integration: A2Z Cust2Mate is disrupting the retail media landscape by integrating advertising and promotions directly into its smart cart platform. This creates a new revenue stream through retail media efforts and offers opportunities for personalized shopping experiences and store optimization. The company has also secured additional retail media milestones, including with Lego, adding a commission-based revenue stream.

3. Expanding Customer Base and Strategic Partnerships: The ability of A2Z Cust2Mate to attract new customers and form strategic partnerships with major retailers is crucial for its growth. The company has seen success in forging partnerships, such as the integration of Nayax on-cart payment devices into Cust2Mate carts in September 2024, expanding sales territory to locations like France with a goal of tens of thousands of carts worldwide.

4. Recurring Software Revenue from Long-Term Contracts: A significant portion of future revenue growth is expected to come from recurring, multi-year software revenues tied to 3-year contracts per cart deployed. This model provides substantial revenue visibility over the next several years as more smart carts are implemented.

5. Continuous Innovation and AI Integration: A2Z Cust2Mate's commitment to continuous innovation, including significant investment in research and development, is a key driver. The company launched a new AI and Business Insights Division in October 2025 to enhance its smart cart technology with advanced AI functionalities, improving shopping personalization, fraud prevention, and overall store optimization. This focus on cutting-edge technology positions the company for sustained growth in the dynamic retail landscape.

Share Issuance

• A2Z Cust2Mate Solutions completed an oversubscribed $45 million equity raise in September 2025, anchored by leading global financial institutions.
• The company executed a $30 million stock offering in January 2025 and an additional capital round of $12.5 million in December 2024.
• The number of shares outstanding for A2Z Cust2Mate Solutions increased by 74.98% in one year.

Inbound Investments

• A $45 million equity raise in September 2025 was anchored by leading global financial institutions.
• Institutional investors have bought a total of 3,759,039 shares, representing approximately $28.38 million in transactions, over the last 24 months.
• As of recent data, 12.64% of A2Z Cust2Mate Solutions' stock is held by institutional investors.

Capital Expenditures

• Capital expenditures amounted to -$252,000 in the trailing 12 months ending June 30, 2025.
• The company is committed to investing in research and development to introduce new features and functionalities for its smart cart platform.
• In Q1 2025, the company incurred build-out expenses, contributing to an operating loss of $7.53 million.