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ONTARIO - A2Z Cust2Mate Solutions Corp. (NASDAQ:AZ), a $314 million market cap technology company showing 19% revenue growth over the last twelve months, announced Thursday the creation of a new AI and Business Insights Division at its subsidiary Cust2Mate Ltd., focused on developing artificial intelligence capabilities for its smart shopping cart technology.
The division will report to Deputy CEO and Chief Technology Officer Elkana Porag, who previously founded neural networks startup n-Join research and worked at Deloitte Monitor. According to the company’s press release, the new unit aims to enhance several aspects of the smart cart platform, including shopping personalization, retail media, fraud prevention, and store optimization. InvestingPro analysis shows the company maintains a healthy financial position with a current ratio of 3.29, indicating strong ability to fund its technological initiatives.
"By harnessing the power of modern state of the art Generative AI, we are poised to deliver unprecedented levels of personalization, retail media opportunities, and operational efficiency to our retail partners," said Porag.
The company stated the division will develop AI applications for real-time personalization of shopping experiences, tailored retail media content, fraud detection to reduce shrinkage, product identification through computer vision, and store operations optimization through data analysis.
A2Z Cust2Mate’s smart cart technology enables in-cart scanning and payment, allowing shoppers to bypass checkout lines. The company claims its carts can provide customized offers and product recommendations to shoppers while helping retailers gather operational data.
The announcement comes as Cust2Mate prepares for what it describes as a "widespread rollout" of its smart cart solutions and retail media practice, according to the press release. While the company reported negative EBITDA of $19.57 million in the last twelve months, InvestingPro data reveals 8 additional key insights about the company’s potential. Subscribers can access detailed analysis and fair value estimates to better understand the company’s growth trajectory.
In other recent news, A2Z Cust2Mate Solutions Corp. has secured a significant $45 million equity financing round at $8.00 per share to fund the expansion of its smart cart technology. The offering, which was oversubscribed, included participation from Wellington Management and other financial institutions, highlighting strong investor interest. Additionally, A2Z has entered into a multi-year agreement to advertise Lego products on its smart shopping carts in Israel, incorporating QR codes and shoppable links across up to 5,000 carts at Yochananof, a leading supermarket chain.
Benchmark has maintained its Buy rating and a $20.00 price target for A2Z Smart Technology, citing the company’s retail media growth potential. The firm estimates that A2Z’s retail media opportunity could generate between $60 million and $300 million in annual revenue, depending on the number of carts in circulation. Furthermore, A2Z recently acquired retail media and data rights from Yochanonof for a fixed fee, shortly after receiving a $55 million purchase order for smart carts from the retailer. These developments underscore A2Z’s strategic advancements in the retail technology space.
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