SportsMap Tech Acquisition (SMAP) - 2025 Q4 - Annual Results

Revenue Performance - Software revenue for the year ended December 31, 2025 was $1.9 million, an increase of 88% compared to $1.0 million for the year ended December 31, 2024[5] - Total revenue for the year ended December 31, 2025 was $5.6 million, a decrease of 25% compared to $7.4 million for the year ended December 31, 2024[5] Net Loss and Financial Position - Net loss for the year ended December 31, 2025 was $11.7 million, a decrease of 46% compared to $21.5 million for the year ended December 31, 2024[5] - The company reported a net loss of $11,713 million for the year ended December 31, 2025, an improvement from a net loss of $21,495 million in 2024[13] Cash and Assets - The Company's cash position grew to $24.4 million as of December 31, 2025, an increase of 459% from $4.4 million as of December 31, 2024[5] - Total current assets increased to $30.9 million as of December 31, 2025, compared to $10.5 million as of December 31, 2024[11] - Cash, cash equivalents, and restricted cash equivalents at the end of the period increased to $24,465 million from $4,508 million, showing significant liquidity improvement[13] Shareholders' Equity - Total shareholders' equity increased to $32.0 million as of December 31, 2025, compared to $12.3 million as of December 31, 2024[11] Operational Efficiency - Net cash used in operating activities decreased to $8,020 million in 2025 from $15,567 million in 2024, indicating improved operational efficiency[13] - Share-based compensation expenses decreased to $1,665 million in 2025 from $3,382 million in 2024, reflecting cost control measures[13] Investment and Expenditures - Capital expenditures were $1,631 million in 2025, down from $2,667 million in 2024, indicating a potential shift in investment strategy[13] - The company experienced a net cash outflow from investing activities of $1,607 million in 2025, compared to $2,667 million in 2024, indicating reduced investment spending[13] Inventory and Contract Liabilities - The company recorded a decrease in inventory impairment to $511 million in 2025 from $2,272 million in 2024, suggesting better inventory management[13] - The company reported a significant increase in contract liabilities of $668 million in 2025, compared to a decrease of $38 million in 2024, which may indicate future revenue recognition[13] Customer Engagement and Deployments - Approximately 730 active sensors were connected to the software platform, MSAI Connect, as of December 31, 2025, representing a 59% increase year over year[5] - The Company received over $1.5 million in purchase orders in Q4 2025 from a large global distributor customer, which will increase the number of sensors deployed in their facilities[5] - Initial deployments at Manchester Airport were completed in Q1 2026, following the selection of the platform to enhance baggage-handling operations[5] - The Company began discussions to pilot solutions with several large data center owners and operators, receiving its first purchase order for a pilot implementation shortly after year-end[5] Tax Management - The company paid $73 million in income taxes, net of refunds received, in 2025, a decrease from $2,331 million in 2024, reflecting improved tax management[13]