A2Z Cust2Mate Solutions Corp. | Nasdaq: AZ | ~$5.71 | 44.5M shares outstanding
Most microcaps ask you to believe a story. This one asks you to check a number.
Start Here
A2Z Cust2Mate closed Q1 2026 with a contracted backlog above $195 million — over 19,000 smart carts scheduled for deployment by the end of 2027, under signed agreements with named retailers.
The entire company trades for roughly $256 million.
Back out the balance sheet and it gets sharper. Q1 showed $16.2 million in cash and equivalents against $63.3 million in working capital, supported by a large portfolio of financial assets; third-party data services put the net cash position near $67 million, about $1.50 per share. Strip that out and you’re paying something in the neighborhood of $190 million of enterprise value for a $195 million book of contracted business — before assigning a dollar to anything signed after March 31.
That is the whole setup. Everything below is just whether you believe the backlog converts.
The Divergence
Over the trailing twelve months, AZ shares are down roughly 41%, trading near $5.71 against a 52-week range with a low near $4.97 and a high above $10.
Over the same period, the company went from pilot programs to signed chain-wide rollouts, grew Q1 revenue 114% year over year to $3.3 million, expanded its delivered base past 2,500 carts, and secured approval for a $30 million non-dilutive, contract-backed credit facility — funding the manufacturing ramp without printing shares.
Price went one way. The order book went the other. Short interest sits around 4.6 million shares, roughly 12.6% of float, at about 13.9 days to cover.
You don’t have to have an opinion about that yet. You just have to notice it.
What They Actually Sell
A shopping cart that scans as you shop and takes payment in the cart. No belt, no unloading, no line.
The commercially interesting part isn’t the checkout — it’s the modular detachable panel, which converts a retailer’s existing cart fleet into connected hardware instead of forcing a chain to scrap and replace thousands of carts. Retrofit economics are why a CFO signs.
And once the cart is connected, it becomes the thing physical retail has never had: a screen at the shelf edge, at the exact second of the purchase decision, with closed-loop attribution between the ad and the item that lands in the basket. That’s retail media — the highest-margin line in modern retail, currently almost entirely online.
Hardware gets them in the door. Media is the reason to own it.
Who’s Signed
Carrefour Israel — five years, approximately $50 million, 4,000 carts plus charging, software, implementation and support. Rollout begins Q3 2026 across six flagship stores.
HaStock — 2,000 carts from Q3 2026 across Haifa, Beer Sheba and Petach Tikva. Smart cart revenue expected to exceed $21 million over five years, plus a shared-revenue collaboration on data and retail media. That structure is the tell.
Yochananof, Sapir Group, Toys “R” Us Israel and The Red Pirate — and a premium grocery retailer in Central America, launching in two flagship stores via channel partner Trixo with a stated joint objective of chain-wide expansion.
Collaboration with Migros Ticaret in Türkiye, and a global promotion and support partnership with Lenovo.
Grocery, toys, home goods, three continents. This is no longer a one-vertical thesis.
Q3 2026 Is the Convergence Quarter
Four things management has guided to land in the same window:
- Every current retail partner, domestic and international, with deployments in place no later than Q3 2026.
- The dedicated large-scale assembly plant fully online, removing the manufacturing bottleneck.
- Carrefour and HaStock rollouts commencing.
- The $30 million facility funding it without dilution.
Q4 appears to be the first quarter where the backlog meets capacity. I would keep an eye on it closely because this could become a rocket very soon.
Add AZ to your watchlist Today.
Small Cap Exclusive is owned and operated by King Tide Media, LLC, which is a US based corporation & has been compensated up to $12,000 from West Coast Media for profiling A2Z Cust2Mate Solutions Corp.(NASDAQ: AZ) starting on 8/12/26 for a one day campaign .We own ZERO shares in (NASDAQ: AZ). Full Disclaimer HERE
