How Are Smart Cart Deliveries Driving Growth at A2Z Cust2Mate (NASDAQ:AZ)?

Sonal Goyal

12 November 2026 12:12 PM AEDT

How Are Smart Cart Deliveries Driving Growth at A2Z Cust2Mate (NASDAQ:AZ)?

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Key Highlights

Third-quarter Revenue was $10.9 million, and smart cart deliveries reached 2,000 units.
Deliveries in the quarter exceeded the company's total deliveries for the first half of 2026.
The company closed its Acquisition of Hedia in early October to expand its retail media business.
A next-generation Connected In-Store Commerce Platform is driving more demand, according to the company.

A2Z Cust2Mate Solutions Corp. (NASDAQ:AZ), a provider of smart retail technology, reported third-quarter 2026 results that included revenue of $10.9 million and 2,000 smart cart deliveries. The company said it ramped up deployments during the quarter and closed its acquisition of Hedia in early October. The update, dated November 11, 2026, outlines a shift toward more predictable revenue from in-store commerce and retail media. Smart carts and in-store commerce tools sit at the intersection of retail operations and digital advertising, and the Economics depend on both hardware sales and the value of shopper data.

Deliveries and Customer Demand

Deliveries reached 2,000 units in the third quarter, more than the company's total deliveries for the first half of the year, and were spread across several customers. Chief Executive Gadi Graus said newer customers increased their orders after initial deployment, which the company presents as evidence of the product's value in stores.

Management said pilot programs are moving into full launches and that additional locations are being added. The update does not disclose the number of pilots or the count of stores currently in operation.

Retailers adopt smart carts to improve the shopping experience and to gather data about how customers move through a store. Vendors often earn revenue from hardware, software subscriptions and the Advertising that the data supports.

Hedia Acquisition and Retail Media

In early October, the company closed its acquisition of Hedia, which it said enhances its ability to monetize retail media. Retail media, in which retailers sell advertising space and audience data to brands, is a category that many in-store technology providers are developing.

The update does not state the purchase price or Hedia's contribution to revenue, so the acquisition's effect cannot yet be separated from smart cart growth in the quarter.

Retail media is a fast-growing area in which brands pay to reach shoppers in stores and online. Owning a retail media capability allows a technology provider to share in that spending, although it also requires sales and measurement capabilities.

Platform and Revenue Predictability

The company launched a next-generation Connected In-Store Commerce Platform, which it said has increased Demand from existing and potential clients. Management described its revenue as becoming more predictable as the installed base grows, supporting its expectation of continued growth in 2027.

Predictability depends on repeat orders and ongoing platform revenue rather than one-time deployments. The update does not break revenue down between hardware, software and services.

Revenue predictability is a common goal for hardware vendors that want to move toward recurring income. The company's expectation of predictable revenue depends on the share of its deliveries that becomes ongoing service.

Open Questions

The company's growth relies on continued deliveries, customer rollouts and monetization of retail media. The update does not give gross margin, cash position or Backlog figures in the sections reviewed, and those measures would be needed to test the claim of more predictable revenue.

Customer concentration is also worth watching. The update describes deliveries across multiple customers but does not name them or give their share of revenue.

Deliveries to multiple customers reduce dependence on a single account, but the update does not give the share of revenue from its largest clients. That figure would show how exposed results are to any one retailer's decisions.

Final Word

A2Z's third quarter shows a sharp increase in smart cart deliveries, an acquisition aimed at retail media and a new platform intended to support recurring revenue. The next measures to watch are margin, cash and the share of revenue from ongoing services, which will show whether growth is turning into a more predictable business. Investors will be looking for margin, cash and Recurring Revenue data as the company reports its next results.

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