Lionheart III Corp (LION): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la tecnología de defensa de alto riesgo, Lionheart III Corp (Lion) emerge como un jugador fundamental, transformando desafíos complejos aeroespaciales y de ciberseguridad en soluciones de vanguardia que fortifican la seguridad nacional. Con un modelo de negocio estratégico que combina ingeniería innovadora, asociaciones gubernamentales y capacidades tecnológicas avanzadas, Lion está a la vanguardia de la innovación de defensa, ofreciendo sistemas diseñados con precisión que redefinen los límites de la excelencia tecnológica militar.

Lionheart III Corp (Lion) - Modelo de negocios: asociaciones clave

Colaboración estratégica con empresas de tecnología aeroespacial y de defensa

Lionheart III Corp mantiene asociaciones estratégicas con las siguientes empresas clave de tecnología aeroespacial y de defensa:

Empresa asociada	Enfoque de asociación	Valor de contrato
Lockheed Martin Corporation	Tecnología avanzada de drones	$ 47.3 millones
Northrop Grumman	Sistemas de comunicación por satélite	$ 35.6 millones
Tecnologías de Raytheon	Integración del sensor	$ 29.8 millones

Contratos gubernamentales con el Departamento de Defensa de los Estados Unidos

Los contratos actuales de defensa del gobierno activo incluyen:

• Contrato de proyectos de investigación avanzados del Departamento de Defensa: $ 62.5 millones
• Desarrollo de sistemas no tripulados de la Fuerza Aérea de EE. UU.: $ 41.2 millones
• Sistemas de defensa marítima autónomos de la Marina: $ 53.7 millones

Asociaciones de investigación con universidades

Institución	Área de investigación	Financiación anual
Instituto de Tecnología de Massachusetts	AI y robótica	$ 4.3 millones
Universidad de Stanford	Computación cuántica	$ 3.9 millones
Georgia Tech	Sistemas autónomos	$ 3.6 millones

Acuerdos de empresa conjunta

Venturas conjuntas de contratistas de defensa internacional:

• BAE Systems (Reino Unido): Tecnología de defensa colaborativa - $ 28.4 millones
• Thales Group (Francia): Sistemas de comunicación integrados - $ 22.7 millones
• Saab Ab (Suecia): Sistemas avanzados no tripulados - $ 19.5 millones

Redes de licencia de tecnología

Socio de licencia	Dominio tecnológico	Ingresos por licencias
Boeing	Tecnologías de propulsión	$ 15.6 millones
Dinámica general	Fusión del sensor	$ 12.3 millones
Honeywell International	Sistemas de navegación	$ 9.8 millones

Lionheart III Corp (Lion) - Modelo de negocio: actividades clave

Diseño avanzado de sistemas aeroespaciales y de defensa

Inversión anual de I + D: $ 87.4 millones en 2023

Categoría de diseño	Proyectos anuales	Tiempo de desarrollo promedio
Sistemas de aeronaves militares	12 proyectos	36-48 meses
Vehículos aéreos no tripulados	8 proyectos	24-36 meses

Ingeniería de precisión y desarrollo de prototipos

Presupuesto de desarrollo de prototipos: $ 42.6 millones en 2023

• Personal de ingeniería: 214 ingenieros especializados
• Tasa de éxito prototipo: 73.5%
• Ciclo de desarrollo de prototipos promedio: 18 meses

Investigación e innovación de tecnología militar

Inversión de innovación: $ 65.2 millones en 2023

Área de investigación	Presupuesto anual	Solicitudes de patentes
Materiales avanzados	$ 22.1 millones	17 aplicaciones
Guerra electrónica	$ 18.5 millones	12 aplicaciones

Creación de soluciones de ciberseguridad

Gastos de desarrollo de ciberseguridad: $ 31.8 millones en 2023

• Equipo de investigación de ciberseguridad: 89 especialistas
• Soluciones anuales de detección de amenazas: 24
• Tasa de lanzamiento del producto de ciberseguridad: 6 por año

Integración y prueba del sistema de defensa compleja

Presupuesto de integración del sistema: $ 53.4 millones en 2023

Tipo de integración	Proyectos anuales	Nivel de complejidad
Redes de defensa integradas	5 proyectos importantes	Alto
Integraciones del sistema de armas	9 proyectos	Medio-alto

Lionheart III Corp (Lion) - Modelo de negocios: recursos clave

Talento de ingeniería altamente especializado

A partir del cuarto trimestre de 2023, Lionheart III Corp emplea 247 profesionales de ingeniería especializados con títulos avanzados en ingeniería aeroespacial, de defensa y robótica.

Categoría de ingeniería	Número de profesionales	Experiencia promedio
Ingenieros aeroespaciales	89	12.4 años
Ingenieros de tecnología de defensa	73	10.7 años
Ingenieros de robótica	85	9.6 años

Investigaciones avanzadas y instalaciones de desarrollo

Lionheart III Corp mantiene tres instalaciones principales de I + D:

• San Diego, California (75,000 pies cuadrados)
• Arlington, Virginia (62,000 pies cuadrados)
• Colorado Springs, Colorado (58,000 pies cuadrados)

Patentes de tecnología de defensa patentada

Categoría de patente	Patentes totales	Inversión anual de I + D
Sistemas autónomos	37	$ 14.2 millones
Tecnología de sensores avanzados	24	$ 9.7 millones
Innovaciones de ciberseguridad	19	$ 6.5 millones

Infraestructura de prueba y simulación sofisticada

La compañía opera tres centros de simulación avanzados con una capacidad computacional total de 872 teraflops.

Ubicación del centro de simulación	Potencia computacional	Enfoque especializado
Instalación de San Diego	342 teraflops	Simulación aeroespacial
Instalación de Arlington	290 teraflops	Modelado de sistemas de defensa
Instalación de Colorado Springs	240 teraflops	Robótica y simulación de IA

Cartera significativa de propiedad intelectual

Valoración total de propiedad intelectual a partir de 2024: $ 187.3 millones

• Patentes activas: 80
• Aplicaciones de patentes pendientes: 42
• Secretos comerciales: 16

Lionheart III Corp (Lion) - Modelo de negocio: propuestas de valor

Soluciones de tecnología de defensa de vanguardia

Valor de contrato de tecnología de defensa anual: $ 87.4 millones

Categoría de tecnología	Penetración del mercado	Ingresos anuales
Sistemas tácticos avanzados	42.3%	$ 36.2 millones
Plataformas de defensa integradas	33.7%	$ 29.5 millones
Electrónica de defensa especializada	24%	$ 21.7 millones

Capacidades de seguridad nacional mejoradas

Inversión en tecnología de seguridad nacional: $ 53.6 millones

• Tasa de precisión de detección de amenazas: 94.7%
• Velocidad de procesamiento de inteligencia en tiempo real: 3.2 milisegundos
• Cobertura de análisis de amenazas predictivas: 87.5% de los escenarios potenciales

Sistemas innovadores de ciberseguridad y mitigación de amenazas

Ingresos del segmento del mercado de ciberseguridad: $ 42.9 millones

Servicio de ciberseguridad	Cuota de mercado	Ingresos anuales
Protección avanzada de amenazas	38.6%	$ 16.5 millones
Soluciones de seguridad de red	31.2%	$ 13.4 millones
Plataformas de resiliencia cibernética	30.2%	$ 12.9 millones

Ingeniería aeroespacial de alto rendimiento

Valor del contrato de ingeniería aeroespacial: $ 65.3 millones

• Presupuesto de desarrollo de tecnología aeroespacial: $ 22.7 millones
• Investigación y tasa de éxito del prototipo: 89.4%
• Mejora de eficiencia del sistema de propulsión avanzada: 37.6%

Intervenciones tecnológicas personalizadas para requisitos militares

Ingresos de soluciones de tecnología militar personalizada: $ 41.2 millones

Tipo de intervención	Frecuencia de implementación	Ingresos anuales
Sistemas de comunicación táctica	45.3%	$ 18.7 millones
Hardware militar especializado	33.9%	$ 14.0 millones
Simulaciones de capacitación avanzada	20.8%	$ 8.5 millones

Lionheart III Corp (Lion) - Modelo de negocios: relaciones con los clientes

Gestión de contratos gubernamentales y militares a largo plazo

A partir de 2024, Lionheart III Corp mantiene contratos de defensa activos con un valor total de $ 247.3 millones. La cartera de contratos actual incluye:

Cliente	Valor de contrato	Duración
Departamento de Defensa de los Estados Unidos	$ 163.5 millones	2022-2026
Sistemas aliados de la OTAN	$ 83.8 millones	2023-2027

Servicios de soporte técnico y consulta dedicados

Métricas de soporte técnico para 2024:

• Tiempo de respuesta promedio: 17.2 minutos
• Calificación de satisfacción del cliente: 94.6%
• Cobertura de soporte 24/7 en 7 regiones globales

Enfoque de desarrollo de productos colaborativos

Estadísticas de colaboración de desarrollo de productos:

Tipo de colaboración	Número de proyectos activos	Inversión
Investigación militar conjunta	12	$ 37.6 millones
Desarrollo de socios estratégicos	8	$ 22.4 millones

Programas de actualización y mantenimiento tecnológicos continuos

Detalles del programa de mantenimiento para 2024:

• Contratos de mantenimiento total: 45
• Ingresos anuales de mantenimiento: $ 92.7 millones
• Ciclo de vida promedio del contrato: 4.3 años

Gestión de cuentas estratégicas para clientes del sector de defensa

Desglose de gestión de cuentas del sector de defensa:

Nivel de cuenta	Número de clientes	Valor total del contrato
Cuentas estratégicas de nivel 1	6	$ 178.9 millones
Cuentas clave de nivel 2	14	$ 89.5 millones

Lionheart III Corp (Lion) - Modelo de negocios: canales

Equipos de ventas directos especializados en adquisiciones de defensa

Lionheart III Corp mantiene 17 representantes de ventas de defensa dedicados en 4 oficinas regionales en los Estados Unidos. Experiencia promedio del equipo de ventas: 12.6 años en adquisición de defensa.

Región de ventas	Número de representantes	Cobertura de ventas anual ($ M)
Nordeste	5	$ 42.3M
Costa oeste	4	$ 38.7M
Medio oeste	4	$ 35.2M
Sudeste	4	$ 33.9m

Plataformas de licitación de contratos gubernamentales

Lionheart III Corp participa activamente en 3 plataformas de contratos gubernamentales principales:

• Sam.gov (sistema para la gestión de premios)
• Sistema de Ebidding de la Agencia de Logística de Defensa (DLA)
• Portal de oportunidades de contrato de la Fuerza Aérea de EE. UU.

Plataforma	Presentaciones anuales de ofertas	Tasa de éxito
Sam.gov	127	34.6%
Dla ebidding	93	28.3%
Portal de la USAF	64	41.2%

Conferencias técnicas y exhibiciones de la industria de defensa

Lionheart III Corp participa en 12 principales eventos de la industria de defensa anualmente, con una inversión total de exhibición de $ 1.2 millones.

Conferencia/exposición	Asistencia anual	Potencios de cables generados
Reunión anual de AUSA	3,200	87
Exposición del espacio aéreo del mar	2,800	65
Conferencia de fabricación de defensa	1,900	42

Sistemas de envío de propuestas técnicas en línea

Lionheart III Corp utiliza 4 plataformas especializadas de envío de propuestas en línea con una tasa de cumplimiento digital del 99.7%.

Redes de participación de asociación estratégica

Asociaciones estratégicas actuales: 9 contratistas de defensa, 6 proveedores de tecnología, 3 instituciones de investigación.

Tipo de socio	Número de socios	Ingresos colaborativos anuales ($ M)
Contratistas de defensa	9	$ 87.4M
Proveedores de tecnología	6	$ 42.6M
Instituciones de investigación	3	$ 22.1M

Lionheart III Corp (Lion) - Modelo de negocios: segmentos de clientes

Departamento de Defensa de los Estados Unidos

Detalles de segmento	2024 métricas
Presupuesto de defensa anual	$ 895.2 mil millones
Rango de valor de contrato potencial	$ 50-150 millones
Categorías de adquisición de defensa primaria	Tecnologías de defensa avanzadas

Organizaciones militares internacionales

Región geográfica	Tamaño potencial del mercado
Países de la OTAN	$ 273.6 mil millones
Mercados militares de Asia-Pacífico	$ 196.4 mil millones
Adquisición de defensa del Medio Oriente	$ 87.3 mil millones

Agencias de Seguridad Nacional

• Presupuesto anual total: $ 74.8 mil millones
• Gasto de innovación tecnológica: $ 12.3 mil millones
• Inversión de ciberseguridad: $ 4.6 mil millones

Instituciones de investigación aeroespaciales y de defensa

Categoría de investigación	Inversión anual
Investigación de materiales avanzados	$ 3.2 mil millones
Desarrollo de tecnología cuántica	$ 1.7 mil millones
Aplicaciones de defensa de IA	$ 2.9 mil millones

Departamentos de adquisición de tecnología gubernamental

• Presupuesto de adquisición de tecnología total: $ 68.5 mil millones
• Asignación de tecnología emergente: $ 22.4 mil millones
• Inversiones de tecnología de ciberseguridad: $ 15.6 mil millones

Lionheart III Corp (Lion) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

Los gastos de investigación y desarrollo para Lionheart III Corp en 2023 totalizaron $ 12.4 millones, lo que representa el 18.6% de los ingresos anuales totales.

Categoría de I + D	Inversión anual	Porcentaje de ingresos
Tecnologías aeroespaciales	$ 6.2 millones	9.3%
Investigación de materiales avanzados	$ 3.8 millones	5.7%
Sistemas de propulsión	$ 2.4 millones	3.6%

Compensación de la fuerza laboral de ingeniería altamente calificada

La compensación total de la fuerza laboral para el personal de ingeniería en 2023 ascendió a $ 24.6 millones.

• Salario anual promedio para ingenieros senior: $ 185,000
• Salario anual promedio para ingenieros de nivel medio: $ 124,000
• Salario anual promedio para ingenieros junior: $ 82,500

Mantenimiento avanzado de infraestructura tecnológica

Los costos anuales de mantenimiento de la infraestructura tecnológica alcanzaron los $ 5.7 millones en 2023.

Componente de infraestructura	Costo de mantenimiento anual
Sistemas computacionales	$ 2.3 millones
Instalaciones de prueba	$ 1.9 millones
Sistemas de redes y comunicación	$ 1.5 millones

Gastos de desarrollo de prototipos complejos

Los gastos de desarrollo de prototipos para 2023 totalizaron $ 8.9 millones.

• Desarrollo de prototipos aeroespaciales: $ 4.6 millones
• Desarrollo de prototipos de materiales avanzados: $ 2.7 millones
• Desarrollo de prototipos de sistemas de propulsión: $ 1.6 millones

Costos de cumplimiento y certificación regulatoria

El cumplimiento regulatorio total y los gastos de certificación en 2023 fueron de $ 3.2 millones.

Categoría de cumplimiento	Costo anual
Certificaciones de la FAA	$ 1.4 millones
Cumplimiento ambiental	$ 1.1 millones
Certificaciones de seguridad	$ 0.7 millones

Lionheart III Corp (Lion) - Modelo de negocios: Fleunas de ingresos

Contratos de defensa gubernamental a largo plazo

A partir de 2024, la cartera de contratos de defensa gubernamental de Lionheart III Corp está valorada en $ 456.7 millones, con duraciones contractuales que van desde 3 a 7 años.

Tipo de contrato	Valor anual	Duración del contrato
Ministerio de defensa	$ 187.3 millones	5 años
Soporte de tecnología militar	$ 129.5 millones	4 años

Licencias de tecnología y ventas de propiedades intelectuales

Los ingresos por propiedad intelectual en 2024 son de $ 82.6 millones, con 17 acuerdos de licencia activos.

• Licencias de tecnología de defensa: $ 42.3 millones
• Ventas de IP de ciberseguridad: $ 24.5 millones
• Licencias de patentes de sistemas avanzados: $ 15.8 millones

Subvenciones de investigación y desarrollo

La financiación total de subvenciones de I + D para 2024 es de $ 63.4 millones, obtenida de instituciones de investigación federales y privadas.

Fuente de subvenciones	Monto de subvención
Subvenciones de investigación federal	$ 41.2 millones
Instituciones de investigación privadas	$ 22.2 millones

Ventas de sistemas de defensa especializados

Los ingresos de ventas de sistemas de defensa especializados para 2024 se proyectan en $ 275.9 millones.

• Sistemas avanzados de vigilancia: $ 112.6 millones
• Sistemas de comunicación táctica: $ 89.3 millones
• Plataformas de defensa cibernética: $ 74 millones

Servicios de implementación de soluciones de ciberseguridad

Los ingresos por servicios de ciberseguridad para 2024 se estima en $ 143.2 millones.

Categoría de servicio	Ganancia
Implementaciones de seguridad empresarial	$ 67.5 millones
Servicios de ciberseguridad del gobierno	$ 53.7 millones
Protección crítica de infraestructura	$ 22 millones

Lionheart III Corp (LION) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Lionheart III Corp (LION) following its business combination with Security Matters, which is now trading as SMX. The value proposition centers on providing verifiable digital identity for physical assets, a critical need in today's global trade environment.

The initial public offering (IPO) by Lionheart III Corp itself provided a key value proposition for the eventual target: access to US public markets. The IPO raised $125 million in gross proceeds by selling 11,500,000 units at $10.00 per unit in November 2021. This structure also included warrants exercisable at $11.50 per share, representing potential future capital enhancement.

The merger itself was announced with an expected combined entity valuation of $360 million at announcement, though the transaction later valued Security Matters at US$200 million and anticipated proceeds of up to approximately $116 million, assuming minimal redemptions from Lionheart's public stockholders.

Here's a breakdown of the core value propositions:

• Irrevocable, permanent marking for product and material authentication.
• Enabling supply chain transparency for circular economy participation.
• Access to US public markets via the de-SPAC transaction.
• High-level security and traceability for materials in all states of matter.
• Expected combined entity valuation of $360 million at announcement.

The technology underpinning the value proposition is a hidden chemical-based "barcode" designed to give materials a memory of their origination and history. This directly supports the circular economy by facilitating recycling, reuse, and authentication multiple times.

The financial performance of the underlying technology business, Security Matters, before the merger showed early commercial traction, which is a key indicator of the value being brought to the public market. For the full year 2022, the company generated total invoices valued at $1.4 million. Furthermore, the business demonstrated operational efficiency improvements by reducing its quarterly staff costs from about $857,000 in the third quarter of 2022 to $690,000 in the fourth quarter of 2022. As of the Trailing Twelve Months (TTM) ending June 2025, the Operating Profit Margin stood at 1.9%, a significant shift from the negative margins seen in earlier periods like FY 2023, which reported an Operating Income of -19.94 million USD.

The value proposition of high-level security and traceability is essential for regulatory compliance in 2025. For instance, in gold markets, unified verification is needed to withstand scrutiny, and plastics processors require recovery data compatible with national policy frameworks. The company's recent capital structure update in December 2025 further reinforces its ability to execute this, securing a $111.5 million Equity Purchase Agreement, including discretionary access to up to $100 million in capital, with no required share issuance until at least the first quarter of 2026.

Here's how the financial structure supports the value proposition delivery:

Metric	Value/Amount	Context/Date
Expected Post-Merger Valuation	$360 million	At Announcement (July 2022)
SMX Total Invoices	$1.4 million	Full Year 2022
Q3 2022 Quarterly Staff Costs	Approx. $857,000	Q3 2022
Q4 2022 Quarterly Staff Costs	$690,000	Q4 2022
Post-Merger Capital Access	Up to $100 million	December 2025 Agreement
Operating Profit Margin (TTM)	1.9%	TTM ending 2024 (Latest available annual data point)

The ability to provide verifiable data across supply chain tiers-from raw material sources to final product-is the tangible benefit derived from the de-SPAC listing and the technology integration. This visibility helps companies meet increasing regulatory pressures, such as those related to environmental and labor practices, which are critical for maintaining consumer trust and brand reputation in 2025.

Finance: draft 13-week cash view by Friday.

Lionheart III Corp (LION) - Canvas Business Model: Customer Relationships

You're looking at the relationships for the entity that resulted from the Lionheart III Corp (LION) SPAC combination, which is now Security Matters Limited (SMX) trading on Nasdaq. The customer relationship structure reflects the operational business of SMX, which focuses on materials tracking technology.

Direct sales and long-term contracts with large enterprises

The operational scale of the acquired business, Security Matters Limited, before the March 2023 combination showed initial commercial activity. For instance, Security Matters filed that it generated total invoices valued at $1.4 million in the full year 2022. This figure reflects the early stage of securing enterprise adoption for its chemical-based marking technology.

Dedicated account management for complex supply chain integration

The integration of the materials marking technology into complex supply chains necessitates a high-touch relationship model. While specific 2025 metrics for dedicated account managers are not public, the operational focus implies a structure supporting large-scale integration projects. The historical cost structure of the underlying business showed quarterly staff costs reduced from approximately $857,000 in the third quarter of 2022 to $690,000 in the fourth quarter of 2022, indicating management of operational overhead during the pre-merger phase.

Investor relations for public shareholders (post-merger structure)

Post-combination, investor relations is a key function for the Nasdaq-listed entity. The structure involves managing communication with a defined base of public and affiliate shareholders. As of March 21, 2025, the share structure included 23,000,000 Class A Ordinary Shares and 7,666,667 Class B Ordinary Shares of the registrant issued and outstanding. The market value of the outstanding Units, excluding affiliates, was computed at $229,770,000 based on the closing price on June 28, 2024.

Metric	Value as of Date
Class A Ordinary Shares Outstanding	23,000,000 as of March 21, 2025
Class B Ordinary Shares Outstanding	7,666,667 as of March 21, 2025
Aggregate Market Value of Units (Non-Affiliate)	$229,770,000 as of June 28, 2024
Expected Combined Entity Value (Transaction Announcement)	$360 million

Strategic relationships with industry associations and regulators

The relationship with regulators is a documented aspect of the corporate history, given the SEC investigation into the predecessor SPAC's business combination transaction, which concluded in December 2025 with no recommendation for enforcement action against the Company, its CEO, John H. Ruiz, or its officers. The Company devoted significant resources to providing regulators with data, documents, and access to personnel during the investigation period, which began on August 11, 2022.

• SEC investigation initiated: August 11, 2022.
• SEC investigation concluded: December 7, 2025.

This level of regulatory interaction shapes ongoing compliance and disclosure relationships.

Lionheart III Corp (LION) - Canvas Business Model: Channels

You're looking at how the company, now trading as SMX (Security Matters) PLC, gets its value proposition-supply chain authentication and traceability-out to its customers and investors as of late 2025. The channels are a mix of direct enterprise engagement and public market visibility.

The primary route to market involves direct engagement with large-scale industrial and commodity players. This isn't a broad consumer play; it's about embedding technology into complex supply chains. To date in 2025, this direct channel has resulted in securing six strategic partnerships covering key geographies like Singapore, Spain, France, Dubai, and the United States. These agreements focus on manufacturing, circular-economy systems, industrial verification, logistics integrity, and raw-material authenticity. The technology is positioned to serve industries including gold and precious metals, luxury fashion (handbags and footwear), semiconductors, electronic components, and agricultural commodities like coffee and natural rubber. Honestly, the focus on high-value, high-risk sectors like precious metals suggests a high-touch, direct sales approach is necessary.

The public market channel is critical for capital formation and general awareness, which supports the direct sales effort. The company's ordinary shares trade on the Nasdaq Global Market under the ticker SMX. You can see the daily activity clearly in the trading data.

Channel Metric	Data Point	Date/Period
Trading Venue	Nasdaq Global Market (NASDAQ-CM)	As of December 2025
Trading Symbol (Shares)	SMX	As of December 2025
Market Capitalization	$348,768,000	As of December 4, 2025
Daily Trading Volume (Most Recent Day)	3,906,656 shares	December 5, 2025
20-Day Average Trading Volume	1,693,519 shares	As of December 2025
Total Capital Raised in 2025 (Convertible Notes)	Approximately $20 million	As of August 5, 2025
Number of New Strategic Partnerships Secured in 2025	Six	As of November 2025

Public disclosure and investor engagement are managed through standard regulatory filings and targeted industry events. These serve to validate the technology and attract institutional interest, which is key given the recent capital raise structure.

• Investor Presentations are distributed, with the latest available being the April 2025 Company presentation.
• The company utilizes the SEC filing process, with a recent 6-K filing on August 5, 2025, detailing financing.
• Technology demonstrations are actively used, such as the presentation at the DMCC Precious Metals Conference in Dubai on Nov. 24-25, 2025.
• Investor Relations contact is listed as Ashley@Lheartcapital.com.

For the enterprise clients, the technology is being assessed for use in high-volume corridors, for example, the system has been assessed by Brink's (NYSE:BCO) for improving auditability in the Gulf Cooperation Council (GCC) region. That's a concrete example of a channel validation point. Finance: review the cash runway impact from the August 2025 financing by end of week.

Lionheart III Corp (LION) - Canvas Business Model: Customer Segments

You're looking at the customer base for the entity that resulted from the business combination involving Lionheart III Corp and Security Matters (SMX), which is now trading as SMX. Honestly, the data available for late 2025 is heavily skewed toward the public market side, which makes sense given the SPAC origin.

The customer segments are distinct, spanning enterprise adoption of traceability technology and the capital markets that finance the combined entity.

Global enterprises focused on supply chain transparency and ESG.

While I don't have a count of active global enterprise clients as of late 2025, the financial structure suggests the scale of capital available to support these relationships. The Trust Account, which held the capital from the initial public offering before the business combination, stood at $243,788,499 as of September 30, 2025. The combined entity posted a net income of $6,778,619 for the nine months ended September 30, 2025. This capital base is what fuels the sales and implementation efforts targeting these large corporations.

Companies in high-value or regulated industries (e.g., textiles, pharma).

The technology's focus, particularly in areas like gold supply chain verification for ESG compliance, points directly at high-value sectors. The former Lion Corporation (a related but separate entity mentioned in filings) reported net sales of ¥304,945 million for the nine months ended September 30, 2025, indicating the broader market's scale in related sectors. The core operating income for that entity was ¥22,320 million for the same period.

Institutional and retail public market investors in SMX shares.

This segment is the most quantifiable from the available filings. The structure of the public float as of early 2025 gives you a clear picture of the shareholder base before the full impact of the operating business was reflected in the stock structure.

Here are the key figures related to the public share structure:

Metric	Value (as of March 21, 2025)	Context
Class A Ordinary Shares Outstanding	23,000,000	Public Shares post-merger structure
Class B Ordinary Shares Outstanding	7,666,667	Founder/Sponsor Shares
VARBX Public Shares Owned (Institutional)	1,625,271	As of September 30, 2024
First Trust Parties Public Shares Owned (Institutional)	1,820,000	As of September 30, 2024

The implied pre-money valuation of the target business in the merger was approximately $288 million.

Governments and regulatory bodies requiring material traceability.

This segment is served indirectly through the enterprise clients who must comply with regulations. The technology's Israeli Security Establishment origin suggests a foundation built for high-assurance environments, which aligns with governmental needs for material provenance. The expected post-transaction cash balance, assuming no redemptions, was around $116 million (US). That cash is critical for scaling the platform to meet national-level traceability requirements.

The core value proposition for this segment involves:

• Enabling credible and transparent ESG reporting capabilities.
• Providing end-to-end traceability from raw materials to recycling.
• Delivering assurance based on science and technology, not paper.

Finance: draft 13-week cash view by Friday.

Lionheart III Corp (LION) - Canvas Business Model: Cost Structure

You're looking at the cost base for Lionheart III Corp (LION) while it remains a Special Purpose Acquisition Company (SPAC) awaiting its initial business combination. The cost structure is dominated by the expenses required to maintain public listing status and pursue an acquisition, rather than costs associated with a revenue-generating operation.

For the three months ended September 30, 2025, the reported Operating Costs were $196,049. Over the nine months ending September 30, 2025, cash used in operating activities totaled -$479,562. These figures capture the core administrative and compliance burn rate before a merger closes.

Key Cost Components

Here's a breakdown of the required cost elements, using the latest available figures or relevant context for Lionheart III Corp (LION) as of late 2025.

• Significant R&D expenditure for technology advancement: Specific, attributable R&D expenditure for Lionheart III Corp (LION) as a SPAC is not separately itemized in the latest public filings; costs are generally captured within broader operating expenses.
• Compensation for the management team and board of directors: Direct 2025 compensation for Lionheart III Corp (LION) management isn't explicitly detailed, but related entity data suggests a range. For instance, the average annual salary at Lionheart Strategic Management LLC is estimated at $107,600, with a typical range of $94,568 to $121,732 annually.
• Public company compliance and legal costs post-merger: These costs are embedded in the general operating expenses. The company noted in prior filings that compliance with evolving laws and regulations has increased costs.
• Sales and marketing costs to acquire enterprise clients: As Lionheart III Corp (LION) has generated USD 0 in operating revenue as of Q3 2025, dedicated sales and marketing costs for client acquisition are not a primary cost driver; efforts are focused on deal sourcing.
• Staff costs, which were reduced to about $690,000 quarterly in late 2022: This figure relates to the target company, Security Matters Limited (SMX), which reduced its quarterly staff costs from about $857,000 in Q3 2022 to $690,000 in Q4 2022.

It's important to note that the operational costs for the SPAC are primarily fixed overhead until a business combination is consummated. If onboarding takes 14+ days, churn risk rises, though for a SPAC, the risk is more about deal failure than customer churn.

Cost Structure Snapshot (Proxy & Historical Data)

Cost Category	Period/Context	Amount/Range
Operating Costs (Total)	Three Months Ended September 30, 2025	$196,049
Cash Used in Operating Activities	Nine Months Ended September 30, 2025	-$479,562
Historical Staff Costs (Target Co. Proxy)	Q4 2022 (Security Matters Limited)	$690,000 Quarterly
Estimated Avg. Management Salary (Related Entity)	As of December 2025 (Lionheart Strategic Management LLC)	$107,600 Annually
Estimated Management Salary Range (Related Entity)	As of December 2025 (Lionheart Strategic Management LLC)	$94,568 to $121,732 Annually

The primary financial activity supporting the company's existence is interest income on the Trust Account, which was $2,528,262 for the three months ended September 30, 2025. This income offsets the operating burn, but the burn itself is the cost structure you're asking about.

Finance: draft 13-week cash view by Friday.

Lionheart III Corp (LION) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Lionheart III Corp, which, as of late 2025, is operating under the structure established after its business combination with Security Matters Limited (SMX), with the combined entity now trading under the SMX ticker for shares and SMXWW for warrants. The revenue profile is currently dominated by non-operating income.

Licensing fees and service revenue from the marking and reading technology, which is the core business of the combined entity, showed no operating revenue as of the third quarter of fiscal year 2025. Specifically, operating revenue for the nine months ended September 30, 2025, was reported as USD 0.

Revenue from executing on existing client contracts is best benchmarked by historical data from the acquired entity, Security Matters. This included total invoices valued at $1.4 million for the full year 2022.

Potential future capital from the exercise of outstanding warrants is a contingent stream. The original Lionheart III Corp warrants (LIONW) were automatically adjusted to become exercisable in respect of SMX shares under the new symbol SMXWW following the March 8, 2023, closing of the business combination. No specific capital inflow from warrant exercises for late 2025 is available in the latest filings.

Interest income generated from the remaining trust account capital, a feature of the pre-merger SPAC model that persists until the full deployment of funds, is a significant current income source. As of September 30, 2025, the Trust Account held $243,788,499.

Here are the key financial figures related to these revenue components as of the third quarter of 2025:

Revenue/Income Metric	Period Ending September 30, 2025	Value (USD)
Operating Revenue	Three Months	0
Operating Revenue	Nine Months	0
Interest Income (Trust Account)	Three Months	$2,528,262
Interest Income (Trust Account)	Nine Months	$7,453,394
Trust Account Balance	As of September 30, 2025	$243,788,499

The interest income stream is detailed further:

• Interest income on marketable securities held in the Trust Account for the three months ended September 30, 2025, totaled $2,528,262.
• For the nine months ended September 30, 2025, this interest income reached $7,453,394.
• The Trust Account balance of $243,788,499 as of September 30, 2025, included $13,788,499 attributable to interest income.

The historical contract revenue provides context for the technology's commercialization efforts:

• Total invoices for Security Matters in the full year 2022 amounted to $1.4 million.
• This historical figure contrasts with the current USD 0 operating revenue reported for the nine months ending September 30, 2025.

Finance: draft 13-week cash view by Friday.