A2Z CUST2MATE $AZ
Pelican Way Research • Published December 2, 2025 • A Global Web of Phantom Orders and Failed Deployments
CORE INVESTMENT THESIS
A2Z Cust2mate is a smart shopping cart company built on phantom orders and broken promises that has seriously misled investors about its past deals to boost the stock price.
Despite claiming orders for tens of thousands of carts worth hundreds of millions of dollars over the last few years, Cust2mate has delivered barely a few hundred units in the last two years—meaning their claimed orders were 42X higher than implied deliveries. Pelican Way Research believes this pattern will continue with their latest announced deal, making shares a compelling short opportunity.
COMPANY OVERVIEW
KEY FINANCIAL RED FLAGS
Claimed orders 42X higher than implied deliveries calculated from revenue—suggesting phantom deals
Only $11.1M in smart cart revenue from 2022-2024 despite hundreds of millions in announced orders
~$10.8M of the $11.1M (97%) came from a single customer (Yochananoff)—all other "deals" generated virtually nothing
Based on revenue data, only ~64 carts delivered in FY24 and ~70 through 3Q25—versus thousands claimed
CLAIMED ORDERS VS. IMPLIED ACTUAL DELIVERIES
The massive gap between announced orders and revenue-implied deliveries reveals the phantom nature of Cust2mate's business
of Carts
Carts
Orders claimed 42X higher than implied deliveries based on revenue analysis
SMART CART REVENUE BREAKDOWN (2022-2024)
Yochananoff (Single Customer)
The ONLY meaningful source of revenue. Company's flagship customer represents virtually all smart cart revenue.
All Other "Customers" Combined
Trixo ($25M "order"), Hex 1011 ($166M "order"), Franprix (30,000 cart "deal"), Morton Williams (100 cart "order")—all generated essentially NOTHING.
$300K in leftover revenue = approximately 37 carts delivered outside of Yochananoff (using $8,300/cart implied price)
KEY PLAYERS
Joseph Bentsur
Maintains at least three different LinkedIn profiles with contradictory information. Previously president at Inrob Tech which was delisted, with four hedge funds and general counsel facing SEC issues. No LinkedIn profile mentions Inrob Tech tenure.
Alan Rootenburg
The FY24 annual report omits ~74% of his professional history, including Talware Networx (SEC registration revoked) and numerous failed penny stocks in unrelated sectors. Track record consists almost entirely of defunct microcaps.
Gadi Levin
Recruited Rootenburg after overlapping ventures. Curiously omits Cust2mate tenure entirely from LinkedIn profile despite it being a ~$300M market cap company. Appears to want to distance himself from the company.
Hex 1011 (Thailand)
A cybersecurity firm announced as ordering 20,000 carts (~$166M). Thai DBD filings show company has less than $10,000 in assets—barely enough to buy ONE cart. Cust2mate not mentioned on Hex's website partner page.
Trixo Group
Point-of-sale company (NOT a retailer) with supposed 3,000 cart order worth $25M. Revenue analysis shows only ~$300K could be attributed to all non-Yochananoff orders combined, implying minimal actual delivery.
M. Yochananof and Sons
Large Israeli retailer representing virtually ALL of Cust2mate's smart cart revenue (~$10.8M of $11.1M). Even Yochananoff's second order for 1,700 carts appears unfulfilled based on revenue math.
Morton Williams (NYC)
NYC-based grocer with supposed 100-cart purchase. In-person due diligence found only original pilot store had carts. Import/export data shows only ONE shipment from Cust2mate since December 2021.
Franprix (France)
French grocery chain with framework agreement for up to 30,000 carts via IR2S integration partner. No updates since August 2024 pilot announcement. Revenue data shows no meaningful contribution.
Pelican Way Research's Verdict
According to Pelican Way Research, A2Z Cust2mate ($AZ) is held together by phantom orders, broken promises, and a management bench that wouldn't pass due diligence at the lowest-tier penny stocks. For years, Cust2mate has issued flashy press releases touting massive deals with customers who either cannot pay (Hex 1011 with <$10K in assets), don't exist in the relevant industry (Trixo is a POS middleman, not a grocer), or never receive the products. Despite claiming ~$500M in orders for tens of thousands of carts, the company has delivered barely a few hundred units in two years. Import records confirm Cust2mate has shipped almost nothing since 2021. Pelican Way Research concludes that shares are headed materially lower.