SuperCom, Ltd.
SPCB Industrials Security & Protection Services
SuperCom, Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $27.9 million, up 0.94% from fiscal 2024. In the quarter to June 2026, revenue grew 13.3%, EPS fell 20.0%, free cash flow fell 109.9% and total debt fell 18.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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SuperCom, Ltd. (SPCB) Beneish M-score
SuperCom, Ltd.'s Beneish M-score for fiscal 2025 is −1.54; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.54 | 0.78 |
| FY2024 | −2.31 | 0.04 |
| FY2023 | −2.35 | 0.15 |
| FY2022 | −2.50 | 0.17 |
| FY2021 | −2.67 | 0.09 |
| FY2020 | −2.77 | 0.27 |
| FY2019 | −3.04 | 0.67 |
| FY2018 | −3.70 | (0.66) |
| FY2017 | −3.04 | (2.32) |
| FY2016 | −0.72 | 0.99 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.17 | — | 1.07 | |
| Gross margin index | 0.88 | — | 0.46 | |
| Asset quality index | 1.14 | — | 0.46 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | 0.14 | — | 0.63 | |
| Leverage index | 0.47 | — | −0.15 | |
| Beneish M-score | Flagged by the model | −1.54 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CIGL Concorde International Group Ltd. compare | −7.1× |
| OPNW OpenWorld, Inc. compare | −5.3× |
| GFAI Guardforce AI Co., Limited compare | −2.9× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −2.7× |
| CIX CompX International Inc. compare | −2.7× |
| NL NLI Holdings, Inc. compare | −2.6× |
| SNT Senstar Technologies Ltd. compare | −2.3× |
| SPCB SuperCom, Ltd. | −1.5× |
| KSCP Knightscope, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI