Why did SMX's operating profit drop sharply in Q4 2022?

SMX's operating profit dropped sharply in Q4 2022 due to a combination of factors:

1. **Loss of Key Contracts**: The company experienced a loss of several key contracts, which directly impacted its revenue and profitability.
2. **Increased Costs**: Despite efforts to improve EBITDA margins, SMX faced increased costs that eroded profitability. This could be due to inflationary pressures, operational inefficiencies, or strategic decisions made by the company.

In summary, the drop in operating profit can be attributed to a combination of lost contracts and increased costs.