SmartKem, Inc. SMTK
We are seeking to change the world of electronics with a new class of transistor developed using our proprietary advanced semiconductor materials that we believe has the potential to revolutionize the display industry. Our TRUFLEX® semiconductor polymers enable low-temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost, high-performance displays. Our semiconductor platform can be used in a range of display technologies, including MicroLED, liquid crystal display ("LCD"), and AMOLED, as well as in applications in advanced computer and artificial intelligence chip packaging, sensors, and logic.
We design and develop our materials at our research and development facility in Manchester, UK, and provide prototyping services at the Centre for Process Innovation in Sedgefield, UK. We also operate a field application office in Hsinchu, Taiwan, in close proximity to our collaboration partner, The Industrial Technology Research Institute of Taiwan. Together with our collaboration partners, we are developing a commercial-scale production process and Electronic Design Automation ("EDA") tools for our materials to demonstrate the commercial viability of manufacturing a new generation of displays using our materials.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $697.0K | $82.0K | $27.0K | $40.0K | $18.0K | $94.0K | — |
| Cost of revenue | $272.0K | $32.0K | $23.0K | $33.0K | $8.0K | $55.0K | — |
| Gross profit | $425.0K | $50.0K | $4.0K | $7.0K | $10.0K | $39.0K | — |
| R&D | $7.0M | $5.1M | $5.6M | $5.8M | $8.2M | $4.3M | — |
| SG&A | $7.4M | $6.3M | $5.2M | $5.1M | $8.1M | $1.7M | — |
| Total operating expenses | $14.2M | $11.5M | $10.8M | $10.9M | $17.6M | $6.0M | — |
| Operating income | -$12.8M | -$10.5M | -$10.0M | -$9.7M | -$16.3M | -$4.5M | — |
| Interest expense | — | — | — | — | $19.0K | $6.8M | — |
| Pre-tax income | -$10.5M | -$10.3M | -$8.5M | -$11.5M | -$17.1M | -$23.1M | — |
| Income tax | $24.0K | $1.0K | — | $24.0K | — | — | — |
| Net income | -$10.5M | -$10.3M | -$8.5M | -$11.5M | -$17.1M | -$23.1M | — |
| EPS, basic | -1.29 | -3.17 | -6.32 | -13.88 | -0.68 | -1.80 | — |
| EPS, diluted | -1.29 | -6.00 | -6.32 | -13.88 | -0.68 | -1.80 | — |
| Shares, diluted (wtd. avg.) | 8.2M | 3.3M | 1.3M | 827,906 | 25.2M | 12.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $374.0K | $7.1M | $8.8M | $4.2M | $12.2M | $764.0K | $412.0K |
| Receivables | $3.0K | — | $268.0K | $30.0K | — | $18.0K | — |
| Total current assets | $1.5M | $8.5M | $10.5M | $6.4M | $14.1M | $2.0M | — |
| Property, plant and equipment | $180.0K | $269.0K | $455.0K | $602.0K | $802.0K | $682.0K | — |
| Total assets | $2.3M | $8.9M | $11.3M | $7.5M | $15.1M | $2.9M | — |
| Accounts payable | $4.4M | $843.0K | $355.0K | $250.0K | $510.0K | $227.0K | — |
| Total current liabilities | $5.9M | $2.3M | $1.8M | $1.4M | $1.5M | $1.1M | — |
| Total liabilities | $6.2M | $2.3M | $3.2M | $1.6M | $1.5M | $1.1M | — |
| Retained earnings | -$125.1M | -$114.6M | -$95.1M | -$86.6M | -$75.1M | -$57.9M | — |
| Total equity | -$3.9M | $6.6M | $8.1M | $5.9M | $13.5M | $1.9M | -$5.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7.7M | -$8.1M | -$8.0M | -$9.0M | -$9.7M | -$4.1M | — |
| Depreciation and amortisation | $212.0K | $258.0K | $145.0K | $198.0K | $209.0K | $197.0K | — |
| Stock-based compensation | $1.0M | $850.0K | $717.0K | $488.0K | $6.2M | — | — |
| Capital expenditure | $123.0K | $75.0K | $18.0K | $79.0K | $341.0K | $118.0K | — |
| Investing cash flow | -$123.0K | -$75.0K | -$18.0K | -$79.0K | -$341.0K | -$118.0K | — |
| Financing cash flow | $1.0M | $6.5M | $12.7M | $1.8M | $22.2M | $4.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040562.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $94.0K | $18.0K | $40.0K | $27.0K | $82.0K | $697.0K |
| Gross profit | — | $39.0K | $10.0K | $7.0K | $4.0K | $50.0K | $425.0K |
| Net income | — | -$23.1M | -$17.1M | -$11.5M | -$8.5M | -$10.3M | -$10.5M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event Item 8.01
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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