SmartKem, Inc.

Listed Company

SMTKCIK 0001817760NasdaqNon-AcceleratedSmaller ReportingSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$697.0K

Net Income

$-10.50M

Total Assets

$2.29M

Equity

$-3.93M

Shares Out

21.20M

Op. Cash Flow

$-7.74M

Business

SmartKem, Inc. develops and commercializes TRUFLEX® organic semiconductor materials and processes for low-temperature printed thin-film transistors (OTFTs) aimed primarily at the display industry. It supplies formulated ink sets and interlayer dielectric materials, associated process-of-records, prototyping and device design consultancy, and intends to offer foundry services via partners. Its business is organized around materials R&D and formulation, prototyping and manufacturing process transfer (via partners such as CPI and ITRI), and EDA/tool development. SmartKem targets display OEMs and advanced packaging customers globally, with initial sales focus in Taiwan, South Korea, Japan and China via direct sales, collaborations, and partner foundries.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	697,000	82,000	27,000	40,000	18,000
Cost of revenue	272,000	32,000	23,000	33,000	8,000
Gross profit	425,000	50,000	4,000	7,000	10,000
Other operating income	951,000	1	800,000	1	1
Research and development	7	5	6	6	8
General and administrative	7	6	5	5	8
(Gain) / loss on foreign currency transactions	−177,000	78,000	87,000	—	—
Total operating expenses	14	12	11	11	18
Loss from operations	−13	−10	−10	−10	−16
Gain / (loss) on foreign currency transactions	2	−544,000	1	−2	—
Change in fair value of the warrant liability	—	672,000	465,000	—	—
Interest income / (expense)	−73,000	7,000	12,000	—	—
Total non-operating income / (expense)	2	135,000	1	−2	−824,000
Loss before income taxes	−11	−10	−8	−11	−17
Income tax refund / (expense)	24,000	−1,000	—	−24,000	—
Net loss	−11	−10	−9	−12	−17
Preferred stock deemed dividends	—	−9	—	—	—
Net loss attributed to common stockholders	−11	−20	−8	—	—
Basic net loss per common share (in dollars per share)	−1.29	−3.17	−6.32	−13.88	−0.68
Weighted average shares outstanding - basic (in shares)	8	3	1	827,906	25
Diluted net loss per common share (in dollars per share)	−1.29	−6	−6.32	−13.88	−0.68
Weighted average shares outstanding -diluted (in shares)	8	3	1	827,906	25
Dividends per common share (in dollars per share)	—	−2.83	—	—	—
Foreign currency translation	−2	473,000	−1	880,000	117,000
Total comprehensive loss	−13	−10	−10	−11	−17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	400,000	7	9	4	12
Accounts receivable	3,000	—	268,000	30,000	—
Research and development tax credit receivable	500,000	500,000	600,000	1	1
Prepaid expenses and other current assets	575,000	849,000	811,000	1	802,000
Total current assets	2	9	11	6	14
Property, plant and equipment, net	180,000	269,000	455,000	602,000	802,000
Right-of-use assets, net	607,000	120,000	285,000	475,000	154,000
Other assets, non-current	—	6,000	7,000	6,000	6,000
Total assets	2	9	11	8	15
Accounts payable and accrued expenses	5	2	1	931,000	1
Lease liabilities, current	271,000	47,000	230,000	206,000	87,000
Notes payable, current	928,000	—	—	—	—
Other current liabilities	108,000	450,000	360,000	244,000	—
Total current liabilities	6	2	2	1	2
Lease liabilities, non-current	312,000	25,000	19,000	239,000	28,000
Total liabilities	6	2	3	2	2
Contingencies (Note 7)	—	—	—	—	—
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, 0 and 856 shares issued and outstanding, at December 31, 2025 and December 31, 2024, respectively	—	—	—	—	—
Common stock, par value $0.0001 per share, 300,000,000 shares authorized, 6,836,689 and 3,590,217 shares issued and outstanding, at December 31, 2025 and December 31, 2024, respectively	1,000	—	—	—	3,000
Additional paid-in capital	125	122	105	93	90
Accumulated other comprehensive loss	−4	−1	−2	−483,000	−1
Accumulated deficit	−125	−115	−95	−87	−75
Total stockholders' (deficit) / equity	−4	7	8	6	14
Total liabilities and stockholders' (deficit) / equity	2	9	11	8	15

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−11	−10	−8	−11	−17
Depreciation	212,000	258,000	145,000	198,000	209,000
Stock-based compensation expense	1	850,000	717,000	488,000	6
Issuance of common stock to vendor	1	253,000	55,000	391,000	263,000
Right-of-use asset amortization	205,000	268,000	263,000	264,000	234,000
(Loss) / gain on foreign currency transactions	−3	647,000	−1	2	—
Debt discount amortization	87,000	—	—	—	—
Accounts receivable	−3,000	269,000	−231,000	−32,000	19,000
Research and development tax credit receivable	−29,000	84,000	562,000	−213,000	−104,000
Prepaid expenses and other assets	268,000	−33,000	70,000	−42,000	−532,000
Accounts payable and accrued expenses	3	504,000	459,000	−385,000	579,000
Lease liabilities	−182,000	−281,000	−266,000	−265,000	−276,000
Other current liabilities	−342,000	87,000	98,000	238,000	—
Net cash used in operating activities	−8	−8	−8	−9	−10
Purchases of property, plant and equipment	−123,000	−75,000	−18,000	−79,000	−341,000
Net cash used by investing activities	−123,000	−75,000	−18,000	−79,000	−341,000
Payment of issuance costs	—	−1	−1	−170,000	−2
Proceeds from the issuance of debt	1	—	—	—	—
Proceeds from the exercise of warrants	—	24,000	25,000	—	—
Net cash provided by financing activities	1	7	13	2	22
Effect of exchange rate changes on cash	92,000	−56,000	−35,000	−693,000	—
Net change in cash	−7	−2	5	−8	11
Right-of-use asset and lease liability additions	708,000	82,000	50,000	583,000	136,000
Cash paid for income taxes	−24,000	1,000	—	—	—

Filings

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