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SMTK

SmartKem, Inc.

SMTK

SmartKem, Inc. • NASDAQ
$1.53 ▲ 14.17% (+0.19)
Market Cap $6.97 M
52w High $6.15
52w Low $0.58
Dividend Yield 0%
P/E -0.33
Volume 31.20K
Outstanding Shares 4.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81K ▲ $-105K ▼ $-3.92M ▼ -4.84K% ▲ $-0.45 ▼ $-3.803M ▲
Q2-2025 $32K ▲ $4.376M ▲ $-2.4M ▼ -7.5K% ▲ $-0.3 ▲ $-4.39M ▼
Q1-2025 $23K ▼ $3.382M ▲ $-2.134M ▲ -9.278K% ▼ $-0.32 ▼ $-2.035M ▲
Q4-2024 $42K ▲ $2.6M ▼ $-2.693M ▲ -6.412K% ▼ $4.52 ▲ $-2.562M ▲
Q3-2024 $0 $2.937M $-2.842M 0% $-0.86 $-2.693M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $881K ▼ $3.248M ▼ $6.2M ▲ $-2.952M ▼
Q2-2025 $1.152M ▼ $4.282M ▼ $4.409M ▲ $-127K ▼
Q1-2025 $3.881M ▼ $5.91M ▼ $2.123M ▼ $3.787M ▼
Q4-2024 $7.141M ▲ $8.904M ▲ $2.313M ▲ $6.591M ▲
Q3-2024 $1.783M $4.306M $2.026M $2.28M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.92M ▼ $-181.363K ▲ $-107.75K ▼ $0 $-271K ▲ $-289.11K ▲
Q2-2025 $-2.4M ▼ $-2.783M ▲ $0 $0 $-2.729M ▲ $-2.783M ▲
Q1-2025 $-2.134M ▲ $-3.338M ▼ $0 $0 ▼ $-3.26M ▼ $-3.338M ▼
Q4-2024 $-2.693M ▲ $-1.087M ▲ $0 ▲ $6.529M ▲ $5.358M ▲ $-1.087M ▲
Q3-2024 $-2.842M $-2.607M $-75K $3K $-2.568M $-2.682M

Five-Year Company Overview

Income Statement

Income Statement SmartKem is still in the development stage, with no commercial revenue reported over the past several years. The company consistently records operating and net losses, which reflects ongoing spending on research, staff, and overhead to build out its technology platform. The size of the losses has been fairly steady rather than rapidly escalating, suggesting some cost discipline, but the business is clearly not yet self-funding. Reported losses per share look large, but they are also affected by changes in share count and the reverse split, so they may appear more dramatic than the underlying cash burn alone would suggest.

Balance Sheet

Balance Sheet The balance sheet is very small and simple: modest assets, mostly in cash, supported by shareholder equity, and no financial debt. This clean, debt‑free structure reduces financial risk from lenders but also highlights how limited the company’s resources are. With only a thin capital base, SmartKem’s ability to keep funding operations depends heavily on access to new capital, grants, or strategic partners. There is little in the way of hard assets; most of the value is in intellectual property and know‑how, which do not show up strongly in the reported figures.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, which is typical for a pre‑revenue, R&D‑focused company. Free cash flow is also negative, but there is little to no spending on large physical assets, underlining an asset‑light, research‑heavy model. In practical terms, cash is being used to pay people and run labs rather than to build factories. This means the business needs periodic external funding to keep going until commercial deals or royalties begin to contribute meaningful cash inflows.

Competitive Edge

Competitive Edge SmartKem’s competitive position is built around its TRUFLEX organic transistor technology, which promises flexible, low‑temperature, and power‑efficient electronics. A key advantage is the ability to work within existing display manufacturing lines, potentially lowering adoption hurdles for customers. The company has a sizable patent portfolio and trade secrets that help defend its niche, and it has formed important partnerships with organizations like ITRI and AUO to showcase real products such as rollable, transparent MicroLED displays. The flip side is that SmartKem is tiny compared with global display and semiconductor giants, and its technology still needs to prove itself at large scale and in mass production, so its moat is promising but not yet fully validated in the marketplace.

Innovation and R&D

Innovation and R&D Innovation is the heart of SmartKem. Its TRUFLEX materials platform, multi‑layer ink stack, and process know‑how represent years of specialized research in organic semiconductors, backed by a broad patent estate. The company is applying this platform to advanced displays, MicroLED backplanes, flexible electronics, and emerging areas like IoT sensors and flexible CMOS circuits, often in collaboration with partners such as FlexiIC. The proposed merger with Jericho Energy Ventures signals a possible shift toward serving AI infrastructure and data centers, which, if completed and executed well, could broaden SmartKem’s end markets. Overall, it is a classic R&D story: rich in technical potential, but still in the transition phase from lab success to repeatable commercial revenue.

Summary

SmartKem is an early‑stage semiconductor materials company with a strong technology narrative but very limited current financial scale. Its accounts show no revenue yet, consistent operating losses, and a small cash‑based balance sheet with no debt, underlining both its dependence on external funding and its lack of financial leverage. The core value proposition lies in its TRUFLEX organic transistor technology, protected by patents and reinforced by partnerships in displays, MicroLEDs, and flexible electronics. Future upside depends on turning these technical and partnership wins into stable, paying customer relationships and scaling into real production, while managing the risks of a strategic pivot toward AI and IoT applications. For now, it remains a high‑innovation, pre‑commercial platform rather than a mature, cash‑generating semiconductor business.

NEWS

November 20, 2025 · 5:00 PM UTC

Jericho Energy and Smartkem Extend LOI for Proposed All-Stock Merger to Form a U.S.-Owned, Nasdaq-Listed AI Infrastructure Company

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November 20, 2025 · 4:10 PM UTC

Smartkem and Jericho Energy Ventures Extend Letter Of Intent for Proposed All-Stock Merger to Form U.S.-Owned, AI-Focused Infrastructure Company

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November 13, 2025 · 4:10 PM UTC

Smartkem Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 7:00 AM UTC

Smartkem to Exhibit and Present at TechBlick Berlin: The Future of Electronics RESHAPED 2025

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October 7, 2025 · 9:20 AM UTC

Jericho Energy Ventures and Smartkem Sign Letter of Intent to Create U.S.-Owned, Nasdaq-Listed AI-Focused Infrastructure Company

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