SMTK · Smartkem, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $697.0K | $82.0K | $27.0K | $40.0K | $94.0K | - |
| Cost of Revenue | $272.0K | $32.0K | $23.0K | $33.0K | $55.0K | - |
| Gross Profit | $425.0K | $50.0K | $4.0K | $7.0K | $39.0K | - |
| R&D | $7.02M | $5.11M | $5.56M | $5.80M | $4.32M | - |
| SG&A | $7.37M | $6.34M | $5.19M | $5.07M | $1.71M | - |
| Total Operating Expenses | $14.21M | $11.53M | $10.83M | $10.87M | $6.03M | - |
| D&A | $212.0K | $258.0K | $145.0K | $198.0K | $197.0K | - |
| Operating Income | ($12.84M) | ($10.46M) | ($9.99M) | ($9.69M) | ($4.55M) | - |
| Interest Expense | - | - | - | - | $6.83M | - |
| Income Tax | ($24.0K) | $1.0K | - | $24.0K | - | - |
| Net Income | ($10.51M) | ($10.33M) | ($8.50M) | ($11.49M) | ($23.13M) | - |
| EPS - Basic | ($1.29) | ($6.00) | ($6.32) | ($0.40) | ($1.80) | - |
| EPS - Diluted | ($1.29) | ($6.00) | ($6.32) | ($0.40) | ($1.80) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $374.0K | $7.14M | $8.84M | $4.24M | $12.23M | $8.4K |
| Accounts Receivable | $3.0K | - | $268.0K | $30.0K | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $4.43M | $843.0K | $355.0K | $230.0K | $510.0K | - |
| Current Assets | $1.50M | $8.51M | $10.53M | $6.44M | $14.10M | $8.4K |
| Total Assets | $2.29M | $8.90M | $11.27M | $7.53M | $15.06M | $8.4K |
| Current Liabilities | $5.91M | $2.29M | $1.77M | $1.40M | $1.51M | $29.0K |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $6.22M | $2.31M | $3.16M | $1.64M | $1.54M | $29.0K |
| Stockholders' Equity | ($3.93M) | $6.59M | $8.11M | $5.88M | $13.52M | ($20.6K) |
| Retained Earnings | ($125.13M) | ($114.62M) | ($95.07M) | ($86.57M) | ($75.07M) | ($21.1K) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($7.74M) | ($8.10M) | ($8.04M) | ($9.05M) | ($4.08M) | - |
| Investing Cash Flow | ($123.0K) | ($75.0K) | ($18.0K) | ($79.0K) | ($118.0K) | - |
| Financing Cash Flow | $1.00M | $6.53M | $12.69M | $1.83M | $4.59M | - |
| CapEx | $123.0K | $75.0K | $18.0K | $79.0K | $118.0K | - |
| Free Cash Flow | ($7.86M) | ($8.17M) | ($8.05M) | ($9.13M) | ($4.20M) | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 61.0% | 61.0% | 14.8% | 17.5% | 41.5% | - |
| Operating margin | -1841.5% | -12761.0% | -37003.7% | -24235.0% | -4840.4% | - |
| EBITDA margin | -1811.0% | -12446.3% | -36466.7% | -23740.0% | -4630.9% | - |
| Net margin | -1507.7% | -12597.6% | -31477.8% | -28737.5% | -24609.6% | - |
| Free cash flow margin | -1127.5% | -9964.6% | -29833.3% | -22820.0% | -4468.1% | - |
| FCF / Net income | 0.75 | 0.79 | 0.95 | 0.79 | 0.18 | - |
| R&D / Revenue | 1006.7% | 6232.9% | 20577.8% | 14505.0% | 4594.7% | - |
| SG&A / Revenue | 1057.5% | 7734.1% | 19214.8% | 12677.5% | 1816.0% | - |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -459.3% | -116.0% | -75.4% | -152.8% | -153.6% | - |
| Return on equity | 267.1% | -156.7% | -104.8% | -195.4% | -171.1% | - |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.25 | 3.72 | 5.95 | 4.59 | 9.34 | 0.29 |
| Quick ratio | 0.25 | 3.72 | 5.95 | 4.59 | 9.34 | 0.29 |
| Cash ratio | 0.06 | 3.12 | 5.00 | 3.02 | 8.10 | 0.29 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | -0.7x | - |
| Equity multiplier | -0.58 | 1.35 | 1.39 | 1.28 | 1.11 | -0.41 |
| Liabilities / Assets | 2.72 | 0.26 | 0.28 | 0.22 | 0.10 | 3.44 |
| Efficiency | ||||||
| Asset turnover | 0.30 | 0.01 | 0.00 | 0.01 | 0.01 | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 2d | - | 3623d | 274d | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 5951d | 9615d | 5634d | 2544d | 3385d | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | 1.4x | - | - | - | - |
| P / S | 12.5x | 115.3x | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 750.0% | 203.7% | -32.5% | -57.4% | - | - |
| Revenue CAGR (3y) | 159.3% | -4.5% | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | 750.0% | 1150.0% | -42.9% | -82.1% | - | - |
| Operating income growth (YoY) | -22.7% | -4.7% | -3.1% | -113.1% | - | - |
| Net income growth (YoY) | -1.7% | -21.5% | 26.1% | 50.3% | - | - |
| EPS growth (YoY) | 78.5% | 5.1% | -1480.0% | 77.8% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 3.8% | -1.4% | 11.8% | -117.3% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | - | -18.8% | 37.9% | -56.5% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$697.0K totalSemiconductor Materials Segment$697.0K · 100.0%
Product / service
$147.0K totalMaterials$147.0K · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-65.09
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing SmartKem against the 5 most active filers in the same SIC group.