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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.0K | - | $81.0K | $32.0K | $23.0K | - | - | $40.0K | - | - |
| Cost of Revenue | $4.0K | - | $5.0K | $28.0K | $1.0K | - | - | $32.0K | - | - |
| Gross Profit | $16.0K | - | $76.0K | $4.0K | $22.0K | - | - | $8.0K | - | - |
| R&D | $913.0K | - | $2.06M | $2.43M | $1.50M | - | $1.50M | $1.16M | $1.28M | - |
| SG&A | $1.66M | - | $1.33M | $2.36M | $2.01M | - | $1.58M | $1.84M | $1.36M | - |
| Total Operating Expenses | $2.62M | - | $3.45M | $4.66M | $3.41M | - | $3.13M | $3.02M | $2.65M | - |
| D&A | $36.0K | - | - | - | $56.0K | - | - | - | $63.0K | - |
| Operating Income | ($2.57M) | - | ($3.19M) | ($4.37M) | ($3.14M) | - | ($2.84M) | ($2.78M) | ($2.45M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | - | - | - | $1.0K | ($25.0K) | - | - | $1.0K | - | - |
| Net Income | ($19.37M) | - | ($3.92M) | ($2.40M) | ($2.13M) | - | ($2.84M) | ($3.10M) | ($1.70M) | - |
| EPS - Basic | ($1.34) | - | ($0.45) | ($0.30) | ($0.32) | - | ($0.86) | ($0.98) | ($0.62) | - |
| EPS - Diluted | ($1.34) | - | ($0.45) | ($0.30) | ($0.32) | - | ($0.86) | ($0.98) | ($3.21) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.57M | $374.0K | $881.0K | $1.15M | $3.88M | $7.14M | $1.78M | $4.35M | $7.25M | $8.84M |
| Accounts Receivable | $3.0K | $3.0K | - | - | - | - | - | - | - | $268.0K |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $3.03M | $4.43M | $4.03M | $2.02M | $738.0K | $843.0K | $747.0K | $1.12M | $1.18M | $355.0K |
| Current Assets | $8.80M | $1.50M | $2.36M | $3.43M | $5.64M | $8.51M | $3.75M | $6.50M | $9.14M | $10.53M |
| Total Assets | $9.48M | $2.29M | $3.25M | $4.28M | $5.91M | $8.90M | $4.31M | $7.06M | $9.76M | $11.27M |
| Current Liabilities | $3.84M | $5.91M | $5.82M | $3.99M | $2.10M | $2.29M | $2.00M | $2.46M | $2.58M | $1.77M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $4.07M | $6.22M | $6.20M | $4.41M | $2.12M | $2.31M | $2.03M | $2.48M | $3.20M | $3.16M |
| Stockholders' Equity | $5.41M | ($3.93M) | ($2.95M) | ($127.0K) | $3.79M | $6.59M | $2.28M | $4.59M | $6.55M | $8.11M |
| Retained Earnings | ($144.50M) | ($125.13M) | ($123.07M) | ($119.15M) | ($116.75M) | ($114.62M) | ($109.80M) | ($106.95M) | ($103.86M) | ($95.07M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.57M) | - | - | - | ($3.34M) | - | - | - | ($1.57M) | - |
| Investing Cash Flow | - | - | - | - | - | - | - | - | - | - |
| Financing Cash Flow | $8.60M | - | - | - | - | - | - | - | - | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 80.0% | - | 93.8% | 12.5% | 95.7% | - | - | 20.0% | - | - |
| Operating margin | -12865.0% | - | -3937.0% | -13662.5% | -13643.5% | - | - | -6942.5% | - | - |
| EBITDA margin | -12685.0% | - | - | - | -13400.0% | - | - | - | - | - |
| Net margin | -96845.0% | - | -4839.5% | -7500.0% | -9278.3% | - | - | -7747.5% | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 4565.0% | - | 2538.3% | 7581.3% | 6508.7% | - | - | 2895.0% | - | - |
| SG&A / Revenue | 8320.0% | - | 1643.2% | 7375.0% | 8734.8% | - | - | 4610.0% | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -204.4% | - | -120.7% | -56.0% | -36.1% | - | -66.0% | -43.9% | -17.4% | - |
| Return on equity | -358.3% | - | 132.8% | 1889.8% | -56.4% | - | -124.6% | -67.5% | -25.9% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.29 | 0.25 | 0.41 | 0.86 | 2.68 | 3.72 | 1.88 | 2.64 | 3.54 | 5.95 |
| Quick ratio | 2.29 | 0.25 | 0.41 | 0.86 | 2.68 | 3.72 | 1.88 | 2.64 | 3.54 | 5.95 |
| Cash ratio | 1.97 | 0.06 | 0.15 | 0.29 | 1.85 | 3.12 | 0.89 | 1.77 | 2.81 | 5.00 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.75 | -0.58 | -1.10 | -33.72 | 1.56 | 1.35 | 1.89 | 1.54 | 1.49 | 1.39 |
| Liabilities / Assets | 0.43 | 2.72 | 1.91 | 1.03 | 0.36 | 0.26 | 0.47 | 0.35 | 0.33 | 0.28 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.02 | 0.01 | 0.00 | - | - | 0.01 | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 55d | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 276761d | - | 294263d | 26397d | 269370d | - | - | 12786d | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.6x | - | - | - | 5.3x | - | 6.2x | 3.9x | - | - |
| P / S | 164.6x | - | 182.2x | 254.7x | 870.2x | - | - | 452.7x | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -13.0% | - | - | -20.0% | - | - | - | 400.0% | - | - |
| Revenue CAGR (3y) | 7.7% | - | 46.1% | 100.0% | -8.5% | - | - | - | - | - |
| Revenue CAGR (5y) | -0.8% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -27.3% | - | - | -50.0% | - | - | - | 300.0% | - | - |
| Operating income growth (YoY) | 18.0% | - | -12.4% | -57.4% | -28.1% | - | -5.3% | -17.3% | 4.1% | - |
| Net income growth (YoY) | -807.6% | - | -37.9% | 22.6% | -25.8% | - | 6.0% | -52.9% | 17.2% | - |
| EPS growth (YoY) | -318.8% | - | 47.7% | 69.4% | 90.0% | - | 51.7% | -1860.0% | -4485.7% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 42.8% | - | - | - | -42.2% | -18.8% | -77.9% | -62.8% | 75.9% | 37.9% |
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%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing SmartKem against the 5 most active filers in the same SIC group.