SmartKem, Inc. (SMTK) 10-Year Financial Performance & Capital Metrics

SMTK • • Industrial / General

TechnologySemiconductorsSemiconductor Materials & SubstratesProcess Chemicals & Materials

AboutSmartKem, Inc. engages in the development of materials and processes for organic thin-film transistors backplanes for the manufacture of flexible electronics. Its transistor stacks are used in various applications, including bendable smart-phone displays, curved automotive displays, e-paper displays, wearables, fingerprint sensors, and printed biosensors. SmartKem, Inc. was founded in 2009 and is headquartered in Manchester, the United Kingdom.Show more

Revenue $82K +203.7%
EBITDA -$10M -3.7%
Net Income -$10M -21.5%
EPS (Diluted) -3.17 +49.8%
Gross Margin 60.98% +311.6%
EBITDA Margin -12119.51% +65.9%
Operating Margin -12760.98% +65.5%
Net Margin -12597.56% +60.0%
ROE -140.51% -15.7%
ROIC -
Debt/Equity 0.01 -64.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 72.6%
✓Trading at only 0.6x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 11 (bottom 11%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y72.58%

3Y65.77%

TTM345%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-23.32%

EPS CAGR

10Y-

5Y-

3Y-

TTM185.4%

ROCE

10Y Avg-156.67%

5Y Avg-144.2%

3Y Avg-118.77%

Latest-129.83%

Peer Comparison

Process Chemicals & Materials

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENTGEntegris, Inc.	17.21B	113.54	58.83	-8.02%	8.95%	7.41%	1.84%	1.10
QQnity Electronics, Inc.	19.51B	93.12	28.14	7.43%	15.99%	6.28%	4.41%	0.02
SMTKSmartKem, Inc.	7.55M	1.23	-0.39	203.7%	-62.62%	-140.51%		0.01
ATOMAtomera Incorporated	76.35M	2.41	-3.54	-75.45%	-537%	-107.23%		0.08

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.36K	94K	18K	40K	27K	82K
Revenue Growth %	-	16.55%	-0.81%	1.22%	-0.33%	2.04%
Cost of Goods Sold+	392.98K	55K	8K	33K	23K	32K
COGS % of Revenue	73.36%	0.59%	0.44%	0.82%	0.85%	0.39%
Gross Profit+	-387.62K	39K	10K	7K	4K	50K
Gross Margin %	-72.36%	0.41%	0.56%	0.17%	0.15%	0.61%
Gross Profit Growth %	-	1.1%	-0.74%	-0.3%	-0.43%	11.5%
Operating Expenses+	7.2M	4.59M	14.98M	9.71M	9.99M	10.51M
OpEx % of Revenue	1344.19%	48.82%	832.39%	242.63%	370.19%	128.22%
Selling, General & Admin	1.48M	1.71M	8.07M	5.07M	5.19M	6.34M
SG&A % of Revenue	276.32%	18.16%	448.28%	126.78%	192.15%	77.34%
Research & Development	5.72M	4.32M	8.2M	5.8M	5.56M	5.11M
R&D % of Revenue	1067.87%	45.95%	455.5%	145.05%	205.78%	62.33%
Other Operating Expenses	0	-1.44M	-1.28M	-1.17M	-749K	-939K
Operating Income+	-7.59M	-4.55M	-14.97M	-9.7M	-9.99M	-10.46M
Operating Margin %	-1416.55%	-48.4%	-831.83%	-242.45%	-370.04%	-127.61%
Operating Income Growth %	-	0.4%	-2.29%	0.35%	-0.03%	-0.05%
EBITDA+	-7.2M	-4.18M	-14.53M	-9.24M	-9.58M	-9.94M
EBITDA Margin %	-1343.95%	-44.44%	-807.22%	-230.9%	-354.93%	-121.2%
EBITDA Growth %	-	0.42%	-2.48%	0.36%	-0.04%	-0.04%
D&A (Non-Cash Add-back)	388.92K	373K	443K	462K	408K	526K
EBIT	-7.89M	-16.3M	-17.11M	-9.69M	-9.9M	-10.39M
Net Interest Income+	-1.04M	-6.83M	-16K	5K	12K	7K
Interest Income	5.37K	3K	3K	5K	12K	7K
Interest Expense	1.04M	6.83M	19K	0	0	0
Other Income/Expense	-1.35M	-18.58M	-2.15M	-1.78M	1.49M	135K
Pretax Income+	-8.93M	-23.13M	-17.13M	-11.47M	-8.5M	-10.33M
Pretax Margin %	-1667.63%	-246.1%	-951.44%	-286.77%	-314.78%	-125.96%
Income Tax+	0	0	0	24K	0	1K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%
Net Income+	-8.93M	-23.13M	-17.14M	-11.49M	-8.5M	-10.33M
Net Margin %	-1667.63%	-246.1%	-952.5%	-287.38%	-314.78%	-125.98%
Net Income Growth %	-	-1.59%	0.26%	0.33%	0.26%	-0.22%
Net Income (Continuing)	-8.93M	-23.13M	-17.13M	-11.49M	-8.5M	-10.33M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-12.29	-33.71	-23.78	-13.94	-6.32	-3.17
EPS Growth %	-	-1.74%	0.29%	0.41%	0.55%	0.5%
EPS (Basic)	-12.29	-33.71	-23.78	-13.94	-6.32	-3.17
Diluted Shares Outstanding	726.77K	726.77K	720.95K	824.62K	1.34M	3.26M
Basic Shares Outstanding	726.77K	726.77K	720.95K	824.62K	1.34M	3.26M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.11M	2.02M	14.1M	6.44M	10.53M	8.51M
Cash & Short-Term Investments	411.94K	763.81K	12.23M	4.24M	8.84M	7.14M
Cash Only	411.94K	763.81K	12.23M	4.24M	8.84M	7.14M
Short-Term Investments	0	0	0	0	0	0
Accounts Receivable	1.61M	1.1M	1.12M	1.35M	1.14M	903K
Days Sales Outstanding	109.65K	4.27K	22.71K	12.28K	15.44K	4.02K
Inventory	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-
Other Current Assets	0	0	0	36K	80K	0
Total Non-Current Assets+	2.55M	926.86K	962K	1.08M	747K	395K
Property, Plant & Equipment	1.13M	918.45K	956K	1.08M	740K	389K
Fixed Asset Turnover	0.00x	0.10x	0.02x	0.04x	0.04x	0.21x
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0
Long-Term Investments	1.41M	0	0	0	0	0
Other Non-Current Assets	6.12K	8.41K	6K	6K	7K	6K
Total Assets+	4.66M	2.95M	15.06M	7.53M	11.27M	8.9M
Asset Turnover	0.00x	0.03x	0.00x	0.01x	0.00x	0.01x
Asset Growth %	-	-0.37%	4.11%	-0.5%	0.5%	-0.21%
Total Current Liabilities+	1.2M	1.08M	1.51M	1.4M	1.77M	2.29M
Accounts Payable	273.3K	226.85K	510K	230K	355K	843K
Days Payables Outstanding	253.84	1.51K	23.27K	2.54K	5.63K	9.62K
Short-Term Debt	150.99K	223.62K	97K	226K	230K	47K
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	656.11K	500.59K	520K	714K	808K	450K
Current Ratio	1.77x	1.88x	9.34x	4.59x	5.95x	3.72x
Quick Ratio	1.77x	1.88x	9.34x	4.59x	5.95x	3.72x
Cash Conversion Cycle	-	-	-	-	-	-
Total Non-Current Liabilities+	8.55M	20.48K	28K	239K	1.39M	25K
Long-Term Debt	8.31M	0	0	0	0	0
Capital Lease Obligations	234.23K	20.48K	28K	239K	19K	25K
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	1.37M	0
Total Liabilities	9.74M	1.1M	1.54M	1.64M	3.16M	2.31M
Total Debt+	8.7M	244.1K	125K	465K	249K	72K
Net Debt	8.29M	-519.72K	-12.1M	-3.77M	-8.59M	-7.07M
Debt / Equity	-	0.13x	0.01x	0.08x	0.03x	0.01x
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-7.28x	-0.67x	-788.05x	-	-	-
Total Equity+	-5.08M	1.85M	13.52M	5.88M	8.11M	6.59M
Equity Growth %	-	1.36%	6.3%	-0.56%	0.38%	-0.19%
Book Value per Share	-6.99	2.55	18.76	7.13	6.03	2.02
Total Shareholders' Equity	-5.08M	1.85M	13.52M	5.88M	8.11M	6.59M
Common Stock	2.92K	16.17K	3K	3K	0	0
Retained Earnings	-34.81M	-57.95M	-75.07M	-86.57M	-95.07M	-114.62M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	-1.2M	-1.48M	-1.36M	-483K	-1.58M	-1.1M
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.53M	-4.08M	-10.54M	-9.05M	-8.04M	-8.1M
Operating CF Margin %	-1219.89%	-43.43%	-585.33%	-226.22%	-297.67%	-98.73%
Operating CF Growth %	-	0.38%	-1.58%	0.14%	0.11%	-0.01%
Net Income	-8.93M	-23.13M	-17.13M	-11.49M	-8.5M	-10.33M
Depreciation & Amortization	388.92K	373K	443K	462K	408K	526K
Stock-Based Compensation	0	0	6.2M	488K	717K	850K
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	2.1M	18.59M	263K	2.17M	-1.33M	228K
Working Capital Changes	-92.83K	91K	-312K	-677K	669K	630K
Change in Receivables	-261.92K	-17K	19K	-32K	331K	269K
Change in Inventory	0	213.69K	-579K	0	0	0
Change in Payables	30.14K	-213.69K	579K	-385K	459K	504K
Cash from Investing+	-570.77K	-118K	-341K	-79K	-18K	-75K
Capital Expenditures	-570.77K	-118K	-341K	-79K	-18K	-75K
CapEx % of Revenue	106.55%	1.26%	18.94%	1.98%	0.67%	0.91%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0
Cash from Financing+	3.66M	4.59M	22.2M	1.83M	12.69M	6.53M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	0	0	-2.43M	-170K	305K	-1.12M
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-7.11M	-4.2M	-10.88M	-9.13M	-8.05M	-8.17M
FCF Margin %	-1326.43%	-44.68%	-604.28%	-228.2%	-298.33%	-99.65%
FCF Growth %	-	0.41%	-1.59%	0.16%	0.12%	-0.01%
FCF per Share	-9.78	-5.78	-15.09	-11.07	-5.99	-2.51
FCF Conversion (FCF/Net Income)	0.73x	0.18x	0.61x	0.79x	0.95x	0.78x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-1249.59%	-223.05%	-118.47%	-121.45%	-140.51%
Return on Invested Capital (ROIC)	-	-150.48%	-815.96%	-411.63%	-914.37%	-
Gross Margin	-7235.8%	41.49%	55.56%	17.5%	14.81%	60.98%
Net Margin	-166762.74%	-24609.57%	-95250%	-28737.5%	-31477.78%	-12597.56%
Debt / Equity	-	0.13x	0.01x	0.08x	0.03x	0.01x
Interest Coverage	-7.28x	-0.67x	-788.05x	-	-	-
FCF Conversion	0.73x	0.18x	0.61x	0.79x	0.95x	0.78x
Revenue Growth	-	1654.71%	-80.85%	122.22%	-32.5%	203.7%

Frequently Asked Questions

Growth & Financials

SmartKem, Inc. (SMTK) reported $0.2M in revenue for fiscal year 2024. This represents a 3223% increase from $0.0M in 2019.

SmartKem, Inc. (SMTK) grew revenue by 203.7% over the past year. This is strong growth.

SmartKem, Inc. (SMTK) reported a net loss of $11.1M for fiscal year 2024.

Dividend & Returns

SmartKem, Inc. (SMTK) has a return on equity (ROE) of -140.5%. Negative ROE indicates the company is unprofitable.

SmartKem, Inc. (SMTK) had negative free cash flow of $7.5M in fiscal year 2024, likely due to heavy capital investments.

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