SmartKem Inc

smartkem.com

What Do They Do?

Develops and supplies custom semiconductor inks and dielectric materials for display makers and customers evaluating advanced electronics packaging.

How Do They Make Money?

Customers buy TRUFLEX inks and demonstration products at the point of sale; joint-development agreements bring in revenue over the project term.

FY2025 revenue

Who Are Their Customers?

Large consumer-electronics companies, mainly in Asia, are target buyers; SmartKem works directly with OEMs in North America, Europe and Asia and has sales representation in China.

Customers above 10% of revenue, FY2025

of revenue from two customers (60%, 19%)

FY2024: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

No. It lost $10.5M in FY2025.

Operating income, FY2025

−1841% of revenue

▲ +23% (Loss) vs FY2024 (−$10.5M, −12761%)

Net income, FY2025

−1506% of revenue

▲ +2% (Loss) vs FY2024 (−$10.3M, −12561%)

Free cash flow, FY2025

−1128% of revenue

▼ −4% (Loss) vs FY2024 (−$8.2M, −9965%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Net income: ▲ +36% (Loss); vs −$2.4M in Q2 FY2025

Aug 3, 2026 Agreed to acquire Ferrox in an all-stock transaction The proposed acquisition is subject to stockholder and shareholder approval and other closing conditions.
Jun 12, 2026 SmartKem Ltd. directors instructed an administrator to assist with liquidation SmartKem said the move would not affect its current operations.

Growing. Revenue grew 38.7x in 4 years, from $18K in FY2021 to $697K in FY2025, about 149% a year.

Materials focus The earlier report centered on organic semiconductor inks for display and sensor circuits. The latest report describes a shift toward specialized dielectric polymers, including customized materials for advanced electronics packaging.

Who Do They Compete With?

Competes with BASF, Merck, and Sumitomo Chemical

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