Smartkem Financials
Smartkem (SMTK) reported $697K in revenue for fiscal year 2025, up 750.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
SmartKem still operates like a development-stage company, where cash burn and balance-sheet deterioration matter more than its early revenue lift.
FY2025's revenue step-up to$697K did not change the operating model, because free cash burn stayed near FY2024 at-$7.9M . That weak cash conversion mattered more once cash fell to$374K and current liabilities reached$5.9M , shifting the company from runway-funded to short-term liquidity dependence.
In FY2025, R&D spending of
Compared with FY2023's
Financial Health Signals
Smartkem does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Smartkem passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Smartkem reported a net loss of $10.5M while operations used $7.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Smartkem generated $697K in revenue in fiscal year 2025. This represents an increase of 750.0% from the prior year.
Smartkem reported -$10.5M in net income in fiscal year 2025. This represents a decrease of 1.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Smartkem recorded an outflow of $7.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 3.8% from the prior year.
Smartkem held $374K in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Smartkem's gross margin was 61.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Smartkem invested $7.0M in research and development in fiscal year 2025. This represents an increase of 37.3% from the prior year.
Smartkem invested $123K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 64.0% from the prior year.
Not reported for fiscal year 2025.
SMTK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | N/A | $697K+750.0% | $82K+203.7% | $27K-32.5% | $40K+122.2% | $18K-80.9% | $94K |
| Cost of Revenue | N/A | $272K+750.0% | $32K+39.1% | $23K-30.3% | $33K+312.5% | $8K-85.5% | $55K |
| Gross Profit | N/A | $425K+750.0% | $50K+1150.0% | $4K-42.9% | $7K-30.0% | $10K-74.4% | $39K |
| R&D Expenses | $4.7M | $7.0M+37.3% | $5.1M-8.0% | $5.6M-4.2% | $5.8M-29.2% | $8.2M+89.8% | $4.3M |
| SG&A Expenses | $5.4M | $7.4M+16.2% | $6.3M+22.2% | $5.2M+2.3% | $5.1M-37.2% | $8.1M+372.7% | $1.7M |
| Operating Income | N/A | N/A | -$10.5M-4.7% | -$10.0M-3.1% | -$9.7M+40.5% | -$16.3M-258.3% | -$4.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $19K-99.7% | $6.8M |
| Income Tax | N/A | -$24K-2500.0% | $1K | N/A | $24K | N/A | N/A |
| Net Income | -$28.6M | -$10.5M-1.7% | -$10.3M-21.5% | -$8.5M+26.1% | -$11.5M+32.9% | -$17.1M | N/A |
| EPS (Diluted) | — | -$1.29 | -$6.00+5.1% | -$6.32 | -$13.88 | -$0.68+62.2% | -$1.80 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMTK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $2.3M-74.3% | $8.9M-21.0% | $11.3M+49.8% | $7.5M-50.0% | $15.1M+410.7% | $2.9M |
| Current Assets | $1.5M-82.4% | $8.5M-19.2% | $10.5M+63.4% | $6.4M-54.3% | $14.1M+596.9% | $2.0M |
| Cash & Equivalents | $374K-94.8% | $7.1M-19.2% | $8.8M+108.6% | $4.2M-65.4% | $12.2M+1500.3% | $764K |
| Accounts Receivable | $3K | N/A | $268K+793.3% | $30K | N/A | $18K |
| Total Liabilities | $6.2M+169.0% | $2.3M-26.8% | $3.2M+92.4% | $1.6M+6.8% | $1.5M+40.1% | $1.1M |
| Current Liabilities | $5.9M+158.3% | $2.3M+29.4% | $1.8M+26.0% | $1.4M-7.1% | $1.5M+40.1% | $1.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $20K |
| Total Equity | -$3.9M-159.7% | $6.6M-18.8% | $8.1M+37.9% | $5.9M-56.5% | $13.5M+630.5% | $1.9M |
| Retained Earnings | -$125.1M-9.2% | -$114.6M-20.6% | -$95.1M-9.8% | -$86.6M-15.3% | -$75.1M-29.6% | -$57.9M |
Not reported in any period shown, so not listed: Inventory, Goodwill.
SMTK Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.0M | -$7.7M+4.4% | -$8.1M-0.7% | -$8.0M+11.2% | -$9.0M+7.0% | -$9.7M-138.3% | -$4.1M |
| Capital Expenditures | N/A | $123K+64.0% | $75K+316.7% | $18K-77.2% | $79K-76.8% | $341K+189.0% | $118K |
| Free Cash Flow | N/A | -$7.9M+3.8% | -$8.2M-1.4% | -$8.1M+11.8% | -$9.1M+9.3% | -$10.1M-139.7% | -$4.2M |
| Investing Cash Flow | N/A | -$123K-64.0% | -$75K-316.7% | -$18K+77.2% | -$79K+76.8% | -$341K-189.0% | -$118K |
| Financing Cash Flow | N/A | $1.0M-84.7% | $6.5M-48.5% | $12.7M+593.5% | $1.8M-91.8% | $22.2M+383.5% | $4.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMTK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 61.0%0.0pp | 61.0%+46.2pp | 14.8%-2.7pp | 17.5%-38.1pp | 55.6%+14.1pp | 41.5% |
| Operating Margin | N/A | -12761.0% | -37003.7% | -24235.0% | -90566.7% | -4840.4% |
| Net Margin | -1507.8% | -12597.6% | -31477.8% | -28737.5% | -95144.4% | N/A |
| Return on Equity | N/A | -156.7%-52.0pp | -104.8%+90.6pp | -195.4%-68.7pp | -126.6% | N/A |
| Return on Assets | -459.3%-343.3pp | -116.0%-40.6pp | -75.4%+77.4pp | -152.8%-39.0pp | -113.7% | N/A |
| Current Ratio | 0.25-3.5x | 3.72-2.2x | 5.95+1.4x | 4.59-4.7x | 9.34+7.5x | 1.88 |
| Debt-to-Equity | N/A | 0.350.0x | 0.39+0.1x | 0.28+0.2x | 0.11+0.1x | 0.01 |
| FCF Margin | -1127.5% | -9964.6% | -29833.3% | -22820.0% | -55938.9% | -4468.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$3.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.25), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Smartkem Ranks
Frequently Asked Questions
What is Smartkem's annual revenue?
Smartkem (SMTK) reported $697K in total revenue for fiscal year 2025. This represents a 750.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Smartkem's revenue growing?
Smartkem (SMTK) revenue grew by 750.0% year-over-year, from $82K to $697K in fiscal year 2025.
Is Smartkem profitable?
No, Smartkem (SMTK) reported a net income of -$10.5M in fiscal year 2025.
What is Smartkem's gross margin?
Smartkem (SMTK) had a gross margin of 61.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Smartkem's free cash flow?
Smartkem (SMTK) recorded an outflow of $7.9M in free cash flow during fiscal year 2025. This represents a 3.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Smartkem's operating cash flow?
Smartkem (SMTK) recorded an outflow of $7.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Smartkem's total assets?
Smartkem (SMTK) had $2.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Smartkem's capital expenditures?
Smartkem (SMTK) invested $123K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Smartkem spend on research and development?
Smartkem (SMTK) invested $7.0M in research and development during fiscal year 2025.
What is Smartkem's current ratio?
Smartkem (SMTK) had a current ratio of 0.25 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Smartkem's return on assets (ROA)?
Smartkem (SMTK) had a return on assets of -459.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Smartkem's cash runway?
Based on fiscal year 2025 data, Smartkem (SMTK) had $374K in cash against an annual operating cash burn of $7.7M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Smartkem's debt-to-equity ratio negative or not reported?
Smartkem (SMTK) has negative shareholder equity of -$3.9M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Smartkem's Piotroski F-Score?
Smartkem (SMTK) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Smartkem's earnings high quality?
Smartkem (SMTK) reported a net loss of $10.5M while operations used $7.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.