SmartKem, Inc. (SMTK) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SMTK SEC filings page.
SmartKem, Inc. (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’s development-stage economics show rising sales remain far smaller than the spending needed to build the business.
Revenue increased from$82K in FY2024 to$697K in FY2025 while gross margin held at60.9% , so the improvement reflects greater gross contribution rather than a change in unit economics. Yet R&D and selling costs totaled$14.4M against only$425K of gross profit, explaining why the company remained deeply loss-making despite sales growth.
Cash conversion remains aligned with development spending: FY2025 net loss was
The balance sheet is financially strained: FY2025 liabilities of
Financial Health Signals
SmartKem, Inc. 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, Inc. 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, Inc. 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, Inc.'s EBITDA was -$1.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 68.3% from the same quarter a year earlier. Against the prior quarter it is up 46.0%.
SmartKem, Inc. reported -$3.3M in net income in Q2 2026. This represents a decrease of 35.7% from the same quarter a year earlier. Against the prior quarter it is up 83.2%.
Not reported for Q2 2026.
Cash & Balance Sheet
SmartKem, Inc. held $3.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
SmartKem, Inc.'s ROE was -33.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is up 324.7 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
SmartKem, Inc. invested $703K in research and development in Q2 2026. This represents a decrease of 71.0% from the same quarter a year earlier. Against the prior quarter it is down 23.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
SMTK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $20K-13.0% | $561K | $81K | $32K-20.0% | $23K | N/A | N/A |
| Cost of Revenue | N/A | $4K+300.0% | $238K | $5K | $28K-12.5% | $1K | N/A | N/A |
| Gross Profit | N/A | $16K-27.3% | $323K | $76K | $4K-50.0% | $22K | N/A | N/A |
| R&D Expenses | $703K-71.0% | $913K-39.0% | $1.0M | $2.1M+36.7% | $2.4M+109.5% | $1.5M+17.3% | N/A | $1.5M-4.1% |
| SG&A Expenses | $778K-67.0% | $1.7M-17.2% | $1.7M | $1.3M-15.7% | $2.4M+28.0% | $2.0M+47.5% | N/A | $1.6M+24.4% |
| Operating Income | -$1.4M+68.0% | -$2.6M+18.0% | N/A | -$3.2M-12.4% | -$4.4M-57.4% | -$3.1M-28.1% | N/A | -$2.8M-5.3% |
| EBITDA | -$1.4M+68.3% | -$2.5M+17.7% | N/A | -$3.1M-13.1% | -$4.3M-58.9% | -$3.1M-29.2% | N/A | -$2.8M-4.3% |
| Interest Expense | $3K | $283K | N/A | N/A | N/A | N/A | N/A | $4K |
| Income Tax | $1K0.0% | N/A | N/A | N/A | $1K0.0% | -$25K | N/A | N/A |
| Net Income | -$3.3M-35.7% | -$19.4M-807.6% | -$2.1M | -$3.9M-37.9% | -$2.4M+22.6% | -$2.1M-25.8% | N/A | -$2.8M+6.0% |
| EPS (Basic) | -$0.14+53.3% | -$1.34-318.8% | -$0.21+94.0% | -$0.45+47.7% | -$0.30+69.4% | -$0.32+90.0% | -$3.51-602.0% | -$0.86+51.7% |
| EPS (Diluted) | -$0.14 | -$1.34 | -$0.21 | -$0.45 | -$0.30 | -$0.32 | -$1.20 | -$0.86 |
| Diluted Shares (Avg) | 24M | 14M | N/A | 9M | 8M | 7M | N/A | 3M |
SMTK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.4M+141.8% | $9.5M+60.4% | $2.3M-74.3% | $3.2M-24.6% | $4.3M-39.4% | $5.9M-39.4% | $8.9M-21.0% | $4.3M-68.3% |
| Current Assets | $10.4M+201.9% | $8.8M+56.2% | $1.5M-82.4% | $2.4M-37.0% | $3.4M-47.3% | $5.6M-38.3% | $8.5M-19.2% | $3.8M-70.6% |
| Cash & Equivalents | $3.7M+220.2% | $7.6M+94.9% | $374K-94.8% | $881K-50.6% | $1.2M-73.5% | $3.9M-46.5% | $7.1M-19.2% | $1.8M-84.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | $3K | $3K | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $675K-84.7% | $4.1M+91.8% | $6.2M+169.0% | $6.2M+206.0% | $4.4M+78.1% | $2.1M-33.7% | $2.3M-26.8% | $2.0M-38.2% |
| Current Liabilities | $675K-83.1% | $3.8M+82.7% | $5.9M+158.3% | $5.8M+191.9% | $4.0M+62.2% | $2.1M-18.5% | $2.3M+29.4% | $2.0M+9.1% |
| Non-Current Liabilities | $0-100.0% | $230K+995.2% | $312K+1148.0% | $376K+1112.9% | $421K+2531.3% | $21K-96.6% | $25K-98.2% | $31K-97.9% |
| Total Equity | $9.7M+7722.8% | $5.4M+42.8% | -$3.9M-159.7% | -$3.0M-229.5% | -$127K-102.8% | $3.8M-42.2% | $6.6M-18.8% | $2.3M-77.9% |
| Retained Earnings | -$147.8M-24.0% | -$144.5M-23.8% | -$125.1M-9.2% | -$123.1M-12.1% | -$119.2M-11.4% | -$116.8M-12.4% | -$114.6M-20.6% | -$109.8M-17.2% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.8M+34.6% | -$1.6M+52.9% | -$1.4M-30.2% | -$200K+92.3% | -$2.8M+1.7% | -$3.3M-112.5% | -$1.1M+55.0% | -$2.6M-2.2% |
| Depreciation & Amortization | $29K-49.1% | $36K-35.7% | $41K-35.9% | $58K-15.9% | $57K-8.1% | $56K-11.1% | $64K+178.3% | $69K+68.3% |
| Stock-Based Compensation | $212K-18.1% | $255K+2.0% | N/A | $260K+1.2% | $259K+25.1% | $250K+93.8% | N/A | $257K+116.0% |
| Capital Expenditures | N/A | N/A | $18K | N/A | N/A | N/A | $0-100.0% | N/A |
| Free Cash Flow | N/A | N/A | -$1.4M-31.8% | N/A | N/A | N/A | -$1.1M+55.1% | N/A |
| Investing Cash Flow | N/A | N/A | -$18K | N/A | N/A | N/A | $0+100.0% | N/A |
| Financing Cash Flow | $4.5M | $8.6M | N/A | N/A | N/A | N/A | $6.5M | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SMTK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 80.0%-15.6pp | 57.6% | 93.8% | 12.5%-7.5pp | 95.7% | N/A | N/A |
| Operating Margin | N/A | -12865.0% | N/A | -3937.0% | -13662.5% | -13643.5% | N/A | N/A |
| Net Margin | N/A | -96845.0% | -366.3% | -4839.5% | -7500.0% | -9278.3% | N/A | N/A |
| Return on Equity | -33.6% | -358.3%-301.9pp | N/A | N/A | N/A | -56.4%-30.5pp | N/A | -124.6%-95.3pp |
| Return on Assets | -31.4%+24.6pp | -204.4%-168.3pp | -89.8% | -120.7%-54.7pp | -56.0%-12.2pp | -36.1%-18.7pp | N/A | -66.0%-43.8pp |
| Current Ratio | 15.34+14.5x | 2.29-0.4x | 0.25-3.5x | 0.41-1.5x | 0.86-1.8x | 2.68-0.9x | 3.72-2.2x | 1.88-5.1x |
| Debt-to-Equity | 0.07 | 0.75+0.2x | N/A | N/A | N/A | 0.56+0.1x | 0.350.0x | 0.89+0.6x |
| Asset Turnover | N/A | 0.000.0x | 0.25 | 0.02 | 0.010.0x | 0.00 | N/A | N/A |
| FCF Margin | N/A | N/A | -255.4% | N/A | N/A | N/A | N/A | N/A |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| SmartKem, Inc. SMTK | FY2025 | $697K | -$10.5M | N/A | $1.2M | — |
| Trio-Tech International TRT | FY2026 | $62.6M | -$34K | -0.1% | $60.9M | 62/100 |
| Atomera Incorporated ATOM | FY2025 | $65K | -$20.2M | N/A | $170.5M | — |
| inTEST Corporation INTT | FY2025 | $113.8M | -$2.5M | -2.2% | $187.8M | 50/100 |
| AXT Inc AXTI | FY2025 | $88.3M | -$21.3M | -24.1% | $5.2B | 45/100 |
| Amtech Systems Inc ASYS | FY2025 | $79.4M | -$30.3M | -38.2% | $308.1M | 53/100 |
Where SmartKem, Inc. Ranks
Frequently Asked Questions
What is SmartKem, Inc.'s annual revenue?
SmartKem, Inc. (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, Inc.'s revenue growing?
SmartKem, Inc. (SMTK) revenue grew by 750.0% year-over-year, from $82K to $697K in fiscal year 2025.
Is SmartKem, Inc. profitable?
No, SmartKem, Inc. (SMTK) reported a net income of -$10.5M in fiscal year 2025.
What is SmartKem, Inc.'s gross margin?
SmartKem, Inc. (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, Inc.'s free cash flow?
SmartKem, Inc. (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, Inc.'s operating cash flow?
SmartKem, Inc. (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, Inc.'s total assets?
SmartKem, Inc. (SMTK) had $2.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are SmartKem, Inc.'s capital expenditures?
SmartKem, Inc. (SMTK) invested $123K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does SmartKem, Inc. spend on research and development?
SmartKem, Inc. (SMTK) invested $7.0M in research and development during fiscal year 2025.
What is SmartKem, Inc.'s current ratio?
SmartKem, Inc. (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, Inc.'s return on assets (ROA)?
SmartKem, Inc. (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, Inc.'s P/E ratio?
SmartKem, Inc. (SMTK) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.2M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SmartKem, Inc.'s price-to-sales ratio?
SmartKem, Inc. (SMTK) trades at 1.7x sales, its market capitalization divided by revenue of $697K revenue, FY2025. The market capitalization is $1.2M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does SmartKem, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, SmartKem, Inc. (SMTK) held $374K in cash, cash equivalents and investments, and reported an operating cash outflow of $7.7M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is SmartKem, Inc.'s debt-to-equity ratio negative or not reported?
SmartKem, Inc. (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, Inc.'s Piotroski F-Score?
SmartKem, Inc. (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, Inc.'s earnings high quality?
SmartKem, Inc. (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.