Business
Smartkem Reports First Quarter 2025 Financial Results
MANCHESTER, England, May 14, 2025 /PRNewswire/ -- Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics with a new class of transistor
About this update from Smartkem, Inc.
[{"type":"text","content":"MANCHESTER, England, May 14, 2025 /PRNewswire/ -- Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics with a new class of transistor technology, today provides a business update and reports its financial results for the three months ended March 31, 2025.\n\n \n \n \n \n \n \n\n \nSmartkem Chairman and CEO, Ian Jenks, commented: \"Progress toward commercialization continued in the first quarter of 2025. As previously announced, we commenced our project with AUO to develop the world's first rollable, transparent MicroLED display, made the first sales of our TRUFLEX® advanced semiconductor materials to Chip Foundation, and signed a memorandum of understanding with RiTdisplay Corporation for the integration of Smartkem's OTFT process on RiTdisplay's Gen2.5 line. In addition, the Company appointed Jonathan Watkins as our new COO.\n\"Building on our momentum in the first quarter, in April, we introduced the first application of our \"MiP4\" platform at Touch Taiwan 2025. This MicroLED Smart Backlight showcases how our unique semiconductor materials and chip-first architecture can unlock higher brightness and better contrast for LCDs, particularly in automotive displays.\n\"Tomorrow, during Display Week 2025 and as part of the associated SID Business Conference, I'll be giving a presentation titled \"Changing the World of Electronics: Unveiling a Breakthrough in Transistor Technology for the Future of MicroLED Displays\" that will present the latest advancements in our technology.\n\"I look forward to keeping you informed of our progress this year as we strengthen our position as a global leader in organic transistor technology and close in on our goal of commercializing our technology,\" Jenks concluded.\nFirst Quarter 2025 Financial Highlights:\nCash and cash equivalents were $3.9 million as of March 31, 2025, compared to $7.1 million as of December 31, 2024.Revenues were $23 thousand for the three months ended March 31, 2025, compared to nil for the same period of 2024, primarily as a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.Operating expenses were $3.4 million for the three months ended March 31, 2025, compared to $2.7 million for the same period of 2024.Loss from operations was $3.1 million for the three months ending March 31, 2025, compare...