Business
Smartkem Reports Fourth Quarter and Full Year 2024 Financial Results
MANCHESTER, England, April 1, 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, April 1, 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 financial results for the three and twelve months ended December 31, 2024.\n\n \n \n \n \n \n \n\n \nSmartkem Chairman and CEO, Ian Jenks, commented: \"During the fourth quarter of 2024, Smartkem made bold strides towards commercializing our advanced semiconductor materials, which enable flexible, transparent and lightweight MicroLED displays, an industry projected to grow to over $4 billion by 2030.1 We delivered on every key milestone during the quarter, and in December, we raised $7.65 million in equity financing and received a $1.1 million grant from Innovate UK – critical funding to supercharge our momentum, expand our resources, and support our ongoing programs.\n\"Our commercialization strategy is built on three pillars: advancing our polymer materials, developing EDA tools, and establishing scalable manufacturing processes. Concentrating on executing this strategy, we established some key goals for 2025, which included:\nCommencing development work on a rollable, transparent MicroLED display with our partner, AUO;Completing first sale of our TRUFLEX® materials to Chip Foundation under the terms of our co-development agreement;Extending Technology Transfer Agreement with RiTdisplay to transfer Smartkem's OTFT process from ITRI to RiTdisplay's Gen2.5 line;Entering into a joint development agreement for a \"chip-first\" MicroLED display;Entering into additional collaboration and/or co-development agreements that further advance our technology toward commercialization; andProducing a demonstration of a MicroLED display using our OTFT technology.\"Our early wins in 2025, including the project commencement with AUO and the first commercial sales of our TRUFLEX® advanced semiconductor materials show our focus on accelerating towards commercialization of our technology. We are well on our way to delivering further objectives set out including additional joint development agreements and product demonstrations at upcoming industry events. I look forward to updating you of our progress throughout the year as we continue to solidify our position as a global leader in organic transistor technology that has the potential t...