SmartKem, Inc. Releases Q3 2023 10-Q Report Highlighting Financial and Operational Performance
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SmartKem, Inc., a leading developer of organic thin-film transistors (OTFTs) and related materials, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting its ongoing efforts in the next-generation display technology sector.
Financial Highlights
- Revenue: $40 thousand, an increase from $8 thousand in the same period of 2023, primarily due to sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
- Gross Profit: $8 thousand, up from $2 thousand in the same period of 2023, reflecting improved cost management.
- Loss from Operations: $(2,777) thousand, an increase from $(2,367) thousand in the same period of 2023, driven by higher operating expenses.
- Net Loss: $(3,099) thousand, up from $(2,027) thousand in the same period of 2023, primarily due to increased operating expenses and foreign currency transaction losses.
- Basic Net Loss Per Common Share: $(0.98), improved from $(1.82) in the same period of 2023, reflecting changes in share count and financial performance.
Business Highlights
- Revenue Segments: The company reported revenue from sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes, indicating a focus on providing materials for next-generation display technologies.
- Geographical Performance: SmartKem has a research and development facility in Manchester, UK, and provides prototyping services at the Centre for Process Innovation in Sedgefield, UK. Additionally, it has a field application office in Taiwan and a technology transfer agreement with the Industrial Technology Research Institute in Taiwan, highlighting its strategic presence in key markets for electronics manufacturing.
- Sales Units: The company is involved in the development and sale of organic thin-film transistors (OTFTs) and related materials.
- New Product Launches: SmartKem is focused on its TRUFLEX® semiconductor and dielectric inks, which are used to create new types of transistors aimed at revolutionizing the display industry.
- Future Outlook: The company anticipates continued operating losses due to ongoing research funding, technology development, and commercialization expenses. It is actively seeking additional capital funding to support its operations and research development activities.