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Smartkem Reports Fourth Quarter and Full Year 2024 Financial Results

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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.

Smartkem 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.

“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:

Commencing 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 to change the world of electronics,” added Jenks.

Recent Business Highlights

Advanced strategic partnership with RiTdisplay Corporation, a leading developer of optoelectronic solutions, visual displays and passive-matrix OLED displays, in a new phase toward commercialization, including the planned integration of Smartkem’s OTFT process on to RiTdisplay’s Gen 2.5 Pilot Line.Positioned to unveil the first MicroLED-in-a-Package (MiP) Backlight using Smartkem’s unique and proprietary technology at this year’s Touch Taiwan conference in Taipei City, Taiwan which runs from April 16-18th 2025.Completed first sale of TRUFLEX® semiconductor materials to joint development partner, Chip Foundation, a manufacturer of semiconductor and integrated circuit devices, for use in the co-development of a new generation of MicroLED-based backlight technology for Liquid Crystal Displays.Signed multi-year agreement with FlexiIC, a company providing innovation in the design of flexible integrated circuits and systems, to begin a new project to develop a new generation of CMOS for smart sensors.Partnered with AUO, the largest display manufacturer in Taiwan, to jointly develop the world’s first advanced rollable, transparent MicroLED display.Appointed Jonathan Watkins as Chief Operating Officer (COO), with responsibility for global operations and strategic partnerships.Participated at SEMICON® Korea 2025.

Full Year 2024 Financial Highlights:

Completed concurrent public and private offerings in December 2024 for aggregate proceeds of $7.65 million.Received and accepted a £900,000 (USD 1.1 million) grant from Innovate UK for a project partnership with AUO to develop a rollable, transparent MicroLED display.Cash and cash equivalents were $7.1 million as of December 31, 2024, compared to $8.8 million as of December 31, 2023.Revenues were $82 thousand for the year ended December 31, 2024, up compared to $27 thousand for the same period of 2023, primarily due to an increase in the sale of demonstrator products to potential partners, as the company sought to expand its marketing efforts.Operating expenses were $11.5 million for the year ended December 31, 2024, compared to $10.8 million for the same period of 2023.

About Smartkem

Smartkem is seeking to change the world of electronics with a new class of transistor using its proprietary advanced semiconductor materials. Its technology can be used in a range of applications including MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor.

In seeking to enable the adoption and mass commercialization of MicroLED displays, Smartkem’s low temperature (80C) process allows its liquid transistors to be poured directly onto the MicroLEDs, eliminating many of the high-cost, low-yield manufacturing processes used in traditional production. This innovation reduces defects, enhances yield and integrates seamlessly into existing manufacturing infrastructure, making MicroLED displays more commercially viable across sectors including smartphones, wearables, automatives and digital signage.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 17 patent families, 16 pending patents and 40 codified trade secrets. For more information, visit our website or follow us on LinkedIn.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem, Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

Industry Representatives and Media
Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
s.kirkwood@smartkem.com

Analysts and Investors
David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
dbarnard@allianceadvisors.com

1 2024 Omdia Report

 

SMARTKEM, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except number of shares and per share data)

December 31, 

December 31, 

2024

2023

Assets

Current assets

Cash and cash equivalents

$

7,141

$

8,836

Accounts receivable

268

Research and development tax credit receivable

519

610

Prepaid expenses and other current assets

849

811

Total current assets

8,509

10,525

Property, plant and equipment, net

269

455

Right-of-use assets, net

120

285

Other assets, non-current

6

7

Total assets

$

8,904

$

11,272

Liabilities and stockholders’ equity

Current liabilities

Accounts payable and accrued expenses

$

1,791

$

1,178

Lease liabilities, current

47

230

Other current liabilities

450

360

Total current liabilities

2,288

1,768

Lease liabilities, non-current

25

19

Warrant liability

1,372

Total liabilities

2,313

3,159

Commitments and contingencies (Note 7)

Stockholders’ equity:

Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized,
856 and 13,765 shares issued and outstanding, at December 31, 2024
and December 31, 2023, respectively

Common stock, par value $0.0001 per share, 300,000,000 shares authorized,
3,590,217 and 889,668 shares issued and outstanding, at December 31, 2024
and December 31, 2023, respectively

Additional paid-in capital

122,316

104,757

Accumulated other comprehensive loss

(1,105)

(1,578)

Accumulated deficit

(114,620)

(95,066)

Total stockholders’ equity

6,591

8,113

Total liabilities and stockholders’ equity

$

8,904

$

11,272

 

 

SMARTKEM, INC. AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except number of shares and per share data)

Year Ended December 31,

2024

2023

Revenue

$

82

$

27

Cost of revenue

32

23

Gross profit

50

4

Other operating income

1,017

836

Operating expenses

Research and development

5,111

5,556

General and administrative

6,342

5,188

(Gain)/loss on foreign currency transactions

78

87

Total operating expenses

11,531

10,831

Loss from operations

(10,464)

(9,991)

Non-operating income/(expense)

Gain/(loss) on foreign currency transactions

(544)

1,213

Transaction costs allocable to warrants

(198)

Change in fair value of the warrant liability

672

465

Interest income/(expense)

7

12

Total non-operating income/(expense)

135

1,492

Loss before income taxes

(10,329)

(8,499)

Income tax expense

(1)

Net loss

$

(10,330)

$

(8,499)

Preferred stock deemed dividends

(9,224)

Net loss attributed to common stockholders

$

(19,554)

$

(8,499)

Weighted average shares outstanding – basic and diluted

3,260,127

1,344,892

Basic and diluted net loss per common share attributed to common stockholders

$

(6.00)

$

(6.32)

Net loss

$

(10,330)

$

(8,499)

Other comprehensive loss:

Foreign currency translation

473

(1,095)

Total comprehensive loss

$

(9,857)

$

(9,594)

 

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Changes in UPM’s Group Executive Team: Joonas Rauramo appointed Executive Vice President, UPM Energy

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UPM-Kymmene Corporation Stock Exchange Release (Changes board/management/auditors) June 3, 2026 at 10:00 EEST

HELSINKI, June 3, 2026 /PRNewswire/ — Joonas Rauramo has been appointed Executive Vice President, UPM Energy. He will be a member of UPM’s Group Executive Team and report to Massimo Reynaudo, President and CEO. He will assume his role on October 1, 2026 and will be based in Helsinki, Finland.

Rauramo, born in 1983, will join UPM from Coolbrook Oy where he has served as CEO since 2022 and prior to that as Executive Vice President, Strategy & Industrial Partnerships. From 2007 to 2021, he held various roles at Fortum, most recently as Vice President, Wind and as Vice President, Solar & Wind Development. He serves as a board member at Korkia, and as a member of the IEA Technology and Innovation Advisory Board. Rauramo has Master of Science in Technology from Helsinki University of Technology and Master of Science in Economics from Aalto University School of Economics. He is a Finnish citizen.

“I’m delighted to welcome Joonas to UPM. He brings extensive experience in power generation and industrial decarbonisation, as well as deep expertise in energy markets, project financing, M&A and building global partnerships. These are capabilities that are increasingly critical as demand for reliable, emission-free electricity continues to grow and the energy system undergoes profound transformation. With Joonas on board, we continue to develop our energy business further and contribute to the transition towards a sustainable and resilient energy future,” says Massimo Reynaudo.

UPM, Media relations
Mon-Fri 9:00-16:00 EEST
tel. +358 40 588 3284
media@upm.com

UPM

UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers. Our performance in sustainability has been recognized by third parties, including EcoVadis and the Dow Jones Sustainability Indices. We operate globally and employ approximately 15,100 people worldwide, with annual sales of approximately €9.7 billion. Our shares are listed on Nasdaq Helsinki Ltd.
UPM – we renew the everyday
Read more: upm.com 

Follow us on LinkedIn | YouTube | Instagram | #UPM #materialsolutions #WeRenewTheEveryday 

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Helsinki Invites International Companies to Explore R&D Partnerships in Life Sciences and AI & Deep Tech

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HELSINKI, June 3, 2026 /PRNewswire/ — Helsinki Partners, together with the City of Helsinki and the University of Helsinki, is inviting international companies to explore research and development partnerships at two of the city’s leading innovation environments. Through the 90 Hour Helsinki Program, senior decision makers from established companies and scaleups are currently exploring Finland’s business ecosystem over three intensive days, meeting relevant organisations and exploring partnership opportunities for AI & Deep Tech R&D.

For many international companies, R&D expansion comes with real barriers: lack of specialist talent, limited access to laboratory or cleanroom space, and the high cost of building local infrastructure. Helsinki innovation partnerships address these challenges directly – instead of investing heavily in facilities and hiring from scratch, companies can get straight to work with partner organisations, researchers, and thesis students.

Helsinki’s innovation clusters drive global breakthroughs

The 90 Hour Helsinki Program gives access to two university-driven innovation clusters: Viikki is a leading ecosystem for life sciences, biotech, and sustainability, and Kumpula for AI and deep tech research. Both clusters align with the University of Helsinki’s Future Technologies research area, which emphasises responsible and ethical approaches to new technologies.

“Our research is rooted in both scientific excellence and responsibility,” said Jouni Hirvonen, Vice-Rector of Innovation, Infrastructures and Facilities at the University of Helsinki. “Collaborating with international companies allows us to commercialise and scale innovations that both advance technology and contribute to sustainable and ethical solutions for society.”

Organisations active across the clusters include the Natural Resources Institute Finland, HiLIFE, the Ellis Institute, the Finnish Center for Artificial Intelligence (FCAI), and the LUMI AI Factory. Participants choose the track most relevant to their business and spend the day with researchers, companies, and ecosystem partners on that campus.

R&D without the upfront investment

Finland’s R&D funding landscape and cost-efficient operating environment make Helsinki one of the most practical locations in Europe for early-stage collaboration. For companies outside of the EU region, the city offers a stable European base at a time when trade conditions are shifting, with direct flight connections to major cities across Asia and Americas.

“Helsinki offers a unique environment where companies can directly engage with top research, advanced facilities, emerging talent, and the exciting startup culture,” said Heidi Humala, Director, Business Environment at Business Helsinki, City of Helsinki. “Through close collaboration, Helsinki enables private companies to accelerate their R&D without the need for heavy upfront investments.”

Innovation partnerships in practice

ASM, a global leader in semiconductor equipment, has been working with the University of Helsinki for more than two decades. The company expanded its collaboration in 2022 with the launch of the ALD Center of Excellence, a new centre focused on developing advanced materials for next-generation microchips used in AI systems, medical devices, and energy-efficient electronics.

This long-term partnership is one example of the public-private co-innovation that Helsinki supports, and that the 90 Hour Helsinki Program is designed to build.

“Helsinki is known for its trust-based business culture and functional public–private partnerships,” said Clarisse Berggårdh, CEO at Helsinki Partners. “By joining the 3-day 90 Hour Helsinki Program, companies can experience this culture firsthand and start building meaningful collaborations.”

Applications are now open for the 90 Hour Helsinki Program taking place 28–30 September, 2026. The application period closes on 14 August, 2026.

Read more and apply here.

                                   

                                   

Facts at a glance                           

                                               

•  Helsinki is the most cost-efficient city in Europe for biotech and pharma R&D

                                               

•  The Helsinki region ranks 1st in the EU for innovative SMEs collaborating with others

                                               

•  The region also leads in R&D expenditure in the business sector and international scientific co-publications

                                               

•  The University of Helsinki ranks in the top 1% of universities globally

                                               

•  ASM‘s partnership with the University of Helsinki spans more than 20 years

                                   

                                     

                                   

For more information, please contact:

Eelis Torvinen
Marketing & Communications Manager, Helsinki Partners
eelis.torvinen@helsinkipartners.com

Sonja Malin
Senior Advisor, Helsinki Partners
sonja.malin@helsinkipartners.com
+358 400 175 636

About the 90 Hour Helsinki Program and Helsinki Partners

The 90 Hour Helsinki Program, organised by Helsinki Partners, gives senior decision makers direct access to Helsinki’s life sciences and deep tech ecosystems over three intensive days. The programme includes briefings on the Finnish business environment, visits to research organisations and companies, and tailored meetings across the Viikki and Kumpula campuses. Helsinki Partners covers accommodation during the programme for up to four days for one representative per company.

Helsinki Partners is the City of Helsinki’s international investment promotion and city marketing company, providing free expansion services for businesses looking to establish a presence in Finland.

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SOURCE Helsinki Partners

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Corrata Reimagines Mobile Device Security for the AI Era

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Company investing in bespoke on-device LLM for privacy-compliant mobile threat detection as AI reshapes the attack landscape

DUBLIN and LONDON, June 3, 2026 /PRNewswire/ — Infosec Europe, ExCeL London — Corrata, the mobile endpoint security company, today announced a comprehensive reimagining of its approach to mobile device security in response to the rapid transformation of the threat landscape by artificial intelligence. The announcement encompasses new AI governance capabilities, enhanced data loss prevention, and a commitment to developing a bespoke on-device large language model (LLM) for next-generation mobile threat detection.

 

 

“The device in your employee’s pocket is simultaneously connected to AI tools, targeted by AI-powered attackers, and operating in an environment where the threat landscape is being rewritten in real time,” said Colm Healy, CEO of Corrata. “The controls deployed two or three years ago were not built for this world. We have rebuilt ours to match it.”

How AI Is Reshaping the Mobile Threat Landscape

Mobile devices sit at the epicentre of three distinct AI-driven risk dimensions that security teams must now contend with simultaneously.

Hyper-personalised social engineering. AI has transformed phishing from a numbers game into targeted precision. Attackers now use large language models to construct lures from publicly available data, producing messages indistinguishable from genuine communications. Research puts the click-through rate on AI-generated phishing at 54%, against 12% for traditional campaigns. On mobile, where 85% of phishing attacks already occur outside email, across SMS, WhatsApp, Teams and other messaging channels, the impact is acute.

AI-accelerated exploits. In May 2026, Google Threat Intelligence Group confirmed a real-world threat actor had used a zero-day exploit developed with AI, planned for mass exploitation and only stopped by proactive counter-discovery. Finding and weaponising vulnerabilities no longer requires deep expertise or months of effort. The median time from disclosure to active exploitation had already fallen from 771 days in 2018 to single-digit hours before frontier AI models entered the picture. Mobile is particularly exposed, where apps are deployed quickly and sometimes outside the review processes that govern traditional software.

Shadow AI and data loss. When employees find that an AI tool makes them more productive, they use it, approved or not. Research suggests 43% of employees share corporate data with LLMs without authorisation. On mobile, where personal and professional boundaries are already blurred, the exposure is acute: sensitive documents uploaded to consumer AI services, client details pasted into chatbots, proprietary code submitted for debugging. Institutional knowledge is leaving organisations at an unprecedented rate, with no visibility and no controls in place.

How Corrata Is Responding

Corrata has always been built on a simple premise: mobile devices deserve the same depth of security monitoring as laptops and servers. Its on-device architecture inspects 100% of network traffic without routing it through a cloud relay, a visibility advantage no competitor has matched. In the AI era, that foundation becomes more important, not less. Corrata has now extended it across three areas.

On-device LLM for enhanced threat detection. The vast majority of mobile traffic is now encrypted, and current detection methods will struggle against the more sophisticated social engineering and exploit techniques that AI is enabling. Corrata is developing a custom on-device LLM purpose-built for the mobile environment. It will analyse traffic patterns, behavioural signals and connection metadata to surface threats hidden within encrypted sessions, on the device itself, in real time, with no data leaving the phone.

AI governance for the mobile workspace. Corrata’s AI Governance capability lets organisations define which AI services and SDKs are sanctioned in the mobile workspace and enforces those policies automatically. Approved tools are unaffected; access to unsanctioned services, including consumer chatbots, AI coding assistants and embedded LLM SDKs in third-party apps, is flagged or blocked. As AI governance frameworks including ISO 42001 and the EU AI Act mature, mobile is the enforcement gap most organisations have yet to close. Corrata closes it.

Precision mobile DLP for the AI age. Data leakage via mobile is no longer confined to lost devices or unencrypted email. AI tools are now a primary exfiltration channel. Corrata’s enhanced data loss prevention uses fine-grained traffic analysis to detect sensitive corporate data being transmitted to external services, whether deliberately or inadvertently, enabling security teams to act on genuine data loss events rather than chase false positives.

“Corrata brings together the deepest visibility into mobile traffic of any solution on the market with a new generation of AI-native capabilities built for the threats that matter most right now,” said Colm Healy.

Availability

Corrata’s AI Governance and enhanced DLP capabilities are available now. The on-device LLM is in active development, with availability to be announced. Organisations wishing to learn more or request a demonstration should visit corrata.com.

About Corrata

Corrata is a mobile endpoint security company headquartered in Dublin, Ireland. Its on-device technology delivers comprehensive threat detection and response for iOS and Android devices, combining advanced mobile threat defence with data loss prevention and AI governance. Corrata is a member of the Microsoft Intelligent Security Association (MISA), verified for use with FirstNet, and is accredited as ‘Cybersecurity Made in Europe’ by ECSO. For more information, visit corrata.com.

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