SMTK

MANCHESTER, England, Nov. 13, 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 and nine months ended September 30, 2025. Third Quarter 2025 Highlights: Signed a non-binding Letter of Intent with Jericho Energy Ventures to create a U.S.-owned, AI-focused infrastructure company. Announced a preliminary joint development agreement with Manz Asia for advanced computer and AI chip packaging solutions. Delivered feature presentations at the 25th International Meeting on Information Display (IMID) in Busan, Korea. Participated at the PlayNitride 2025 Technology Forum in Taiwan. Exhibited at SEMICONﾮ Taiwan 2025. Presented and exhibited at MicroLED Connect 2025 in Eindhoven, The Netherlands. Presented and exhibited at TechBlick Berlin: The Future of Electronics RESHAPED 2025. Summary Third Quarter 2025 Financial Results: Revenue was $81 thousand for the three months ended September 30, 2025, compared to $40 thousand for the same period of 2024, primarily as a result of sales of OTFT backplanes and TRUFLEXﾮ materials for customer assessment and development purposes. Operating expenses were $2 million for the three months ended September 30, 2025, compared to $1.5 million for the same period of 2024. Loss from operations was $3.1 million for the three months ended September 30, 2025, compared to $2.8 million for the same period of 2024. Cash and cash equivalents were $0.9 million as of September 30, 2025, compared to $7.1 million as of December 31, 2024. On October 31, 2025 , the Company obtained $1,000,000 of bridge financing in exchange for the issuance of $1,100,000 principal amount of its Senior Secured Notes due April 30, 2026, 2026 and five-year warrants to purchase up to 400,000 shares of common stock at the exercise price of $2.75 per share. The Notes are secured by security interests on all of the assets of the Company and its subsidiaries. About Smartkem Smartkem is seeking to change the world of electronics with a new class of transistors developed using its proprietary advanced semiconductor materials. Our TRUFLEXﾮ materials can be used in a range of applications including next generation MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor. Smartkem designs and develops its materials at its research and development facility in Manchester, UK and operates a field application office in Hsinchu, Taiwan, close to collaboration partner, The Industrial Technology Research Institute (ITRI), which provides product prototyping services. With its collaboration partners, Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the commercial viability of manufacturing a new generation of displays using its materials. The company has an extensive IP portfolio including 140 granted patents across 17 patent families, 14 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. Logo - https://mma.prnewswire.com/media/2822344/Logo___Smartkem.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/smartkem-reports-third-quarter-2025-financial-results-302614850.html

MANCHESTER, England, Nov. 13, 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 and nine months ended September 30, 2025. Third Quarter 2025 Highlights: Signed a non-binding Letter of Intent with Jericho Energy Ventures to create a U.S.-owned, AI-focused infrastructure company. Announced a preliminary joint development agreement with Manz Asia for advanced computer and AI chip packaging solutions. Delivered feature presentations at the 25th International Meeting on Information Display (IMID) in Busan, Korea. Participated at the PlayNitride 2025 Technology Forum in Taiwan. Exhibited at SEMICON® Taiwan 2025. Presented and exhibited at MicroLED Connect 2025 in Eindhoven, The Netherlands. Presented and exhibited at TechBlick Berlin: The Future of Electronics RESHAPED 2025. Summary Third Quarter 2025 Financial Results: Revenue was $81 thousand for the three months ended September 30, 2025, compared to $40 thousand 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 $2 million for the three months ended September 30, 2025, compared to $1.5 million for the same period of 2024. Loss from operations was $3.1 million for the three months ended September 30, 2025, compared to $2.8 million for the same period of 2024. Cash and cash equivalents were $0.9 million as of September 30, 2025, compared to $7.1 million as of December 31, 2024. On October 31, 2025 , the Company obtained $1,000,000 of bridge financing in exchange for the issuance of $1,100,000 principal amount of its Senior Secured Notes due April 30, 2026, 2026 and five-year warrants to purchase up to 400,000 shares of common stock at the exercise price of $2.75 per share. The Notes are secured by security interests on all of the assets of the Company and its subsidiaries. About Smartkem Smartkem is seeking to change the world of electronics with a new class of transistors developed using its proprietary advanced semiconductor materials. Our TRUFLEX® materials can be used in a range of applications including next generation MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor. Smartkem designs and develops its materials at its research and development facility in Manchester, UK and operates a field application office in Hsinchu, Taiwan, close to collaboration partner, The Industrial Technology Research Institute (ITRI), which provides product prototyping services. With its collaboration partners, Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the commercial viability of manufacturing a new generation of displays using its materials. The company has an extensive IP portfolio including 140 granted patents across 17 patent families, 14 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. Logo - https://mma.prnewswire.com/media/2822344/Logo___Smartkem.jpg View original content:https://www.prnewswire.co.uk/news-releases/smartkem-reports-third-quarter-2025-financial-results-302614851.html

MANCHESTER, England, Aug. 12, 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 and six months ended June 30, 2025. Second quarter 2025 and recent highlights included: Introducing a 12.3-inch MicroLED Smart Backlight demonstration targeting next-generation automotive LCD displays. Signing a preliminary joint development agreement with Manz Asia to co-develop inkjet dielectric inks for advanced chip packaging. Forming a collaboration with Manz Asia to showcase inkjet-printed dielectric solutions for AI chip packaging at SEMICON Southeast Asia. Securing a new UK patent for a MicroLED manufacturing process that enables wafer reuse and supports its expanding IP portfolio. Presenting and exhibiting Smarkem's MicroLED technologies at Display Week 2025, with CEO Ian Jenks speaking on commercialization opportunities. Second Quarter 2025 Financial Highlights: Cash and cash equivalents were $1.2 million as of June 30, 2025, compared to $7.1 million as of December 31, 2024. The company believes the cash balance at June 30, 2025 will be sufficient to fund operations through September 30, 2025. Revenue was $32 thousand for the three months ended June 30, 2025, compared to $40 thousand 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 $4.7 million for the three months ended June 30, 2025, compared to $3.0 million for the same period of 2024. The increase in operating expenses in Q2 2025 was due to a $1.5 million increase in R&D expenses primarily resulting from a $0.8 million increase in costs in the second quarter of 2025 pursuant to the terms of the extension of the CPI Framework agreement and higher personnel expenses as well as $0.6 million higher G&A expenses related to professional services, including $0.3 million in non-cash expenses. Loss from operations was $4.4 million for the three months ending June 30, 2025, compared to $2.8 million for the same period of 2024. About Smartkem Smartkem is seeking to change the world of electronics with a new class of transistors developed using its proprietary advanced semiconductor materials. Our TRUFLEX® semiconductor polymers enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost, high-performance displays. Our semiconductor platform can be used in a range of display technologies including MicroLED, LCD and AMOLED, as well as in applications in advanced computer and AI chip packaging, sensors, and logic. Smartkem designs and develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) in Sedgefield, UK. It operates a field application office in Hsinchu, Taiwan, close to collaboration partner, The Industrial Technology Research Institute (ITRI). Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the commercial viability of manufacturing a new generation of displays using its materials. The company has an extensive IP portfolio including 140 granted patents across 17 patent families, 14 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. Contacts: Selena Kirkwood Head of Communications for Smartkem T : +44 (0) 7971 460 364 [email protected] U.S. Investors David Barnard, CFA Alliance Advisors Investor Relations T: 1 415 433 3777 [email protected] Logo - https://mma.prnewswire.com/media/2749211/Smartkem_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/smartkem-reports-second-quarter-2025-financial-results-302528184.html

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. Smartkem 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. "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. "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. "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. First Quarter 2025 Financial Highlights: Cash 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, compared to $2.4 million for the same period of 2024. About Smartkem Smartkem is seeking to change the world of electronics with a new class of transistors developed using its proprietary advanced semiconductor materials. Our TRUFLEX® materials can be used in a range of applications including next generation MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor. Smartkem's MiP4 is designed to replace existing MiniLED packages in LCD backlights and signage applications. The MiP4 will offer higher brightness at lower power, lower production costs, and compatibility with existing MiniLED die bonding equipment. MiP4s are expected to ship -on-blue tape format for seamless industry adoption. For MicroLED display applications, Smartkem's low temperature process allows its liquid transistors to be poured directly onto MicroLEDs, eliminating the need to use current high-cost, low-yield manufacturing processes. This innovation is expected to reduce defects and enhance yield, and to integrate seamlessly into existing manufacturing infrastructure, with the potential to make MicroLED displays more commercially viable across a number of sectors including smartphones, wearables, automotives and digital signage. Smartkem designs and develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) in Sedgefield, UK. It operates a field application office in Hsinchu, Taiwan, close to collaboration partner, The Industrial Technology Research Institute (ITRI). Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the commercial viability of manufacturing a new generation of displays using its materials. 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 [email protected] Analysts and Investors David Barnard, CFA Alliance Advisors Investor Relations T: 1 415 433 3777 [email protected] Logo - https://mma.prnewswire.com/media/2597198/5317884/SmartKem_Brand_Identity_RGB_POS___small_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/smartkem-reports-first-quarter-2025-financial-results-302454686.html

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; and Producing 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 [email protected] Analysts and Investors David Barnard, CFA Alliance Advisors Investor Relations T: 1 415 433 3777 [email protected] 1 2024 Omdia Report Logo - https://mma.prnewswire.com/media/2597198/SmartKem_Brand_Identity_RGB_POS___small_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/smartkem-reports-fourth-quarter-and-full-year-2024-financial-results-302416225.html

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; and Producing 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 [email protected] Analysts and Investors David Barnard, CFA Alliance Advisors Investor Relations T: 1 415 433 3777 [email protected] 1 2024 Omdia Report View original content to download multimedia:https://www.prnewswire.com/news-releases/smartkem-reports-fourth-quarter-and-full-year-2024-financial-results-302416228.html SOURCE Smartkem