SmartKem, Inc. (SMTK) Income Statement
SMTK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSMTK revenue and net income
Where SMTK's revenue goes
2025Each bar shows an amount and its share of revenue. SMTK kept −1,507.7% of revenue as net income.
SMTK profit margins
SMTK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +750.0% | +159.3% | +49.3% | — |
| Gross profit | +750.0% | +293.0% | +61.2% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SMTK quarterly EPS vs estimates
SmartKem beat the analyst EPS estimate in 0 of the last 3 quarters.
SMTK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $697,000 | $82,000 | $27,000 | $40,000 | $18,000 | $94,000 |
| Cost of revenue | $272,000 | $32,000 | $23,000 | $33,000 | $8,000 | $55,000 |
| Gross profit | $425,000 | $50,000 | $4,000 | $7,000 | $10,000 | $39,000 |
| Research & development | $7.0M | $5.1M | $5.6M | $5.8M | $8.2M | $4.3M |
| Sales, general & admin | $7.4M | $6.3M | $5.2M | $5.1M | $8.1M | $1.7M |
| Total operating expenses | $13.7M | $10.5M | $9.9M | $9.7M | $15.0M | $4.6M |
| Operating income | −$13.0M | −$10.4M | −$9.9M | −$9.7M | −$15.0M | −$4.5M |
| Interest income | — | $7,000 | $12,000 | $5,000 | $3,000 | $3,000 |
| Interest expense | $73,000 | — | — | $0 | $19,000 | $6.8M |
| Income before taxes | −$10.5M | −$10.3M | −$8.5M | −$11.5M | −$17.1M | −$23.1M |
| Net income | −$10.5M | −$10.3M | −$8.5M | −$11.5M | −$17.1M | −$23.1M |
| EBITDA | −$10.0M | −$9.9M | −$9.5M | −$9.2M | — | — |
| EPS (diluted) | — | — | −$3.84 | — | −$0.67 | −$0.91 |
| Gross margin | 61.0% | 61.0% | 14.8% | 17.5% | 55.6% | 41.5% |
| Operating margin | −1,866.9% | −12,665.9% | −36,681.5% | −24,245.0% | −83,183.3% | −4,840.4% |
| Net margin | −1,507.7% | −12,597.6% | −31,477.8% | −28,737.5% | −95,144.4% | −24,609.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $20,000 | $561,000 | $81,000 | $32,000 | $23,000 | $42,000 | $0 | $40,000 | $0 | $0 | $3,000 |
| Cost of revenue | $0 | $4,000 | $238,000 | $5,000 | $28,000 | $1,000 | $0 | $0 | $32,000 | $0 | $0 | $1,000 |
| Gross profit | $0 | $16,000 | $323,000 | $76,000 | $4,000 | $22,000 | $42,000 | $0 | $8,000 | $0 | $0 | $2,000 |
| Research & development | $703,000 | $913,000 | $1.0M | $2.1M | $2.4M | $1.5M | $1.2M | $1.5M | $1.2M | $1.3M | $1.5M | $1.6M |
| Sales, general & admin | $778,000 | $1.7M | $1.7M | $1.3M | $2.4M | $2.0M | $1.6M | $1.6M | $1.8M | $1.4M | $1.2M | $1.3M |
| Total operating expenses | $1.5M | $2.5M | $2.7M | $3.2M | $4.5M | $3.3M | $2.4M | $2.8M | $2.8M | $2.4M | $2.5M | $2.6M |
| Operating income | −$1.5M | −$2.5M | −$2.1M | −$3.1M | −$4.5M | −$3.2M | −$2.4M | −$2.8M | −$2.8M | −$2.4M | −$2.5M | −$2.6M |
| Interest income | — | — | — | — | $3,000 | — | — | — | $3,000 | $6,000 | $4,000 | $2,000 |
| Interest expense | $3,000 | — | — | — | — | — | — | — | — | — | — | — |
| Income before taxes | −$3.3M | −$19.4M | −$2.1M | −$3.9M | −$2.4M | −$2.2M | −$2.7M | −$2.8M | −$3.1M | −$1.7M | −$1.4M | −$3.0M |
| Net income | −$3.3M | −$19.4M | −$2.1M | −$3.9M | −$2.4M | −$2.1M | −$2.7M | −$2.8M | −$3.1M | −$1.7M | −$1.4M | −$3.0M |
| EBITDA | −$3.2M | −$2.4M | $470,000 | −$3.0M | −$4.4M | — | — | — | — | — | — | — |
| EPS (diluted) | — | — | — | −$0.70 | −$0.54 | −$0.32 | — | — | — | −$3.21 | −$1.58 | −$1.78 |
| Gross margin | — | 80.0% | 57.6% | 93.8% | 12.5% | 95.7% | 100.0% | — | 20.0% | — | — | 66.7% |
| Operating margin | — | −12,635.0% | −382.5% | −3,864.2% | −14,071.9% | −14,056.5% | −5,707.1% | — | −6,895.0% | — | — | −85,900.0% |
| Net margin | — | −96,845.0% | −366.3% | −4,839.5% | −7,500.0% | −9,278.3% | −6,411.9% | — | −7,747.5% | — | — | −100,733.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SMTK's financial statements (latest annual report filed —); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SMTK financial results
In fiscal year 2025 (ended December 31, 2025), SmartKem reported revenue of $0.7 million, up 750.0% from the year before. It had a net loss of $10.5 million, a net profit margin of −1,507.7%. Over five years revenue grew at an average rate of 49.3% a year.
See the SMTK stock overview for the latest quote and news, or the SMTK chart for price history and technical indicators.
SMTK income statement FAQ
What is SmartKem's annual revenue?
SmartKem reported total revenue of $0.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 750.0% from $0.1 million the previous year.
Is SmartKem profitable?
No. SmartKem reported a net loss of $10.5 million in fiscal 2025, a net profit margin of −1,507.7%; its operating margin was −1,866.9%.
What is SmartKem's gross margin?
SmartKem's gross margin was 61.0% in fiscal 2025: for every $100 of revenue, SmartKem kept $61 after the direct cost of its products and services.
How much does SmartKem spend on research and development?
SmartKem spent $7.0 million on research and development in fiscal 2025, 1,006.7% of revenue.
How fast is SmartKem growing?
Revenue grew 49.3% a year on average over the last five fiscal years, from $0.1 million to $0.7 million.
When does SmartKem's fiscal year end?
SmartKem's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025.