# SmartKem, Inc. (SMTK) · Edgar & Edgarette company card

> SmartKem (SMTK) grew revenue 750% in FY2025 to $1 million, operating margin -1841% against a 2.4% median for semiconductors & related devices, equity -172% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1817760 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SMTK) · [JSON](https://www.pops4.com/boards/company/SMTK.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $697,000 |
| Revenue growth, 1 year | 750.0% |
| Revenue growth per year | 149.5% |
| Operating margin | -1841.5% (prior year -12761.0%) |
| Net margin | -1507.7% |
| Operating cash flow | −$8M |
| Capital spending | $123,000 |
| Free cash flow | −$8M |
| Cash | $374,000 |
| Long-term debt | — |
| Total assets | $2M |
| Total equity | −$4M |
| Equity ÷ assets | -171.9% |
| Return on equity | — |
| Dividend per share | $2.83 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Altman Z: -229.29 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice, late quarterly report notice in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative (-$7.7M in FY2025); operating loss: a margin of -1841.5% in FY2025; revenue is hard to predict: its 80% range is ±79%

## Edgarette's reading

Exposure: revenue $697K (FY2025). Experience: revenue up 750.0% on the year, up 149.5% a year over 4 years; operating margin -1841.5%, up from -12761.0%. Soundness: equity -171.9% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.3M and $11.3M next year (method v4.1: its own 3-year record of growth weighed at 40% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.1M to $13.1M. A statistical range, not company guidance. Against peers (63 filers, $50M+ revenue, semiconductors & related devices): operating margin -1841.5% against a 2.4% median; growth 750.0% against 15.5%.

Range logged 2026-09-24, receipt 74c229f728b6f101, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926037757/0001104659-26-037757-index.htm))
- Item 3.01 Exchange listing notice or transfer: 4, latest 2026-09-14 ([filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926107296/0001104659-26-107296-index.htm))
- Item NT 10-Q Late quarterly report notice: 1, latest 2026-05-15 ([filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926062717/0001104659-26-062717-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-09-21 ([filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926109357/0001104659-26-109357-index.htm))

## Recent filings

- 8-K · filed 2026-09-21 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926109357/0001104659-26-109357-index.htm)
- S-1 · filed 2026-09-18 · [filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926108965/0001104659-26-108965-index.htm)
- 8-K · filed 2026-09-14 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule · [filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926107296/0001104659-26-107296-index.htm)
- 8-K · filed 2026-09-04 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926105497/0001104659-26-105497-index.htm)
- 8-K · filed 2026-08-21 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926099673/0001104659-26-099673-index.htm)
- 8-K · filed 2026-08-19 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1817760/000110465926098592/0001104659-26-098592-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001817760.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1817760

## Cite

POPS4, Edgar & Edgarette: SmartKem, Inc. (SMTK) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/SMTK. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.