SmartKem, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 12:47 pm EST
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SmartKem, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 0.026 million. Net loss was USD 3.95 million compared to USD 2.66 million a year ago. Basic loss per share from continuing operations was USD 4.9 compared to USD 3.5 a year ago. Diluted loss per share from continuing operations was USD 4.9 compared to USD 3.5 a year ago.
For the nine months, sales was USD 0.06 million. Net loss was USD 10.42 million compared to USD 14.43 million a year ago. Basic loss per share from continuing operations was USD 12.6 compared to USD 20.65 a year ago. Diluted loss per share from continuing operations was USD 12.6 compared to USD 20.65 a year ago.
SmartKem, Inc. provides disruptive organic thin-film transistors, which have the potential to drive the displays. The Companyâs patented TRUFLEX semiconductor and dielectric inks, or electronic polymers, are used to make transistors. Its inks enable low temperature printing processes, which are compatible with existing manufacturing infrastructure to deliver displays. The Company's electronic polymer platform can be used in various display technologies, including micro-light-emitting diode (LED), mini-LED and active-matrix organic LED displays for televisions, laptops, augmented reality and virtual reality headsets, smartwatches, and smartphones. Its research and development facility is located in Manchester, United Kingdom, and semiconductor manufacturing processes at Sedgefield, United Kingdom and retains a field application office in Taiwan. The Company has an intellectual property portfolio, including 125 granted patents across 19 patent families and 40 codified trade secrets.
SMARTKEM, INC. 
