Innovative MicroLED Manufacturing Method Promises Greater Efficiency and ReusabilityMANCHESTER, England, June 23, 2025 /PRNewswire/ -- Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics with a new class of transistor technology, today announced that it has received a UK patent for a new method for MicroLED display manufacturing, adding to its extensive IP portfolio. The new patent covers the patterning of an organic thin-film transistor (OTFT) backplane on top of, and selective rem ...

Exhibit 99.1 PRESS RELEASE Smartkem Reports First Quarter 2025 Financial Results Manchester, England – Wednesday, May 14, 2025 – 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 c ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42115 SmartKem, Inc. (Exact name of registrant as specified in its charter) | Part I | Financial Information ...

Core Insights - Smartkem is presenting advancements in organic thin-film transistor technology aimed at revolutionizing MicroLED displays [1] - The company is introducing the MiP4, a new package of MicroLEDs designed to enhance brightness and reduce production costs [3] - Smartkem's low temperature process for manufacturing liquid transistors is expected to improve yield and reduce defects in MicroLED displays [4] Company Overview - Smartkem develops a new class of transistors using proprietary advanced semiconductor materials, applicable in MicroLED, LCD, AMOLED displays, and AI chip packaging [2] - The company has a significant intellectual property portfolio with 138 granted patents and 16 pending patents [6] Product Innovations - The MiP4 is designed to replace MiniLED packages, offering higher brightness at lower power and compatibility with existing manufacturing equipment [3] - Smartkem's manufacturing process allows for direct application of liquid transistors onto MicroLEDs, enhancing commercial viability across various sectors [4] Research and Development - Smartkem operates R&D facilities in Manchester, UK, and provides prototyping services in Sedgefield, UK [5] - The company is developing commercial-scale production processes and Electronic Design Automation tools to validate its display technologies [5]

Core Insights - Smartkem has introduced the "MiP4," a package of four MicroLEDs utilizing its chip-first architecture and unique semiconductor materials, showcased at Touch Taiwan 2025 [1][2] - The MicroLED Smart Backlight is designed to enhance brightness and contrast in LCD screens, particularly for the automotive industry, which is projected to exceed 25 million units by 2030, each requiring over 500 MiP4s [2] Company Overview - Smartkem aims to innovate electronics with advanced transistors made from proprietary TRUFLEX® materials, applicable in MicroLED, LCD, AMOLED displays, and AI chip packaging [3][6] - The company has a robust intellectual property portfolio, including 138 granted patents and 16 pending patents, indicating strong innovation capabilities [7] Product Development - The MiP4 is intended to replace MiniLED packages in LCD backlights, offering higher brightness, lower power consumption, and reduced production costs while being compatible with existing MiniLED equipment [4] - Smartkem's low-temperature process allows liquid transistors to be applied directly onto MicroLEDs, potentially lowering manufacturing costs and improving yield across various sectors, including smartphones and automotive [5] Market Potential - The automotive display market represents a significant opportunity for Smartkem, with expectations of substantial growth in MicroLED applications [2][5] - The company is developing commercial-scale production processes and Electronic Design Automation (EDA) tools to validate the manufacturing viability of its display technologies [6]

Chairman and CEO Ian Jenks to Give Presentation on May 14th at the SID Business Conference MANCHESTER, England, April 14, 2025 /PRNewswire/ -- Smartkem (NASDAQ: SMTK), which is seeking to change the world of electronics with a new class of transistor technology, announced it will exhibit and its CEO will give a presentation at Display Week 2025 taking place at the San Jose McEnery Convention Center on May 11th – 16th, 2025. Attendees are invited to visit with company representatives during the event at Sma ...

Financial Performance - Smartkem reported revenues of $82 thousand for the year ended December 31, 2024, an increase of 204% compared to $27 thousand in 2023[16]. - Operating expenses for the year were $11.5 million, up from $10.8 million in 2023, reflecting increased investment in research and development[10]. - Smartkem's net loss attributed to common stockholders for 2024 was $19.6 million, compared to a net loss of $8.5 million in 2023[16]. - Cash and cash equivalents decreased to $7.1 million as of December 31, 2024, down from $8.8 million in 2023[10]. Funding and Investment - The company raised $7.65 million in equity financing and received a £900,000 ($1.1 million) grant from Innovate UK to support its projects[2][10]. Strategic Partnerships and Developments - The company established a joint development agreement with AUO to develop the world's first advanced rollable, transparent MicroLED display[4]. - Smartkem completed its first sale of TRUFLEX® materials to Chip Foundation for the co-development of MicroLED-based backlight technology[10]. Innovation and Market Potential - The company has an extensive IP portfolio with 138 granted patents across 17 families, indicating strong innovation capabilities[9]. - Smartkem's commercialization strategy focuses on advancing polymer materials, developing EDA tools, and establishing scalable manufacturing processes[3]. - The MicroLED display market is projected to grow to over $4 billion by 2030, presenting significant growth opportunities for Smartkem[2].

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. Recent Business Highlights Full Year 2024 Financial Highlights: Commencing development work on a rollable, transparent MicroLED display with our partner, AUO; Completing first sale of our TRUFLEX® materials to Chip Founda ...

Technology and Innovation - SmartKem's TRUFLEX® semiconductor polymers enable low-temperature printing processes as low as 80°C, allowing for the use of low-cost plastic substrates[23] - The performance of SmartKem's OTFT technology exceeds a-Si performance by a factor of four, enhancing product design capabilities[23] - SmartKem has developed a monolithic MicroLED display using OTFTs, published in Nature Communications, showcasing the potential for commercialization[40] - SmartKem's low-temperature processing allows for the integration of OTFTs directly on MicroLEDs, eliminating costly transfer and welding processes[41] - SmartKem's OTFTs can drive mini and MicroLED displays at over 100,000 nits, making them suitable for high-brightness applications[23] - SmartKem's materials are being tested for advanced semiconductor packaging applications, indicating a broadening of their market reach[34] - SmartKem's OTFTs can achieve charge mobility of >3 cm²/Vs at a channel length of 4 microns and >4 cm²/Vs at 10 microns[68] - The on/off ratios of SmartKem's OTFTs are in the order of 10⁷ and have demonstrated ratios of 10⁹ in devices with large W/L[68] - The company is focusing on the development of specialized dielectric materials for advanced electronics packaging and display applications[67] Market Trends and Projections - The global display market is projected to exceed 200 million square meters by 2025, with an estimated value of around $150 billion in 2024[42] - The MicroLED market is projected to grow from $592 million in 2021 to over $21 billion by 2027, representing an 81.5% CAGR[43] - In 2023, 34% of MicroLED revenue came from the 3,000 to 5,000 pixel per inch segment, with the greater than 5,000 pixel per inch segment expected to grow at a 79% CAGR from 2024 to 2030[43] - The automotive display market was valued at $8.4 billion in 2023, with total revenue expected to grow at a CAGR of 18.26% from 2024 to 2030, reaching nearly $27.2 billion by 2030[43] - The smartwatch market is expected to grow from $91.01 billion in 2024 to $106 billion in 2025, a 17% CAGR[43] Collaborations and Agreements - The company is collaborating with ITRI to develop Gen 2.5 scale commercial manufacturing processes for OTFT materials[37] - The company has established a technology transfer agreement with ITRI to develop Gen 2.5 scale commercial manufacturing processes for OTFT materials[56] - The company has entered into a four-year collaboration with FlexiIC to develop open-source or low-cost paid EDA tools for OTFTs[53] - In 2023, SmartKem entered into a technology transfer agreement with RiTdisplay to develop the world's first commercially ready active-matrix OLED display using OTFT technology[78] - A joint development agreement was established in 2022 for a new generation of miniLED signage, expected to lead to a roll-to-roll process for large format LED displays[79] - In July 2023, a three-year technical services agreement was signed with ITRI to develop Gen 2.5 scale commercial manufacturing processes for OTFT materials[80] Financial Performance and Projections - As of December 31, 2024, the company had an accumulated deficit of $114.6 million, with total comprehensive losses of $9.9 million and $9.6 million for the years ended December 31, 2024 and 2023, respectively[115] - The company expects operating losses to continue for the foreseeable future due to ongoing investments in infrastructure and research and development[116] - Cash and cash equivalents were reported at $7.1 million as of December 31, 2024, which is anticipated to be insufficient to meet operating expenses for at least 12 months[117] - The company has incurred recurring losses since inception and will likely require additional capital to support its business objectives[116] - The sales cycle for the company's products is expected to take approximately 12-24 months, incurring significant expenses without guaranteed sales[66] Risks and Challenges - The company competes in highly competitive markets characterized by rapid technological changes and may face challenges in establishing sales capabilities[113] - A significant share of the company's growth relies on the adoption of MicroLED technology by display manufacturers, which has not yet achieved widespread acceptance due to high manufacturing costs[127] - The sales price for a large high-definition MicroLED display screen is approximately $100,000, indicating the high cost barrier for consumer adoption[127] - The company faces risks from competitors developing superior technologies that could render its products obsolete or non-competitive[129] - The company does not currently have a fully staffed sales organization and plans to build a direct sales force, which is time-consuming and expensive[133] - The company relies on third-party facilities for prototyping and commercial process development, which poses risks if access is lost[113] - The company expects long and unpredictable sales cycles, making revenue difficult to predict and potentially leading to significant fluctuations in results[143] - The company has experienced disruptions in its semiconductor supply chain from 2020 to 2023, leading to increased lead times and higher costs for securing inventory[151] - The company is subject to risks associated with international operations, particularly in Asia, which could adversely affect results due to geopolitical tensions and natural disasters[152] - The company has faced increased costs and operational disruptions due to public health crises, such as the COVID-19 pandemic, which have impacted business development and liquidity[149] Legal and Compliance - The company incurs significant legal and compliance costs as a public entity, which could hinder its ability to attract and retain qualified executives[180] - The company anticipates that its products may face regulatory challenges related to safety, health, and environmental standards[102] - The company must continuously evaluate and modify its security controls to address new threats, which may be costly and distracting[168] - A material weakness in internal control over financial reporting was identified in Q2 2023, related to complex financial reporting, but no filed financial statements were impacted[182] - The company has implemented measures to remediate control deficiencies, including enhancing control activity evidence and improving management review controls[182] Corporate Governance and Stockholder Matters - The company is classified as an "emerging growth company" and may take advantage of reduced reporting requirements, which could affect the attractiveness of its common stock to investors[191] - As of November 15, 2024, the company's stockholders' equity was reported at $2.3 million, below the Nasdaq minimum requirement of $2.5 million, but increased above this threshold following the December 2025 Offering[199] - The concentration of ownership among principal stockholders and management, who own 62.1% of the common stock, may impact corporate control and trading price[208] - The company may face challenges in maintaining compliance with Nasdaq listing requirements, including the $1.00 minimum bid price and stockholders' equity requirements[200] - There is no assurance that an active trading market for the company's common stock will develop or be sustained, which could affect liquidity and capital raising efforts[195]

Core Insights - Smartkem has announced a memorandum of understanding with RiTdisplay to evaluate the integration of its organic thin-film transistor (OTFT) technology on RiTdisplay's Gen2.5 pilot line, marking a significant step towards commercialization [1][2] - The collaboration builds on a joint development agreement initiated in 2021 and includes a government grant-funded project aimed at developing the first commercially ready active-matrix OLED display using OTFT technology [2][3] - The RiTdisplay line is expected to be operational in the second half of 2025, enhancing Smartkem's product prototyping capabilities [2][3] Company Overview - Smartkem is focused on revolutionizing the electronics industry with its proprietary TRUFLEX® semiconductor technology, which allows for low-temperature printing processes compatible with existing manufacturing infrastructure [4][5] - The company has a robust intellectual property portfolio, including 138 granted patents and 17 pending patents, indicating strong innovation capabilities [5] - RiTdisplay is a leader in passive matrix OLED technology, supplying products to Tier 1 customers across various applications, including smart appliances and medical devices [6]