Core Insights - Smartkem is advancing its proprietary organic thin-film transistors (OTFTs) aimed at revolutionizing display technologies, particularly microLED displays, which are projected to grow from 4 billion by 2031 [3][6] Business Developments - In Q3 2024, Smartkem entered a joint development agreement with Chip Foundation to create microLED-based backlight technology for LCDs, enhancing collaborations with major display manufacturers [2][5] - The company showcased its innovations at various international forums, emphasizing the advantages of microLED displays, including durability and brightness [5] Financial Performance - As of September 30, 2024, Smartkem reported cash and cash equivalents of 8.8 million at the end of 2023 [6][10] - Operating expenses for Q3 2024 were 2.7 million in the same period of 2023, while revenues were nil compared to 2.8 million, slightly improved from a loss of $3.0 million in Q3 2023 [12][13] Future Outlook - The company aims to secure qualifications and design wins in 2025 to boost the adoption of advanced display technologies [4]
Smartkem Reports Third Quarter 2024 Financial Results