Technology
Smartkem Reports Second Quarter 2024 Financial Results
Published
1 month agoon
By
MANCHESTER, England, Aug. 12, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), a company that has the potential to power the next generation of displays using its disruptive organic thin-film transistors (OTFTs), today provides a business update and reports financial results for the three and six months ended June 30, 2024.
Recent Business Highlights
During Q1 and Q2 2024, Smartkem:
Announced that it had uplisted to The Nasdaq Stock Market.Commenced a project with RiTdisplay, with whom it entered into a joint development agreement in 2021, to develop the world’s first commercially ready active-matrix OLED (AMOLED) display using OTFT technology. This new project is funded by Innovate UK (part of UK Research and Innovation (UKRI)), as part of the Taiwan-UK Research & Development Collaboration.Entered into a technology collaboration agreement with the Industrial Technology Research Institute (ITRI) in Taiwan.Began collaborating with FlexiIC to develop low-cost, rapid turnaround custom circuits using OTFT technology.Entered into a joint development agreement with Tianma to develop OTFT biosensors.Joined the Hi-Accµracy Project to develop active-matrix printed Q-LED displays.Exhibited and gave company presentations at key trade industry conferences including Touch Taiwan 2024 and Display Week 2024 in San Jose, where CEO Ian Jenks gave a keynote speech at the DSCC / SID Business Conference.
Q2 2024 Financial Highlights:
Cash and cash equivalents as of June 30, 2024, were $4.4 million compared to $8.8 million as of December 31, 2023.Operating expenses for the three months ended June 30, 2024, were $3.0 million compared $2.5 million for the same period of 2023.Revenues for the three months ended June 30, 2024, were $40.0 thousand compared to $8.0 thousand for the same period of 2023.In May 2024, Smartkem received approval to list its common stock on the Capital Market tier of The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “SMTK”. Trading on Nasdaq commenced with the open of trading on Friday, May 31, 2024.
CEO Outlook Commentary:
Smartkem Chairman and CEO, Ian Jenks, comments,
“The most exciting 2024 milestone for the company so far is the recent announcement of our uplist to Nasdaq. We are proud to now be trading on the world’s premier technology stock exchange and believe that it will result in increased marketability and liquidity.”
“In the first half of 2024, we delivered against our commitment to increase our marketing efforts and participation in the major global technology conferences, and, crucially, believe we have continued to demonstrate company success and viability through the delivery of our robust three-pillared commercialization strategy that has remained consistent: continuous improvement of our proprietary materials, the development of electronic design automation (EDA) tools, and access to foundry services.”
“We are committed to continuous improvement of our best-in-class materials, supported by ongoing confidence from both the industry and investor communities. We intend to deploy EDA tools to the market through our partnership with FlexiIC, enabling customers to rapidly develop circuitry at low cost for new applications in sensors, internet-of-things (IOT) or other applications. We also intend to grant our customers access to foundry services and have entered into a technology transfer agreement with the Industrial Technology Research Institute (ITRI) in Taiwan to enable product prototyping on its Gen2.5 line for customers as they approach product commercialization.
“We remain confident that our continued efforts to pursue our three-pillared strategy will lead to commercialization and the sale of our materials to both foundry services and to our customers who have transferred our technology to their own fabrication lines.”
Q2 2024 Results:
Revenue and Cost of revenue
Smartkem had revenue of $40.0 thousand and cost of revenue $32.0 thousand in the three months ended June 30, 2024. Smartkem had revenue of $8.0 thousand and cost of revenue of $6.0 thousand in the same period of 2023. Both revenues and related cost of revenue for the three months ended June 30, 2024, and 2023 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
Other operating income
Other operating income was $0.2 million in the three months ended June 30, 2024, compared to $0.2 million in the same period of 2023. The primary source of the income is related to a research grant and research and development tax credits.
Operating expenses
Operating expenses were $3.0 million for the three months ended June 30, 2024, compared to $2.5 million in the same period of 2023, an increase of $0.5 million.
Research and development expenses are incurred for the development of TRUFLEX® inks to make OTFT circuits and consist primarily of payroll and technical development costs. The research and development expenses represent 38.4% and 49.5% of the total operating expenses for the three months ended June 30, 2024, and 2023, respectively. Research and development expenses decreased $98 thousand for the three months ended June 30, 2024, compared to the same period for the prior year. This decrease is primarily related to lower personnel expenses due to a reduction in force in 2023 and additional personnel resignations in 2024, offset in part by higher technical service costs.
Selling, general and administrative expenses consist primarily of payroll and professional services such as accounting, legal services and investor relations. These expenses represent 61.0% and 52.2% of our total operating expenses for the three months ended June 30, 2024, and 2023, respectively. Selling, general and administrative expenses increased by $0.5 million for the three months ended June 30, 2024, compared to the same period for the prior year. This increase was primarily a result of an increase in personnel expenses related to salary increases and bonus payouts and professional service fees related to the NASDAQ uplisting.
Non-Operating income /Expense
We recorded a loss of $81 thousand related to the valuation of the warrant liability for the three months ended June 30, 2024, compared to a gain of $3 thousand for the same period in 2023. We had transaction costs of $0.2 million related to a private placement financing for the three months ended June 30, 2023, with no similar costs in the same period of 2024. We recorded a loss on foreign currency transactions of $0.2 million for the three months ended June 30, 2024, compared to gain of $0.5 million in the same period on 2023.
Cash Flow from Operating Activities
Net cash used in operating activities was $4.4 million for the six months ended June 30, 2024, compared to $3.1 million for the six months ended June 30, 2023, an increase of $1.5 million. The increase is primarily related to the timing of payments made to vendors and the payout of bonuses.
Smartkem’s Nasdaq information can be found on the Nasdaq website: https://www.nasdaq.com/market-activity/stocks/smtk
SMARTKEM, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except number of shares and per share data)
June 30,
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$
4,351
$
8,836
Accounts receivable
—
268
Research and development tax credit receivable
967
610
Prepaid expenses and other current assets
1,186
811
Total current assets
6,504
10,525
Property, plant and equipment, net
327
455
Right-of-use assets, net
226
285
Other assets, non-current
6
7
Total assets
$
7,063
$
11,272
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses
$
1,903
$
1,178
Lease liabilities, current
209
230
Other current liabilities
347
360
Total current liabilities
2,459
1,768
Lease liabilities, non-current
16
19
Warrant liability
—
1,372
Total liabilities
2,475
3,159
Commitments and contingencies (Note 7)
—
—
Stockholders’ equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized,
1,106 and 13,765 shares issued and outstanding, at June 30, 2024 and
December 31, 2023, respectively
—
—
Common stock, par value $0.0001 per share, 300,000,000 shares authorized,
1,721,900 and 889,668 shares issued and outstanding, at June 30, 2024 and
December 31, 2023, respectively*
—
—
Additional paid-in capital
112,965
104,757
Accumulated other comprehensive loss
(1,422)
(1,578)
Accumulated deficit
(106,955)
(95,066)
Total stockholders’ equity
4,588
8,113
Total liabilities and stockholders’ equity
$
7,063
$
11,272
* reflects a one-for-thirty-five (1:35) reverse stock split effected on September 21, 2023
SMARTKEM, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except number of shares and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenue
$
40
$
8
$
40
$
24
Cost of revenue
32
6
32
22
Gross profit
8
2
8
2
Other operating income
236
169
438
438
Operating expenses
Research and development
1,158
1,257
2,434
2,536
Selling, general and administrative
1,844
1,324
3,206
2,757
Loss on foreign currency transactions
19
(43)
32
68
Total operating expenses
3,021
2,538
5,672
5,361
Loss from operations
(2,777)
(2,367)
(5,226)
(4,921)
Non-operating income/(expense)
Gain/(loss) on foreign currency transactions
(243)
533
(249)
1,035
Transaction costs allocable to warrants
—
(198)
—
(198)
Change in fair value of the warrant liability
(81)
3
672
3
Interest income
3
2
9
6
Total non-operating income/(expense)
(321)
340
432
846
Loss before income taxes
(3,098)
(2,027)
(4,794)
(4,075)
Income tax expense
(1)
—
(1)
—
Net loss
$
(3,099)
$
(2,027)
$
(4,795)
$
(4,075)
Net loss
$
(3,099)
$
(2,027)
$
(4,795)
$
(4,075)
Other comprehensive loss:
Foreign currency translation
174
(517)
156
(973)
Total comprehensive loss
$
(2,925)
$
(2,544)
$
(4,639)
$
(5,048)
Common share data:
Basic net loss per common share*
$
(0.98)
$
(1.82)
$
(1.63)
$
(4.18)
Diluted net loss per common share*
$
(0.98)
$
(1.82)
$
(4.04)
$
(4.18)
Dividend per common share
$
—
$
—
$
(2.41)
$
—
Weighted average number of basic shares outstanding*
3,157,334
1,111,954
2,946,354
974,599
Weighted average number of diluted shares outstanding*
3,157,334
1,111,954
2,946,354
974,599
* reflects a one-for-thirty-five (1:35) reverse stock split effected on September 21, 2023
About Smartkem
Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to drive the next generation of displays. Smartkem’s patented TRUFLEX® semiconductor and dielectric inks, or liquid electronic polymers, can be used to make a new type of transistor that has the potential to revolutionize the display industry. Smartkem’s inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing models. The company’s electronic polymer platform can be used in a number of display technologies including microLED, miniLED and AMOLED displays for next generation televisions, laptops, augmented reality (AR) and virtual reality (VR) headsets, smartwatches and smartphones.
Smartkem develops its materials at its research and development facility in Manchester, UK and its semiconductor manufacturing processes at the Centre for Process Innovation (CPI) at Sedgefield, UK, It has a field application office in Taiwan. The company has an extensive IP portfolio including 125 granted patents across 19 patent families and 40 codified trade secrets. For more information, visit: www.smartkem.com and follow us on LinkedIn www.linkedin.com/company/smartkem-limited and Twitter @SmartkemOTFT.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Smartkem’s expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
View original content:https://www.prnewswire.com/news-releases/smartkem-reports-second-quarter-2024-financial-results-302220118.html
SOURCE SmartKem, Inc.
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BEIJING, Sept. 23, 2024 /PRNewswire/ — The China Arbitration Summit 2024 & China-MENA Arbitration Summit will be held on 26 September 2024 at China World Summit Wing, Beijing. The Summit is co-hosted by China International Economic and Trade Arbitration Commission (CIETAC), United Nations Commission on International Trade Law (UNCITRAL), International Federation of Commercial Arbitration Institutions (IFCAI), and All China Lawyers Association (ACLA).
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View original content:https://www.prnewswire.co.uk/news-releases/beijing-september-26-china-arbitration-summit-2024–china-mena-arbitration-summit-302255672.html
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Digital Banking Platform Market to Reach $168.3 Billion, Globally, by 2032 at 20.9% CAGR: Allied Market Research
Published
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The digital banking platform is experiencing growth due to several factors such as surge in the number of Internet users, growth in a shift from traditional banking to online banking and rise in demand for personalized banking services.
WILMINGTON, Del., Sept. 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Digital Banking Platform Market by Component (Solutions and Services), Deployment Model (On-Premises and Cloud), Type (Retail Banking and Corporate Banking), and Mode (Online Banking and Mobile Banking): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the digital banking platform market was valued at $30.4 billion in 2023, and is estimated to reach $168.3 billion by 2032, growing at a CAGR of 20.9% from 2024 to 2032.
Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/5539
Prime determinants of growth
The global digital banking platform is experiencing growth due to several factors such as surge in the number of Internet users, growth in a shift from traditional banking to online banking and rise in demand for personalized banking services. However, security and compliance issues in digital banking platforms, lack of digital literacy in emerging countries, and technical concerns associated with new technology integration and legacy systems hinder the market growth. Moreover, growth in the usage of machine learning and artificial intelligence in digital banking platforms, along with the increase in innovative banking services offer remunerative opportunities for the expansion of the global digital banking platforms market.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2032
Base Year
2023
Market Size in 2023
$30.4 billion
Market Size in 2032
$168.3 billion
CAGR
20.9 %
No. of Pages in Report
250
Segments covered
Component, Deployment Model, Type, Mode, and Region
Drivers
• Surge in the number of Internet users
• Growth in a shift from traditional banking to online banking
• Increase in demand for personalized banking services
Opportunities
• Growth in the usage of machine learning and artificial intelligence in digital banking platforms
• Increase in innovative banking services
Restraints
• Security and compliance issues in digital banking platforms
• Lack of digital literacy in emerging countries
• Technical concerns associated with new technology integration and legacy systems
Enquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/5539
Segment Highlights
The solution segment is expected to lead the market during the forecast period.
By component, the solution segment held the highest market share in 2023, accounting for nearly three-fourths of the global digital banking platform market. Increase in focus on customer acquisition among bankers, rising investment in for solutions loan processing, and the effective management of established communication among bank professionals and customers are expected to drive the demand for the solution segment in the digital banking platform market.
The cloud segment is expected to lead the market during the forecast period.
By deployment mode, the on-premises segment held the highest market share in 2023, accounting for more than half of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The on-premises model is considered widely useful in large enterprises, as it involves a significant investment and organizations need to purchase interconnected servers, as well as software to manage the system, which is expected to drive market growth.
However, the cloud segment is projected to attain the highest CAGR between 2023 and 2032, owing to the adoption of a cloud strategy delivers several numbers of key benefits for businesses in the digital banking industry, such as the ease of implementation, low cost, and unlimited accessibility, which propels the growth of the cloud segment.
The retail banking segment is expected to garner the highest CAGR during the forecast period.
By type, the retail banking segment held the highest market share in 2023, accounting for almost two-thirds of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The growth is attributed to a surge in the customer base who are willing to shift towards online methods of banking, as it provides easy and convenient access to banking services. In addition, the increase in internet penetration globally contributes to this segment’s growth.
The mobile banking segment is expected to garner the highest CAGR during the forecast period.
By mode, the online banking segment held the highest market share in 2023, accounting for nearly three-fourths of the global digital banking platform revenue and is likely to retain its dominance during the forecast period. The growth is driven by an increase in preference for digitization & automation, rise in usage of Fintech, which are computer programs, and financial services supported by technology drive the growth of this segment.
However, the mobile banking segment is projected to attain the highest CAGR between 2023 and 2032, owing to the technological advancements in mobile banking such as the delivery of personalized real-time customer service through smart bots, rise in usage of mobile devices allowing users to obtain instant customer assistance, drive the market growth.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for almost two-fifths of the global digital banking platform revenue and is expected to rule the roost in terms of revenue during the forecast timeframe. The growth is driven by the constant advancements in information technology causing increased development of interactive and consumer-friendly user interfaces of the websites and applications that have led to changes in the preference of consumers for banking services.
Players
AppwayCor Financial Solution Ltd.EdgeverveFIS GlobalFiserv, Inc.nCino Inc.Oracle CorporationSAP SETemenosVsoft Corporation
The report provides a detailed analysis of these key players in the global digital banking platform. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the digital banking platform market segments, current trends, estimations, and dynamics of the digital banking platform market analysis from 2024 to 2032 to identify the prevailing digital banking platform market opportunity.The market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the digital banking platform market segmentation assists to determine the prevailing digital banking platform market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global digital banking platform market trends, key players, market segments, application areas, and market growth strategies.
Digital Banking Platform Market Report Highlights
By Component
SolutionsServices
By Deployment Model
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By Type
Retail BankingCorporate Banking
By Mode
Online BankingMobile Banking
By Region
North America (U.S., Canada, Mexico)Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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