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Globe and Mail
01-04-2025
- Business
- Globe and Mail
Smartkem Reports Fourth Quarter and Full Year 2024 Financial Results
MANCHESTER, England, April 1, 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 financial results for the three and twelve months ended December 31, 2024. Smartkem Chairman and CEO, Ian Jenks, commented: 'During the fourth quarter of 2024, Smartkem made bold strides towards commercializing our advanced semiconductor materials, which enable flexible, transparent and lightweight MicroLED displays, an industry projected to grow to over $4 billion by 2030. 1 We delivered on every key milestone during the quarter, and in December, we raised $7.65 million in equity financing and received a $1.1 million grant from Innovate UK – critical funding to supercharge our momentum, expand our resources, and support our ongoing programs. ' Our commercialization strategy is built on three pillars: advancing our polymer materials, developing EDA tools, and establishing scalable manufacturing processes. Concentrating on executing this strategy, we established some key goals for 2025, which included: Commencing development work on a rollable, transparent MicroLED display with our partner, AUO; Completing first sale of our TRUFLEX® materials to Chip Foundation under the terms of our co-development agreement; Extending Technology Transfer Agreement with RiTdisplay to transfer Smartkem's OTFT process from ITRI to RiTdisplay's Gen2.5 line; Entering into a joint development agreement for a 'chip-first' MicroLED display; Entering into additional collaboration and/or co-development agreements that further advance our technology toward commercialization; and Producing a demonstration of a MicroLED display using our OTFT technology. 'Our early wins in 2025, including the project commencement with AUO and the first commercial sales of our TRUFLEX® advanced semiconductor materials show our focus on accelerating towards commercialization of our technology. We are well on our way to delivering further objectives set out including additional joint development agreements and product demonstrations at upcoming industry events. I look forward to updating you of our progress throughout the year as we continue to solidify our position as a global leader in organic transistor technology that has the potential to change the world of electronics,' added Jenks. Recent Business Highlights Advanced strategic partnership with RiTdisplay Corporation, a leading developer of optoelectronic solutions, visual displays and passive-matrix OLED displays, in a new phase toward commercialization, including the planned integration of Smartkem's OTFT process on to RiTdisplay's Gen 2.5 Pilot Line. Positioned to unveil the first MicroLED-in-a-Package (MiP) Backlight using Smartkem's unique and proprietary technology at this year's Touch Taiwan conference in Taipei City, Taiwan which runs from April 16-18 th 2025. Completed first sale of TRUFLEX ® semiconductor materials to joint development partner, Chip Foundation, a manufacturer of semiconductor and integrated circuit devices, for use in the co-development of a new generation of MicroLED-based backlight technology for Liquid Crystal Displays. Signed multi-year agreement with FlexiIC, a company providing innovation in the design of flexible integrated circuits and systems, to begin a new project to develop a new generation of CMOS for smart sensors. Partnered with AUO, the largest display manufacturer in Taiwan, to jointly develop the world's first advanced rollable, transparent MicroLED display. Appointed Jonathan Watkins as Chief Operating Officer (COO), with responsibility for global operations and strategic partnerships. Participated at SEMICON® Korea 2025. Full Year 2024 Financial Highlights: Completed concurrent public and private offerings in December 2024 for aggregate proceeds of $7.65 million. Received and accepted a £900,000 (USD 1.1 million) grant from Innovate UK for a project partnership with AUO to develop a rollable, transparent MicroLED display. Cash and cash equivalents were $7.1 million as of December 31, 2024, compared to $8.8 million as of December 31, 2023. Revenues were $82 thousand for the year ended December 31, 2024, up compared to $27 thousand for the same period of 2023, primarily due to an increase in the sale of demonstrator products to potential partners, as the company sought to expand its marketing efforts. Operating expenses were $11.5 million for the year ended December 31, 2024, compared to $10.8 million for the same period of 2023. About Smartkem Smartkem is seeking to change the world of electronics with a new class of transistor using its proprietary advanced semiconductor materials. Its technology can be used in a range of applications including MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor. In seeking to enable the adoption and mass commercialization of MicroLED displays, Smartkem's low temperature (80C) process allows its liquid transistors to be poured directly onto the MicroLEDs, eliminating many of the high-cost, low-yield manufacturing processes used in traditional production. This innovation reduces defects, enhances yield and integrates seamlessly into existing manufacturing infrastructure, making MicroLED displays more commercially viable across sectors including smartphones, wearables, automatives and digital signage. Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services 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 138 granted patents across 17 patent families, 16 pending patents and 40 codified trade secrets. For more information, visit our website or follow us on LinkedIn. Forward-Looking Statements All statements in this press release that are not historical are forward-looking statements, including, among other things, 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. Analysts and Investors David Barnard, CFA Alliance Advisors Investor Relations T: 1 415 433 3777 dbarnard@ 1 2024 Omdia Report
Globe and Mail
31-03-2025
- Business
- Globe and Mail
MicroLEDs Are The Next Big Thing—Here's Why Tech Giants Are Making Big Bets
The MicroLED display market is experiencing fast expansion, projected to surpass $21 billion by 2027 at a stunning 81.5% compound annual growth rate (CAGR), driven by demand for high-performance, energy-efficient displays across consumer electronics, automotive, and industrial sectors. This growth is fueled by the increasing adoption of AI-driven display solutions and innovations in OLED and MicroLED technologies. Major industry players, including Samsung Electronics, Sony, and LG Electronics, are investing heavily in next-generation displays. Meanwhile, companies like Smartkem, Inc. (NASDAQ:SMTK) , Advanced Micro Devices, Inc. (NASDAQ:AMD),Universal Display Corporation (NASDAQ:OLED) , Himax Technologies, Inc. (NASDAQ:HIMX), and Sony Group Corporation (NYSE:SONY) are also driving advancements in display technology Smartkem, Inc. (NASDAQ:SMTK) is revolutionizing the display industry with its organic thin-film transistor (OTFT) technology. The company's TRUFLEX® semiconductors are advancing MicroLED display technology by addressing manufacturing challenges affecting cost, scalability, and efficiency. MicroLEDs offer superior brightness and energy efficiency but have been hindered by high production costs and inefficiency. Smartkem 's OTFT technology enables its liquid transistors to be poured directly onto the MicroLEDs using a low-temperature process (80°C), overcoming traditional production bottlenecks and reducing costs that impede large-scale production. MicroLEDs using Smartkem 's technology boast ultra-high brightness levels of 150,000 nits, ideal for smartphones, wearables, and outdoor signage. The technology also has the potential to disrupt sectors like wearables, automotive, and healthcare, with applications in smartwatches, digital dashboards, and medical imaging. With growing market demand, Smartkem 's innovative solutions are paving the way for the future of high-performance displays across various industries. Smartkem, Inc. (NASDAQ:SMTK) is collaborating with the Chip Foundation, focusing on developing MicroLED-based backlights to drive a new generation of LCD displays, demonstrating its ability to integrate its technology in existing display technologies. The company's first sale of TRUFLEX® semiconductor materials to Chip Foundation marks a key step in this development .. A strategic partnership with AUO, Taiwan's largest display manufacturer, is set to develop the world's first rollable, transparent MicroLED display, a significant innovation in display technology. With 138 patents and 40 codified trade secrets, Smartkem 's intellectual property strengthens its competitive edge. The company's OTFT technology is positioned to disrupt the growing MicroLED market, projected to reach $21 billion by 2027. Smartkem 's continued focus on developing commercial processes and forming strategic partnerships to develop next generation displays that can be used in applications such as wearables, automotive, and healthcare, highlights its promising future in transforming display technology. Click here for more information about Smartkem, Inc. (NASDAQ:SMTK). Tech Giants Drive Innovation with Record Growth and Breakthrough Products Advanced Micro Devices, Inc. (NASDAQ:AMD) achieved in 2024 record revenue of $25.8 billion, a 14% increase from the previous year, with a gross margin of 49%. Operating income rose to $1.9 billion, and net income reached $1.6 billion, resulting in diluted earnings per share of $1.00. On a non-GAAP basis, gross margin was 53%, operating income $6.1 billion, net income $5.4 billion, and diluted EPS $3.31. The Data Center segment's annual revenue nearly doubled, driven by increased EPYC processor adoption and over $5 billion in AMD Instinct accelerator revenue. In Q4 2024, revenue was $7.7 billion, a 24% year-over-year increase. Universal Display Corporation (NASDAQ:OLED) reported record-breaking financial results for Q4 and full year 2024. Brian Millard, CFO, highlighted that the OLED industry is expanding, with leading panel makers investing in new fabs to meet growing demand, particularly in IT and automotive markets. This new capital expenditure cycle is expected to drive increased OLED capacity, new products, and wider adoption. As a leader in the field, Universal Display is well-positioned to continue supporting customers with its portfolio of energy-efficient, high-performance phosphorescent materials and OLED technologies. Himax Technologies, Inc. (NASDAQ:HIMX) and AUO Corporation partnered to showcase AUO's AmLED® integrated automotive display platform at CES 2025. Featuring Himax's advanced automotive IC solutions, the platform enhances smart cockpit experiences with superior clarity, functionality, and sustainability. A key demo highlighted a 16-inch AmLED® display, integrating Himax's local dimming Tcon HX6630-B, achieving 50% power savings to support ESG goals. Another demo featured a dual 23-inch curved dashboard display, powered by Himax's DDIC HX82105-A and local dimming Tcon HX8880-F, offering 4800 dimming zones and an active anti-glare mode for driver safety. At CES 2025, Sony Group Corporation (NYSE:SONY) and Honda unveiled the Afeela, an electric vehicle priced between $89,000 and $102,000, featuring Level 2+ Advanced Driver Assistance Systems (ADAS) and an AI agent. A standout feature is the exterior microLED 'Media Bar,' developed by AUO in Taiwan, which displays messages, charging status, and personalized content. This innovation aims to enhance interaction between the vehicle and its surroundings, reflecting the collaboration's goal to merge advanced technology with human creativity. Smartkem, Inc. (NASDAQ:SMTK) recently participated in the 37th Annual Roth Conference from March 16th-18th. The Roth event, one of the top investor conferences in the US, brings together institutional investors, industry leaders, and emerging growth companies. The invitation-only event was held at The Laguna Cliffs Marriott in Dana Point, CA. Click here for more information about Smartkem, Inc. (NASDAQ:SMTK). Disclaimer 1) The author of the Article, or members of the author's immediate household or family, do not own any securities of the companies outlined in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Smartkem Inc. Market Jar Media Inc. was paid $1,500 USD for the production and publishing of this article by Smartkem Inc.' s Digital Marketing Agency of Record (Native Ads Inc.). 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These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Smartkem Inc.'s industry; (b) market opportunity; (c) Smartkem Inc.'s business plans and strategies; (d) services that Smartkem Inc. intends to offer; (e) Smartkem Inc.'s milestone projections and targets; (f) Smartkem Inc.'s expectations regarding receipt of approval for regulatory applications; (g) Smartkem Inc.'s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Smartkem Inc.'s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Smartkem Inc.'s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Smartkem Inc.'s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Smartkem Inc.'s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19 . Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Smartkem Inc . to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Smartkem Inc.'s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Smartkem Inc.'s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Smartkem Inc.'s business operations (e) Smartkem Inc. may be unable to implement its growth strategy; and (f) increased competition. Except as required by law, Smartkem Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does SmartKem Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. 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