Revenue: As of FY2025 Q3, the actual value is USD 81 K.EPS: As of FY2025 Q3, the actual value is USD -0.45.EBIT: As of FY2025 Q3, the actual value is USD -3.19 M.<h3>Segment Revenue</h3><ul><li>Revenue for the three months ended September 30, 2025, was $81,000, compared to no revenue for the same period in 2024. For the nine months ended September 30, 2025, revenue was $136,000, compared to $40,000 for the same period in 2024. This revenue was primarily from sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.</li></ul><h3>Operational Metrics</h3><ul><li>Net Loss: The net loss for the three months ended September 30, 2025, was $3.92 million, compared to $2.84 million for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $8.45 million, compared to $7.64 million for the same period in 2024.</li><li>Operating Expenses: Operating expenses for the three months ended September 30, 2025, were $3.45 million, compared to $3.13 million for the same period in 2024. For the nine months ended September 30, 2025, operating expenses were $11.51 million, compared to $8.80 million for the same period in 2024.</li><li>Research and Development Expenses: R&amp;D expenses for the three months ended September 30, 2025, were $2.06 million, compared to $1.50 million for the same period in 2024. For the nine months ended September 30, 2025, R&amp;D expenses were $5.98 million, compared to $3.94 million for the same period in 2024.</li><li>General and Administrative Expenses: G&amp;A expenses for the three months ended September 30, 2025, were $1.33 million, compared to $1.58 million for the same period in 2024. For the nine months ended September 30, 2025, G&amp;A expenses were $5.70 million, compared to $4.78 million for the same period in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was $6.32 million, compared to $7.01 million for the same period in 2024.</li><li>Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was $105,000, compared to $75,000 for the same period in 2024.</li></ul><h3>Future Outlook and Strategy</h3><ul><li>Core Business Focus: SmartKem, Inc. is focused on developing a commercial-scale production process and Electronic Design Automation (EDA) tools for its materials to demonstrate the commercial viability of manufacturing a new generation of displays using its materials. The company is also negotiating a multi-year agreement with ITRI to upgrade facilities for product prototyping operations.</li><li>Non-Core Business: The company has entered into a non-binding letter of intent with Jericho Energy Ventures Inc. for a potential business combination, which would result in Jericho stockholders owning 65% and SmartKem stockholders owning 35% of the combined company. This transaction is subject to significant closing conditions and additional capital requirements.</li></ul>

SmartKem | 10-Q: FY2025 Q3 Revenue: USD 81 K