SmartKem Q3 cash drops to $1.8M; revenues nil; JDA with Chip Foundation for microLED backlight

SmartKem, Inc.

2024-Q3 EPS reported -$4.80 revenue$40,000

Cash and equivalents $1.8M as of Sep 30, 2024, down from $8.8M at Dec 31, 2023.
Operating expenses $3.0M in Q3 2024 vs $2.7M in Q3 2023; revenues nil vs $3K.
Entered JDA with Shanghai Chip Foundation to co-develop microLED-based backlight tech for LCDs.
ITRI requested SmartKem develop packaging solutions for advanced computer and AI chips.
No revenue or earnings guidance provided; cash burn rate implies limited runway.

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