Forensic Analysis · Semiconductors · as of Aug 23, 2026

Smartkem, Inc. (SMTK)

A forensic read on Smartkem, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-229.3

Distress distance

Clean

Earnings quality

Forensic signals

750.0%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Smartkem, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -229.3, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 2 forensic signals were flagged in its latest SEC filings, led by share count (stock split).

What the filings flag

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed +885% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +114.4%/yr figure isn't a real buyback/dilution read here.

149% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 149% of revenue in FY2025 — about $0.13 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 62.4% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$697,000.00

Revenue Growth YoY+750.0%

Revenue CAGR (3yr)+159.2%

Net Margin-1507.7%

Free Cash Flow-$7.9M

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Data from SEC EDGAR public filings · metrics as of Aug 23, 2026. Forensic signals flag probability, not certainty.