SMTI (SMTI) financial statements
SMTI reported revenue of $103M in fiscal 2025, up 38.5% a year over 9 years.
Net income was -$38M and the operating margin 7.1%, against -4.9% in 2016.
Free cash flow was $2M.
The diluted share count rose 694% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SMTI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $6M | $6M | $12M | $16M | $24M | $46M | $65M | $87M | $103M |
| Cost of revenue | $943,579 | $806,038 | $507,418 | $1M | $2M | $2M | $6M | $8M | $8M | $8M |
| Gross profit | $5M | $5M | $5M | $11M | $14M | $22M | $39M | $57M | $79M | $96M |
| Research and development | — | — | — | — | $40,190 | $558,704 | $3M | $4M | $3M | $5M |
| Selling, general and admin | $4M | $5M | $6M | $13M | $19M | $28M | $46M | $57M | $72M | $79M |
| Operating income | -$272,133 | $120,444 | -$501,860 | -$3M | -$5M | -$7M | -$13M | -$4M | $1M | $7M |
| Interest expense | $174,493 | $126,825 | $86,587 | $105,919 | $11,528 | $711 | $284,746 | $475,783 | $3M | $7M |
| Pre-tax income | — | — | — | — | — | -$8M | -$14M | -$4M | -$2M | -$393,124 |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | -$6M | — | $48,380 | — |
| Net income | -$415,747 | $331,309 | -$600,574 | -$3M | -$4M | -$8M | -$8M | -$4M | -$10M | -$38M |
| EPS (diluted) | -$1.00 | $0.00 | $0.00 | -$1.32 | -$0.76 | -$1.08 | -$1.00 | -$0.52 | -$1.14 | -$4.36 |
| Diluted shares | 1M | 209M | 217M | 2M | 6M | 7M | 8M | 8M | 8M | 9M |
| Gross margin | 82.9% | 87.2% | 91.3% | 89.7% | 89.6% | 90.4% | 86.1% | 87.9% | 90.6% | 92.7% |
| Operating margin | -4.9% | 1.9% | -8.6% | -23.3% | -32.3% | -30.6% | -27.3% | -6.5% | 1.5% | 7.1% |
| Net margin | -7.5% | 5.3% | -10.3% | -23.9% | -28.5% | -32.8% | -17.3% | -6.6% | -11.2% | -36.4% |
Balance sheet
Fiscal years, from SMTI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $833,480 | $463,189 | $731,849 | $7M | $455,366 | $19M | $9M | $5M | $16M | $17M |
| Receivables | — | — | — | — | $0 | $3M | $7M | — | — | $12M |
| Inventory | $348,457 | $711,397 | $465,314 | $746,519 | $1M | $2M | $4M | $5M | $3M | $4M |
| Total current assets | $2M | $2M | $2M | $9M | $4M | $25M | $21M | $19M | $33M | $34M |
| Property, plant and equipment | $34,939 | $63,211 | $18,777 | $204,953 | $678,589 | $2M | $1M | $1M | $432,317 | $456,962 |
| Goodwill | — | — | — | — | — | — | $4M | $4M | $4M | $4M |
| Total assets | $2M | $2M | $2M | $11M | $10M | $36M | $61M | $74M | $88M | $73M |
| Total current liabilities | $1M | $2M | $1M | $3M | $4M | $6M | $13M | $14M | $15M | $19M |
| Long-term debt | — | — | — | — | — | — | — | $9M | $31M | $46M |
| Total liabilities | $3M | $2M | $1M | $5M | $4M | $6M | $19M | $29M | $49M | $67M |
| Shareholders' equity | -$423,071 | $102,538 | $586,797 | $6M | $6M | $31M | $42M | $45M | $39M | $6M |
| Net debt | -$833,480 | -$463,189 | -$731,849 | -$7M | -$455,366 | -$19M | -$9M | $5M | $15M | $29M |
Cash flow
Fiscal years, from SMTI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $409,245 | -$139,862 | $277,142 | -$2M | -$4M | -$5M | -$6M | -$3M | -$23,784 | $7M |
| Capital spending | $3,029 | $43,895 | $8,482 | $182,825 | $544,374 | $171,867 | $147,015 | $265,246 | $205,848 | $5M |
| Free cash flow | $406,216 | -$183,757 | $268,660 | -$2M | -$5M | -$5M | -$6M | -$4M | -$229,632 | $2M |
| Stock-based compensation | — | — | — | $0 | $1M | $3M | $3M | $3M | $4M | $5M |
| Net borrowing | — | — | — | — | $583,000 | — | — | — | — | — |
| Free cash flow margin | 7.4% | -2.9% | 4.6% | -20.0% | -29.4% | -20.7% | -12.4% | -5.4% | -0.3% | 2.1% |
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Open SMTI in InvestinglyQuestions
What was SMTI's revenue in 2025?
$103M in fiscal 2025, from its 10-K filing.
How much free cash flow does SMTI generate?
$2M in fiscal 2025 (operating cash flow minus capital spending).
From SMTI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.