HALIFAX, NS / ACCESSWIRE / May 10, 2022 / Meta Materials Inc. (the 'Company' or 'META®') (NASDAQ:MMAT), (FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today announced first quarter FY 2022 results. Please visit the Investors section of our website to view the Q1 2022 Shareholder Letter. The Company will host a webcast on Wednesday, May 11, 2022, at 8:00 AM EDT.
The Q1 2022 financial statements and the associated management discussion and analysis for the quarter ended March 31, 2022 are available on the Investors section of our website as well as on Nasdaq.com or on the SEC EDGAR website at www.sec.gov.
In Q1:22, total revenue grew 399%, to $2,974,695, compared to $596,303 in Q1:21. The Q1:22 net loss was $18,434,541, or $0.06 per share on 285,224,469 weighted average shares, compared to a Q1:21 net loss of $44,158,519 (which included a $40 million, non-cash loss on financial instruments), or $0.26 per share on 168,864,762 weighted average shares.
Net cash used in operating activities during the quarter ended March 31, 2022, was $18,745,199, compared to $2,393,475 in Q1:21. In Q1:22, capital expenditures for purchases of property, plant, and equipment were $1,746,936. As of March 31, 2022, cash and cash equivalents totaled approximately $30.2 million, including about $0.5 million in restricted cash. The Company has no debt, except for approximately $3.3 million in various interest-free loans from ACOA (Atlantic Canada Opportunities Agency), and common shares outstanding were 296,614,994.
Date: May 11, 2022
Time: 8:00 AM EDT / 5:00 AM PDT
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About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.
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This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, statements with respect to the business strategies, product development, expansion plans and operational activities of the Company . Often but not always, forward-looking information can be identified by the use of words such as 'pursuing', 'potential', 'predicts', 'projects', 'seeks', 'plans', 'expect', 'intends', 'anticipated', 'believes' or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results 'may', 'could', 'should', 'would' or 'will' be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the market potential of the products of the Company , the market position of the Company, the scalability of the Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. More details about these and other risks that may impact the Company's businesses are described under the heading 'Forward-Looking Information' and under the heading 'Risk Factors' in the Company's Form 10-K filed with the SEC on March 1, 2022, with SEC filing date of March 2, 2022, in the Company's Form 10-Q filed with the SEC on May 10, 2022, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.
Vice President, Corporate Development and Communications
Meta Materials Inc.
Senior Vice President
SOURCE: Meta Materials Inc.
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