HALIFAX, NS / ACCESSWIRE / August 12, 2021 / Meta Materials Inc. (the “Company” or “META®”) (NASDAQ:MMAT) a developer of high-performance functional materials and nanocomposites, today announced second quarter 2021 results. Please visit the Investors section of our website to view the Q2 2021 Shareholder Letter .
The interim financial statements and the associated management discussion and analysis for the quarter ended June 30, 2021 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 Q2 2021, total revenue grew 197%, to $624,320, compared to $210,344 in Q2 2020. For H1 2021, total revenue increased by 88%, to $1,220,623, versus $650,683 in H1 2020. The Q2 2021 net loss was $5,181,392, 3c per share on 197,911,144 weighted average shares, compared to a net loss of $1,816,741, 1c per share on 155,931,625 weighted average shares in Q2 2020. For H1 2021, the net loss was $49,339,912, 27c per share on 183,485,933 weighted average shares, compared to a loss of $3,234,029, 3c per share on 120,093,443 weighted average shares in H1 2020.
The H1 2021 net loss included a one-time, non-cash loss of $40,540,091 on financial instruments. Net cash used in operating activities during H1 2021 was $5,607,851, compared to $4,461,287 in H1 2020. Capital expenditures for purchases of property, plant, and equipment and intangible assets totaled $3,314,875. As of June 30, 2021, cash and cash equivalents totaled $154,634,423, and common shares outstanding were 279,782,854.
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 achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at www.metamaterial.com .
Forward Looking Information
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, Nanotech, their businesses and the proposed transaction, 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 and Nanotech, and the benefits to the Company of the potential acquisition of Nanotech. Often but not always, forward-looking information can be identified by the use of words such as “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, including risks related to the potential benefits of the transaction with Nanotech, the capabilities of Nanotech’s facility and the expansion thereof, research and development projects of the Company, the market potential of the products of the Company and Nanotech, the market position of the Company, the completion of the transaction, 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 Nanotech’s team, 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” in the Company’s Form 8-K filed with the SEC on July 23, 2021, and under the heading “Risk Factors” in the Company’s Form 10-Q filed with the SEC on May 14, 2021, in the Company’s Form 10-K filed with the SEC on March 18, 2021, 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.
Senior Vice President
Email: [email protected]