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Meta Materials Announces Q1 FY 2022 Results

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 or on the SEC EDGAR website at

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.

Webcast Details:
Date: May 11, 2022
Time: 8:00 AM EDT / 5:00 AM PDT
To register, please use the link below:

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


As of
March 31, 2022
As of
December 31, 2021


Current assets

Cash and cash equivalents
$29,749,773 $46,645,704
Restricted cash
478,897 788,768
Short-term investments
- 2,875,638
Grants receivable
29,150 175,780
Accounts receivable
2,514,443 1,665,700
366,959 265,718
Prepaid expenses and other current assets
3,843,663 3,451,367
Assets held for sale
72,000,000 75,500,000
Due from related parties
10,314 10,657
Total current assets
108,993,199 131,379,332
Intangible assets, net
28,306,272 28,971,824
Property, plant and equipment, net
29,977,784 27,018,114
Operating lease right-of-use assets
6,230,735 6,278,547
240,769,981 240,376,634
Total assets
$414,277,971 $434,024,451

Liabilities and stockholders' equity (deficit)
Current liabilities
Trade and other payables
9,944,822 13,335,470
Current portion of long-term debt
363,654 491,278
Current portion of deferred revenues
695,160 779,732
Current portion of deferred government assistance
858,942 846,612
Preferred stock liability
72,000,000 75,500,000
Current portion of operating lease liabilities
782,901 663,861
Asset retirement obligations
21,937 21,937
Total current liabilities
84,667,416 91,638,890
Deferred revenues
660,297 637,008
Deferred government assistance
- 3,038
Deferred tax liability
329,205 324,479
Long-term operating lease liabilities
3,676,258 3,706,774
Funding obligation
286,182 268,976
Long-term debt
2,920,931 2,737,171
Total liabilities
92,540,289 99,316,336

Stockholders' equity (deficit)
Common stock - $0.001 par value; 1,000,000,000 shares authorized, 286,927,265 shares issued and outstanding at March 31, 2022, and $Nil par value; unlimited shares authorized, 284,573,316 shares issued and outstanding at December 31, 2021
265,106 262,751
Additional paid-in capital
467,692,775 463,136,404
Accumulated other comprehensive income (loss)
608,446 (296,936)
Accumulated deficit
(146,828,645) (128,394,104)
Total stockholders' equity
321,737,682 334,708,115
Total liabilities and stockholders' equity
$414,277,971 $434,024,451


Three months ended

March 31,

2022 2021


Product sales
168,127 22,047
Development revenue
2,806,568 574,256
Total Revenue
2,974,695 596,303
Cost of goods sold
778,712 400
Gross Profit
2,195,983 595,903
Operating Expenses
Selling & Marketing
1,035,986 396,594
General & Administrative
14,597,913 2,592,885
Research & Development
3,971,139 1,779,256
Total operating expenses
19,605,038 4,768,735
Loss from operations
(17,409,055) (4,172,832)
Other income (expense)
Interest expense, net
(164,434) (450,908)
Gain (Loss) on foreign exchange, net
148,391 (166,444)
Loss on financial instruments, net
- (40,004,921)
Other (loss) income, net
(1,009,443) 591,907
Total other income (expenses)
(1,025,486) (40,030,366)
Loss before income taxes
(18,434,541) (44,203,198)
Income tax recovery
- 44,679
Net loss
(18,434,541) (44,158,519)
Other Comprehensive Income net of tax
Foreign currency translation gain
905,382 21,128
Fair value gain on changes of own credit risk
- 671,600
Total Other Comprehensive Income
905,382 692,728
Comprehensive loss
(17,529,159) (43,465,791)
Basic and diluted loss per share
(0.06) (0.26)
Weighted average number of shares outstanding - basic and diluted
285,224,469 168,864,762


Three months ended

March 31, 2022 March 31, 2021

$ $

Cash flows from operating activities:
Net loss
(18,434,541) (44,158,519)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash finance income
(12,920) -
Non-cash interest expense
126,714 358,562
Non-cash lease expense
240,548 73,383
Deferred income tax
- (44,679)
Depreciation and amortization
1,672,969 590,201
Unrealized foreign currency exchange (gain) loss
(140,902) 31,339
Loss on financial instruments, net
- 40,004,921
Change in deferred revenue
(79,146) 565,801
Non-cash government assistance
(3,047) (348,650)
Loss on debt settlement
- 19,253
Stock-based compensation
3,995,442 426,794
Non-cash consulting expense
196,541 -
Changes in operating assets and liabilities
(6,306,857) 88,119
Net cash used in operating activities
(18,745,199) (2,393,475)
Cash flows from investing activities
Purchases of intangible assets
- (128,209)
Purchases of property, plant and equipment
(1,746,936) (1,477,329)
Proceeds from short-term investments
Net cash provided by (used in) investing activities
1,138,063 (1,605,538)
Cash flows from financing activities
Proceeds from long-term debt
- 1,096,262
Repayments of long-term debt
(91,641) (12,098)
Proceeds from government grants
- 223,384
Proceeds from unsecured promissory notes
- 13,963,386
Proceeds from stock option exercises
197,167 48,629
Proceeds from warrants exercises
169,575 47,839
Net cash provided by financing activities
275,101 15,367,402

Net (decrease) increase in cash, cash equivalents and restricted cash
(17,332,035) 11,368,389
Cash, cash equivalents and restricted cash at beginning of the period
47,434,472 1,395,683
Effects of exchange rate changes on cash, cash equivalents and restricted cash
126,233 108,578
Cash, cash equivalents and restricted cash at end of the period
30,228,670 12,872,650

Supplemental cash flow information
Accrued purchases of property, equipment, and patents
1,772,821 127,456
Right-of-use assets obtained in exchange for lease liabilities
146,822 1,300,573
Settlement of liabilities in common stock
- 52,063,431
Interest paid on debt
- 64,528

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, 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 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.

Meta Materials Inc., Tuesday, May 10, 2022, Press release picture

Media Inquiries
Rob Stone
Vice President, Corporate Development and Communications
Meta Materials Inc.

Investor Contact
Mark Komonoski
Senior Vice President
Integrous Communications
Phone: 1-877-255-8483

SOURCE: Meta Materials Inc.

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