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Meta Materials | 8-K: Meta Materials Announces Preliminary Results for The Fourth Quarter 2023

SEC announcement ·  Jan 26 08:19
Summary by Moomoo AI
On January 26, 2024, Meta Materials Inc., an advanced materials and nanotechnology company, released preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. The report highlighted a 55% increase in fourth-quarter revenue to approximately $2.2 million, up from $1.4 million in the same period of the previous year. Operating expenses for the quarter were down 35% year-over-year, excluding non-cash asset impairment, resulting in a significantly reduced operating loss of $14.9 million compared to the $24.0 million loss in the fourth quarter of 2022. The company's cash and cash equivalents remained stable at $10.3 million. Meta Materials is focusing on revenue growth across four main business lines, including authentication, VLEPSIS, NANOWEB, and battery materials, with new product launches and strategic partnerships. The...Show More
On January 26, 2024, Meta Materials Inc., an advanced materials and nanotechnology company, released preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. The report highlighted a 55% increase in fourth-quarter revenue to approximately $2.2 million, up from $1.4 million in the same period of the previous year. Operating expenses for the quarter were down 35% year-over-year, excluding non-cash asset impairment, resulting in a significantly reduced operating loss of $14.9 million compared to the $24.0 million loss in the fourth quarter of 2022. The company's cash and cash equivalents remained stable at $10.3 million. Meta Materials is focusing on revenue growth across four main business lines, including authentication, VLEPSIS, NANOWEB, and battery materials, with new product launches and strategic partnerships. The company is also working on monetizing non-core assets, particularly intellectual property and patents related to medical and holography applications. Full financial results for the fourth quarter and full year 2023 are expected to be released in mid-to-late March. The preliminary financial information is subject to final adjustments and has not been audited or reviewed by the company's independent registered public accounting firm, KPMG LLP.

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