Meta Materials reports Q4 revenue $2.2M vs. $1.4M last year

“Over the past three months, we restructured the business and expanded the pipeline for sales and partnerships within four dedicated product lines, bolstered by aggressive marketing efforts. Results have already proven promising, and we are redoubling our efforts in 2024 to commercialize key products, license technology and grow revenues significantly compared to 2023,” noted Uzi Sasson, META’s President and CEO. “A strong capital position involves reducing expenses, managing cash and seeking out opportunities to monetize non-core assets to our advantage. We are doing so by extracting value from certain intellectual property and patents related to our medical and holography applications, and in addition working with potential strategic partners to expand our product offerings. We have identified multiple potential interested parties and intend to work cooperatively with investment bankers to divest the assets at the best valuation.” Total fourth quarter operating expenses are estimated to be approximately $16.1M, down 35% from the $24.8M incurred in the fourth quarter of 2022, resulting in the estimated fourth quarter 2023 loss from operations of approximately $14.9M, well below the comparable fourth quarter 2022 operating loss of $24.0M. An expected non-cash impairment of long-term assets is still to be determined. As of December 31, 2023, cash and cash equivalents totaled approximately $10.3M, compared to $10.2M at September 30, 2023.