META MATERIALS INC.
metamaterial.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed May 13, 2024. Its latest SEC filing is a 25-NSE from Sep 20, 2024.
10-Q for Q1 FY2024, filed May 13, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Develops advanced materials and product technologies with manufacturers in transportation, electronics and security markets.
10-K for FY2023, filed Mar 28, 2024
How Did They Make Money?
Customers contract for development work that earns revenue as work progresses; they buy prototypes and finished products on delivery; licensing brings per-unit royalties tied to licensees’ production.
10-K for FY2023, filed Mar 28, 2024Revenue recognition – Our revenue is generated from product sales, development revenue and licensing revenue. We recognize revenue when it…View ↗
Revenue from the sale of prototypes and finished products is recognized at the point in time when control of the asset is transferred to…View ↗
Revenue from development activities is recognized over time, using an output method to measure progress towards complete satisfaction of…View ↗
Our licensing revenue is currently derived from per-unit royalty agreements. We record per unit royalty revenue in the same period in which…View ↗
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10-K for FY2023, filed Mar 28, 2024
FY2023 revenue by product or service ↗
$8M
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10-K for FY2023, filed Mar 28, 2024
$8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product sales
Sold outright
|
1.5%
FY2020: 0.3%
|
Product sales, FY2023
$117.4K Sources
|
Sold outright |
|
Development revenue
Recurring
10-K for FY2023, filed Mar 28, 2024 |
91%
FY2020: 100%
|
Development revenue, FY2023
$7.2M Sources
|
Recurring |
|
Licensing revenue
Usage-based
|
7.9% |
Licensing revenue, FY2023
$625.2K Sources
|
Usage-based |
Who Were Their Customers?
Customers are original equipment manufacturers across transportation, electronics and energy, alongside buyers in security and medical-device markets. The company sells business-to-business, using field and in-house sales staff to promote standard products and build long-term customer relationships.
10-K for FY2023, filed Mar 28, 2024
10-K for FY2023, filed Mar 28, 2024
How Were They Changing?
10-Q for Q1 FY2024, filed May 13, 2024
Open tableView ↗
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Aug 14, 2024
Nasdaq issues delisting notice after bankruptcy filing
The company said it would not appeal the decision.
Sources
8-K, filed Aug 14, 2024
On August 12, 2024, the Company received a letter (the “Delisting Notice”) from the staff of the Nasdaq Listing Qualifications Department…View ↗
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Aug 9, 2024
Company ceases operations and files for Chapter 7 bankruptcy
A Chapter 7 trustee will administer the bankruptcy estate and liquidate company assets.
Sources
8-K, filed Aug 9, 2024
On August 9, 2024, after consideration of all strategic alternatives, Meta Materials, Inc., a Nevada corporation (the “Company”), ceased…View ↗
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Jul 16, 2024
Company sells its authentication business
The buyer paid $10 million in cash; $3 million of the purchase price is held in escrow.
Sources
8-K, filed Jul 16, 2024
On July 16, 2024, NSC completed the transactions contemplated by the Purchase Agreement (the “Transaction”), and Buyer paid in cash an…View ↗
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Jun 21, 2024
Company sells NPORE battery assets
The sale transferred certain NPORE intellectual property and related assets for $825,000 in cash.
Sources
8-K, filed Jun 21, 2024
In connection with its continued evaluation of strategic alternatives, on June 20, 2024, Meta Materials Inc. (the “Company”) entered into…View ↗
Grew. Revenue grew 8.8x in 4 years, from $902.4K in FY2019 to $8M in FY2023, about 72% a year.
From oil and gas to materials
The older report describes an oil and gas company acquiring and developing U.S. projects for later sale; the latest describes co-developing advanced materials and product applications with industry customers.
10-K for FY2020, filed Mar 18, 2021 10-K for FY2023, filed Mar 28, 2024Meta Materials Inc. (also referred to herein as the “Company”, “META®”, “META” “we”, “us”, or “our”) is an advanced materials and…View ↗
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