$MMATQ
META MATERIALS INC.

2022 Q2 Form 10-Q Financial Statement

#000095017022008940 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $3.324M $2.975M $2.289M
YoY Change 172.3% 398.86% 146648.72%
Cost Of Revenue $878.0K $778.7K $529.8K
YoY Change 78994.59% 194578.0% 3049.58%
Gross Profit $2.446M $2.196M $1.760M
YoY Change 100.55% 268.51% -11630.28%
Gross Profit Margin 73.59% 73.82% 76.86%
Selling, General & Admin $15.60M $15.63M $14.63M
YoY Change 118.58% 422.96% 1041.08%
% of Gross Profit 637.71% 711.93% 831.33%
Research & Development $6.491M $3.971M $4.268M
YoY Change 90.18% 123.19%
% of Gross Profit 265.39% 180.84% 242.56%
Depreciation & Amortization $1.821M $755.0K $1.693M
YoY Change 55.2% 108.68% 9242.6%
% of Gross Profit 74.46% 34.38% 96.21%
Operating Expenses $22.09M $19.61M $18.90M
YoY Change 109.39% 311.12% 1353.47%
Operating Profit -$19.64M -$17.41M -$17.14M
YoY Change 110.55% 317.2% 1202.84%
Interest Expense -$1.114M $164.4K $552.1K
YoY Change -7.89% -63.53% -276.06%
% of Operating Profit
Other Income/Expense, Net -$337.0K -$1.025M -$13.61M
YoY Change -136.09% -97.44% 13612090.0%
Pretax Income -$21.09M -$18.43M -$30.20M
YoY Change -57.94% -58.3% 515.77%
Income Tax -$110.0K $0.00 -$665.9K
% Of Pretax Income
Net Earnings -$20.98M -$18.43M -$29.53M
YoY Change 256.65% -58.25% 502.19%
Net Earnings / Revenue -631.3% -619.71% -1289.93%
Basic Earnings Per Share -$0.07 -$0.06
Diluted Earnings Per Share -$69.60K -$0.06 -$104.3K
COMMON SHARES
Basic Shares Outstanding 296.6M 285.2M
Diluted Shares Outstanding 301.5M 285.2M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.83M $29.75M $49.52M
YoY Change -64.54% 126.16% 37607.56%
Cash & Equivalents $54.04M $29.75M $46.65M
Short-Term Investments $1.254M $0.00 $2.876M
Other Short-Term Assets $76.28M $76.33M $683.0K
YoY Change 1.85% 140527.98% 407.97%
Inventory $294.9K $367.0K $265.7K
Prepaid Expenses $1.262M
Receivables $1.704M $2.514M $1.666M
Other Receivables $48.88K $29.15K $175.8K
Total Short-Term Assets $133.2M $109.0M $131.4M
YoY Change -42.24% 363.08% 4723.08%
LONG-TERM ASSETS
Property, Plant & Equipment $39.55M $29.98M $27.02M
YoY Change 372.11% -4.67% 878.5%
Goodwill $240.8M $240.4M
YoY Change
Intangibles $28.31M $28.97M
YoY Change 547.18%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $375.2M $305.3M $302.6M
YoY Change 62.87% 839.96% 3930.77%
TOTAL ASSETS
Total Short-Term Assets $133.2M $109.0M $131.4M
Total Long-Term Assets $375.2M $305.3M $302.6M
Total Assets $508.4M $414.3M $434.0M
YoY Change 10.3% 639.59% 4141.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.45M $9.945M $13.34M
YoY Change 113.01% 1584.42% 353.52%
Accrued Expenses $836.7K $782.9K $663.9K
YoY Change 199.0% -61.34%
Deferred Revenue $695.2K $779.7K
YoY Change -37.11%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $976.4K $363.7K $491.3K
YoY Change -27.64% 69.09%
Total Short-Term Liabilities $86.50M $84.67M $91.64M
YoY Change -0.87% 12175.62% 639.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.542M $2.921M $2.737M
YoY Change -29.38% -0.23%
Other Long-Term Liabilities $4.000M $4.337M $4.347M
YoY Change 110.14% 19665.54% 1036.72%
Total Long-Term Liabilities $6.542M $2.921M $2.737M
YoY Change 18.88% 13213.27% -0.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.50M $84.67M $91.64M
Total Long-Term Liabilities $6.542M $2.921M $2.737M
Total Liabilities $93.25M $92.54M $99.32M
YoY Change 0.29% 12903.62% 419.17%
SHAREHOLDERS EQUITY
Retained Earnings -$146.8M -$128.4M
YoY Change 243.33%
Common Stock $468.0M $463.4M
YoY Change 1489.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $415.1M $321.7M $334.7M
YoY Change
Total Liabilities & Shareholders Equity $508.4M $414.3M $434.0M
YoY Change 10.3% 639.59% 4141.7%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$20.98M -$18.43M -$29.53M
YoY Change 256.65% -58.25% 502.19%
Depreciation, Depletion And Amortization $1.821M $755.0K $1.693M
YoY Change 55.2% 108.68% 9242.6%
Cash From Operating Activities -$10.26M -$18.75M -$19.18M
YoY Change 395.29% 683.18% 46728.39%
INVESTING ACTIVITIES
Capital Expenditures -$7.224M -$1.747M -$6.398M
YoY Change 164.11% 201.49% 1021.15%
Acquisitions
YoY Change
Other Investing Activities -$4.712M $2.885M -$69.02M
YoY Change -103.0% -128.54% -20570.04%
Cash From Investing Activities -$11.94M $1.138M -$75.42M
YoY Change -107.73% -170.88% 32196.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $91.64K
YoY Change 657.49%
Cash From Financing Activities 46.34M 275.1K 795.5K
YoY Change -493.85% -98.21% -325.37%
NET CHANGE
Cash From Operating Activities -10.26M -18.75M -19.18M
Cash From Investing Activities -11.94M 1.138M -75.42M
Cash From Financing Activities 46.34M 275.1K 795.5K
Net Change In Cash 24.14M -17.33M -93.80M
YoY Change -82.82% -252.46% 14849.66%
FREE CASH FLOW
Cash From Operating Activities -$10.26M -$18.75M -$19.18M
Capital Expenditures -$7.224M -$1.747M -$6.398M
Free Cash Flow -$3.034M -$17.00M -$12.78M
YoY Change -556.67% 837.04% -2512.98%

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CY2021Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2021Q1 us-gaap Repayments Of Long Term Debt
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CY2021Q1 mmat Proceeds From Government Grants
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CY2021Q1 us-gaap Proceeds From Issuance Of Commercial Paper
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Stock Issued1
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q1 us-gaap Exploration Costs
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CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q1 us-gaap Inventory Supplies Net Of Reserves
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CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
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CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q1 us-gaap Inventory Net
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CY2021Q4 us-gaap Inventory Net
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CY2022Q1 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q1 us-gaap Depreciation
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CY2021Q1 us-gaap Depreciation
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CY2022Q1 us-gaap Long Term Debt
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CY2022Q1 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q1 us-gaap Long Term Debt Noncurrent
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2920931
CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q1 us-gaap Common Stock Shares Authorized
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CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2022Q1 mmat Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesOutstanding
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2021Q4 mmat Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesOutstanding
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.16
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0178
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y5M4D
CY2022Q1 mmat Deferred Income Tax Recovery
DeferredIncomeTaxRecovery
0
CY2021Q1 mmat Deferred Income Tax Recovery
DeferredIncomeTaxRecovery
44679
CY2021Q1 mmat Deferred Income Tax Recovery
DeferredIncomeTaxRecovery
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CY2022Q1 mmat Net Loss
NetLoss
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CY2021Q1 mmat Net Loss
NetLoss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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285224469
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2022Q1 us-gaap Earnings Per Share Diluted
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-0.06
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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37868293
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30721025
CY2022Q1 mmat Increase Decrease In Grants Receivable
IncreaseDecreaseInGrantsReceivable
-146950
CY2021Q1 mmat Increase Decrease In Grants Receivable
IncreaseDecreaseInGrantsReceivable
-30436
CY2022Q1 us-gaap Increase Decrease In Inventories
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96285
CY2021Q1 us-gaap Increase Decrease In Inventories
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-126939
CY2022Q1 us-gaap Increase Decrease In Other Receivables
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CY2021Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
66258
CY2022Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-74343
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2022Q1 us-gaap Increase Decrease In Other Current Assets
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417054
CY2021Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
13208
CY2022Q1 us-gaap Increase Decrease In Accounts Payable Trade
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-11694
CY2022Q1 mmat Increase Decrease In Due From To Related Parties Current
IncreaseDecreaseInDueFromToRelatedPartiesCurrent
54051
CY2021Q1 mmat Increase Decrease In Due From To Related Parties Current
IncreaseDecreaseInDueFromToRelatedPartiesCurrent
8878
CY2022Q1 mmat Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-76022
CY2022Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
6306857
CY2021Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-88119
CY2022Q1 us-gaap Contractual Obligation
ContractualObligation
286182
CY2021Q4 us-gaap Contractual Obligation
ContractualObligation
268976
CY2022Q1 mmat Operating Lease Liabilities
OperatingLeaseLiabilities
4459159
CY2021Q4 mmat Operating Lease Liabilities
OperatingLeaseLiabilities
4370635
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
3284585
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
3228449
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2974695
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
596303
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1230530
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1235980
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1114417
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
961099
CY2022Q1 mmat Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2987718
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8349215
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3890056
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4459159
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
782901
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3676258
CY2021Q1 mmat Loss Gain On Secured Convertible Debentures
LossGainOnSecuredConvertibleDebentures
-16957029
CY2021Q1 mmat Gain Loss On Unsecured Convertible Debentures
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-4076448
CY2021Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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-40004921
CY2022Q1 us-gaap Operating Lease Expense
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426428
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
45437
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
81638
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
26150
CY2022Q1 mmat Variable And Other Lease Expense
VariableAndOtherLeaseExpense
58817
CY2021Q1 mmat Variable And Other Lease Expense
VariableAndOtherLeaseExpense
12710
CY2022Q1 us-gaap Lease Cost
LeaseCost
566883
CY2021Q1 us-gaap Lease Cost
LeaseCost
84297
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
819471

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