$MMATQ
META MATERIALS INC.

2024 Q2 Form 10-Q Financial Statement

#000095017024058713 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $3.272M
YoY Change 131.7%
Cost Of Revenue $733.5K
YoY Change -1.01%
Gross Profit $2.539M
YoY Change 278.19%
Gross Profit Margin 77.58%
Selling, General & Admin $4.260M
YoY Change -66.49%
% of Gross Profit 167.78%
Research & Development $2.661M
YoY Change -59.18%
% of Gross Profit 104.82%
Depreciation & Amortization $995.3K
YoY Change -33.65%
% of Gross Profit 39.2%
Operating Expenses $8.489M
YoY Change -55.86%
Operating Profit -$5.950M
YoY Change -67.94%
Interest Expense $108.8K
YoY Change -3.75%
% of Operating Profit
Other Income/Expense, Net -$1.558M
YoY Change 283.56%
Pretax Income -$7.508M
YoY Change -60.41%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.500M
YoY Change -59.89%
Net Earnings / Revenue -229.2%
Basic Earnings Per Share -$1.21
Diluted Earnings Per Share -$1.21
COMMON SHARES
Basic Shares Outstanding 6.696M 6.308M
Diluted Shares Outstanding 6.180M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.396M
YoY Change 6.02%
Cash & Equivalents $6.396M
Short-Term Investments
Other Short-Term Assets $257.7K
YoY Change -24.11%
Inventory $123.9K
Prepaid Expenses $1.254M
Receivables $2.048M
Other Receivables $0.00
Total Short-Term Assets $10.72M
YoY Change -34.94%
LONG-TERM ASSETS
Property, Plant & Equipment $17.85M
YoY Change -59.13%
Goodwill
YoY Change
Intangibles $16.94M
YoY Change -69.15%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $35.64M
YoY Change -90.76%
TOTAL ASSETS
Total Short-Term Assets $10.72M
Total Long-Term Assets $35.64M
Total Assets $46.36M
YoY Change -88.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.697M
YoY Change -38.51%
Accrued Expenses $6.147M
YoY Change 522.93%
Deferred Revenue $666.0K
YoY Change -8.89%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $545.2K
YoY Change -16.82%
Total Short-Term Liabilities $18.58M
YoY Change -1.94%
LONG-TERM LIABILITIES
Long-Term Debt $2.959M
YoY Change -5.44%
Other Long-Term Liabilities $6.485M
YoY Change 57.84%
Total Long-Term Liabilities $2.959M
YoY Change -5.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.58M
Total Long-Term Liabilities $2.959M
Total Liabilities $28.03M
YoY Change -4.66%
SHAREHOLDERS EQUITY
Retained Earnings -$616.5M
YoY Change 172.55%
Common Stock $639.6M
YoY Change 5.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.34M
YoY Change
Total Liabilities & Shareholders Equity $46.36M
YoY Change -88.48%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$7.500M
YoY Change -59.89%
Depreciation, Depletion And Amortization $995.3K
YoY Change -33.65%
Cash From Operating Activities -$5.900M
YoY Change -61.98%
INVESTING ACTIVITIES
Capital Expenditures $116.0K
YoY Change -93.15%
Acquisitions
YoY Change
Other Investing Activities $148.1K
YoY Change -88.21%
Cash From Investing Activities $32.10K
YoY Change -107.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $362.8K
YoY Change 324.49%
Cash From Financing Activities 2.653M
YoY Change -75.12%
NET CHANGE
Cash From Operating Activities -5.900M
Cash From Investing Activities 32.10K
Cash From Financing Activities 2.653M
Net Change In Cash -3.215M
YoY Change -39.26%
FREE CASH FLOW
Cash From Operating Activities -$5.900M
Capital Expenditures $116.0K
Free Cash Flow -$6.016M
YoY Change -65.05%

Facts In Submission

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CY2024Q1 mmat Non Cash Shares Originally Purchased Were Reassigned Upon Termination
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CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
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CY2024Q1 mmat Reclassification Of Common Stock To Additional Paid In Capital
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Reclassification </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">– Certain prior year amounts have been reclassified in the accompanying unaudited condensed consolidated interim financial statements to conform to the current period presentation:</span></p><div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.7521786492374725%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Licensing revenue is reported in a separate line under Revenue in the accompanying unaudited condensed statements of operations and comprehensive loss. Previously, Licensing revenue was reported as part of Development revenue. Amounts related to Licensing revenue for the three months ended March 31, 2023 have been separately presented throughout this Quarterly Report to reflect this reclassification of Licensing revenue to conform to the current period presentation. There are no changes in total Revenue and Gross profit.</span></div></div><div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.7521786492374725%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Depreciation and amortization expenses and stock-based compensation expense are reported in a separate line under Cost of sales and Operating expenses in the accompanying unaudited condensed consolidated interim statements of operations and comprehensive loss. Previously, those expenses were reported as a same line item under Cost of sales, Sales &amp; marketing, General &amp; administrative and Research &amp; development. Amounts related to depreciation and amortization expenses and stock-based compensation expense for the three months ended March 31, 2023 have been separately presented throughout this Quarterly Report to reflect this reclassification of depreciation and amortization expenses and stock-based compensation expense to conform to the current period presentation. There are no changes in total Cost of sales, Gross profit and Operating expenses.</span></div></div><div style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.7521786492374725%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Realized gain (loss) on foreign exchange, net and Unrealized gain (loss) on foreign exchange, net are reported in a separate line under Other income (expense), net in the accompanying unaudited condensed consolidated interim statements of operations and comprehensive loss. Previously, those expenses were reported as a single line, Gain (loss) on foreign exchange, net, under Other income (expense), net in the unaudited condensed consolidated interim statements of operations and comprehensive loss. Amounts related to Gain (loss) on foreign exchange, net, for th</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">e three months ended March 31, 2023 have been separately presented throughout this Quarterly Report to reflect this reclassification of Realized gain (loss) on foreign exchange, net and Unrealized gain (loss) on foreign exchange to conform to the current period presentation. There are no changes in total Other income (expense), net.</span></div></div>
CY2024Q1 us-gaap Substantial Doubt About Going Concern Managements Evaluation
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Our evaluation entails analyzing prospective operating budgets and forecasts for expectations of our cash needs and comparing those needs to the current cash and cash equivalent balances.
CY2024Q1 us-gaap Substantial Doubt About Going Concern Within One Year
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CY2024Q1 mmat Working Capital Earnings Deficit
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CY2023Q4 mmat Working Capital Earnings Deficit
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2024Q1 us-gaap Restructuring And Related Activities Initiation Date
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2023-06-06
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us-gaap Restructuring Charges
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CY2024Q1 us-gaap Inventory Net
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CY2023Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Prepaid Expense Current
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CY2023Q4 us-gaap Insurance Settlements Receivable
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CY2023Q4 us-gaap Other Assets Current
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CY2023Q4 us-gaap Income Taxes Receivable
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CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2024Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2024Q1 mmat Sharebased Compensation Arrangement By Sharebased Payment Award Options Reverse Stock Split Fractional Shares Adjustment
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024Q1 mmat Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Outstanding
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2024Q1 mmat Increase Decrease In Trade Payables And Other Accruals
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CY2023Q1 mmat Increase Decrease In Trade Payables And Other Accruals
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CY2023Q1 mmat Increase Decrease In Due From To Related Parties Current
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CY2024Q1 mmat Number Of Lease Agreements
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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Files In Submission

Name View Source Status
0000950170-24-058713-index-headers.html Edgar Link pending
0000950170-24-058713-index.html Edgar Link pending
0000950170-24-058713.txt Edgar Link pending
0000950170-24-058713-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mmat-20240331.htm Edgar Link pending
mmat-20240331.xsd Edgar Link pending
mmat-ex31_1.htm Edgar Link pending
mmat-ex32_1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
mmat-20240331_htm.xml Edgar Link completed
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report.css Edgar Link pending
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