Meta Materials Inc., an advanced materials and nanotechnology company, has reported its financial condition and results of operations for the year ended December 31, 2023. The company has not declared or paid any cash dividends on its capital stock and does not expect to pay any dividends in the foreseeable future. Meta Materials has begun implementing a plan to reduce operating expenses and focus on key applications with the greatest near-term revenue potential, including NCORE™ and NPORE® for batteries, QUANTUM™ stripe product, NANOWEB® transparent conductive film, and VLEPSIS® motion imagery system. A reverse stock split was effected on January 29, 2024, at a rate of 1-for-100. The company faced a SEC investigation, resulting in a proposed settlement with a $1.0 million penalty. Meta Materials...Show More

Meta Materials Inc., an advanced materials and nanotechnology company, has reported its financial condition and results of operations for the year ended December 31, 2023. The company has not declared or paid any cash dividends on its capital stock and does not expect to pay any dividends in the foreseeable future. Meta Materials has begun implementing a plan to reduce operating expenses and focus on key applications with the greatest near-term revenue potential, including NCORE™ and NPORE® for batteries, QUANTUM™ stripe product, NANOWEB® transparent conductive film, and VLEPSIS® motion imagery system. A reverse stock split was effected on January 29, 2024, at a rate of 1-for-100. The company faced a SEC investigation, resulting in a proposed settlement with a $1.0 million penalty. Meta Materials regained compliance with Nasdaq's Minimum Bid Price Requirement after the reverse stock split. The company has entered into various agreements to enhance liquidity, including a Purchase Agreement with Lincoln Park, an underwriting agreement for a public offering, and a registered direct offering. However, the company has incurred recurring losses and anticipates additional losses until profitability is achieved, raising substantial doubt about its ability to continue as a going concern. Meta Materials' revenue for the year decreased by 22% to $7.96 million, with a gross profit decrease of 35% to $4.69 million. The company recorded a non-cash charge of $65.5 million to write down certain asset groups to estimated fair value. The company's future plans include a Realignment and Consolidation Plan to reduce operating expenses and focus on key applications, as well as capital reallocation towards core-business units expected to contribute to near-term cash flow.