On April 3, 2024, Meta Materials Inc. reported its financial results for the fourth quarter and full year ended December 31, 2023, during a webcast. The company announced a 61% increase in net revenues for the quarter, amounting to $2.3 million, and a gross profit of $1.4 million, or 58.4% of net revenues. Despite these gains, the company recorded a GAAP operating loss of $80.7 million for the quarter, primarily due to a non-cash impairment of long-term assets totaling $65.6 million. Excluding these non-cash impairments, the non-GAAP operating loss for the quarter was $15.1 million, an improvement from the previous year's comparable quarter. For the full year, Meta Materials reported net revenues of $8.0 million, a decrease from the previous year's $10.2 million. The GAAP operating loss...Show More

On April 3, 2024, Meta Materials Inc. reported its financial results for the fourth quarter and full year ended December 31, 2023, during a webcast. The company announced a 61% increase in net revenues for the quarter, amounting to $2.3 million, and a gross profit of $1.4 million, or 58.4% of net revenues. Despite these gains, the company recorded a GAAP operating loss of $80.7 million for the quarter, primarily due to a non-cash impairment of long-term assets totaling $65.6 million. Excluding these non-cash impairments, the non-GAAP operating loss for the quarter was $15.1 million, an improvement from the previous year's comparable quarter. For the full year, Meta Materials reported net revenues of $8.0 million, a decrease from the previous year's $10.2 million. The GAAP operating loss for the year was substantial at $408.8 million, again largely due to non-cash impairments. The non-GAAP net loss for the year was $36.9 million, showing improvement from the previous year's $55.7 million. The company ended the year with cash and cash equivalents of $10.3 million. During the call, the company also discussed a proposal to increase authorized shares to raise capital, warning that failure to do so could lead to a halt in operations. The vote on this proposal is scheduled for April 15th. The company emphasized its efforts in right-sizing the business, focusing on core divisions, and reducing expenses.