MMAT - Meta Materials stock sinks on poor Q4 results

Meta Materials (NASDAQ:MMAT) stock sank 17% after the high-performance functional material developer posted weak Q4 results. Q4 net loss widened fivefold to C$29.5M vs. C$5.8M in Q4 2020. 2021 net loss widened to ~C$91M, which includes a one-time, non-cash loss of C$40.5M on financial instruments, vs. net loss of ~C$11.6M in 2020. MMAT posted Q4 revenue of C$2.29M, up 748.1% Y/Y, driven by contribution of ~C$1.8M from the acquisition of Nanotech Security (OTCQX:NTSFF). Net cash used in operating activities during 2021 was C$34.8M vs. C$7.9M in 2020. In 2021, capex for purchases of property, plant, and equipment and intangible assets totaled C$12.8M. As of Dec. 31, cash and cash equivalents totaled ~C$50.3M, including about C$0.8M in restricted cash and C$2.8M in short-term investments.

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Meta Materials stock sinks on poor Q4 results