Benzinga | Aug 13, 2021 07:10AM EDT

Meta Materials Clocks 197% Revenue Growth In Q2; Seeks Contracts

* Meta Materials Inc (NASDAQ:MMAT) reported second-quarter FY21 revenue growth of 197% year-on-year to $0.62 million.

* Development revenue grew 196% Y/Y to $0.62 million.

* The gross margin improved 52 bps to 99.9% as costs reduced 47.2% Y/Y.

* Operating expenses jumped 90.4% Y/Y to $5.08 million.

* Loss per share was $(0.03), and the net loss widened to $(5.18) million.

* The company held $155.1 million in cash and equivalents.

* Meta Materials used $5.6 million in operating cash flow during the six months ended Jun. 30.

* Meta Materials is currently pursuing multi-year, multi-million-dollar contracts with several OEMs.

* The impending acquisition of Nanotech Security Corp (OTC:NTSFF) brings electron beam lithography (EBL), high-volume, roll-to-roll nanoimprint lithography (NIL), and nano-coating production equipment, with a current capacity of over 7 million square meters per year, at significantly lower production costs compared to semiconductor processes.

* Meta Materials' existing non-security applications are likely to retail at $300-$450 per square meter.

* Price Action: MMAT shares traded lower by 2.08% at $3.30 in the premarket session on the last check Friday.