Meta Materials Inc MMAT shares are trading lower by 6.83% to $1.30 Thursday morning. The company during Wednesday's after-hours session reported third-quarter earnings results.
What Happened?
Meta Materials reported quarterly losses of 7 cents per share which missed the analyst consensus estimate of a loss of 5 cents. The company also reported quarterly sales of $2.46 million, which missed the analyst consensus estimate of $3.62 million by 32%. This sales figure is however a 329% increase over sales of $572,610 in the same period last year.
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Meta Materials highlighted, as of September 30, 2022, the company's cash and equivalents totaled approximately $32.2 million, including about $400,000 million in restricted cash. The company has no debt, except for approximately $2.9 million in various interest-free, unsecured loans from ACOA (Atlantic Canada Opportunities Agency).
According to data from Benzinga Pro, MMAT has a 52-week high of $5.42 and a 52-week low of $0.63.
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