Meta Materials Earnings Preview
Meta Materials, a small Canadian company developing specialty materials for technical applications, releases its first earnings after markets close Thursday.
While writing our previews for earnings releases due out Thursday afternoon, specialty materials and photonics company Meta Materials Inc. (NASDAQ: MMAT) announced that it would be reporting earnings Thursday afternoon. Because Meta didn’t make the first story covering earnings reports due from Airbnb, ContextLogic, Disney, Seer and SoFi, Meta gets a story all its own.
Since coming public in a June 28 reverse merger with Torchlight Energy, Meta (a Canada-based company known as Metamaterial before the deal), the share price has plunged by 56%. The big attraction of the stock, at least prior to the merger, was a promised special dividend from Torchlight’s sale of assets to unspecified buyers — who remain unspecified.
The company’s Nanoweb material is reportedly going to be used in Samsung’s Galaxy Fold 3 phone.
The company has attracted no analyst interest, hence no estimates for either revenues or earnings (more likely losses) per share. Likewise, no price targets or trend estimates. This stock is a blank slate, except among Reddit investors, who also mention the stock far less often than they did a month ago.
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Last week, Meta acquired another Canadian firm, Nanotech Security, for around $72 million. Nanotech provides specialty materials to combat counterfeiting.
Following a reverse stock split just ahead of the June merger, Meta stock was valued at $4.95 a share. The stock traded at around $3.53 in the early afternoon on Wednesday. The 52-week range (most of it as Torchlight) is $0.42 to $21.76. The average daily trading volume on the shares is $23.4 million, and about 6.5 million shares had traded thus far on the day.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
