Cleantech

Metamaterial Inc. (the "Company" or "META") (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today released fourth quarter and full year 2020 results. Please visit the investors section of our website to view the Q4 2020 Shareholder Letter

The financial statements and the associated management discussion and analysis for the quarter and twelve months ended December 31, 2020 are available on the Investors section of our website as well as under the Company's profile on SEDAR at www.sedar.com.

The 2020 net loss was $19,806,340, 27c per share on 74,271,609 weighted average shares, compared to a 2019 net loss of $11,083,258, $1.14 per share on 9,724,476 weighted average shares. Total 2020 revenue was $1,507,690, compared to 2019 revenue of $1,195,058.

About Metamaterial Inc.

META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at www.metamaterial.com.

The CSE has neither approved nor disapproved the contents of this news release.

Media inquiries:
media@metamaterial.com

Investor inquiries:
Mark Komonoski
Investor Relations
phone: 1-877-255-8483
mark@metamaterial.com

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of financial position
[expressed in Canadian dollars]

December 31, 2020December 31, 2019
$$
Assets
Current
Cash and cash equivalents
1,776,983528,691
Grants receivable
417,442242,705
Other receivables
50,33079,072
Inventory
589,977438,726
Prepaid expenses
436,909365,602
HST receivable
196,526262,512
Total current assets
3,468,167 1,917,308
Intangible assets, net
5,699,6266,404,812
Property and equipment, net
3,515,5233,558,675
Right-of-use assets
337,44166,951
Total non-current assets
9,552,590 10,030,438
Total assets
13,020,757 11,947,746
Liabilities and shareholders' equity (deficiency)
Current
Trade payables
3,743,7833,176,642
Due to related party
312,528345,033
Current portion of long-term debt
369,921104,376
Current portion of deferred revenue
1,578,6761,483,645
Current portion of deferred government assistance
1,179,096518,837
Derivative liability
-1,175,056
Secured convertible debentures
7,060,493-
Secured convertible promissory notes
-4,595,975
Unsecured convertible promissory notes
1,531,960-
Current portion of lease liabilities
192,00171,947
Total current liabilities
15,968,458 11,471,511
Deferred revenue
1,023,8351,862,420
Deferred government assistance
-1,414,037
Deferred tax liability
404,947658,481
Unsecured convertible debentures
2,324,085760,145
Funding obligation
989,128808,298
Lease liabilities
152,506-
Long-term debt
3,493,0293,139,301
Total non-current liabilities
8,387,530 8,642,682
Total liabilities
24,355,988 20,114,193
Shareholders' deficiency
Common shares
34,248,7347,598,670
Preferred shares
-12,748,100
Contributed surplus
5,804,2923,753,211
Warrants
565,446175,095
Accumulated other comprehensive loss
134,648(159,512)
Deficit
(52,088,351)(32,282,011)
Total shareholders' deficiency
(11,335,231)(8,166,447)
Total liabilities and shareholders' deficiency
13,020,757 11,947,746

Consolidated statements of loss and comprehensive loss
[expressed in Canadian dollars]

Year ended December 31
20202019
$$
Product sales
2,61531,426
Development revenue
1,505,0751,163,632
Revenue, net
1,507,690 1,195,058
Cost of goods sold
4,40912,138
Gross Profit
1,503,281 1,182,920
Expenses (income)
Salaries and benefits
3,390,9403,040,775
Depreciation and amortization
2,840,6403,178,505
Impairment expense
5,22487,166
Travel and entertainment
79,369493,800
Other expenses
742,476507,980
Listing expenses
3,370,249-
Stock exchange fees
12,000-
Rent and utilities
404,699414,958
Finance Income
(34,302)(822,375)
Finance costs
2,142,131937,435
Consulting
1,416,962548,922
Investor relations
154,49630,936
Research and development
516,577788,476
Professional fees
2,274,554846,418
Share-based compensation expense
2,032,0551,710,952
Unrealized loss on FVTPL liabilities
1,917,860862,176
Realized loss on derivative liability
128,653-
Technology license fees
14,60250,807
Realized foreign currency exchange loss
83,7501,290
Unrealized foreign currency exchange (gain) loss
255,109417,115
Amortization of deferred government assistance
(182,685)(178,834)
Other loss (income)
-(530,960)
21,565,359 12,385,542
Net loss before tax
(20,062,078)(11,202,622)
Income tax recovery
255,738119,364
Net loss for the period
(19,806,340)(11,083,258)
Other comprehensive loss, net of income taxes
Items that may be subsequently reclassified to income:
Unrealized foreign currency translation adjustment
294,160246,998
Comprehensive loss for the period
(19,512,180)(10,836,260)
Basic and diluted loss per share
$(0.27)$(1.14)
Weighted average number of shares outstanding
- basic and diluted
74,271,609 9,724,476

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of cash flows

[expressed in Canadian dollars]

Year ended December 31
20202019
$$
Operating activities
Net loss for the period
(19,806,340)(11,083,258)
Add (deduct) items not affecting cash:
Non-cash finance income
(22,927)(821,599)
Non-cash finance costs
1,627,599703,798
Deferred income tax recovery
(255,738)(119,364)
Depreciation and amortization
2,840,6403,121,654
Impairment of intangible assets
5,22487,166
Unrealized foreign currency exchange loss
260,068437,935
Listing expenses
3,370,249-
Unrealized loss on FVTPL liabilities
1,917,860862,176
Realized loss on derivative liability
128,653-
Change in deferred revenue
(738,720)(841,370)
Change in deferred government assistance
(342,216)(435,558)
Share-based compensation expense
2,032,0551,780,952
Non-cash consulting
30,00051,750
Other loss (income)
-(530,960)
Net change in non-cash working capital items
(849,236)1,179,094
Cash used in operating activities
(9,802,829)(5,607,584)
Investing activities
Additions to intangible assets
(140,323)(220,480)
Additions to property and equipment
(1,152,752)(1,449,951)
Reverse takeover, net cash
4,179,371-
Cash used in investing activities
2,886,296 (1,670,431)
Financing activities
Proceeds from long-term debt
35,075879,860
Repayment of long-term debt
(263,431)(77,024)
Repurchase of shares
(24,365)-
Proceeds from unsecured convertible promissory notes
1,804,5703,185,760
Proceeds from funding obligation
-1,300,000
Net proceeds from units
814,2701,013,622
Proceeds from unsecured convertible debentures
950,000750,000
Proceeds from secured convertible debentures
5,000,000-
Payment of lease liabilities
(149,991)(75,335)
Cash provided by financing activities
8,166,128 6,976,883
Net (decrease) increase in cash and cash equivalents
1,249,595 (301,132)
Cash and cash equivalents, beginning of the period
528,691850,623
Effects of exchange rate changes on cash and cash equivalents
(1,303)(20,800)
Cash and cash equivalents, end of the period
1,776,983 528,691
Supplemental cash flow information
Interest on debt paid
406,51820,335

SOURCE:Metamaterial Inc.



View source version on accesswire.com:
https://www.accesswire.com/641400/Metamaterial-Releases-Fourth-Quarter-and-Full-Year-2020-Results

News Provided by ACCESSWIRE via QuoteMedia

What is Cleantech Investing?

What is Cleantech Investing?

Clean technology, or cleantech, refers to products, services and technologies that reduce negative environmental impacts through improving energy efficiency, the sustainable use of resources or environmental protection activities.

Cleantech spans several industry verticals, including: renewable energy generation, energy storage, energy efficiency, transportation, air and environment, clean industry, water and agriculture. Together, this array of sectors constitutes much of the diverse market of cleantech investing.

The key trends dominating the global cleantech sector in 2022 are energy storage, electric vehicles (EVs), hydrogen solutions and carbon capture. Read on for more of what the space looks like today.

Keep reading...Show less
hand with leaf

Top 5 Canadian Cleantech Stocks of 2022

Click here to read the previous top Canadian cleantech stocks article.

Investment in renewable energy and clean technology continues to grow. Despite setbacks due to COVID-19, global green recovery efforts have been a boon for the cleantech market.

Analysts see a few key trends dominating the cleantech sector worldwide, such as offshore wind energy, agricultural technology, electric vehicles (EVs), EV infrastructure and clean energy commercial long-haul transportation solutions, including hydrogen and energy storage installations.

With 2022 in full swing, here’s a look at the top Canadian cleantech stocks on the TSX and TSXV. CSE-listed stocks were considered, but none made the cut. All companies listed had market caps of at least C$10 million as of July 14, 2022. Numbers and figures were current at that time, with data gathered using TradingView’s stock screener.

Keep reading...Show less

STEER EV Subscription Platform Expands to Texas

Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce that STEER EV, the Company's electric vehicle (" EV ") subscription-based service, has added a new service area, Texas to its US operations. The service is immediately available to the residents of the state, with the regional hub situated in Austin. STEER EV has been growing its fleet in Q1 - Q2 2022, and plans an ambitious expansion trajectory both in fleet size and geographical presence for Q3 through Q4.

STEER EV Subscription Platform Expands to Texas (CNW Group/Facedrive Inc.)

STEER EV, a technology-driven EV subscription platform, was acquired by the Company from Exelorate Enterprises LLC, a subsidiary of Exelon Corporation (NASDAQ: EXC), in September 2020 . STEER EV was created to challenge the traditional car ownership model and accelerate the general public's switchover to environmentally friendly transportation through an automobile subscription service. The Company feels its turnkey month-to-month model – which includes insurance, maintenance, vehicle swaps and concierge delivery – presents an attractive alternative for customers seeking a time-efficient and hassle-free service.

The Company sees STEER's EV subscription business capitalizing on two mega-trends in the personal transport industry. The global electric vehicle market is expected to grow at an appreciable rate of 26.8% CAGR from 2021 to 2030 1 , and consumers are increasingly opting for more flexible driving options such as per-use or subscription-based services instead of traditional car ownership. STEER EV's expansion into Texas is also a critical step in the scaling up of the Company's operations, as this state represents the second largest car market in the United States . 2

In the first phase of its launch in Texas , STEER's fleet will consist of Tesla Model S for the "Premier Performance" tier, Tesla Model Y for the "Preferred Plus" tier and Tesla Model 3 vehicles for the "Preferred" tier. The Company feels the local market response has been particularly strong and has already resulted in significant oversubscription, based on the Company's current capacity levels in the region. STEER plans to meet this demand by continuing to scale up operations, including adding more vehicles to the fleet in the weeks to follow.

STEER's expansion to Texas comes within the context of rising gas prices, coupled with growing public attention to the issue of climate change and governments' intensifying efforts to mitigate these effects. As an ESG ecosystem, STEER is committed to addressing environmental, social and governance concerns, and will continue working towards a better future alongside responsible governments, businesses and individuals. Capitalizing on the ongoing dramatic shift in the automotive industry and consumer behavior patterns, the Company's STEER EV division has embraced the rising global trends of environmental consciousness and sharing economy.

STEER EV aims to combine the compelling story behind STEER's vision with excellent customer service standards and a commitment to operational excellence. Its customer signup process is easy and can be started in one click on the official STEER EV mobile app in IOS and Android app stores, while more information on the service and support options is available on the STEER EV website www.steerev.com . STEER's all-in subscription price for an EV vehicle includes driver essentials such as insurance, routine maintenance and repair, and a concierge service that removes the hassle of car ownership while enabling seamless vehicle swaps. STEER's seamless user experience, bespoke concierge service and growing fleet enables it to aspire for a leadership position in the industry and grow a loyal fan base in its existing markets.

"The launch of STEER EV to Texas, USA , marks an important next step in the platform's North American expansion and reflects the ever-growing demand for environmentally responsible transport by both individuals and enterprises. Furthermore, STEER EV meets an unfulfilled demand in the marketplace for a turnkey car subscription service. Having proved the efficacy and the popularity of the STEER business model in our Washington and Toronto markets, we are focused on replicating its success in Texas and offer hassle-free and flexible access to high-quality EV's to the state's residents. After Texas , our nationwide rollout will continue with the launch in Florida which is anticipated in the next 60 days, followed by launches in British Columbia and California ," said Suman Pushparajah , CEO of STEER.

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company's goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company's offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company's impact on carbon reductions and offsets.

For more about the Company, visit www.facedrive.com .
Suman Pushparajah , CEO
suman@facedrive.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the company's forward plans to rebrand. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the Company's launch in Texas and intended fleet growth, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022 ) and its interim MD&A for the period ended March 31, 2022 (filed on SEDAR on May 30, 2022 ) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

STEER Logo (CNW Group/Facedrive Inc.)

SOURCE Facedrive Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2022/05/c4012.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
How to Invest in Cleantech

How to Invest in Cleantech

There’s no denying the importance of the cleantech sector — even more so as climate change continues to be a growing concern on a global level.

It should come as no surprise, then, that interest in the cleantech sector is making waves, and there’s no shortage of opportunities available for the cleantech investor.

For example, according to Fortune Business Insights, the global market for green technology will be worth US$51.09 billion by 2029. These technologies include those targeting green building, agriculture, air and water pollution monitoring and carbon footprint management.

Keep reading...Show less

Latest Press Releases

Related News

×