META MATERIALS Reports Q2 FY2023 Earnings Results for Period Ending June 30 2023
August 13, 2023
🌥️Earnings Overview
META MATERIALS ($NASDAQ:MMAT) released their financial results for the second quarter of FY2023, ending on June 30 2023, on August 9 2023. Revenue for the quarter decreased 38.9% year over year, totaling USD 2.0 million. Net income reported was significantly lower than the same period the previous year, at USD -293.6 million, compared to -21.0 million.
Market Price
META MATERIALS announced their fiscal year 2023 second quarter earnings results on Wednesday, with a less than promising outlook. The company’s stock opened at $0.3 and closed at $0.2, a drop of 8.6% from the prior closing price of 0.3. This marks a decrease in market value from the prior quarter and is likely to cause concern among investors. This decline in revenue is likely to impact the company’s overall financial performance going forward and could be a sign of further financial struggles for the company in the near future. Overall, META MATERIALS shareholders are likely disappointed with the earnings results and the decreased market value of the company’s stock.
However, with strategic investments and increased focus on cost-cutting, the company may be able to improve their overall financial performance in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Meta Materials. More…
| Total Revenues | Net Income | Net Margin |
| 7.34 | -352.01 | -1058.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Meta Materials. More…
| Operations | Investing | Financing |
| -59.13 | -13.91 | 33.27 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Meta Materials. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 128.86 | 28.61 | 0.21 |
Key Ratios Snapshot
Some of the financial key ratios for Meta Materials are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 124.4% | – | -4880.3% |
| FCF Margin | ROE | ROA |
| -1038.0% | -94.7% | -173.8% |
Analysis
At GoodWhale, we’ve taken a close look at the fundamentals of META MATERIALS to help our users make informed decisions. Our analysis suggests that this company is a medium risk investment, based on its Risk Rating, which takes into account financial and business aspects. We have detected two risk warnings in the balance sheet and cashflow statement, so make sure to register on GoodWhale.com to take a look at our analysis. We’re here to help you make the best decisions for your portfolio. More…
Peers
Its competitors include Rogers Corp, Shenmao Technology Inc, Flex Ltd.
– Rogers Corp ($NYSE:ROG)
Rogers Corp is a materials science company that focuses on developing and manufacturing materials for use in advanced electronics applications. The company has a market cap of 1.97B as of 2022 and a Return on Equity of 5.3%. Rogers Corp’s materials are used in a variety of applications, including smartphones, tablets, laptops, and other electronic devices. The company’s products are also used in the automotive, aerospace, and defense industries.
– Shenmao Technology Inc ($TWSE:3305)
Shenmao Technology Inc is a global leader in the design, manufacture, and sale of advanced packaging solutions for the semiconductor and electronics industries. The company has a market capitalization of $5.23 billion and a return on equity of 15.74%. Shenmao’s products are used in a wide range of applications, including smartphones, computers, servers, and storage devices. The company’s products are manufactured at its facilities in China, Taiwan, and the United States.
– Flex Ltd ($NASDAQ:FLEX)
Flex Ltd is a leading manufacturer of electronic components and assemblies for original equipment manufacturers and contract manufacturers. The company has a market cap of 8.88B as of 2022 and a return on equity of 19.66%. Flex Ltd operates in more than 30 countries and offers a broad range of services, including design, engineering, manufacturing, and supply chain management. The company’s products are used in a variety of industries, including automotive, consumer electronics, healthcare, and industrial.
Summary
META MATERIALS recently reported their second quarter earnings for FY2023, which ended June 30th. Revenue for the period was USD 2.0 million, a decrease of 38.9% year over year. Net income was USD -293.6 million, compared to -21.0 million the year before. The stock price dropped in response to the news, making META MATERIALS an uncertain investment prospect.
Investors should research the company’s financial performance in the past few quarters to make an informed decision on whether to invest in META MATERIALS. They should also consider the current economic context and the competitive landscape when considering their investment options.
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