However, we note that the Company is nascent with no revenue being generated from any of its products. Additionally, MMAT has made significant progress on business development by entering collaborations with leading OEMs such as Lockheed Martin, Intel, 3M, Samsung, Sekisui, Airbus, and Covestro. This business advantage positions the Company to be able to rapidly scale and grow its revenues as the adoption of its products grow. We view MMAT's proprietary roll-to-roll production technology as a key differentiating factor given its ability to produce large amounts of metamaterials at a low cost. Driven by these megatrends, Lux Research estimates the market for metamaterials to grow to a staggering $10.7 billion by 2030. There is also a large opportunity in the medical, energy and aerospace sectors. MMAT has developed an extensive IP portfolio of metamaterials-based transparent films which can be used for a myriad of applications, including products used in lidar driving systems and 5G communications. MMAT noted that the Nanotech acquisition will help Meta Materials in accelerating their production process by at least nine months. We believe the addition of Nanotech's ultra-precise, high-volume production capabilities should place META in a strong leadership position in commercializing metamaterials at scale. The recent acquisition of Nanotech Security Corp is a step in that direction. The Company is moving toward volume production for applications in multiple end markets. The metamaterials designed by MMAT exhibit properties not found in nature, enabling capabilities that go beyond conventional materials and chemistry. Meta Materials is now the first Nasdaq-listed metamaterials company. In June 2021, the Company went public via a reverse takeover with Torchlight Energy Resources. is an early-stage Company that focuses on developing high functional materials and nanocomposites, with applications in the defense, electronics, medical, automotive, and aerospace sectors. Any delay in setting up the facility may impact operations. The Company's plans are dependent on its ability to scale-up production via its new facility.To date, MMAT's revenues have been limited to development fees without any material contribution from product revenue. The Company has limited operating history.We initiate with a Buy rating and a target price of $6.50.The Company's success will depend on management's ability to execute. ![]() We note that the Company is in early stages with no revenue being generated from any of its products. ![]()
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