Meta Materials $MMAT stock is confirming a major horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance... chart break on November 21, 2022. We are also seeing bullish option flow in the stock.
Make sure to review this lesson on option flow so that you understand the image above.
In particular, the April 21, 2023, $3.50 call option with a strike of $3.50 is seeing an explosion higher in volume.
Meta Materials Opens New Global Headquarters
On November 17, 2022, Meta Materials unveiled its brand-new global headquarters and Center of Excellence in Dartmouth, Nova Scotia. Some of the top researchers in the fields of metamaterials, advanced manufacturing, and nano-photonics will be based in this 68,000 square foot facility. The facility combines cutting-edge semiconductor packaging, unusual materials, chemistry research, as well as the design and production of holographic and other optical products, making it the only one in Canada to do so. One of the largest and most technologically advanced nanofabrication facilities in Canada in the past thirty years, the facility’s 12 cleanrooms are designed to operate at ISO 8 and up to ISO 5 standards, making it the only one of its kind east of Ottawa.
The brand-new facility gives clients access to a variety of products and services, including electro-optics, automotive head-up displays, and augmented reality. It will serve the entire smart lens value chain, from optical design and material selection to mass production and integration, and will be the new home for the ARfusion platform technology. META can also incorporate its cutting-edge materials into a variety of goods, including VLEPSIS, NANOWEB, metaAIR, and holoOPTIX.
“Today marks a historic milestone for Meta Materials,” said Jack Harding, chair of the board at META. “During my career in semiconductors, I have observed the development of advanced manufacturing infrastructure globally. I’m particularly impressed with the efficiency with which META has built world class facilities in Nova Scotia extending its leadership in advanced functional materials and nanophotonic applications. Our customers and partners will be the beneficiaries of our new facility. Further, Nova Scotia now has the opportunity to lead the world in this critical technology.”
Meta Materials Announces Q3 FY 2022 Results
On November 9, 2022, Meta Materials announced third quarter FY 2022 results.
In Q3:22, total revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... grew 329% Y/Y, to $2,456,012, compared to $572,612 in Q3:21. For the nine months ended September 30, 2022, total revenue grew 388%, to $8,754,434, compared to $1,793,235 in the first nine months of FY 2021. The Q3:22 net loss was $24,475,320, or 7c per share on 362,260,641 weighted average shares, compared to the Q3:21 net loss of $11,425,248, or 4c per share on 280,080,786 weighted average shares. For the first nine months of FY 2022, the net loss was $63,892,619, or 20c per share on 316,661,487 weighted average shares, compared to a net loss in the first nine months of FY 2021 of $61,467,070 (which included a $40,540,091 non-cash loss on financial instruments), or 28c per share on 216,135,190 weighted average shares.
Meta Materials $MMAT Stock Technical Analysis
Meta Materials $MMAT stock is in a technical uptrend. The stock has just broken through major horizontal resistance from June 2022 and is on an explosive parabolic move higher.