Metamaterials Inc MMAT Shares are trading down 1.08% to $1.38 during Wednesday’s after-hours session after the stock fell about 10.90% to $1.39 in the regular session. The stock is trading marginally lower on Wednesday evening after the company reported third-quarter results.

What happened?

metamaterials reported Quarterly losses of 7 cents per share, missing analysts’ consensus estimate of a loss of 5 cents. The company also reported quarterly revenue of $2.46 million, which missed analysts’ consensus estimate of $3.62 million by 32%. However, that sales figure is a 329% increase over sales of $572,610 for the same period last year.

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Meta Materials emphasized that the Company’s cash and cash equivalents totaled approximately $32.2 million as of September 30, 2022, including approximately $400,000 million in blocked cash. The Company has no debt other than approximately $2.9 million in various interest-free unsecured loans from ACOA (Atlantic Canada Opportunities Agency).

According to data from Gasoline ProMMAT has a 52-week high of $5.42 and a 52-week low of $0.63.