MMAT - Earnings call transcript Q2 2022

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Rob Stone

Good morning everyone. I’m Rob Stone Meta’s Vice President, Corporate Development and Communications.

Joining the presentation today are George Palikaras, Meta’s Founding President and CEO; and Ken Rice, Meta’s COO and CFO. Yesterday, Meta filed its Form 10-Q for the quarter ending June 30 2022, issued a press release with the Q2 2022 results and publish the Q2 shareholder letter. Each of these documents and today’s presentation slides will be posted on the Investor section of the Meta website. the presentation press available IR release the section today’s provided the calendar of investors the in and of replay will via be link in A website. Meta on the

Forward-Looking and any to be Please Forward-Looking as results revise please. of of our of materially about from date, and results call, be variety are current we on to differ Next or or publicly relied of any statements no uncertainties. representative Statements obligation actual a are undertake These views slide to on subject note based light risks information which views released not and revision upon Statements new and These we to the as today, this to expectations. of subsequent uncertainties events. these will should that making future risks subject assumptions, cause reflect expectations statements in could

the affect March including Xth, important report filings of Form the subsequent other SEC, Form material our and results, discussion on filed XX-Q SEC. our or with with and to filed XX-K financial further refer on our the For filings risks could Xst, annual that August factors please

and financial awarded key Ken Meta’s government including nano-optic non-invasive proprietary documents. the for transparent will On He will materials and exchange contribution then was our review security which start roll-to-roll on an glucose XXXX products This rapidly please. George Meta’s and monitoring important Rice growing notes for market. results, the conductive large entry and NANOWEB update expanding an plan system, hydrocarbons. will the reach bank markets by the platform be into SX update by review QX patent. how and a enable of next assets our battery an today’s slide filing the call, followed film, and for update on Next of U.S. will gas recent glucoWISE with followed oil Palikaras the share the of on production acquisitions technology an Meta’s recently

by analysts will We questions turn to the Meta’s the the some that I over the company. George, call will call CEO. from now conclude cover taking who With

George Palikaras

Thank you, gas morning I update us the planned this assets to Series next now today. provide would for like the share joining and on call good holders is an the everyone The of shares. exchange. A to and oil on Rob as a slide, disposition preferred

the become company team Next comment after Timing for private Series complete is with on review A bridge by filed is exploring Form a July oil depends review and SX, XXth Typical efforts. as but process. to the on must become grids loan for the subject $XX process statement, new in if the management SEC management financing was for further gas becomes owned any. approximately to to hydrocarbons [Nexbridge], $X will a million XX-days, debt supporting preferred this the first operations carried This response up and the and million separate new XXXX. comments includes which The for exchange. are and will Meta. be Nexbridge to registration a to timing stockholders. effective $XX the their and year last of we Costs next options by million

occur. However, SEC debt Please under the will and there matter to in any SX. repayment cannot to be factors of risk financing and that our obtained, filings the be assurances the refer not may

to the at let’s Now Meta. operations expanding turn and ongoing

slide, please. Next

and wellness. aerospace, as broad as and protection, automotive company on communication, technology growing health Meta top, with capabilities energy, you batteries brand markets. As related end and augmented you electronics platform is see may the a a products and consumer and of include, trademarks banknote addressing clean range know, reality, large well can and as These

We a horizontal are company.

is position by of XXX supported issued. patents patent active competitive XXX Our which are documents

issued XXX one portfolio at include of least which now patent comprises of families XX patent. Our

three documents and patent just patent we many had is XX families. this when patent comparison, times documents For as as reported active year-ago, XXX a we

Next slide please.

fastest is providing in which achieve in we need the this, industries need address safety. stability increased performance, is To growing with and electric of consumers battery charging. material One improved vehicles, of particular faster makers range dire and

techniques increases. longer the battery a overheated issue, fires from with major the is of energy charging more battery developing going rates, cost. manufacturing and to Safety faster the new materials improve As chemistry. two stress There cutting several of regardless and packed as edge have efficiency, is battery including something helping in examples every that current range into and well used to components, lithium-ion started are batteries. increases, collectors are this. enable safety and as battery wrong of Meta risk on reduce to is separators There

safer efficient. Our more solutions will and batteries make

Next please. page,

about about separator. lithium-ion of alone. expected to is XXXX X.X and CAGR, meters anode discharging. billion thin start The size hour each be Demand let’s while gigawatt at with cathode. grow and porous placed and during stability. the was The the used Controlling So thermal battery with capacity XX must is in market $X and battery material is PORE of It separator separators. transport ion and mechanical charging battery million between of XX% requiring separator square membrane, billion maintaining light, square meter the facilitates that a

please. slide, Next

nano-polyceramic a made in is controlled even layer. so than does thermal in size take offers is no look runaway. centigrade, during fail advantages solution a X% NPORE a inner PORE degrees than to of see layer not let’s plastic And it safety This performance less provides unique with as this NPORE. NPORE you XXX which up will is tightly The closer like just materials. Materials. heat shrinkage less patented solid There video. nanometers, Meta So XXX superior to short a has

a take look. Let’s

see was can test an and again. amazing you you nail penetrating Thank So demonstration. a that

Now the next to let’s turn slide.

of Autodock it with this experience large including and team relationships recently issued and developing few generation agencies. states the assets company recently battery leading listed well the third as XXXX, early Meta pending, and been and infrared coatings. two separators has founded with NPORE decades substantially joined portfolio, in has licensing the in second optical the U.S. and development battery technologies, OEMs suppliers, that NPORE was and IP and We The innovative Tier covering R&D of the with government patents all XX of patterns XXX So Autodock as U.S. entire ECS. to after X acquired companies nano-materials brings in including coadings. and

development expand such transfer as allows complements acquisition validation In NPORE of filtration. and addition The this wireless new it as Meta’s testing portfolio, us Materials materials to range battery Meta underway in potential ultra Coulometrics separators with customers. has us is a announced. to we markets power are of to a and results was leading And strategic device a provider independent services. medical testing and Coulometrics batteries, and wider with help testing market also and been of and will the

that believe can can with contract we quickly working the nano-PORE done minimal with selected. we by we be production manufacturing CapEx scale have that Finally, already partners

Next, performance safety. current and component another collectors for battery essential

slide. to turn Let’s

these foil collector the actually accounting weight. for of the a than what copper So here They foil. Together mass account of used is for with cathode XX% aluminum about more anode an on respectively. or see current the both can collector. XX% heavier Current be copper total battery the are and we a

is key phase is current plasma thin by next The to translates retarding collectors UK roll-to-roll range. to And and underway directly a content. reducing industries. films that leaders battery copper sustainability their securing coated respective partners global fusion are capabilities. about runaway that improving in increased by effort demonstrated Reducing Through We have government by reducing develop XX% get to a on weight starting program, technology. made improving copper thermal prestigious plastic with funded our weight safety

So we in interest see by this technology several strong OEMs.

is Importantly, PLASMAfusion platform coated versatile besides current uses with many technology a collectors.

Next slide, please.

directly can lower prototype speed of lithium-ion PLASMAfusion. into to look slide. technology, to other then separators operates battery than pictured and PLASMAfusion copper substrate. is anodes able closer as material PLASMAfusion the more solid used at coating which suitable it and high see has been low already right a any for faster take deposit methods plastic efficient let’s the It any a any the on to is temperatures, coat collector, makes energy substrates. unique So on you current on deposit the and

optic are to use planning films, and speed also increasing color internally line capacity accelerating We security our PLASMAfusion by CapEx. and for NANOWEB transparent our conductors metallizing leveraging

at a Now let’s look slide. NANOWEB on take the next

wafer roll-to-roll base the key Chemical facility film wide to production applications pilot for manufacturing The transparent for to in work millimeter Our Growing achieved line the samples functional and the equal to world’s first launching our XG are producing NANOWEB for factors. conductive our scale roll-to-roll a our is which continues range reflective performance Sekisui capacity XXX form films. has now Pleasanton, of up customer standard. we California

team producing be NANOWEB also EMI electronic in sensor customers. Our and shielding busy consumer aerospace is in used to for customers sheeting enclosures windscreens, automotive for but

shipping for OEMs testing. addition, are their transparent independent In demo doors to ovens with microwave on number of NANOWEB we a our the now

the factors of NANOWEB, will our installed next As we (Ph), millimeters facility expanded towards continue for the year. is Thurso, increase the to which into [woods] in expand Quebec end XXX area line to new be web form of objective next production in to

our Now healthcare let’s of applications. some look at

the years. Picture were a to recently glucoWISE, U.S. other invasive our developments, continues glucoWISE key market Next to all monitoring progress. to plan we system. we Elena and for Among non for ready as Garcia in here And three desktop is version Cannell Dr. our slide the glucose please. exciting two new awarded patent a co-inventor, next have

have that strong in on the years. positive we industries a As we have portfolio solutions impacts shown multiple meaningful have coming of can

Ken world and the we CEO Rice can build a call to So will now I all. pass our for CFO. better

Kenneth Rice

Thank morning, everyone. you, good George and

Slide million XXXX. in of year-over-year quarter Turning revenue XXXX to our XX, QX the X.X grew versus meaningful same to XXX,XXX

confidential assemble additional last XXXX. and support win frame in from our to Security million decision. our and flagship target also were versus work development central QX new lead to QX revenue agreement banknote opportunities. expenses not customers, a yet business. XX.X should to of our world-class toward versus quarter with is we million do this contract. under a million have A other we goal XX% the denominations We other Nano-Optic Operating this a many our continue in at as team The customer customer X.X our was grew for production Development $XX.X invest year, for for point but and business prior this majority securing progressing bank of date QX

Our was QX quarter the year $XX.X The million compared million loss XXXX. $XX and QX $X.XX year-ago share versus XXXX. was per net million and in last in $X.XX to loss $X.X in $X.XX

Meta to and our June. had in equivalents, for million capital late cash in for for XX, generated cash needs a QX We from $X.X acquisition. XXXX. in used in direct free cash dollars has $XX.X Opportunities proceeds next debt were operations, $XX.X $X.X we June except the on $X.X working compared in that no Atlantic XX-months. long-term for million used capital. closed million Optodot million Canada We the of offering million $X.X the we for hand expenses We ACOA, changes $XX.X million interest debt from and and As Non $X.X is cash asset includes which sufficient QX support unsecured million registered million Agency. in believe the expenditures from invested to

back I concluding some Now the will George call remarks. for to pass

George Palikaras

Thank you, Ken.

Meta can Meta see, you continues pioneer Materials to as scale. at So

We are executing fronts. on multiple

very growing experienced the already and and new a Officer. executives, Marketing are Officer impact. team, Chief global investing making Chief additions some a recent They attracting are key of Business We including an

new portfolio adding are expand Our and technologies continues rapidly platform complement we patent other. each that to

new is take plan to before its first Scotia production is our begin into opening, to place November. in and of the which Park in Meta NASDAQ. grand Nova to our have else moving in a August, moved Meta on creating in We headquarter then kind a expect category everyone team the Highfield facility company, in in expected Materials

analysts. from questions the some take Rob. let’s Now

Operator

Thank George. you,

question McMurray from of Mac, Cormark go Securities. our We will first ahead. Whale take

McMurray Whale

Yes.

the Okay. up on Great the progress building IP.

a I’m how on that, have detail broad you you little range and George, the fusion. more about mentioned, in we like, are spoke progress you speak understand you plan should wondering of early looking Can plasma - those about As things be in like and technologies. like, at those you a to, NPORE milestones actually few together? like, progress we are actually the is the I next quarters, merging over - for it days mean, what bringing that to the together? still merging

George Palikaras

Thank This you. is great Thank you, a question. Mac.

these of one cost at some - looking synergies acquisitions. drivers So of the for was the reduction the between key of

as using report technology. last Nano-Tech to Security, you time. But in So know, nano-technology the things just the acquisition I’m take happy XX-months in

what a of lithography fundamental the technology key we or called One tools call e-beam origination. the was

dream So up a what when here and want. our Materials about come and Meta applications or our scientists is says, and software up engineers I shows customer

the One that to design of That the we out was case by the bottlenecks would third-party. ship is not past in the be to have anymore. originated

it we of it a because the have But single just tool. is people. the So tool, huge is that acceleration one not

falling So business on the we side, both new office and the right are are people program, advancing the on is like up that are things augmented Valley in unit solar advance coming behind, Silicon now. office our already basically kind our They ideas that of Burnaby collaborating the and working helping with happening. reality

optical XX-months, will say I What a Optodot synergies at, of result of for products it. because product is it The to it was this banknote see We same second collaboration as that battery, you specifically the platforms. separate, key applications. applications launched for where touched one being have two was has over banknote goes the where covert, properties our the favorably, the different lines. the between the Optodot, next publicized different was course, the not of application our MRI looked are that medical and can medical, One

eyewear. a together and at collaboration on antenna just is holography and That our was we AWV, most offering even found we embedded So augmented office, Halifax, the that application the really demonstrated team a basically in that ago, unique Silicon for of product platforms a transparent months and customer already. where there reality a was across that to worked first Valley and paying where showed our they happy on between very world’s that couple a a I’m report were is

question. answers that can your it how describe kind is I of So that. Hopefully

McMurray Whale

merging Yes. question on had teams. those touched And second of you a was about I the nature

engineering, as sounds So Halifax? you of under that are on the your touched production keep and that. that locations sort be you of which R&D then the you in one Is sort or focus in consolidating It all plan if located roof? - you how various engineering

George Palikaras

imagine of can every So is that center location you single a excellence. like

in fashion, to let’s prototyped So it Valley, and one gets in And all applications. you team say, in driving once roll-to-roll are comes in another it Silicon Halifax. design by the we integrated then Quebec Burnaby, drives originations. In the gets from it have be team, production together in

where fully So integration or Halifax the is you of finished would of semi technologies products. see a finished lot into

McMurray Whale

Okay that sense. makes

spoke NANOWEB, and have you pilot the On XXX-millimeter the you XXX the millimeter will of then in XXXX, in there. operation

on the we of there So sort expected XXX% applications expecting XXX? that relatively you for utilization does - capacity level is will pilot the whatever imply that facility are should get or to the that that the or quickly, pilot be different

George Palikaras

comes cases. unlocks the definitely it use when width, So the the of web it to additional size film

that currently means XXX But like form use is the use that very the factors. door serving smaller se. cases millimeters. and per are also, in case microwave can that wider is go and larger fruit, oven, going we And we nice low than different the hanging So to a

basically the Now, have line there. we that when are next are up few the be line, remember, XXX at so have beefing advanced weeks, Pleasanton millimeter what we look doing a the we office, in you the over team wafer manufacturing, going we to

then selection the and film into So high program, facility. scales is we volume material of This can guide roles take to model in on rolls then Thurso business that scales again our projects them. and selection through that

banknote capacity like amazing for meter million the have producing facility expertise, Thurso the square. the have things is industry, X.X we they Now, for already

as have have the guiding they automotive, each that rely maturity. what way we well we BXB of of advanced, as so is a standard. lot reached business still is qualifying So kind that is own the happens have feel time customer rely all when through our consuming case the we is we process certain level of partners I product capacity, on well. where a consumer us has a on The of its one to a it that technical And company, electronics, it,

McMurray Whale

on like, And litigation is is you that on outlook, There what current that OpEx of and the of is on that merge Rob acquired probably do a would do companies all then, then together? outlook sort the for in my that basis is you like last come Where of total think amount the what the there that? quarterly at terms in And there. You once Does this? to I OpEx? you large expect have question, in just, G&A. now for just sort

Rob Stone

Sure.

So the year, whole observe I as sit the be know big off and half I the G&A, is you don’t the Mac is is on blip for would here first investigation that underway. to that the first that going in litigation I yet. to of to end what year. and SEC today for to related this love say, able

cooperate the moving pace doing can are faster at We everything with and things slightly we to are a now. SEC,

how the late we better So this numbers will hope, at that year, be are numbers we year next coming that the quarter out latest towards expectation, end know at or of our early the And think is are next but are the large. the this would resolved actually as I to there.

OpEx that of what total to it for really is predict. In XXXX hard means terms

form sort we the focus over thing. dropped rather expenses, stock of in operating the quite quarter because lot a that on As quarter that could the first the bit is a than you of and of reported to are non-cash cash P&L on see, our second burn in compensation, it continuing

McMurray Whale

great. is that No

all questions. my guys. Okay that is Thanks

George Palikaras

you. Thank

Rob Stone

Mac. Thank you

ahead. Gerry will Roth go from question Gerry Capital. be of Sweeney please next Our

Gerry Sweeney

for Kennan. taking my George morning, Rob. Thanks questions. Good

interested deeper position if I see around dig little to wanted the desire you batteries the I to needed go progress technology obviously, better need if that great recent you a META’s maybe curious, basis. a or family the battery expand you follow-up, products on was So to to but and making just are the side. acquisitions, some a had on forward to

George Palikaras

Great question.

So, publicized that technology there. third-party happily I there is is of supporters terms number can number There of a already Jerry, our in say relationships. of a out

Before companies backings. major had two OEM we acquired the

We are Coulometrics. already making with batteries

our standard you Over versus battery the how fair next two of reports will is three-months, to see chemistries.

we So the even reports this industry. we from mode. we are support once that, in At are stage, hoping out, have more will those are evaluation

opportunities. the licensing focusing So company around is

As I mentioned, it is a uses because slot relatively cheap technology Optodot scale the to die it approach.

there So lots is there. out third-party die manufacturers of slot

a So the makes difference. chemistry is what

Plasma there CapEx, here but that, the side, complements line. some fusion NANOWEB On production product is good where it our news the is and

So, unless working technology, view. that But terms opportunity comes of ultimately, licensing been we yes, a expanding forward, on something we have the changes this see the and way along as in go else as scale. we

Gerry Sweeney

the then bit And a little side. it. Got just more NANOWEB on

You in challenges any hit uniformity, you of this performance should does the that cosmetic that, too functional would robotics pose your I discussed getting be wafers, something or NANOWEB, this working on is think challenging? commercialization to not full but prepared the or remarks to

George Palikaras

And is XG. to a our in So job always the film the when the functionality of nanotechnology, for done, the it have is comes engineers which anything getting thing fantastic for done important there most optimization. room

is of optimizing we to and the a the the signal side process, is, matter wanted reflect chemistry, we So windows. cosmetic that. achieved it have XG The

you more are So it a it just for temperature get again is little and give to bit Well, now. suddenly in and well, you oven that it your we need makes window a at you longer, right, crispy. higher optimize doing if that to right to something example, imagine, you just an are little what a it bake baking

I feel matter get any is hard just time. So It is moving. is very don’t working us there The of challenge ahead. a team to

Gerry Sweeney

around more resources. then And question, really just it. revolves Got one

pursue look battery What lots capital. the people, side and human do playing Do EV forward. like NANOWEB, going you have you we of is across you the - about some the to if field these - capital? - have CapEx these opportunities are side? after added do what you still needing Going additional Not but add what we to the or coming, more chase on people human to opportunities resources people, do enough end, some notice

George Palikaras

sales side, people the but key we On the in manufacturing the department. see in additions will also the department,

been our is expand how So quite have of geographically from that sales BD a And discussions a there perspective. you to as company, BXB can we and internally have understand blessed. reach we

major have reached had us. to companies We out

really over our that formula, microwave do not shielding pushing was OEM up is said, showed were us this. let’s has major can hey, doorstep you years. for a and there that we to ovens, So repeating out at happened say EMI And this a there the

have and products So that, are as online. capacity, coming we now changing have we we

going active to pushing a with deliver. and to and out are the course, basically We take those partnering right of products promoting role, more much teams

is optimizing of of double hugely, nothing going that to size the bit, not kind are the but So we the team a little team.

Gerry Sweeney

And it. for bit one Ken. Got more a may be this little then

different and Is alternative investments sheet some balance unquote, at quote, looking an there for opportunity requirements going financing. Just forward.

grants, by especially about as Is anything just potentially companies talked that there strategic, you? investments said, to are on You front? coming George maybe but the

Kenneth Rice

Absolutely, there opportunity. is

has thinking the heels to of the quite us is as we the which our improved, about financing balance seriously of enabled favorable. is to the all, I approach end start us. first pursuing of to sheet think on government, lucrative more the be we additional terms from are did, especially take taking June, very, Canadian support tend is very the And it much for that

is, CapEx. of traditional since making the would were We investment pursuing in also we a lot are of financing. what most consider is the thing now world second The

historically not as equipment financed For that using something equipment, simple debt. our as of have kind we

about I a particular the always regard of back by company, of on. to last see early starting With the in have in strategics And successful strategics, to to And history in we we shows, trade are interested the attended go debt very use of starting are that think see, few we collateralized George from finance in are verticals, was to strategics of of number we that some very months, investment to interest investment. our that the and from certain doing over if and So couple think a equipment. again. type renewed we we investment number attracting at a

I So alternatives. those of looking think all at we are

George Palikaras

thing ass we are that to discussions Gerry four And government is in with different in one countries. agencies

Gerry Sweeney

Got it. is you. me. I appreciate it it. for That Thank

Rob Stone

you Thank Gerry.

Now, we Sakai from questions will Chris take Chris ahead. Research. Singular of go

Christopher Sakai

Hi that question. good on morning. To last piggyback

As bills funding vehicles. we being in passed States? the possible would United seen How recent about U.S. have the that some you some on that would climate it electric change, be and from would be, receive

George Palikaras

the to are particular degree, in think in rapidly. competing announce working, separators as capacity that and those certain also now as is current George have the but right already say I governments and two as going that their in the don’t Meta space, expanding to And we are each a we the as that answer is agencies well. with multiple We they is interested other of things capacity and said, it be which that to sufficed somewhat space. it burgeoning collectors, to we discussions production right beneficial are move do is to expect to we ultimately And geography will to attract much anything in to can. now, with things as very it that And government’s battery a possible. especially all were for

Kenneth Rice

wanted that in industry. of will join that you ago, weeks look couple landscape, is add if hands of kind recently, at see the ago, one I a the Japan thing you U.S. or And the semiconductor in to XX-days

So positive this is very us. for

joint have and up States beyond. in United We Japan. customers and additional opens for partners opportunities the That in work

Christopher Sakai

other next was much question no that revenue and had quarter. Okay, from I Nanotech this How Security? for is

Kenneth Rice

The vast was Security, of and it XX% we - that well way. it over planned majority from Nanotech

you over a actually. agreement accelerating is recall, Central XX million work a may year Nanotech they that Bank now, frame plus brought we little when a with ago, with them merged with client As under

is the many, revenue in accelerated the Thurso is taking points. been And work many we percentage that and full are to has that we of team And are the particular by seeing that so able in advantage do. Burnaby so

security, into the even over bank As a as and other doing on are and the result the we will be work expected business. And that next go between little bit course continue. a notes trend this will that some of of we the a year, the battery rest banknote weapon, of more work then the year, balance the we of security the

George Palikaras

And the to that last the we been much going in the going on smaller add has time under being. is were here, business, through one When which ended than thing that side. in contract summer Chris, year, what was films negotiations the work of Nanotech the security the at up it point

of technology. our we more But larger the more Meta definitive and helped Material announced technology we agreement deal. achieve This twice size after that So contract a is type we that on. is is what are the closing much than Nanotech XX-hours the in important end. of This was here the true within executing announced

for I defense just are have doesn’t in this volume Meta a letter, space of now wrote can that and me square you Materials Materials, the competitors in only that excites Most are what in and Materials about there out not what Now where this Meta aerospace application on is point narrowly Meta is defense aerospace blockbuster that per is just space the not price matter. of focused and this highest optical could related. the our meter become the and proof shareholder

at space in is working is and we side, the On volume banknote where quality business, importantly, nano-scale in very, the sensitive extremely the very extremely are is price important. other more a accuracy sensitive, and

scale, the the and space, it where repeatability, the translate So if of can industry, square, millions banknote that that about to is that we can of all banknotes? achieve take in beyond are we any talking we meters

Christopher Sakai

When me, you can talked - possibly product. you when a sense revenue of give glucoWISE for last about a stream? then have revenues, And Thanks. Okay. would a us earning your starting that be

Kenneth Rice

Sure.

with It our in in the the objective be it that three faster incarnation that. first said, George than the geographies product launch plan years be so have to in. we on market medical device, two the of will regulated is As to is it trying to

will, to think a two way accelerate I it it It in in about can company, should So that with a timeframe. if at How be likely sure we to is up of larger but the partnership are commercialize year bit the it to the three via think we still generating not a is device we air. be is, a minimum, revenues yet. but medical most it

Christopher Sakai

Okay. Thanks for your answers.

Rob Stone

Mac follow-ups. Thank you, Chris. from Do no ups Hearing Jerry? follow or we have any

George Palikaras

just one that thing, assets. question Maybe the was know there no Rob. I about

at So we I just say We little asset with slide kind and produce as Timing the Brands, assets and are of basically to these are particular. wanted to I wanted in further we oil price now, super to eager make enabling right in sure these and highest cycle sold the gas that the develop the to updates just for ready be that, maintain in assets fantastic possible. for natural is according University the just agreement note first make SX. these stand our of assets, to - we asset by an a here. the in was agenda put the to

updates production think from laterals and I will that SX And team go this where see Thank the is you extensive think optimizing has experience we information you. drilling those for I more and laterals. long as through process.

Rob Stone

Thank everyone joining you George. you, us today. for Thank

you at may concludes today’s reach call. If us you ir@metamaterial.com. This have questions,

Meta Materials (MMATQ) 10 Aug 222022 Q2 Earnings call transcript