HALIFAX, NS / ACCESSWIRE / April 21, 2021 / Metamaterial Inc. (the "Company" or "META") (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today released fourth quarter and full year 2020 results. Please visit the investors section of our website to view the Q4 2020 Shareholder Letter.

The financial statements and the associated management discussion and analysis for the quarter and twelve months ended December 31, 2020 are available on the Investors section of our website as well as under the Company's profile on SEDAR at www.sedar.com.

The 2020 net loss was $19,806,340, 27c per share on 74,271,609 weighted average shares, compared to a 2019 net loss of $11,083,258, $1.14 per share on 9,724,476 weighted average shares. Total 2020 revenue was $1,507,690, compared to 2019 revenue of $1,195,058.

About Metamaterial Inc.

META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at www.metamaterial.com.

The CSE has neither approved nor disapproved the contents of this news release.

Media inquiries:
media@metamaterial.com

Investor inquiries:
Mark Komonoski
Investor Relations
phone: 1-877-255-8483
mark@metamaterial.com

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of financial position
[expressed in Canadian dollars]

		December 31, 2020				December 31, 2019
		$				$
Assets
Current
Cash and cash equivalents			1,776,983				528,691
Grants receivable			417,442				242,705
Other receivables			50,330				79,072
Inventory			589,977				438,726
Prepaid expenses			436,909				365,602
HST receivable			196,526				262,512
Total current assets			3,468,167				1,917,308
Intangible assets, net			5,699,626				6,404,812
Property and equipment, net			3,515,523				3,558,675
Right-of-use assets			337,441				66,951
Total non-current assets			9,552,590				10,030,438
Total assets			13,020,757				11,947,746
Liabilities and shareholders' equity (deficiency)
Current
Trade payables			3,743,783				3,176,642
Due to related party			312,528				345,033
Current portion of long-term debt			369,921				104,376
Current portion of deferred revenue			1,578,676				1,483,645
Current portion of deferred government assistance			1,179,096				518,837
Derivative liability			-				1,175,056
Secured convertible debentures			7,060,493				-
Secured convertible promissory notes			-				4,595,975
Unsecured convertible promissory notes			1,531,960				-
Current portion of lease liabilities			192,001				71,947
Total current liabilities			15,968,458				11,471,511
Deferred revenue			1,023,835				1,862,420
Deferred government assistance			-				1,414,037
Deferred tax liability			404,947				658,481
Unsecured convertible debentures			2,324,085				760,145
Funding obligation			989,128				808,298
Lease liabilities			152,506				-
Long-term debt			3,493,029				3,139,301
Total non-current liabilities			8,387,530				8,642,682
Total liabilities			24,355,988				20,114,193
Shareholders' deficiency
Common shares			34,248,734				7,598,670
Preferred shares			-				12,748,100
Contributed surplus			5,804,292				3,753,211
Warrants			565,446				175,095
Accumulated other comprehensive loss			134,648				(159,512	)
Deficit			(52,088,351	)			(32,282,011	)
Total shareholders' deficiency			(11,335,231)				(8,166,447)
Total liabilities and shareholders' deficiency			13,020,757				11,947,746

Consolidated statements of loss and comprehensive loss
[expressed in Canadian dollars]

		Year ended December 31
		2020				2019
		$				$
Product sales			2,615				31,426
Development revenue			1,505,075				1,163,632
Revenue, net			1,507,690				1,195,058
Cost of goods sold			4,409				12,138
Gross Profit			1,503,281				1,182,920
Expenses (income)
Salaries and benefits			3,390,940				3,040,775
Depreciation and amortization			2,840,640				3,178,505
Impairment expense			5,224				87,166
Travel and entertainment			79,369				493,800
Other expenses			742,476				507,980
Listing expenses			3,370,249				-
Stock exchange fees			12,000				-
Rent and utilities			404,699				414,958
Finance Income			(34,302	)			(822,375	)
Finance costs			2,142,131				937,435
Consulting			1,416,962				548,922
Investor relations			154,496				30,936
Research and development			516,577				788,476
Professional fees			2,274,554				846,418
Share-based compensation expense			2,032,055				1,710,952
Unrealized loss on FVTPL liabilities			1,917,860				862,176
Realized loss on derivative liability			128,653				-
Technology license fees			14,602				50,807
Realized foreign currency exchange loss			83,750				1,290
Unrealized foreign currency exchange (gain) loss			255,109				417,115
Amortization of deferred government assistance			(182,685	)			(178,834	)
Other loss (income)			-				(530,960	)
			21,565,359				12,385,542
Net loss before tax			(20,062,078)				(11,202,622)
Income tax recovery			255,738				119,364
Net loss for the period			(19,806,340)				(11,083,258)
Other comprehensive loss, net of income taxes
Items that may be subsequently reclassified to income:
Unrealized foreign currency translation adjustment			294,160				246,998
Comprehensive loss for the period			(19,512,180)				(10,836,260)
Basic and diluted loss per share		$	(0.27)			$	(1.14)
Weighted average number of shares outstanding
- basic and diluted			74,271,609				9,724,476

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of cash flows
[expressed in Canadian dollars]

Year ended December 31		2020				2019
		$				$
Operating activities
Net loss for the period			(19,806,340	)			(11,083,258	)
Add (deduct) items not affecting cash:
Non-cash finance income			(22,927	)			(821,599	)
Non-cash finance costs			1,627,599				703,798
Deferred income tax recovery			(255,738	)			(119,364	)
Depreciation and amortization			2,840,640				3,121,654
Impairment of intangible assets			5,224				87,166
Unrealized foreign currency exchange loss			260,068				437,935
Listing expenses			3,370,249				-
Unrealized loss on FVTPL liabilities			1,917,860				862,176
Realized loss on derivative liability			128,653				-
Change in deferred revenue			(738,720	)			(841,370	)
Change in deferred government assistance			(342,216	)			(435,558	)
Share-based compensation expense			2,032,055				1,780,952
Non-cash consulting			30,000				51,750
Other loss (income)			-				(530,960	)
Net change in non-cash working capital items			(849,236	)			1,179,094
Cash used in operating activities			(9,802,829)				(5,607,584)
Investing activities
Additions to intangible assets			(140,323	)			(220,480	)
Additions to property and equipment			(1,152,752	)			(1,449,951	)
Reverse takeover, net cash			4,179,371				-
Cash used in investing activities			2,886,296				(1,670,431)
Financing activities
Proceeds from long-term debt			35,075				879,860
Repayment of long-term debt			(263,431	)			(77,024	)
Repurchase of shares			(24,365	)			-
Proceeds from unsecured convertible promissory notes			1,804,570				3,185,760
Proceeds from funding obligation			-				1,300,000
Net proceeds from units			814,270				1,013,622
Proceeds from unsecured convertible debentures			950,000				750,000
Proceeds from secured convertible debentures			5,000,000				-
Payment of lease liabilities			(149,991	)			(75,335	)
Cash provided by financing activities			8,166,128				6,976,883
Net (decrease) increase in cash and cash equivalents			1,249,595				(301,132)
Cash and cash equivalents, beginning of the period			528,691				850,623
Effects of exchange rate changes on cash and cash equivalents			(1,303	)			(20,800	)
Cash and cash equivalents, end of the period			1,776,983				528,691
Supplemental cash flow information
Interest on debt paid			406,518				20,335

 SOURCE: Metamaterial Inc.

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