Meta Materials Inc (MMAT) 2022 Q3 法說會逐字稿

(technical difficulty)

（技術難度）

these applications as catalysts and each one will enable us to gain market traction, big customer contracts and more importantly, the confidence to continue building up our production capacity. I will now pass the call over to Ken Rice, our COO and CFO.

這些應用程序作為催化劑，每一項都將使我們獲得市場吸引力、大客戶合同，更重要的是，獲得繼續建立生產能力的信心。我現在將把電話轉給我們的首席運營官兼首席財務官 Ken Rice。

Thank you, George, and good morning, everyone. Turning to Slide 15. In Q3, our revenues grew meaningfully year-to-year to $2.5 million versus $600,000 in the same quarter of last year. While Q3 revenue was lower than in Q1 and Q2, it's important to remember that at this stage, most of our revenue is driven by development and nonrecurring engineering, which is generally nonlinear and harder to predict. For the 9 months year-to-date of this year, revenue grew substantially to $8.8 million. The majority of our third quarter was from optic Security for development work for our Central Bank client and some other banknote business. Operating expenses were just under $24 million, $23.9 million in Q3 versus $12 million in the prior year as we continue to invest and assemble a world-class team to support our many business opportunities. Two, the loss per share was $0.07 versus $0.04 last year and $0.07 in Q2 '22. As of September 30, we had $32.2 million in cash and cash equivalents. Meta still has no debt except for $2. 9 million in interest-free unsecured long-term debt from Makoah which is the Atlantic Canada Opportunities Agency. During the third quarter, we used $19.5 million in cash for operations compared to $48 million in the first 9 months of 2022. Noncash expenses were $7.2 million in the second quarter, and we used $2.2 million for working capital. We invested $3 million in capital expenditures during the third quarter. We believe that cash on hand, combined with our projected revenues and expense management capabilities will be sufficient to support our needs for the next 12 months. However, we may need to raise additional capital to expand the commercialization of our products, fund our operations and further our research and development activities. Future capital requirements may vary materially and will depend on many factors, including the timing and the extent of our research and development efforts, the capital expansion of our facilities and the ongoing investments necessary to support the growth of our business. It is our intent to find capital solutions that are effective and timely for the business in the future. Given management's alignment with our shareholders, we're working hard to drive the success of the business in a prudent manner.

謝謝你，喬治，大家早上好。轉向幻燈片 15。第三季度，我們的收入同比大幅增長，達到 250 萬美元，而去年同期為 60 萬美元。雖然第三季度的收入低於第一季度和第二季度，但重要的是要記住，在現階段，我們的大部分收入是由開發和一次性工程驅動的，這些工程通常是非線性的且難以預測。今年迄今為止的 9 個月裡，收入大幅增長至 880 萬美元。我們第三季度的大部分時間都來自光學安全，用於我們中央銀行客戶和其他一些鈔票業務的開發工作。隨著我們繼續投資和組建世界一流的團隊來支持我們的眾多商機，運營費用略低於 2400 萬美元，第三季度為 2390 萬美元，而上一年為 1200 萬美元。第二，每股虧損為 0.07 美元，去年為 0.04 美元，22 年第二季度為 0.07 美元。截至 9 月 30 日，我們擁有 3220 萬美元的現金和現金等價物。除了 2 美元外，Meta 仍然沒有任何債務。 Makoah（大西洋加拿大機會機構）提供 900 萬無息無擔保長期債務。第三季度，我們使用了 1950 萬美元的現金用於運營，而 2022 年前 9 個月的現金為 4800 萬美元。第二季度的非現金支出為 720 萬美元，我們使用了 220 萬美元的營運資金。第三季度我們投資了 300 萬美元的資本支出。我們相信，手頭現金加上我們預計的收入和費用管理能力將足以支持我們未來 12 個月的需求。然而，我們可能需要籌集額外資金來擴大我們產品的商業化、為我們的運營提供資金並進一步開展我們的研發活動。未來的資本要求可能會有很大差異，並且取決於許多因素，包括我們研發工作的時間和程度、我們設施的資本擴張以及支持我們業務增長所需的持續投資。我們的目的是尋找對未來業務有效且及時的資本解決方案。鑑於管理層與股東的一致，我們正在努力以謹慎的方式推動業務的成功。

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

現在我將把電話轉給喬治，讓他做一些總結性發言。

Thank you, Ken. So as you can see today, in summary, Meta is continuing to execute on multiple applications and large market opportunities, as we pioneer Meta materials at production scale. Meta materials enable breakthrough applications to do more with less, more performance, less energy, more sustainable materials, lower cost. We are investing in growing an extremely diverse and talented global team. In the last count, we now have 42 spoking languages within the Meta family, but we only speak as a team, we all speak the same language. Our patent portfolio continues to expand rapidly. We are broadening and progressing on all of our platform technologies, including plasma fusion, AR fusion and [NPR]. I'm excited to mention that our grand opening and big catalyst of our new 68,000 square foot headquarter facility in high field park, which features 12 clean rooms, will take place in November 17. Due to capacity limitations, unfortunately, this is an invitation on event today. However, we will -- and some other of our influencers, we will be creating content to share with all of you. So we will be able to see and learn more about this beautiful new facility in the near term.

謝謝你，肯。正如您今天所看到的，總而言之，Meta 正在繼續執行多種應用和巨大的市場機會，因為我們在生產規模上開創了 Meta 材料。超材料使突破性的應用能夠用更少的資源做更多的事情、更高的性能、更少的能源、更可持續的材料、更低的成本。我們正在投資培養一支極其多元化和才華橫溢的全球團隊。根據最新統計，我們現在 Meta 家族中有 42 種語言，但我們只是作為一個團隊來說話，我們都說同一種語言。我們的專利組合繼續快速擴大。我們正在擴大和進步我們所有的平台技術，包括等離子體融合、AR 融合和 [NPR]。我很高興地宣布，我們位於 High Field Park 的 68,000 平方英尺新總部設施將於 11 月 17 日舉行盛大開業活動，該設施擁有 12 個潔淨室。不幸的是，由於容量限制，這是一個邀請今天的活動。然而，我們和其他一些有影響力的人將創建內容與大家分享。因此，我們將能夠在短期內看到並更多地了解這個美麗的新設施。

Meta is a category-defining company. We are all energized to continue to build value as we move ahead as the first Meta materials company on the NASDAQ. So now let's take some questions from our analysts.

Meta 是一家定義品類的公司。作為納斯達克第一家元材料公司，我們都充滿活力地繼續創造價值。現在讓我們回答分析師的一些問題。

Thank you, George. We'll now take our first question from MacMurray Whale of Cormark.

謝謝你，喬治。現在我們將回答來自科馬克的麥克默里鯨的第一個問題。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

Okay. Great. You discussed George on the ceramic separator projects that you are talking with OEMs, what are those collaborations? What do you expect those to look like in terms of, say, cost sharing or time lines?

好的。偉大的。您在與 OEM 商洽談的陶瓷隔板項目上與 George 進行了討論，這些合作是什麼？您期望這些在成本分攤或時間安排方面會是什麼樣子？

Thank you, MAC. In terms of time lines, we just completed our first production run yesterday. So this particular OEM is a contract manufacturing company. It's a global company. And the way it looks like we provide the chemistry that's, let's say, the special sauce and they provide the service to coated in foil or film kind of format. So the way that this is it's called a slot die process. So basically, you go through it and apply the thickness that you need. And our thickness typically varies from 15 microns down to 6 microns. So there's different product by different thickness and different chemistry.

謝謝你，麥克。就時間安排而言，我們昨天剛剛完成了第一次生產。所以這個特定的 OEM 是一家合同製造公司。這是一家全球性公司。看起來我們提供化學物質，比方說，特殊的醬汁，他們提供以箔或薄膜形式塗覆的服務。因此，這種方式稱為槽模工藝。所以基本上，你要仔細檢查並塗上你需要的厚度。我們的厚度通常從 15 微米到 6 微米不等。因此，有不同厚度和不同化學成分的不同產品。

So we are excited about this because as we saw yesterday, not only this was a successful production run, but there is a lot of interest from the industry, and now we can provide hundreds of kilometers to meet the needs. And the way that this cost sharing will happen, there's a typical markup on the service. And eventually, the technology can be also licensed to very large-scale Gigafactory type productions. So what we're doing with this OEM, we are seeding the market at very large scales so that they, in turn, can take this product, test the thousands, if not tens of thousands of batteries, make sure that they're happy with the chemistry. And then eventually, just doing some basic math, 140 gigawatt factory would require almost 500 million meters square of product. So there's not a single contract manufacturer could handle all of that volume, and this is where the model -- the business model can evolve to both a licensing model. And obviously, earlier, we have roles that you can buy in the small, medium and extra large kind of versions.

所以我們對此感到興奮，因為正如我們昨天所看到的，這不僅是一次成功的生產運行，而且業界也表現出了很大的興趣，現在我們可以提供數百公里的里程來滿足需求。這種成本分攤的方式是，服務上有一個典型的加價。最終，該技術還可以授權用於超大規模的 Gigafactory 類型的生產。因此，我們正在與這個 OEM 合作，我們正在大規模地開拓市場，以便他們反過來可以採用該產品，測試數千個（如果不是數万個）電池，確保他們滿意與化學。最終，只要進行一些基本計算，140 吉瓦的工廠就需要近 5 億平方米的產品。因此，沒有一家合同製造商可以處理所有的數量，這就是模型——商業模型可以發展為許可模型的地方。顯然，早些時候，我們提供了小型、中型和超大版本的角色供您購買。

So if I understand that process then it would be -- would you -- would it be sort of a year to continue to do sort of the level you're working at now? And then is it another year. I'm kind of wondering on the time line in terms of like -- you're seeing a 40 gigawatt hour plant sort of having this embedded in it? Is that like a 5-year thing? Or is it a 2-year thing?

所以，如果我理解這個過程，那麼，你會嗎？這一年會繼續保持你現在的工作水平嗎？然後又是一年了。我有點想知道時間線——你看到一個 40 吉瓦時的工廠裡嵌入了這個嗎？這好像是5年的事情嗎？還是說這是2年的事？

So that's a great question. Different giga factors are coming online as we speak, and there's others that are coming online in 5 years. Our chemistry can be tested immediately. We have been testing with very large battery companies -- since this is an acquisition, the company that developed this technology is called (inaudible), they are now part of our group. And there has been relationships with companies like LG for a long time. So there's been 6 or 7 years in the making for our first-generation material. We're now in the second generation technology of this type. And we see that there's going to be more exciting partnerships. So the chemistry can be customized. We can very quickly customize the chemistry since we have all this experience in the team. That takes several months of a new engagement. Once that customer is happy and they have taken the product and tested it, and they can -- let's say, readily put it in their factory, the tech transfer that takes place can be as short as 1 year. And we believe that this is not according to our pace, but according to the recipients' pace.

這是一個很好的問題。就在我們說話的時候，不同的千兆因素正在上線，還有其他一些因素將在 5 年內上線。我們的化學反應可以立即進行測試。我們一直在與非常大的電池公司進行測試——因為這是一次收購，開發這項技術的公司被稱為（聽不清），他們現在是我們集團的一部分。並且與LG等公司有著長期的合作關係。我們的第一代材料的製作花了六七年的時間。我們現在採用的是這種類型的第二代技術。我們看到將會有更多令人興奮的合作夥伴關係。因此化學反應可以定制。由於我們團隊擁有所有這些經驗，因此我們可以非常快速地定制化學反應。這需要幾個月的新訂婚時間。一旦客戶滿意，他們已經拿到產品並進行了測試，他們就可以——比方說，輕鬆地將其放入他們的工廠，所發生的技術轉讓可以短至一年。我們相信，這不是根據我們的節奏，而是根據接收者的節奏。

But just to give you an idea, if you think of the battery market being valued at around, I think, about USD 60 billion in 2021. The current collectors make up about 25% of the battery cost and the separators about 8%. So that gives you an idea from a kind of overall size.

但僅供大家參考，如果您認為 2021 年電池市場的估值約為 600 億美元。集流體約佔電池成本的 25%，隔膜約佔 8%。這樣你就可以從整體尺寸上得到一個想法。

So just on that copper -- that was the second question I just wanted to ask on the copper coating current collector opportunity. Do you -- when you -- if you were to rank them, is that an opportunity? Do you think that, that will arise or be adopted more quickly than the ceramic separator just by the nature of the disruption that you're bringing? Or what's your view on that?

關於銅，這是我想問的關於銅塗層集流體機會的第二個問題。你——當你——如果你要對它們進行排名，這是一個機會嗎？您是否認為，由於您所帶來的破壞的性質，這種技術會比陶瓷分離器更快地出現或被採用？或者你對此有何看法？

So what I believe is the first thing is that the current collector market is about 3x larger than the separator. And that's kind of a fact. And as you may have seen publicly, there's been a huge amount of articles from Bloomberg and other places that there's an up and coming copper sorted that could derail this energy transition to clean tech. And what I believe is that it's not just the current collectors, but all the different raw materials, the availability. This is like the biggest constraint right now for the production of lithium-ion batteries. And unfortunately, people think that you can just find more queries and basically dig further and wider and mine more. But when you have a low producing mine, the cost of getting from that lower quality mine, these raw materials grows almost exponentially. So there has to be a better way. So what we are proposing here, and that's part of the disruption is that we have not only invented a way to make current collectors more efficient by reducing the copper content, but we have made an actual machine, which we call plasma fusion, that, as you saw recently, we announced this beautiful MOU with 2 exciting companies, one of which is Mitsubishi Electric. The other one is DuPont. And Together, we are trying to scale this technology to also address the next generation of batteries, solid-state batteries, where the coating process is one of the key areas of innovation. So not only the raw material, but how do you apply that raw material in the most efficient way.

因此，我認為第一件事是集流體市場比分離器市場大約大 3 倍。這就是事實。正如您可能已經公開看到的那樣，彭博社和其他地方有大量文章稱，即將出現的銅分類可能會破壞能源向清潔技術的轉型。我相信，這不僅僅是電流收集者的問題，而是所有不同原材料和可用性的問題。這就像目前鋰離子電池生產的最大限制。不幸的是，人們認為你可以找到更多查詢，基本上可以進一步挖掘、挖掘更多。但是，當礦山產量較低時，從質量較低的礦山獲取的成本幾乎呈指數級增長。所以必須有更好的方法。所以我們在這裡提出的建議，這是顛覆的一部分，我們不僅發明了一種通過減少銅含量來提高集電器效率的方法，而且我們還製造了一台實際的機器，我們稱之為等離子熔合，正如您最近看到的，我們宣布了與兩家令人興奮的公司簽訂的這份精美的諒解備忘錄，其中之一是三菱電機。另一個是杜邦公司。我們正在共同努力擴展這項技術，以解決下一代電池、固態電池的問題，其中塗層工藝是創新的關鍵領域之一。因此，不僅是原材料，還包括如何以最有效的方式應用原材料。

So yes, we are excited about this. We believe that the separator market is a must have in every battery for battery safety. And our chemical collector also adds an additional layer of safety. So you get what we believe will be the safest battery in the world, if you include both of our products in the same battery.

所以，是的，我們對此感到興奮。我們相信隔膜市場是每個電池必須具備的，以確保電池安全。我們的化學品收集器還增加了額外的安全層。因此，如果您將我們的兩種產品包含在同一個電池中，我們相信您將獲得世界上最安全的電池。

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

我們的下一個問題將來自羅斯資本的格里·斯威​​尼。

I wanted to focus in a little bit on (inaudible) for hitting the specs. Just wanted to maybe here, you just talk about the next steps with that technology and process. Obviously, you -- I think you have some build out projections for Thurso and Nano web. And I just want to see where that is going in the short and medium term.

我想重點關注（聽不清）是否符合規格。只是想也許在這裡，您只需談論該技術和流程的後續步驟。顯然，我認為您對 Thurso 和 Nano web 有一些構建預測。我只想看看短期和中期的發展情況。

Thank you. Yes, so NanoWeb is a flagship product for us because we can -- we have shown and demonstrated that we can charge all the way from thousands of dollars per square meter for the aerospace industry, all the way down to tens of dollars for consumer electronics markets and everything in between. So there is a platform technology that can be applicable to a wide range of applications, replacing indium tin oxide as a better improved solution. So when it comes to production, we, as I mentioned, we have an operational 300-millimeter line. And there is discussions right now with very large contract manufacturing and similar to our battery separator product, we are looking at how can we scale NanoWeb faster and bigger than previously thought of. And so we have plan for Thurso to put in a new line next year. But also we are exploring how can we go wider so that the 300 millimeters either doing it in Therso or doing it outside under contract license. We have identified a very important global contract manufacturing company and I will hope to have more updates probably in Q1 of next year about the direction that we'll take. If we choose to go down the path of contract manufacturing, that means that we can accelerate and go much wider in terms of web with, which will cover even more applications. And if we go on our current production line will depend on some of the key factors with our customers. There's a lineup of customers. They expect volumes. We have a specific product road map with product launches next year and the year after, and we try to make sure that we have the volumes to fulfill the demand.

謝謝。是的，所以 NanoWeb 是我們的旗艦產品，因為我們可以——我們已經展示並證明了我們可以從航空航天工業每平方米數千美元一直到消費電子產品數十美元收費市場以及介於兩者之間的一切。因此有一種平台技術可以適用於廣泛的應用，取代氧化銦錫作為更好的改進解決方案。因此，在生產方面，正如我所提到的，我們擁有一條可運行的 300 毫米生產線。現在正在討論非常大的合同製造，類似於我們的電池隔膜產品，我們正在研究如何比以前想像的更快、更大的規模擴展 NanoWeb。因此，我們計劃讓 Thurso 明年推出一條新生產線。但我們也在探索如何擴大範圍，以便 300 毫米要么在 Therso 進行，要么根據合同許可在室外進行。我們已經確定了一家非常重要的全球合同製造公司，我希望可能在明年第一季度獲得有關我們將採取的方向的更多更新。如果我們選擇走合同製造的道路，這意味著我們可以在網絡方面加速並走得更廣，這將涵蓋更多的應用程序。我們是否繼續現有的生產線將取決於我們客戶的一些關鍵因素。顧客們都在排隊。他們期望銷量。我們有一個具體的產品路線圖，包括明年和後年的產品發布，我們努力確保我們有足夠的數量來滿足需求。

The decision to go there, so internal versus third-party manufacturing, does that change I would assume that changed maybe some CapEx projections. And does that decision change timing on Thurso meaning, if you wait until Q1 or first half of next year, what have you for the third-party manufacturing to make that decision. Does that hold off on some of the CapEx and push back Thurso? Or are they sort of going hand in hand?

去那裡的決定，所以內部製造與第三方製造相比，是否會改變我認為可能會改變一些資本支出預測。這個決定是否會改變瑟索的時間安排，也就是說，如果你等到第一季度或明年上半年，第三方製造商有什麼可以做出這個決定。這是否會推遲一些資本支出並推遲瑟索？或者它們是齊頭並進的嗎？

I was going to say something quick. And then Ken, you can

我本來想快點說點什麼。然後肯，你可以

it does not really change the CapEx will be for either option similar for the simple reason that Thurso has the capability to host very large machines like we have done that in the banknote business. There is an expertise right there. And what we want to do is make sure that there is the redundancy. So having, for example, a contract manufacturer with one line is not enough for an automotive application, which needs to have backup. So there's also industry requirements. The good news here is that if we can bring in an additional production line that is wider in web wind than what we currently have, the cost will significantly reduce. And of course, the ability to take on more customers will significantly increase. And I don't know if Ken, do you want to add anything to that?

它並沒有真正改變任一選項的資本支出，原因很簡單，瑟索有能力託管非常大的機器，就像我們在鈔票業務中所做的那樣。那裡有專業知識。我們想要做的是確保存在冗餘。因此，例如，擁有一條生產線的合同製造商對於汽車應用來說是不夠的，因為汽車應用需要備份。所以還有行業要求。好消息是，如果我們能夠引進一條比我們目前擁有的更寬的捲筒風生產線，成本將顯著降低。當然，吸引更多客戶的能力也會顯著增強。我不知道肯，你是否想補充什麼？

Yes. I think the way to think about it, Gerry, is that we have -- our goal here is to come up with a mix of in-house and outside manufacturing. The in-house decisions about new lines and Web with and such will drive CapEx, especially in Thurso because we're centralizing things there, as you know. The flip side, though, is to the extent that we minimize our reduced CapEx in Thurso because we buy a smaller line for Thurso when we go with wide web with on the outside for contract manufacturing, we're very likely to have to make financial commitments to the contract manufacturers to get the best pricing. So we -- we'll still spend cash. It will just be in a different bucket.

是的。格里，我認為思考這個問題的方法是，我們的目標是混合內部和外部製造。關於新線路和網絡等的內部決策將推動資本支出，特別是在瑟索，因為如您所知，我們正在那裡集中管理。但另一方面，我們最大限度地減少了瑟索減少的資本支出，因為當我們在外部使用寬網進行合同製造時，我們為瑟索購買了一條較小的生產線，我們很可能不得不在財務上做出調整。向合同製造商承諾獲得最優惠的價格。所以我們——我們仍然會花現金。它只是在不同的桶中。

Our next question will be from [Graham Madison of Water Tower Research.]

我們的下一個問題將來自[水塔研究中心的格雷厄姆·麥迪遜]。

Just a question on the nano-optic security products. I know you spoke a little bit about that during the presentation gave some color there, but -- are there any milestones that we should be looking for you guys could point to that you're trying to hit to get to the next level in that contract or perhaps see it expand beyond that?

只是關於納米光學安全產品的問題。我知道您在演示期間談到了一些內容，但我們應該尋找一些里程碑，你們可以指出您正在努力達到下一個水平收縮還是看到它超出這個範圍？

Thank you. Yes. In fact, there is a major product launch that we are gearing towards. It's for our Color Optics stripe. and the Color Optic Stripe is featuring 5 billion nano-optic features over the size or the width of a bank note in a stripe format. This product has been in development in the last almost 3 years. It's been one of our flagship products and -- just like NANOWEB, we have been scaling production and ramping up the quality of that product. Today, we have been sampling our product with what we call in the industry printers. There's about 20 global printers, and we are working with some of the top 3, top 5 printers as we speak. There's been already one full assessment and evaluation on the quality and durability of our product, which we have passed. There's going to be a second run in the coming weeks. And we expect over the first half of maybe as early as Q1 next year to be launching this product and launching means that it's now available for sampling across everyone and as well as every central bank that's out there. So we are very excited. One key thing is that we are producing this nano-optic feature in the kilometer scale already in-house.

謝謝。是的。事實上，我們正​​在準備推出一項重大產品。它適用於我們的彩色光學條紋。彩色光學條紋在條紋格式的鈔票大小或寬度上具有 50 億個納米光學特徵。該產品的開發已近 3 年。它是我們的旗艦產品之一，就像 NANOWEB 一樣，我們一直在擴大生產規模並提高該產品的質量。今天，我們一直在使用我們所謂的工業打印機對我們的產品進行採樣。全球約有 20 家印刷商，就目前而言，我們正在與前 3 名、前 5 名印刷商中的一些合作。我們的產品的質量和耐用性已經經過了一項全面的評估和評估，我們已經通過了。未來幾週內將進行第二次投票。我們預計最早在明年第一季度的上半年就會推出該產品，推出意味著現在每個人以及每個央行都可以試用該產品。所以我們非常興奮。一個關鍵的事情是，我們已經在內部生產了這種公里級的納米光學特徵。

Great. So really after this, it opens you up to all the other banks out there and expands the market considerably for you.

偉大的。因此，在此之後，您就可以接觸到所有其他銀行，並為您大大擴展市場。

Absolutely. Yes.

絕對地。是的。

Great. And then just one question, a housekeeping question on the G&A. There was a small bump quarter-over-quarter. Is it the right way to think about that? Is this sort of deal or legal spending related to the spin-off rather than for business related.

偉大的。然後只有一個問題，關於一般管理費用的內務管理問題。季度環比略有上升。這是正確的思考方式嗎？此類交易或法律支出是否與分拆相關，而不是與業務相關？

Sure. Yes. And I think that's accurate. G&A this year has been -- we've been investing in a couple of things. We had a lot

當然。是的。我認為這是準確的。今年的一般行政費用 - 我們一直在幾件事上進行投資。我們有很多

we did 3 -- actually 4 to (inaudible) acquihire. We did a number of acquisitions this year that triggered additional spending in the G&A side. And so that's what you're seeing in the bumps. And our plan for next year, has that dropping back again to more rational levels. And as you know, there's some ongoing investigation from the SEC that's taking legal fees and all of that's going to drop in the '23 time frame from a cost standpoint. Does that answer your question?

我們做了 3 個——實際上是 4 個（聽不清）招聘。今年我們進行了多項收購，引發了一般管理費用方面的額外支出。這就是你在顛簸中看到的。我們明年的計劃是再次回落到更理性的水平。如您所知，美國證券交易委員會正在進行一些調查，這些調查正在收取法律費用，從成本的角度來看，所有這些費用都將在 23 年的時間範圍內下降。這是否回答你的問題？

We'll now take a question from [Chris Sakai] of Singular Research.

現在我們將回答 Singular Research 的 [Chris Sakai] 提出的問題。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

Okay. Great. I guess the goal on one of the last analyst question. As far as the nano security is concerned and new orders there. Can you provide some color as far as what you're seeing, could there possibly be greater orders in the future? I think we have to be a little careful. The new orders that we referenced in the announcements were coming from the frame agreement that George spoke about that's a $41.5 million agreement, and it's composed of a number of contract line items. And the way that process works, Chris, is that we -- as we progress through the process with this customer we get releases of new work to get done and as the work accomplishes internal milestones in the contract, they issue new POs to us. So the short answer is, since we've only delivered or received orders so far for $13.5 million of that contract. We have the opportunity to get another million over the next few years. The timing of that is what's difficult to predict because as we make breakthroughs in the development work we're doing with this customer, they accelerate things. So we're doing everything we can to make sure that we continue to push the process forward with them. And as George mentioned in his comments, what we expect to happen is that as we move the product process forward with this particular customer. This is focused on a single currency denomination. We expect a couple of things to be catalyzed by that. First, we this denomination that will trigger the need for other denominations for 1 customer. And as we've done this, this is a major central bank, we expect that we can get similar work from other central banks in other geographies around the world.

好的。偉大的。我猜想最後一個分析師問題的目標。就納米安全和新訂單而言。您能提供一些您所看到的顏色嗎？將來可能會有更多訂單嗎？我認為我們必須小心一點。我們在公告中提到的新訂單來自喬治談到的框架協議，這是一份價值 4150 萬美元的協議，由許多合同項目組成。克里斯，這個流程的運作方式是，當我們與該客戶一起完成流程時，我們會發布要完成的新工作，並且當工作完成合同中的內部里程碑時，他們會向我們發布新的採購訂單。所以簡短的回答是，因為到目前為止我們只交付或收到了該合同價值 1,350 萬美元的訂單。我們有機會在未來幾年內再獲得一百萬。這個時機很難預測，因為當我們在與該客戶合作的開發工作中取得突破時，他們會加速事情的進展。因此，我們正在盡一切努力確保我們繼續與他們一起推動這一進程。正如喬治在他的評論中提到的，我們期望發生的是，隨著我們與這個特定客戶一起推進產品流程。這主要針對單一貨幣面額。我們預計這會催化一些事情。首先，我們這個面額將觸發 1 名客戶對其他面額的需求。正如我們所做的那樣，這是一個主要的中央銀行，我們希望我們可以從世界其他地區的其他中央銀行那裡得到類似的工作。

Okay. And as far as that's concerned, revenue generation, after the nano security line, what would be your next greatest revenue generator in the near future?

好的。就創收而言，在納米安全產品線之後，您在不久的將來下一個最大的創收來源是什麼？

That's a great question. We see driving revenues into

這是一個很好的問題。我們看到將收入推向

especially into 2023 in a couple of the verticals that we play in. We play as we've mentioned a number of times, in very large vertical markets. In the vertical markets and the revenue pace at which we achieve is driven by a few things. One is our ability to produce materials, as George spent a lot of time talking about today at the volumes that each of the customer sets in those verticals needs. So for example, in the automotive section, we can produce material now for a number of the applications without the web with production capability. We can do it better with the wide web with, but we're in a position now where we expect to see some fairly interesting revenues coming out of that sector next year. The next area that we would focus on would be another area of that, which is -- and we've mentioned a number of times to electronics and communications and then we are looking forward at this point to having some announceable events second half of next year in the augmented reality space.

特別是到 2023 年，我們在幾個垂直領域開展業務。正如我們多次提到的那樣，我們在非常大的垂直市場開展業務。在垂直市場中，我們實現的收入增長速度是由一些因素驅動的。一是我們生產材料的能力，正如喬治今天花了很多時間談論每個客戶在這些垂直領域需求中設定的數量一樣。例如，在汽車領域，我們現在可以為許多應用生產材料，而無需具有生產能力的網絡。我們可以通過廣域網做得更好，但我們現在的處境是，我們預計明年該領域會產生一些相當有趣的收入。我們將重點關注的下一個領域將是其中的另一個領域，即我們已經多次提到電子和通信領域，然後我們期待在明年下半年舉辦一些可宣布的活動增強現實領域的一年。

Thank you, Chris. Ken, I think you had some closing comments?

謝謝你，克里斯。肯，我想你有一些結束語嗎？

Yes. I think a couple -- we've had a number of our shareholders inquire over the last day or 2 about a few things, one of which is that we filed an S-1 again last night. And that was S-1 filed for 1 purpose and 1 purpose only. The numbers that were in the original filing, S-1 is related to the spin out of the oil and gas assets. And we were -- we filed an update to the S-1 with the SEC last evening to do one thing, which is to roll forward the financials that were in the previous filing to make them current because the financials that were in the previous filing expired yesterday, so we needed to update them to the third quarter. And we're -- what we're waiting for now is 2 things. The SEC will get back to us on that filing. We don't expect anything major there. And then the last piece of the process is once the SEC declares that S-1 effective, then we go with FINRA, who has to help us actually implement the spin-off yourself and the major thing that they need to do is ensure that when we do the spinoff, the trading in MMTLP ceases because the stock won't be there anymore. So that's number one.

是的。我認為有一些 - 我們的一些股東在過去一兩天詢問了一些事情，其中​​之一是我們昨晚再次提交了 S-1。這是出於 1 個目的而提交的 S-1，並且僅出於 1 個目的。原始文件中的數字 S-1 與石油和天然氣資產的分拆有關。我們昨晚向 SEC 提交了 S-1 更新，目的是做一件事，即前滾上一份文件中的財務數據，使其成為最新的，因為上一份文件中的財務數據是最新的昨天過期了，所以我們需要將它們更新到第三季度。我們現在正在等待兩件事。美國證券交易委員會將就該文件回复我們。我們預計那裡不會發生任何重大事件。然後這個過程的最後一部分是一旦 SEC 宣布 S-1 生效，那麼我們就與 FINRA 合作，他們必須幫助我們自己實際實施分拆，他們需要做的主要事情是確保當我們進行分拆，MMTLP 的交易停止，因為股票不再存在。所以這是第一。

Number two, last night as well, we filed a $0.25 billion registration statement. Now what I'll say at the very beginning is we said in our comments that there's a likelihood that in the future, we'll need to raise more money in the company. We don't need to do that this minute or even this quarter, but what we wanted to do was make -- take advantage of the fact that our business is really growing rapidly. One of the things that sort of escapes folks at times is that we've more than tripled our revenue 2021. And we did that in spite of COVID, and we're doing it in very unique areas. And so what we want to do is we want to have as many tools available to us as possible to raise capital going forward when the market conditions are right, a shelf registration for a company like ours is 1 of the best tools we can have. It's the most flexible. It allows us to sell stock that's preregistered into the primary market. It also allows us, in certain circumstances to sell stock into secondary market shares that are already issued. And what we can do in that case is we put that shelf registration up. It doesn't commit us to do anything, but it gives us 3 years to raise money and as little or as large pieces as the market makes sense for us to do. So since the fourth quarter is always a crazy busy time for us, and we had capacity we decided we would put the shelf up now. The SEC still has the right to look at it. We expect that they will. And once that's done, then we can use the shelf going forward for the next 3 years for whatever we need for future capital.

第二，昨晚我們也提交了 2.5 億美元的註冊聲明。現在我一開始要說的是我們在評論中說過，未來我們可能需要在公司籌集更多資金。我們不需要在這一分鐘甚至這個季度這樣做，但我們想做的是——利用我們的業務確實在快速增長的事實。人們有時忽視的一件事是，我們到 2021 年的收入增加了兩倍多。儘管有新冠疫情，我們還是做到了這一點，而且我們是在非常獨特的領域做到這一點。因此，我們想要做的是，當市場條件合適時，我們希望擁有盡可能多的可用工具來籌集資金，像我們這樣的公司的貨架註冊是我們可以擁有的最好工具之一。這是最靈活的。它允許我們出售預先註冊到一級市場的股票。它還允許我們在某些​​情況下將股票出售給已發行的二級市場股票。在這種情況下，我們能做的就是進行貨架登記。它並沒有承諾我們做任何事情，但它給了我們三年的時間來籌集資金，並根據市場的需要進行盡可能少或盡可能多的資金。因此，由於第四季度對我們來說總是一個瘋狂的繁忙時期，而且我們有能力，所以我們決定現在就把架子放起來。 SEC 仍然有權對其進行調查。我們希望他們會的。一旦完成，我們就可以在未來三年內使用這個架子來滿足我們未來資本所需的任何需求。

Great. Thank you, Ken. And thank you all for joining us today. If you have any additional questions, you may reach us at ir@metamaterials.com. This concludes today's call.

偉大的。謝謝你，肯。感謝大家今天加入我們。如果您有任何其他問題，可以通過 ir@metamaterials.com 與我們聯繫。今天的電話會議到此結束。