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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<h3>KEY POINTS</h3>
<ul>
<li>META Materials will be at the Consumer Electronics Show (CES) in Las Vegas from January 5-8, 2023.&nbsp;The company has a booth in the North Hall (#9417) for all four days and will be part of the ShowStoppers @ CES 2023 technology showcase for the media and industry’s most influential leaders and advocates held at the Bellagio Hotel on January 5.</li>
<li>CES to highlight META’s game-changing technologies used in today’s products.&nbsp;The booth will showcase NANOWEB® for use in EMI shielding for microwave doors, heating for automotive sensor covers (LIDAR/RADAR, etc.) and 5G reflectors. As well, the company’s EV-related products, the NPORE® nanocomposite ceramic battery separator, and the current collectors that reduce copper usage and improve safety will be on display in META’s booth and incorporated in the Project Arrow concept EV on display at CES.</li>
<li>Look for catalyst from first commercial production contract in 2023.&nbsp;We expect that META will announce at least one production contract this year, delivering a major milestone in the company’s growth of commercial revenues. While META has yet to announce anything, we see NANOWEB as the likely technology to be commercially incorporated into a product.</li>
<li>NANOWEB Transparent EMI Shielding film for microwave oven doors could be the first announcement.&nbsp;We see this given the consumer product market’s quick time to market, an initial target market of high-end microwaves where consumers are less price sensitive and manufacturers are looking for new technology to gain market share, and META’s existing production capacity to supply 30mm width product. It is estimated that about 70 million microwaves are sold each year, with the typical replacement being about seven to 10 years</li>
</ul>
<h3>OUR INSIGHTS</h3>
<h2>The Opportunities</h2>
<p>META is at the early stage of what we expect will be a significant growth curve as its technologies are incorporated into many of today’s products in a range of industries. The company’s growing portfolio of technologies, along with its production capabilities, partnerships, and deep patent portfolio, give META a competitive advantage as it works to penetrate addressable markets that are collectively well in excess of $50 billion.</p>
<h2>The Obstacles</h2>
<p>META is an early-stage company with limited commercial sales and considerable spending needs as it commercializes its products. In addition to the challenges of bringing new technologies from the lab to commercialization, it is likely that the company will need additional capital in the coming years. However, we expect any capital raise will be tied to significant future growth opportunities.</p>
<h2>COMPANY OVERVIEW</h2>
<p>Meta Materials Inc. (META®) is a platform technology company that develops and commercializes breakthrough solutions that can enable step-change improvements in many of today’s products. The company’s technology can make numerous products used in the automotive, medical, consumer, and energy industries that are lighter, smaller, more functional, efficient, and safer. META develops and markets its products both on its own as well as in partnerships with some of the leading global companies, such as DuPont Teijin Films, Mitsubishi Electric Group, Airbus, and PPG.</p>
<p>META was founded in 2011 by current President and CEO George Palikaras, who has assembled a team of leading experts in their fields both through organic growth as well as targeted acquisitions of complementary technologies and the teams that developed them. The company has 472 active utility and design patent documents, of which 292 patents are issued. META’s portfolio comprises 112 patent families, of which 63 include at least one granted patent.</p>
<p>META’s shares were listed on the NASDAQ in 2021 through a reverse takeover with Torchlight Energy Resources, with all hydrocarbon assets to be spun off in 2022. The company is headquartered in Nova Scotia, Canada, where it recently opened a 68,000-square-foot facility with advanced packaging for semiconductors, unique materials, and chemistry research, as well as the design and manufacturing of holographic and other optical products. META also has research and production facilities in Thurso, Quebec, Canada, and Pleasanton, California, as well as research and development offices in Burnaby, BC; Columbia, MD; London, England; and Athens, Greece.</p>
<h2>The Technology</h2>
<p>META’s technologies comprise advanced materials, metamaterials, and functional surfaces that are patterned to manipulate light, heat, and electromagnetic waves in unusual ways not found in nature. The company uses AI software to quickly design patterns for different applications, which can then be produced on its proprietary roll-to-roll production equipment.</p>
<p>META applies its technologies to make step-change improvements in existing products. Examples include a separator that can make lithium-ion batteries safer, coated copper current collectors that are 80% lighter than existing technologies, and thinner and unique security features that can be integrated into banknotes.</p>
<h2>Markets</h2>
<p>META’s technologies and solutions can be used in a wide range of commercial applications, including battery technology, automotive, consumer electronics, aerospace and defense, data transmission, energy, health care, and anti-counterfeiting. Collectively these addressable markets are well in excess of $50 billion a year.</p>
<p>Some of the company’s end-markets are seeing very rapid growth, such as battery technology for vehicles, while other market opportunities lie in the replacement cycle, such as microwave oven shielding or anti-counterfeiting products for use in bank notes.</p>
<h3>DISCLOSURES</h3>
<p>Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.<br><br>WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.<br><br>Graham Mattison, who is the writer of this report, covers the Industrial Technology and ClimateTech &amp; Sustainable Investing sectors for WTR. Mr. Mattison and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.<br><br>Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.<br><br>WTR is being compensated for its research by the company which is the subject of this report. WTR receives no more than a maximum of $10,500 per month from a given client and is required to have at least a 6-month commitment. None of the earned fees are contingent on, and WTR’s client agreements are not cancellable for the content of its reports. WTR does not accept any compensation in the form of warrants or stock options or other equity instruments that could increase in value based on positive coverage in its reports.<br><br>WTR or an affiliate may seek to receive compensation for non-research services to covered companies, such as charges for presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services that WTR or an affiliate might offer to clients.<br><br>The manner of WTR’s research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly-written compliance guidelines.<br><br>The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors, agents or affiliate shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.<br><br>All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.</p>

KEY POINTS

META Materials will be at the Consumer Electronics Show (CES) in Las Vegas from January 5-8, 2023.&nbsp;The company has a booth in the North Hall (#9417) for all four days and will be part of the ShowStoppers @ CES 2023 technology showcase for the media and industry’s most influential leaders and advocates held at the Bellagio Hotel on January 5.
CES to highlight META’s game-changing technologies used in today’s products.&nbsp;The booth will showcase NANOWEB® for use in EMI shielding for microwave doors, heating for automotive sensor covers (LIDAR/RADAR, etc.) and 5G reflectors. As well, the company’s EV-related products, the NPORE® nanocomposite ceramic battery separator, and the current collectors that reduce copper usage and improve safety will be on display in META’s booth and incorporated in the Project Arrow concept EV on display at CES.
Look for catalyst from first commercial production contract in 2023.&nbsp;We expect that META will announce at least one production contract this year, delivering a major milestone in the company’s growth of commercial revenues. While META has yet to announce anything, we see NANOWEB as the likely technology to be commercially incorporated into a product.
NANOWEB Transparent EMI Shielding film for microwave oven doors could be the first announcement.&nbsp;We see this given the consumer product market’s quick time to market, an initial target market of high-end microwaves where consumers are less price sensitive and manufacturers are looking for new technology to gain market share, and META’s existing production capacity to supply 30mm width product. It is estimated that about 70 million microwaves are sold each year, with the typical replacement being about seven to 10 years

OUR INSIGHTS
The Opportunities
META is at the early stage of what we expect will be a significant growth curve as its technologies are incorporated into many of today’s products in a range of industries. The company’s growing portfolio of technologies, along with its production capabilities, partnerships, and deep patent portfolio, give META a competitive advantage as it works to penetrate addressable markets that are collectively well in excess of $50 billion.
The Obstacles
META is an early-stage company with limited commercial sales and considerable spending needs as it commercializes its products. In addition to the challenges of bringing new technologies from the lab to commercialization, it is likely that the company will need additional capital in the coming years. However, we expect any capital raise will be tied to significant future growth opportunities.
COMPANY OVERVIEW
Meta Materials Inc. (META®) is a platform technology company that develops and commercializes breakthrough solutions that can enable step-change improvements in many of today’s products. The company’s technology can make numerous products used in the automotive, medical, consumer, and energy industries that are lighter, smaller, more functional, efficient, and safer. META develops and markets its products both on its own as well as in partnerships with some of the leading global companies, such as DuPont Teijin Films, Mitsubishi Electric Group, Airbus, and PPG.
META was founded in 2011 by current President and CEO George Palikaras, who has assembled a team of leading experts in their fields both through organic growth as well as targeted acquisitions of complementary technologies and the teams that developed them. The company has 472 active utility and design patent documents, of which 292 patents are issued. META’s portfolio comprises 112 patent families, of which 63 include at least one granted patent.
META’s shares were listed on the NASDAQ in 2021 through a reverse takeover with Torchlight Energy Resources, with all hydrocarbon assets to be spun off in 2022. The company is headquartered in Nova Scotia, Canada, where it recently opened a 68,000-square-foot facility with advanced packaging for semiconductors, unique materials, and chemistry research, as well as the design and manufacturing of holographic and other optical products. META also has research and production facilities in Thurso, Quebec, Canada, and Pleasanton, California, as well as research and development offices in Burnaby, BC; Columbia, MD; London, England; and Athens, Greece.
The Technology
META’s technologies comprise advanced materials, metamaterials, and functional surfaces that are patterned to manipulate light, heat, and electromagnetic waves in unusual ways not found in nature. The company uses AI software to quickly design patterns for different applications, which can then be produced on its proprietary roll-to-roll production equipment.
META applies its technologies to make step-change improvements in existing products. Examples include a separator that can make lithium-ion batteries safer, coated copper current collectors that are 80% lighter than existing technologies, and thinner and unique security features that can be integrated into banknotes.
Markets
META’s technologies and solutions can be used in a wide range of commercial applications, including battery technology, automotive, consumer electronics, aerospace and defense, data transmission, energy, health care, and anti-counterfeiting. Collectively these addressable markets are well in excess of $50 billion a year.
Some of the company’s end-markets are seeing very rapid growth, such as battery technology for vehicles, while other market opportunities lie in the replacement cycle, such as microwave oven shielding or anti-counterfeiting products for use in bank notes.
DISCLOSURES
Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.  WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.  Graham Mattison, who is the writer of this report, covers the Industrial Technology and ClimateTech &amp; Sustainable Investing sectors for WTR. Mr. Mattison and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.  Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.  WTR is being compensated for its research by the company which is the subject of this report. WTR receives no more than a maximum of $10,500 per month from a given client and is required to have at least a 6-month commitment. None of the earned fees are contingent on, and WTR’s client agreements are not cancellable for the content of its reports. WTR does not accept any compensation in the form of warrants or stock options or other equity instruments that could increase in value based on positive coverage in its reports.  WTR or an affiliate may seek to receive compensation for non-research services to covered companies, such as charges for presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services that WTR or an affiliate might offer to clients.  The manner of WTR’s research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly-written compliance guidelines.  The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors, agents or affiliate shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.  All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.

CES Preview and 2023 Outlook: Commercial Product Announcements Likely on the Horizon