Loop Q3 net loss $1.01M; sells Bécancour land for $13.9M, focuses on SKGC partnership

Loop Industries, Inc.

Revenue of $24,924 from initial PET resin deliveries; net loss of $1.01M vs $10.1M a year ago (includes $6.7M gain on land sale).
Agreement to sell Bécancour, Quebec site for CDN $18.5M (US $13.9M); expected closing Feb 24, 2023.
Terrebonne facility hours reduced to cut costs; proceeds and cost savings expected to ensure ongoing liquidity.
Commercialization focus shifts to SK Geo Centric JV projects in Asia and Europe, with lower equity requirement.
Legal and professional fees increased $0.63M due to SEC investigation and class action suits.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Loop Industries, Inc. reported third quarter of fiscal year 2023 results: revenue $0.02 million, net income $(1,013,073).

Period: third quarter of fiscal year 2023
Revenue: $0.02 million
Net income: $(1,013,073)
Result: reported results

Exact text from the filing

) Total expenses 1,037,997 10,098,243 (9,060,246 ) Net loss $ (1,013,073 ) $ (10,098,243 ) $ 9,085,170 Revenues Revenues for the three-month period ended November 30, 2022 were $0.02 million. For the same period in 2021, there were no revenues. The revenues resulted from the delivery of initial volumes to customers of LoopTM PET resin produced using monomers

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Loop Industries, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-000372

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