Loop signs Asia JV with SK Geo Centric, reduces net loss, appoints new CFO

Loop Industries, Inc.

Signed JV with SKGC for Asia; SKGC owns 51%, Loop 49%; first plant in Ulsan, South Korea, to break ground in 2023, complete by end 2025.
Q4 FY2023 net income of $5.42M (vs prior-year loss $14.27M) due to $9.98M land-sale gain; full-year net loss $21.3M vs $44.9M.
Full-year revenue $0.17M from initial Loop PET resin deliveries; cash and equivalents $29.6M at Feb 28, 2023.
Appointed Fady Mansour as CFO effective April 17, 2023; he brings 25+ years finance and leadership experience.
On AG signed LOI to secure Loop PET resin from planned Ulsan facility; Garnier launched 100% upcycled bottle using Loop technology.

item 2.02 item 7.01 item 9.01

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 financial results for fourth quarter of fiscal year ended February 28, 2023.

Period: fourth quarter of fiscal year ended February 28, 2023
Result: reported results

Exact text from the filing

On May 18, 2023, Loop Industries, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter of fiscal year ended February 28, 2023.

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

Loop Industries, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-006899

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