Loop Industries reports Q1 net loss of $7.0M; revenue $27; signs JV with SKGC for Asian facilities

Loop Industries, Inc.

Net loss of $7.0M ($0.15 per share) vs $18.0M loss in prior year; revenue from initial PET resin deliveries of $27.
Signed JV agreement with SK Geo Centric to build up to four Infinite Loop facilities in Asia by 2030; first in Ulsan expected completion end of 2025.
Cost reduction measures lowered net expenses ~30% vs prior year, excluding milestone stock-based comp.
Launched Garnier Micellar Water bottle using Loop PET resin; On AG signed LOI for volumes from Ulsan facility.

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 first quarter of fiscal year ending February 29, 2024 (three months ended May 31, 2023) results: revenue $ 27, net income $ (7,001 ).

Period: first quarter of fiscal year ending February 29, 2024 (three months ended May 31, 2023)
Revenue: $ 27
Net income: $ (7,001 )
Result: reported results

Exact text from the filing

The following table summarizes our operating results for the three-month periods ended May 31, 2023 and 2022, in thousands of U.S. Dollars. Three months ended May 31, 2023 2022 Change Revenue from contracts with customers $ 27 $ - $ 27 Expenses Research and development Machinery and equipment expenditures 1,236 1,890 (654 ) External engineering 1,155 1,596 (441 ) Employee compensation 1,286 1,891 (605 ) Stock-based compensation 160 396 (236 ) Plant and laboratory operating expenses 469 866 (397 ) Other 184 161 23 Total research and development 4,490 6,800 (2,310 ) General and administrative Professional fees 619 799 (180 ) Employee compensation 637 715 (78 ) Stock-based compensation 196 8,070 (7,874 ) Insurance 703 1,103 (400 ) Other 310 350 (40 ) Total general and administrative 2,465 11,037 (8,572 ) Depreciation and amortization 133 139 (6 ) Interest and other financial expenses 54 41 13 Interest income (99 ) (13 ) (86 ) Foreign exchange loss (15 ) 2 (17 ) Total expenses 7,028 18,006

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Loop Industries, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-009090

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