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Loop Industries Inc. (LOOP-10.87%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports revenues of $52,000 for the three-month period, compared to $26,000 in the same period the previous year. The increase in revenue was attributed to the delivery of initial volumes of Loop™ PET resin to customers.
Research and development expenses decreased to $1,377,000 from $1,833,000 in the previous year, primarily due to reductions in employee compensation and external engineering costs.
General and administrative expenses were reported at $2,148,000, down from $2,458,000 in the prior year, mainly due to a decrease in insurance expenses.
The company recorded an impairment charge of $8,460,000 related to machinery and equipment, following the termination of a joint venture with SK Geo Centric Co. Ltd. in South Korea.
Net loss for the quarter increased to $11,912,000 from $4,244,000 in the previous year, largely due to the impairment charge.
For the nine-month period, revenues decreased to $81,000 from $108,000 the previous year. Research and development expenses decreased to $5,559,000 from $8,361,000, while general and administrative expenses were slightly reduced to $7,654,000 from $7,767,000.
The company reported a net loss of $21,940,000 for the nine months ended November 30, 2024, compared to a net loss of $15,995,000 in the same period the previous year.
Loop Industries highlighted its strategic partnership with Reed Management SAS, resulting in a $20,790,000 investment and a licensing agreement to use Loop's technology in Europe.
The company also announced a joint venture with Ester Industries Ltd. to build an Infinite Loop™ manufacturing facility in India, targeting the production of lower carbon footprint rPET, rDMT, and rMEG.
Loop Industries continues to explore financing options to support its commercialization plans and the construction of manufacturing facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Loop Industries Inc. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.