Mon, Jul 15, 9:06 PM (54 days ago)
Loop Industries, Inc. reported its quarterly financial results for the period ending May 31, 2024. The company continues to operate in the pre-commercialization stage with limited revenues, reporting a decline in quarterly revenue to $6,000 from $27,000 in the same period last year. Net loss for the quarter was $5,189,000, an improvement from the $7,001,000 loss in the prior year, primarily due to reduced research and development expenses. Cash and cash equivalents decreased to $5,291,000 from $6,958,000 at the previous quarter-end, with significant cash used in operations and investing activities. The company emphasized uncertainties in securing additional financing, which raises substantial doubt about its ability to continue as a going concern. Loop is actively seeking funding through equity, debt, and strategic partnerships to support its future operations and commercialization plans.