Loop Industries(LOOP) - 2024 Q4 - Annual Results

Financial Performance - Revenues for Q4 2024 increased to $45 million, up from $12 million in Q4 2023, representing a $33 million increase [18]. - The net loss for Q4 2024 was $5.1 million, compared to a net income of $5.4 million in Q4 2023, reflecting a $10.5 million unfavorable change [21]. - Loop Industries reported total revenues for the fiscal year 2024 of $153 million, down from $173 million in fiscal year 2023, a decrease of $20 million [24]. - Revenue for the year ended February 29, 2024, was $153,000, a decrease of 11.6% from $173,000 in 2023 [30]. - The net loss for the year ended February 29, 2024, decreased by $214 to $21,087 compared to $21,301 for the same period in 2023 [28]. - The company reported a comprehensive loss of $21,016 for the year ended February 29, 2024, compared to $22,346 in 2023 [30]. Expenses - Research and development expenses for Q4 2024 rose to $3.018 million, an increase of $805, primarily due to a significant inventory write-down [19]. - General and administrative expenses for the fiscal year 2024 decreased to $9.988 million, down from $20.429 million in fiscal year 2023, a reduction of $10.441 million [26]. - Research and development expenses decreased by $5,967 to $11,379, a reduction of 34.4% compared to $17,346 in 2023 [30]. - General and administrative expenses decreased by $10,441 to $9,988, a reduction of 51.2% from $20,429 in 2023 [30]. - Total expenses for the year ended February 29, 2024, were $21,902, down 42.5% from $38,325 in 2023 [30]. Cash Flow and Assets - Cash and cash equivalents decreased significantly from $29,591 in 2023 to $6,958 in 2024, a decline of 76.5% [32]. - Total assets decreased from $40,560 in 2023 to $20,553 in 2024, a reduction of 49.3% [33]. Strategic Initiatives - The company established a 50/50 joint venture with Ester to create an Infinite Loop™ manufacturing facility in India, with an estimated capital investment of $165 million [4]. - Loop and SKGC are exploring the construction of a monomer facility in Ulsan, South Korea, to capitalize on the growing market for DMT and MEG [6]. - Loop anticipates a 5% annual royalty payment on sales from the new manufacturing facility in India, contributing to strong cash flows [4]. - Financing negotiations with Reed are progressing well, with expectations to finalize binding agreements by the end of Q2 FY 2025 [10]. Product Development - The company launched the Cloudeasy Cyclon shoe in collaboration with On, utilizing 100% recycled polyester fiber from Loop's Infinite Loop™ technology [11]. Sustainability Goals - Loop Industries aims to accelerate the shift toward sustainable PET plastic and polyester fiber, contributing to a circular economy by recycling waste plastics [37]. Shareholder Information - The weighted average common shares outstanding increased slightly from 47,418,949 in 2023 to 47,522,483 in 2024 [30].