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Loop Energy Reports Fourth Quarter & Year End 2023 Results, Postpones Special and Annual Shareholder Meeting
Wednesday, April 10, 2024Company Profile | Follow Company
Burnaby, BC, April 10, 2024--(T-Net)--Loop Energy (TSX: LPEN) has reported consolidated financial results for the fourth quarter and full year ending December 31, 2023.
The company reported sharply lower full year 2023 revenues of $2.1 million, down 36% YoY, against operating costs of $23.6 million, resulting in net losses of $23.6 million.
The company also reported a sharply lower cash and cash equivalents balance of $2.9 million, compared to $24.5 million in the prior year.
The company subsequently reported its previously announced Special and Annual Shareholder Meeting date has been postponed, without explanation, but said a new Meeting date will be announced once it has been determined by the company's board of directors.
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Editor's Note: Loop Energy announced earlier this year that the Company and H2P Portable Power Corp. have entered into an amalgamation agreement in respect of a "three-cornered amalgamation" pursuant to which H2P will amalgamate with a subsidiary of Loop, Loop will acquire all of the issued and outstanding common shares of H2P, and H2P shareholders will receive common shares of Loop.
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Full Year 2023 Financial Highlights
All amounts are in Canadian dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Outlook
About Loop Energy Inc.
Loop Energy™ is a leading designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop Energy's products feature the company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates.
eFlow™ technology enables customers to achieve superior performance and higher fuel efficiency when using Loop Energy's fuel cell stacks, which lowers operating cost for end users while enabling OEMs to achieve lower capital cost and faster time to market. Loop Energy works closely with its partners to enable the production of hydrogen electric solutions.
Forward Looking Information This press release may contain forward-looking statements with respect to us and the fuel cell industry. Such statements reflect our current expectations and projections regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. [ MORE ] |
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