Loop Energy reports:
- Record revenues of $1.2 million for the six months ended June 30, 2022 and revenues of $1.1 million for the three months ended June 30, 2022
- Upward revision in purchase order (PO) guidance from 60 to 100 for 2022 (a 67% increase) and from 180 to 500 (a 178% increase) for 2023
- Receipt of 52 POs YTD with 28 POs in Q2 2022
- Revenue realized from 18 units for the first six months surpasses 2021 full year of 14 units
Loop Energy™ (TSX: LPEN) today reported consolidated financial results for the second quarter ending June 30, 2022.
Loop Energy President & CEO, Ben Nyland said “We are delighted with our progress in the first six months of 2022. We started the year with the goal of tripling our purchase orders and to revise our PO guidance after only six months is a great testament to the strength of our go-to-market strategy, technology and our team that is delivering and bettering this aggressive goal.”
Chief Financial Officer, Damian Towns said “I am pleased to share that we have achieved record revenues for the six months ended June 30, 2022. This is a direct result of our team’s tireless commitment to our customers and ensuring their needs are consistently met. With the progression of another two customers through the Customer Adoption Cycle, it is evident that the market for fuel cell solutions is continuously growing.”
Q2 2022 Highlights
- 28 POs received in Q2 2022 versus 12 POs in Q2 2021
- 52 purchase orders received six months ended, June 30, 2022, versus 13 purchase orders six months ended, June 30, 2021
- Advanced with one customer (Tevva) to the Full Production Phase and with one customer (Mobility & Innovation) to the Scale-Up Phase of its Customer Adoption Cycle
- Entered enter the Australian bus market as a supplier of fuel cell modules to Aluminium Revolutionary Chassis Company (ARCC)
- Q222 Revenues of $1.1 million (Q221: $1.1m)
- Q222 Operating expenses of $7.7 million (Q221: $5.0m)
- Q222 Capital expenditures of $1.5 million (Q221: $0.9m)
- Q222 Net losses of $9.9 million (Q221: $6.2m)
- Cash and cash equivalents of $43 million as of June 30, 2022 (March 2022: $56m)
- Revised guidance now targeting 100 POs for 2022 a five-fold increase from 2021 with a further five-fold increase to 500 POs for 2023
- On track to introduce next-generation 120kw fuel cell with launch date on September 19, 2022
- Remains well-funded to meet its stated 2022 objectives but to proactively file a base shelf prospectus to be ready to fund future growth projections
- Shanghai facility first article product inspection is underway
Conference Call Details
Loop Energy will host a conference call on Thursday, August 4 at 7:00 am PT (10:00 am ET) to discuss its financial results for the second quarter of 2022.
To join the call, please dial:
A replay of the call will be available for 2 weeks following the call by dialing 1-844-512-2921 (toll-free) or 1-412-317-6671 (international) and entering replay pin 151279.
Past financial results are also available at loopenergy.com/investors/.
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. At the core of this innovation is its modified geometry that delivers improved uniform current density across the entire active area and increases gas velocity throughout the plate to enhance performance and water management. This innovative design provides OEMs and fleet operators with new levels of fuel efficiency, peak power and durability. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
- All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, our 2022 and 2023 PO targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the planned growth of our customer base and the expected growth of our operations globally; commissioning and start-up of our new production facility in Shanghai, China; the expected rollout and timing of our planned field deployment of our next generation 120 kW fuel cell stacks. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, 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. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.
Source: Loop Energy Inc.