Loop Industries Reports Fiscal 2024 Results and Announces New Ventures

Loop Industries, Inc. announced its consolidated financial results for Q4 and the full fiscal year 2024, and unveiled collaborations with several partners. The company, a clean technology firm focused on recycled PET plastics and polyester fiber, reported substantial business developments and financial performance.

Loop has formed a 50/50 joint venture with Ester Industries Ltd. to establish an Infinite Loop™ manufacturing facility in India, targeting a $28 billion specialty chemicals market. The facility's construction is set for completion by 2026 with an estimated capital investment of $165 million. Loop expects high capital returns and strong cash flows.

In Asia, Loop and SK Geo Centric are exploring the construction of a monomer facility in Ulsan, South Korea. Additionally, Loop signed a Memorandum of Understanding with Reed Management SAS to secure financing for global commercialization.

Loop also collaborated with On, a Swiss sportswear brand, launching the Cloudeasy Cyclon shoe, made from Loop’s 100% recycled polyester fiber. This product is available via On's Circular Cyclon™ subscription program.

The company reported an increase in quarterly revenue from $12,000 to $45,000 year-over-year. Research and development expenses rose to $3,018,000, primarily due to increased plant and external engineering costs. General and administrative expenses stood at $2,221,000.

Overall, Loop Industries faced a net loss of $21,087,000 for the fiscal year ending February 29, 2024, compared to $21,301,000 in the prior fiscal year.