Loop Energy Reports Q2 Revenues in Excess of $1M
12 August 2021 - 7:21AM
Business Wire
- Q2 revenue of over $1M for the first time in the Company’s
history
- Nanjing bus fleet hits 100K km of successful on road
service
- Loop Energy closes another 5 PO’s for fuel cell module
shipments in 2021
Loop Energy (TSX: LPEN) today announced consolidated financial
results for the second quarter ending June 30, 2021. All amounts
are in CAD dollars unless otherwise noted and have been prepared in
accordance with International Financial Reporting Standards
(IFRS).
"During Q2 2021, Loop Energy completed the deployment of its
first 10 unit bus fleet in China,” said Ben Nyland, President and
CEO, Loop Energy. “This represents the most significant commercial
transition in the Company’s history. We have always believed we
have one of the best stacks on the market, but now being able to
demonstrate this in the field beyond a 1-unit deployment is truly
transformational for Loop. Combined with our other customer
activity in the quarter, this generated Loop’s first million-dollar
revenue quarter. A substantial milestone in our company’s
growth."
Three months ended June 30, 2021 Financial Results
Highlights
(all comparisons are to the three months ended June 30, 2020
unless otherwise noted)
- Revenues of $1M as compared to $nil for the same period in
2020.
- Loss and comprehensive loss were $6 million as compared to $2
million to the same period in 2020 or an increase of 248%, due to
increased research and product development costs and higher general
and administrative costs.
Q2 2021 Business Highlights
- The Company has continued to build out its management and
advisor base with the addition of Jacques Esculier to Loop’s
advisory committee and Lisa Beck as VP Human Resources. Mr.
Esculier is the former CEO of WABCO, one of the most successful
Tier I parts suppliers in the world. WABCO maintained significant
market share in China and Europe, which are currently the largest
markets for fuel cells. Mr. Esculier led WABCO for almost 18 years,
transforming it from a braking component supplier to a leading
supplier of electric powertrain and automation components, and
ultimately acquired by ZF Industries in 2020. As VP of Human
Resources, Ms. Beck’s industry experience spans high tech,
manufacturing, telecom and consumer goods, and she is an active
advisory council member for the CPHR BC & YT.
- Loop expanded its service offerings through an agreement with
Bayotech to provide the end user with a more full-service approach
to hydrogen deployment. This approach creates a unique eco-system
for the end user through cost effective products, while removing
many of the current implementation challenges by bringing those
into the partnership and internalizing key items.
- The Company continues the expansion of its service and product
alignment through an agreement with Aliant Battery. This agreement
provides another key component offering to streamline the
integration and system design time for customers, while expanding
customer access and scope.
2021 Outlook and Investment
- With the successful completion of Loop Energy's $100M IPO, the
Company has initiated all the major purchases related to the
capital equipment deployment in 2021. Additionally, we have built
up our HR division which is now seeing very strong success in our
recruitment program as the organization has grown by more than 25%
since the IPO. Our new VP Human Resources, Lisa Beck, is leading
this initiative.
- The Company’s inbound business development queries have greatly
increased to broaden its customer base in core mobility markets.
Loop is seeing a widening of fuel cell applications into more
stationary, portable and new charging applications resulting in a
total 24-month backlog of over $37.9M.
- In the bus market, Loop Energy recently completed the shipment,
installation, and successful deployment of 10 fuel cell electric
buses in Nanjing, China, with Skywell. The buses have performed
extremely well in the field and they have amassed a total of over
100,000 km thus far in less than 3 months on the road and an uptime
fuel cell availably of 95%. It is the second phase of a multi-year
project to deploy 300 fuel cell vehicles in Nanjing as part of an
MOU signed in January of 2020 between the Lishui Economic
Development Zone and InPower Renewables, Loop’s joint venture
manufacturing partner in China.
- Loop’s engineering team is continuing with the design of its
next generation 120 kW single row stack for use in the 250 kW Class
8 and heavy duty truck markets. The initial stack design and
testing is expected to be completed by the end of 2021 with the 250
kW fuel cell module available for customers in 2022.
- Loop Energy Technologies (Shanghai) Co., Ltd. (a wholly owned
subsidiary of Loop Energy) was incorporated on June 30, 2021. Loop
Shanghai has secured a lease for 3,275 square meters of production
space with options to expand the lease space to a total of 8,673
square meters. The location in Jiading District is perfectly
situated as the recent announcement by the China government naming
Shanghai as a hydrogen super cluster places the Loop Energy
production plant right in the heart of what is expected to be a
major hydrogen focal point over the next few years. The Loop
Shanghai facility is planned to be operational by the end of 2021
and fully commissioned for production to supply the Chinese market
by the end of Q1 2022.
Q2 2021 Financial Summary
The Company will host a conference call at 11:00 a.m. EDT on
Thursday, August 12 for a more detailed discussion of Loop Energy
Inc. Q2 2021 results.
Dial-in by phone 5-10 min prior to the scheduled start time and
ask to join the Loop Energy call:
Toll Free Dial-In Number: +1 8449314996
International Dial-In Number: (639) 380-0062 Conference ID:
9894473
The Company's financial statements and management's discussion
& analysis are available at investors.loopenergy.com,
www.sedar.com
About Loop Energy Inc.
Loop Energy is a 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’s products feature the Company’s
proprietary eFlow™ technology in the fuel cell stack’s bipolar
plates. eFlow™ was designed to enable commercial customers to
achieve performance maximization and cost minimization. Loop works
with OEMs and major vehicle sub-system suppliers to enable the
production of fuel cell electric vehicles. For more information
about how Loop is driving towards a zero-emissions future, visit
www.loopenergy.com.
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflect management’s 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. Such
risks and uncertainties include, but are not limited to, the
ability of the Company to execute on its strategy and the factors
discussed under “Risk Factors Company’s Annual Information Form"
dated March 30, 2021. Loop disclaims any obligation to update these
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005886/en/
Loop Energy Investor Contact: Darren Ready | Tel:
+1.604.222.3400 Ext 302 | darren.ready@loopenergy.com Loop Energy
Business Contact: George Rubin | Tel: +1.604.828.8185 |
grubin@loopenergy.com Loop Energy EMEA Contact: Luigi Fusi |
+39.028457.3048 | luigi.fusi@loopenergy.com Loop Energy Media
Contact: Ashley Eisner | Tel: +1.212.697.2600 |
aeisner@gscommunications.com
Loop Energy (TSX:LPEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Loop Energy (TSX:LPEN)
Historical Stock Chart
From Jul 2023 to Jul 2024