Loop Energy Q2 Results: Record Revenues and Upward Revision of 2022 & 2023 PO GuidanceTuesday, August 9, 2022
Burnaby, BC, August 9, 2022--(T-Net)--Loop Energy (TSX: LPEN) today reported consolidated financial results for the second quarter ending June 30, 2022.
The company reported revenues of $1.1 million and a net loss of $9.9 million for the three months ended June 30, 2022. The company also reported cash and cash equivalents of $43 million as of 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
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.
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 ]
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.
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. Also refer to the section entitled "Cautionary Statement Regarding Forward Looking Information" in our current Management's Discussion and Analysis for more information. Loop does not undertake to update, correct, or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.
Non-IFRS Financial Measures
Product back-log is a non-IFRS financial measure intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning under IFRS and therefore may not be comparable to a similar measure presented by other companies. This non-IFRS measure is used by management, and we believe that it assists investors and other users of our financial reports in assessing our financial performance and monitoring our ongoing financial position.
Our product backlog represents the estimated aggregate value of all future conditional orders, binding and non-binding commitments and memorandums of understanding from customers who have placed at least one committed purchase order with us for at least one fuel cell stack or module with written intention (including binding and non-binding commitments) of follow-on unit orders. Our product backlog is currently comprised of a relatively limited number of contracts and a relatively limited number of customers and there can be no assurance that any such conditions will be fulfilled, or that our product backlog will be equal to our future revenues.
Given the relative immaturity of our industry and customer deployment programs, our product backlog is potentially vulnerable to risk of cancellation, deferral or non-performance by our customers for a variety of reasons, including: risks related to continued customer commitment to a fuel cell program; risks related to customer liquidity; credit risks; risks related to changes, reductions or eliminations in government policies, subsidies and incentives; risks related to macro-economic conditions including trade, public health (including the ongoing impact of the COVID-19 pandemic), and other geopolitical risks; risks related to slower market adoption; risks related to vehicle integration challenges; risks related to the development of effective hydrogen refueling infrastructure; risks related to the ability of our products to meet evolving market requirements; and supplier-related risks.
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