Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Sales

Loop Reports Increase in Product Backlog to $45 Million, YTD Revenues More Than Triple Versus 2020

Loop Energy (TSX: LPEN) today announced consolidated financial results for the third quarter ending September 30, 2021. All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

"During Q3 2021, Loop Energy continued to progress towards our commercial goals for 2021," said Ben Nyland, President and CEO, Loop Energy. "The fleet deployment with Skywell has accumulated close to 200,000 in-service kilometres. We continue to see strong growth in Europe and we are building momentum in Korea. Customer feedback about the performance of our products relative to our competitors gives us confidence that our market focus on commercial vehicles is establishing a strong foundation for growth over the coming years."

Three and nine months ended September 30, 2021 Financial Results Highlights

Q3 2021 Business Highlights

2021 Outlook and Investment

Q3 2021 Financial Summary

The Company will host a conference call at 11:00 am EDT (8:00 am PDT) on Friday, November 12 for a more detailed discussion of Loop Energy Inc. Q3 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 (888) 330-2057
International Dial-In Number: 1 (646) 960-0203
Conference ID: 5946836

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 eFlowtm technology in the fuel cell stack's bipolar plates. eFlowtm is 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.

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.

These press releases may also interest you

at 16:35
CB Financial Services, Inc. ("CB" or the "Company") , the holding company of Community Bank (the "Bank") and Exchange Underwriters, Inc. ("EU"), a wholly-owned insurance subsidiary of the Bank, today announced its fourth quarter and year-to-date 2021...

at 16:35
Eros STX Global Corporation ("ErosSTX", the "Company", "we" or "our") today announced that its Board of Directors has approved a one-for-twenty reverse split of its issued and outstanding A and B ordinary shares (the "Reverse Stock Split"). The...

at 16:33
Intelerad Medical Systemstm, a global leader in medical image management solutions, today announced the appointment of Jean Boyle as Vice President of Global Professional Services, to bolster the company's commitment to its clients and superior...

at 16:30
Marathon Gold Corporation ("Marathon" or the "Company"; TSX: MOZ) is pleased to announce that it has completed a vertical amalgamation with its wholly-owned subsidiary, Mountain Lake Resources Inc., effective January 28, 2022. The amalgamation will...

at 16:30
Logiq, Inc. (NEO: LGIQ), a global provider of award-winning consumer acquisition solutions, today reported that Pursuant to Section 13 or 15(d) of the US Securities Exchange Act of 1934, and the Canadian Securities Administration (CSA) National...

at 16:30
The "Smart Cards - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Smart Cards Market to Reach US$16.8 Billion by the Year 2026 Global market for Smart Cards estimated at US$12.6 Billion in...

News published on 10 november 2021 at 17:10 and distributed by: