VANCOUVER, BC, May 12, 2021 /PRNewswire/ -- Loop Energy (TSX: LPEN) today announced consolidated financial results for the first quarter ending March 31, 2021. All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"During Q1 2021, Loop Energy completed its $100M IPO on the TSX," said Ben Nyland, President and CEO, Loop Energy. "This historic event marks the first time in the Company's history of having sufficient capital to execute on a commercial roll-out and scale up of Loop Energy's proprietary eFlow™ technology. With this recent round of investment, the Company has started the process of expanding our sales and amplifying our technology and product development teams, and the results are now beginning to show."
Q1 2021 Financial Results Highlights
(all comparisons are to Q1 2020 unless otherwise noted)
Q1 2021 Business Highlights
2021 Outlook and Investment
Q1 2021 Financial Summary
The Company will host a conference call at 11:00 a.m. EST on Thursday, May 13 for a more detailed discussion of Loop Energy Inc. Q1 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 8449314996International Dial-In Number: (639) 380-0062Conference ID: 1229298
The Company's financial statements and management's discussion & analysis are available at investors.loopenergy.com, www.sedar.com, and sec.gov/edgar.shtml
About Loop Energy Inc.
Loop Energy is a leading designer 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 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, which could cause actual results and events to differ materially from those that are disclosed in 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" in the final long-form prospectus of the Company dated February 18, 2021. Loop disclaims any obligation to update these forward-looking statements.
Source: Loop Energy Inc.
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
