VANCOUVER, BC / ACCESSWIRE / August 3, 2023 / Loop Energy™ (TSX:LPEN) today reported consolidated financial results for the second quarter ending June 30, 2023.
"We continue to manage the business prudently and are containing spending in the second half of the year as we work closely with our financial advisor Credit Suisse to investigate strategic alternatives including partnerships, licensing opportunities, joint development and outsource opportunities, sale, and other ways to bring new capital, expertise and resources to the business," said Ben Nyland, President and CEO of Loop Energy. "Global demand for commercial fuel cell solutions in 2023 remains very similar to 2022, as we have seen in our year-to-date revenues. In this current macro-economic environment, the Board of Directors will be examining all strategic options available that best serve the interests of all stakeholders including our shareholders, customers, employees, partners, and the Company going forward."
Commercial Highlights Q2 2023:
Financial Highlights Q2 2023
The Company announced on March 29, 2023 that it had engaged Credit Suisse to explore strategic alternatives, including potential transaction structures that may bring new capital into the business and extend our runway into 2024 and beyond. Currently, the Company continues to believe it has adequate cash resources and funding commitments to continue operations until the end of the calendar year.
We expect full year revenue in 2023 to be in-line with or slightly above 2022 on a year-over-year basis, subject to current market uncertainty and the Risk Factors that the Company has outlined in the quarterly MD&A and AIF.
Loop Energy will hold a conference call on Thursday, August 3, 2023 at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time) to review second quarter results. Investors and members of the public can join the live call by dialing 1 (888) 330-2057 (toll-free) with the conference ID: 5946836. Please dial-in by phone 5-10 minutes prior to the start time and ask to join the Loop Energy call. Following the call, a recording will be archived in the ‘Financials' area of the ‘Investors' section of Loop Energy's website (https://loopenergy.com/investors/financials/), and www.sedar.com.
Loop Energy is a leading designer and manufacturer of 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. eFlow is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop Energy works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Particularly, statements regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base, the expected growth of our operations globally, and general economic conditions. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company's products, growth in demand for the Company's products, the Company's ability to secure adequate financing to execute on its business strategy, the Company's ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, 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.
Loop Energy Investor Inquiries:
Natalie Arseneau | Tel: +1 604.222.3400 Ext. 418 | firstname.lastname@example.org
Loop Energy Media Inquiries:
Ethan Hugh | Tel: +1 604.222.3400 Ext. 304 | email@example.com
SOURCE: Loop Energy Inc.