VANCOUVER, BC, March 31, 2021 /PRNewswire/ - Loop
Energy (TSX: LPEN) today announced consolidated financial
results for the fourth quarter and full year ending December 31, 2020. All amounts are in CAD dollars
unless otherwise noted and have been prepared in accordance with
International Financial Reporting Standards (IFRS).
"Over the course of 2020, Loop Energy continued to expand our
fuel cell stack technology and experienced a very successful year
in terms of customer engagements across a full range of our target
markets," said Ben Nyland, President
and CEO. "Between our deployments in California, China, and Europe, Loop is very proud to be one of only a
handful of fuel cell companies with a global footprint and a
diversified, dynamically expanding customer base. We believe
we have the team, the technology, and the products to become a
dominant player in the fuel cell market as it develops into more
than a $50B opportunity over the
coming decade."
Q4 2020 Financial Results Highlights
(all comparisons are to Q4 2019 unless otherwise
noted)
- Revenues of $0.2 million as
compared to $0.3 million for the same
period in 2019.
- Loss and comprehensive loss were $2.8
million as compared to $0.7
million to the same period in 2019 or an increase of 300%,
due to higher research and product development costs and higher
general and administrative costs.
Full Year 2020 Financial Results Highlights
(all comparisons are to full year 2019 unless otherwise
noted)
- Revenues of $0.5 million as
compared to $0.5 million for the same
period in 2019.
- Loss and comprehensive loss were $8.9
million as compared to $4.3million to the same period in 2019 or an
increase of 107%, due to higher research and product development
costs and higher general and administrative costs.
Full Year 2020 Highlights
- Loop Energy started the year with no sales in its business
development pipeline and ended 2020 with $3.2M in the backlog and close to 100 companies
in the sales funnel. As of the end of January 2021, the backlog had grown to
$16.4M and is expected to have
continued growth through the remainder of 2021.
- During 2020, Loop Energy spent a total of $7.7 million to support the overall operations of
the company. This included the Company's first investment into
business development related activities and also general working
capital for general and administration. Approximately 79%, or
$6.1 million, of the overall costs
were related to product development initiatives.
- Within Loop Energy's product development group, the main focus
in 2020 was to continue the development around the Company's eFlow™
fuel cell modules.
- During 2020, the Company also invested $0.7 million into its test and manufacturing
facilities in Vancouver to bring
the total invested capital to-date of $2.3
million.
2021 Outlook and Investment
- With the successful completion of Loop Energy's $100M IPO, the Company plans to focus throughout
2021 on the Heavy- and Medium-Duty Motive applications, including
bus, commercial truck, as well as stationary and material handling
markets, with a goal to continue to increase geographic penetration
in China and Europe, while continuing presence in
California.
- A portion of product and technology investments will go into
research and development of a next-generation MEA and bi-polar
plates for use with eFlow™.
- The Company has also received several in-bound opportunities in
additional geographic markets and therefore anticipates projects
that may begin expanding reach beyond the initial key markets of
China and Europe.
- The Company also expects to have a significant increase in
capital assets for 2021 when compared to 2020, as in-house testing
and end of line manufacturing capacity is expanded.
Q4 & Full Year 2020 Financial Summary
The Company will host a conference call at 11:00 a.m. EST on Wednesday, March 31 for a more
detailed discussion of Loop Energy Inc. Q4 and full year 2020
results.
Dial-in by phone 5-10 min prior to the scheduled start time and
ask to join the Loop Energy call:
Canada/USA
TF: 1-800-319-4610
International Toll: +1-604-638-5340
Replay Access Code: 6551
The Company's financial statements and management's discussion
& analysis are available
at www.loopenergy.com/investors and www.sedar.com.
About Loop Energy Inc.
Loop is a leading designer of 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/loop-reports-q4-and-full-year-2020-results-301259611.html
SOURCE Loop Energy
