Loop Reports Record Revenue Growth of 161% and Fulfills 22 Purchase Orders in Q1 2022

  • F2021 revenue of $1.4 million1a 161% increase in revenue year over year

  • By mid-March, Loop had received 22 purchase orders, which exceeds the annual total for 2021

  • By the end of February, vehicles equipped with the Loop fuel cell had accumulated field mileage of more than 400,000 km

VANCOUVER (British Columbia), March 23, 2022–(BUSINESS WIRE)–Loop Energy™ (TSX: LPEN) today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2021.

Ben Nyland, President and CEO, said: “During 2021, Loop has achieved its stated goals and has already made great strides towards achieving our 2022 goals. We are very pleased with our 22 purchase orders received to start the year, as this provides a solid basis for further growth and diversification of our customer base. »

Fourth Quarter and Full Year 2021 Financial Highlights

  • Fourth quarter and full year 2021 revenue of $0.1 million (2020; $0.2 million) and $1.4 million (2020; $0.5 million) respectively

  • Fourth quarter and full year 2021 operating expenses of $5.7 million (2020; $2.8 million) and $19.9 million (2020; $8.8 million), respectively

  • Fourth quarter and full year 2021 capital expenditures of $5.4 million (2020; $0.4 million) and $6.7 million (2020; $0.7 million), respectively

  • Net losses of $7.5 million (2020; $2.8 million) and $25.0 million (2020; $8.9 million) respectively in the fourth quarter and for the full year 2021

  • Cash and cash equivalents of $67.0 million for the full year 2021 (2020; $3.2 million)

Outlook 2022

  • Loop aims to triple its 2021 purchase orders to 60 fuel cell units in 2022

  • Loop targets 750,000 km of accumulated mileage in customer vehicles

  • Loop expands exposure in key markets, targeting a 20x increase in viewership at trade shows in 2022

  • Loop plans to introduce the next-generation 120kW module later in 2022, built from the largest electronic flux plate, which the company says will lead to cost reductions across its entire range. of products. Loop also expects the broader product offering to help expand the company’s Total Addressable Market (TAM) while lowering the average cost per kW produced.

  • The Loop factory in Shanghai is on track to be operational in the second quarter of 2022 with a lease option that could allow the company to triple the production space in Shanghai in the medium and long term.

  • Loop continues to expand its engineering capacity and production capacity in Burnaby, British Columbia, with the stated goal of being able to demonstrate its ability to produce 200 fuel cell units per year on a single shift basis. of work by the end of 2022

The company will host a conference call and webcast at 11:00 a.m. ET (8:00 a.m. PT) on Thursday, March 24 for a more detailed discussion of Loop Energy Inc.’s fourth quarter and full year 2021 results.

Please connect by phone 5-10 minutes before the start time and ask to join the Loop Energy call:

The Company’s financial statements and management report are available at investor.loopenergy.com, and www.sedar.com.

About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell systems for commercial vehicle electrification, including light-duty vehicles, city buses, and medium and heavy-duty trucks. Loop’s products feature the company’s proprietary eFlow™ technology in the fuel cell bipolar plates. eFlow™ is designed to enable commercial customers to maximize performance and minimize costs. Loop is working with OEMs and major vehicle subsystem suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information on how Loop is moving towards a zero-emissions future, visit www.loopenergy.com.

  1. Unless otherwise indicated, all amounts are in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards (IFRS).

Forward-looking information
This press release contains forward-looking information within the meaning of applicable securities laws, which reflects management’s current expectations and projections regarding future events. In particular, statements regarding the Company’s expectations regarding future results, performance, achievements, prospects or opportunities or the markets in which we operate are forward-looking information, including, without limitation, our ability to develop and diversify our customer base; our ability to achieve our 2022 goals for sales orders, accumulated mileage in customer vehicles and increased trade show attendance; the planned deployment and timing of the introduction of our next-generation 120 kW module; expected cost reductions across our product line; our ability to expand our total addressable market (TAM) while reducing the average cost per kW produced; the expected commissioning date of our new production facility in Shanghai; our ability to eventually triple production at our Shanghai production facility, and our ability to expand our engineering capacity and production capacity and produce 200 fuel cell units per year at our Burnaby facility on a only one position by the end of 2022. the information is based on a number of assumptions (including, without limitation, assumptions regarding the current and future performance of the Company’s products, the growth of demand for the Company’s products, the Company’s ability to execute its strategy, achieve its objectives and progress customers through the customer adoption cycle in a timely manner) 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 differ materially from those disclosed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the achievement of transportation electrification, the phase-out of diesel fuel and continued government support for these developments, the expected growth in fuel cell demand for the market of commercial transportation, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the company’s annual information form dated dated March 22, 2022. Loop disclaims any obligation to update such forward-looking information. statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220323005987/en/

contacts

Investor requests:
Bill Zhang | Phone. : +1 604.222.3400 ext. 299 | [email protected]
Yonker wool | Tel: +1 646.653.7035 | [email protected]

Media inquiries:
Lucas Schmidt | Phone. : +1.604.222.3400 ext. 603 | [email protected]
Source: Loop Energy Inc.

Sallie R. Loera