As of the end of March:
- Loop reports revenue of $0.2 million1, compared to $nil for the same period last year
- 24 purchase orders received, surpassing 2021 annual total of 19
- Vehicles equipped with Loop’s fuel cells had accumulated in field mileage of over 400,000 km
- Loop added a second customer to enter the Scale Up Phase of its Customer Adoption Cycle – Tevva Motors Ltd.
Loop Energy™ reported consolidated financial results for the first quarter ending March 31, 2022.
Ben Nyland, President and CEO said: "We are continuing to see traction in the market for our products. We started the year with the goal of tripling our 2021 purchase orders to 60 in 2022 and are delighted to report that as of March 31, 2022, we have already achieved 24 purchase orders. We continue to lay the foundation in 2022 to enable us to deliver against our projected future demand.”
Q1 2022 Highlights
- Revenues of $0.2 million, compared to $nil for the same period last year
- 24 purchase orders received versus 4 purchase orders in Q4 2021
- Operating expenses of $6.1 million, compared to $3.9 million for the same period last year
- Capital expenditures of $3.3 million, compared to $0.2 million for the same period last year
- Net losses of $8.0 million, compared to $4.9 million for the same period last year
- Cash and cash equivalents of $55.7 million in Q1 2022, compared to $67.0 million for the full year of 2021
- Selected to receive $9.75 million interest-free federal loan funding from Pacific Economic Development Canada
- Tevva Motors enters Scale Up Phase of Customer Adoption Cycle and selects Loop Energy as fuel cell supplier for 7.5 ton truck
Loop’s 2022 Outlook
- Targeting a tripling of purchase orders to reach sales of 60 fuel cell units
- Targeting 750,000 km of accumulated mileage in customer vehicles
- Expanding its presence in key markets, targeting a 20-fold increase in viewership at trade shows in 2022
- Planning to introduce its next-generation 120 kW fuel cell in the second half of 2022, built from the larger e-flow plate which the company expects to result in cost reductions across its entire product range. Loop also expects the larger product offering will help expand the company’s total addressable market (TAM) while reducing average cost per kW produced
Shanghai facility expected to be operational in Q2 - although this may be delayed by the current COVID related lockdowns in China. The lease agreement also includes an option that could enable the company to triple production space in Shanghai in the medium to long term
- Loop continues to grow its engineering capability and production capacity in Burnaby, British Columbia with a stated objective of being able to demonstrate the ability to produce 200 fuel cell units per annum on a single-shift basis by the end of 2022
- The Company will host a conference call and webcast at 11:00 am ET (8:00 am PT) on Thursday, May 5 for a more detailed discussion of Loop Energy Inc. Q1 2022 results.