sur Loop Industries, Inc. (NASDAQ:LOOP)
Loop Industries Reports First Quarter Fiscal 2025 Results and Provides Update on Commercialization Plans
Loop Industries, a clean technology company dedicated to making 100% recycled PET plastic and polyester fiber, shared updates and financial results for the first quarter of fiscal year 2025.
Significant progress was made in partnership with Ester Industries for the planned Infinite Loop™ manufacturing facility in India. Loop aims to secure offtake agreements and is optimistic about closing conditions with Reed Management SAS by the end of the second quarter.
Financial expenses for the quarter totalled $5.2 million, including notable legal fees and project costs. Excluding special items, recurring expenses were $3.2 million. Projected monthly cash expenses stand at $1 million for the rest of fiscal 2025.
Revenue decreased from $27,000 in 2023 to $6,000 in 2024. Net loss for the quarter improved to $5.2 million, down from $7 million in the same quarter last year.
R. E.
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