Loop Industries, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended August 31, 2023
October 16, 2023 at 07:12 am EDT
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Loop Industries, Inc. reported earnings results for the second quarter and six months ended August 31, 2023. For the second quarter, the company reported sales was USD 0.054 million compared to USD 0.135 million a year ago. Net loss was USD 4.75 million compared to USD 7.71 million a year ago. Basic loss per share from continuing operations was USD 0.1 compared to USD 0.16 a year ago. Diluted loss per share from continuing operations was USD 0.1 compared to USD 0.16 a year ago.
For the six months, sales was USD 0.081 million compared to USD 0.135 million a year ago. Net loss was USD 11.75 million compared to USD 25.71 million a year ago. Basic loss per share from continuing operations was USD 0.25 compared to USD 0.54 a year ago. Diluted loss per share from continuing operations was USD 0.25 compared to USD 0.54 a year ago.
Loop Industries, Inc. is a Canada-based clean technology company. The Company owns patented and proprietary technology that depolymerizes noand low-value waste polyethylene terephthalate (PET) plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop branded PET resin suitable for use in food-grade packaging and polyester fiber, thus enabling its customers to meet their sustainability objectives. Its Infinite Loop provides an end-to-end industrial solution to supply the global demand for Loop PET resin made from recycled content. Loop PET plastic and polyester fiber can be recycled infinitely. The Company reduces plastic waste and recovering waste plastic.