- Loop Industries (LOOP +1.1%) reported a Q1 net loss of $3.5M (+133.3% Y/Y), due to increased R&D and G&A expenses.
- Q1 Expenses: R&D $1.06M (+114.7% Y/Y) reflecting higher non-cash-stock-based compensation and G&A $2.35M (+164.8% Y/Y) reflecting higher legal, consulting & accounting fees and commercialization efforts.
- Company has a cash balance of $5.4M as on May 31, 2018.
- “Since the last quarter we have activated our Generation II depolymerization technology, designed the world’s first waste to Loop™ PET resin manufacturing technology, hired Nelson Switzer, the former Chief Sustainability Officer of Nestlé Waters and Nestlé USA to assume the role of Chief Growth Officer, and advanced our discussion with manufacturing partners to begin the production of Loop™ PET resin”, said Daniel Solomita, Founder and CEO.
- Previously: Loop Industries reports Q1 results (July 3)