- Q2 revenue of over $1M for the first time in the Company’s history
- Nanjing bus fleet hits 100K km of successful on road service
- Loop Energy closes another 5 PO’s for fuel cell module shipments in 2021
VANCOUVER, British Columbia—Loop Energy (TSX: LPEN) today announced consolidated financial results for the second quarter ending June 30, 2021.
All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).”During Q2 2021, Loop Energy completed the deployment of its first 10 unit bus fleet in China,” said Ben Nyland, President and CEO, Loop Energy. “This represents the most significant commercial transition in the Company’s history. We have always believed we have one of the best stacks on the market, but now being able to demonstrate this in the field beyond a 1-unit deployment is truly transformational for Loop. Combined with our other customer activity in the quarter, this generated Loop’s first million-dollar revenue quarter. A substantial milestone in our company’s growth.”
Three months ended June 30, 2021 Financial Results Highlights
(all comparisons are to the three months ended June 30, 2020 unless otherwise noted)
Revenues of $1M as compared to $nil for the same period in 2020.
Loss and comprehensive loss were $6 million as compared to $2 million to the same period in 2020 or an increase of 248%, due to increased research and product development costs and higher general and administrative costs.
Q2 2021 Business Highlights
- The Company has continued to build out its management and advisor base with the addition of Jacques Esculier to Loop’s advisory committee and Lisa Beck as VP Human Resources. Mr. Esculier is the former CEO of WABCO, one of the most successful Tier I parts suppliers in the world. WABCO maintained significant market share in China and Europe, which are currently the largest markets for fuel cells. Mr. Esculier led WABCO for almost 18 years, transforming it from a braking component supplier to a leading supplier of electric powertrain and automation components, and ultimately acquired by ZF Industries in 2020. As VP of Human Resources, Ms. Beck’s industry experience spans high tech, manufacturing, telecom and consumer goods, and she is an active advisory council member for the CPHR BC & YT.
- Loop expanded its service offerings through an agreement with Bayotech to provide the end user with a more full-service approach to hydrogen deployment. This approach creates a unique eco-system for the end user through cost effective products, while removing many of the current implementation challenges by bringing those into the partnership and internalizing key items.
- The Company continues the expansion of its service and product alignment through an agreement with Aliant Battery. This agreement provides another key component offering to streamline the integration and system design time for customers, while expanding customer access and scope.
2021 Outlook and Investment
- With the successful completion of Loop Energy’s $100M IPO, the Company has initiated all the major purchases related to the capital equipment deployment in 2021. Additionally, we have built up our HR division which is now seeing very strong success in our recruitment program as the organization has grown by more than 25% since the IPO. Our new VP Human Resources, Lisa Beck, is leading this initiative.
- The Company’s inbound business development queries have greatly increased to broaden its customer base in core mobility markets. Loop is seeing a widening of fuel cell applications into more stationary, portable and new charging applications resulting in a total 24-month backlog of over $37.9M.
- In the bus market, Loop Energy recently completed the shipment, installation, and successful deployment of 10 fuel cell electric buses in Nanjing, China, with Skywell. The buses have performed extremely well in the field and they have amassed a total of over 100,000 km thus far in less than 3 months on the road and an uptime fuel cell availably of 95%. It is the second phase of a multi-year project to deploy 300 fuel cell vehicles in Nanjing as part of an MOU signed in January of 2020 between the Lishui Economic Development Zone and InPower Renewables, Loop’s joint venture manufacturing partner in China.
- Loop’s engineering team is continuing with the design of its next generation 120 kW single row stack for use in the 250 kW Class 8 and heavy duty truck markets. The initial stack design and testing is expected to be completed by the end of 2021 with the 250 kW fuel cell module available for customers in 2022.
- Loop Energy Technologies (Shanghai) Co., Ltd. (a wholly owned subsidiary of Loop Energy) was incorporated on June 30, 2021. Loop Shanghai has secured a lease for 3,275 square meters of production space with options to expand the lease space to a total of 8,673 square meters. The location in Jiading District is perfectly situated as the recent announcement by the China government naming Shanghai as a hydrogen super cluster places the Loop Energy production plant right in the heart of what is expected to be a major hydrogen focal point over the next few years. The Loop Shanghai facility is planned to be operational by the end of 2021 and fully commissioned for production to supply the Chinese market by the end of Q1 2022.
Q2 2021 Financial Summar
The Company will host a conference call at 11:00 a.m. EDT on Thursday, August 12 for a more detailed discussion of Loop Energy Inc. Q2 2021 results.
Dial-in by phone 5-10 min prior to the scheduled start time and ask to join the Loop Energy call:
- Toll Free Dial-In Number: +1 8449314996
- International Dial-In Number: (639) 380-0062
- Conference ID: 9894473