Loop Energy Reports Fourth Quarter & Year End 2023 Results

Loop Energy Inc. (TSX:LPEN), based in Vancouver, BC, shared its financial outcomes for both the fourth quarter and the entire year of 2023 on March 21, 2024. The report highlights a decline in annual revenue from $3.3 million in 2022 to $2.1 million in 2023, alongside a reduction in operating expenses and net losses, marking a challenging yet stabilizing fiscal year. Operating expenses saw a significant decrease from $27.9 million in 2022 to $23.6 million in 2023, and net losses reduced from $37.5 million in 2022 to $34.2 million in 2023. The company also noted a substantial drop in cash and cash equivalents, from $24.5 million in 2022 to $2.9 million by the end of 2023.

In the outlook section, Loop Energy unveils its amalgamation agreement with H2P Portable Power Corp., promising operational efficiencies, a strong incoming team, and a substantial $15 million financing effort. This partnership underscores the company's strategic moves to enhance its financial health and market position. The proposed amalgamation and subsequent financing are set to be decided in an Annual and Special Meeting on April 26, 2024, pending shareholder approval and meeting certain conditions.