Loop Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2017
January 12, 2018 at 04:05 pm
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Loop Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2017. For the quarter, the company reported a net loss of $6.7 million for the three months ended November 30, 2017, an increase in net loss of $6.0 million compared to a net loss of $0.7 million for the same period in the prior year. The increase in net loss is primarily explained by non-cash stock-based compensation expense of $4.4 million of which $3.2 million relates to the immediate vesting of equity grants during the quarter which management doesn’t expect to repeat in the future. Basic and Diluted loss per share was $0.2 per share against $0.02 a year ago.
For the nine months, the company reported net loss was $10,402,707 or $0.32 per basic and diluted share against $2,539,123 or $0.08 basic and diluted 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.
LOOP INDUSTRIES, INC. 
