Loop Energy Reports Financial Results for First Quarter 2024

Loop Energy Inc., a Vancouver-based company, disclosed its financial results for the first quarter ending March 31, 2024. The report showed a reduction in cash from $2.935 million at the end of 2023 to $2.312 million. Working capital turned negative, posting a deficit of $0.807 million, compared to $0.385 million at the end of December 2023.

Significant drops in general and administrative, engineering, and business development expenses were noted compared to the same quarter in 2023. The total operating expenses prior to recoveries and an impairment loss were $2.621 million for the first quarter of 2024, a decrease from $7.430 million the year before. Despite these reductions, the company experienced a net loss of $0.937 million before accounting for the impairment loss.

The company is actively seeking strategic alternatives and additional funds to support ongoing operations, indicating a critical financial condition that could affect its future viability.

Additionally, recent corporate activities include the termination of an Amalgamation Agreement with H2 Portable Power Corp., and the resignation of Brad Miller from the Board of Directors. These changes come alongside the company’s ongoing strategic reviews and business updates throughout the quarter.