Loop Energy Reports Financial Results for the First Quarter 2024

VANCOUVER, BC / ACCESSWIRE / May 15, 2024 / Loop Energy Inc. ("Loop" or the "Company") (TSX:LPEN) today reported financial results for the three months ended March 31, 2024.

Recent Activities

• On February 12, 2024, the Company announced a merger transaction (the "Transaction") with H2 Portable Power Corp. ("H2P") The Company executed an amalgamation agreement (the "Amalgamation Agreement") dated February 9, 2024.
• On March 15, 2024, the Company announced that H2P had launched a $15 million subscription receipt financing .
• On March 21, 2024, the Company reported on its fourth quarter and year end 2023 results.
• On April 3, 2024, the Company announced a postponement of its special and annual shareholder meeting.
• On April 20, 2024, the Company provided an update on the Transaction.
• On April 26, 2024, the Company announced its ability to engage potential new counterparties.
• On April 30, 2024, the Company announced the termination of the Amalgamation Agreement and provided a report on the status of the strategic review process

Financial Highlights for the First Quarter ending March 31, 2024 ("Q1/2024")

• Cash declined from $2.935 million on December 31, 2023 to $2.312 million on March 31, 2024.
• Working Capital (Current Assets less Current Liabilities) declined from $0.385 million on December 31, 2023 to a deficit of $0.807 million on March 31, 2024; however subsequent to the end of the quarter, the Company received a purchase order for inventory of $1.5 million from H2P and $1.5 million of the short term loan was paid out.
• General and administrative expenses were $1.189 million in Q1/2024 versus $2.356 million for the three-month period ending March 31, 2023 ("Q1/2023")
• Engineering expenses were $1.287 million for Q1/2024 versus $3.489 million for Q1/2023
• Business development expenses were $0.048 million for Q1/2024 versus $1.326 million for Q1/2023
• Total Operating expenses before costs recoveries of $0.290 million and the impairment loss of $3.616 million were $2.621 million for Q1/2024 versus $7.430 million on a comparative basis for the same period in 2023
• The total Net Loss before the impairment loss of $3.616 million for the Q1/2024 was $0.937 million versus a total net loss of $7.283 million for Q1/2023
• For full details, please refer to the management-prepared interim condensed consolidated financial statements of the Company and the Company's management discussion and analysis, copies of which are available on SEDAR at sedarplus.ca where such materials were not reviewed or audited by the Company's auditors.
• For full details on the risks and uncertainties affected the Company, please refer to the Company's Annual Information Form (see section entitled "Risk Factors") for the year ended December 31, 2023, a copy of which is available on SEDAR at sedarplus.ca.

Outlook