Loop Industries reported its first quarter fiscal year 2026 results, showing a significant increase in revenues to $252,000, up from $6,000 in the prior year. This increase was primarily driven by $244,000 in engineering fees from the India Joint Venture, marking the emergence of a new revenue stream. The net loss for the quarter decreased by $1.742 million to $3.447 million.
The company demonstrated strong cost control, with cash operating expenses for Q1 Fiscal 2026 at $2.6 million, a 46% reduction compared to the same quarter last year. Loop ended the quarter with $9.748 million in cash and cash equivalents, and available liquidity of $12.3 million, which management believes is sufficient for at least twelve months when combined with anticipated engineering revenues and government funding.
Loop provided updates on its global projects, with site selection for the India facility narrowed to two locations in Gujarat and off-take discussions progressing with global apparel and CPG brands. The modular construction strategy for European and future facilities is expected to significantly reduce CapEx by 50% compared to traditional methods, enhancing project returns and accelerating deployment. The company is actively evaluating opportunities to secure the remaining $15 million equity funding gap for the India project.
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