Loop Industries (LOOP) 2027年第2四半期決算説明会：インド工場の規模を4万5,000トンに変更

要点

• Loop Industriesは、インド第1工場の計画年産能力を7万トンから4万5,000トンに削減しました。経営陣によると、これにより必要資本、負債調達額、およびLoopの自己資本拠出額が低減する見込みです。
• 第2四半期の現金支出費用は160万ドルとなり、人件費、保険料、その他の営業費用の削減により前年同期比で80万ドル減少しました。
• 8月31日時点の利用可能な流動性総額は190万ドルでした。特別委員会は、株式、負債、および希薄化を伴わない資金調達の選択肢を検討しています。
• 経営陣は、東洋エンジニアリングによる最終コスト見積もり次第であるものの、インドの合弁会社に対するLoopの必要出資額は2,000万ドルのレンジの下限付近になる見込みであると示しました。Loopはすでに約300万ドルから500万ドルを拠出しています。
• 規模を縮小した同施設の計画年産能力4万5,000トンの50%超が、契約、基本合意書（LOI）、その他のコミットメントによってカバーされています。
• 資金調達が確保されれば、経営陣は2027年第1四半期に着工し、2028年末までに商業生産を開始することを目指しています。

主要財務データ

業績および事業状況

エステル・インダストリーズとの50対50の合弁会社は、インド第1工場の年産能力を4万5,000トンに規模縮小しました。東洋エンジニアリングが改定プロジェクトコストを確定するための詳細作業を進めており、経営陣は2026年末までに見積もりが完了すると見込んでいます。

経営陣は、Loopの低温・無加圧プロセスは営業費用が低いため、プラントを小型化しても魅力的な採算性を維持できると述べました。また、インドは人件費が安く、繊維廃棄物の原料調達が可能であるため、生産規模の縮小が収益性に与える影響は限定的です。

同施設は、同敷地内で計画されている2つの工場のうち最初のものです。第2工場は年産12万5,000トンに達する可能性があり、合計で年産17万トンの潜在能力を維持します。経営陣は、現地の原料調達能力は少なくともその生産量を確保できると述べています。

インドの銀行が本プロジェクトの技術的・経済的実現可能性調査を開始しました。同行のチームはLoopのモントリオール施設を訪問し、技術評価部分は完了しています。経営陣によると、規模を縮小したプロジェクトは必要な借入金が少なくなるため、融資を検討している銀行から好評を得ているとのことです。

Loopは、合弁パートナー、用地、詳細設計、原料調達、顧客需要など、プロジェクトの主要要素は揃っていると述べました。着工前に残された最後の要件は資金調達です。

業績見通し・展望

資金調達の確保を前提として、Loopは2027年第1四半期に着工を予定しています。経営陣は、建設、立ち上げ、試運転に約20か月かかると試算しており、2028年末までの商業生産開始目標を裏付けています。

同社は着工予定前に資金調達を完了させることを目指しています。ただし、経営陣は明確な資金調達の完了日や最終的な資金調達構造を示していません。

リスクおよび注目点

• 利用可能な流動性は190万ドルにとどまる一方、Loopはインド合弁事業の自社負担分として引き続き大幅な資本を必要としています。
• 改定後の総プロジェクトコストおよびLoopの最終的な自己資本必要額は、東洋エンジニアリングによる詳細見積もりに引き続き左右されます。
• 目安とされている70%のプロジェクト負債調達枠組みはまだ確定していません。
• 建設の時期は、2027年第1四半期までに資金調達が確保できるかどうかに依存します。
• 経営陣は資金調達パッケージに株式要素が含まれると予想しており、転換可能証券の活用も検討しているため、最終的な構造によっては希薄化リスクが生じる可能性があります。

アナリスト質疑応答のハイライト

アナリストは主に改定後の資金要件に注目しました。経営陣は、融資を検討している銀行がプロジェクトコストの約70%を融資する可能性があり、残りの30%を自己資本としてLoopとエステル・インダストリーズで折半することになると説明しました。これに基づくと、Loopは総プロジェクトコストの約15%を負担することになります。正確な金額は改定されたエンジニアリング見積もりによって決定されます。

経営陣は、一部の費用が固定費であるため、規模を縮小したプロジェクトのコストは36%の能力削減に直接比例して減少するわけではないと説明しました。それにもかかわらず、Loopは自己資本必要額が減少すると見込んでおり、その金額はおそらく約2,000万ドルのレンジの下限付近になるだろうと示しました。

顧客のコミットメントについて、経営陣は、第1工場の計画年産能力4万5,000トンの過半数が契約、基本合意書（LOI）、その他のコミットメントによってカバーされていることを確認しました。

資金調達構造に関して、特別委員会はアドバイザーや関心のある投資家と協議を進めています。経営陣は何らかの形態の株式調達を予想していますが、普通株、転換可能証券、負債、希薄化を伴わない代替手段にも柔軟姿勢を示しています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone. Thank you for joining us, and welcome to Loop Industries Q2 Earnings Call. [Operator Instructions] I will now hand the conference over to Kevin O'Dowd, Head of Investor Relations. Kevin, please go ahead.

Kevin O'Dowd

Thank you, operator. Before we begin, please note that today's discussion will include forward-looking statements within the meaning of U.S. securities laws. These statements relate to our expectations, projections, beliefs, future plans and strategies, anticipated events and other performance matters. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. For a complete discussion of these risks and uncertainties, please refer to risk factors and forward-looking statements segments and our most recent Form 10-K and Form 10-Q and other filings within the Securities and Exchange Commission. These documents, along with yesterday's earnings release are available on the SEC's website and through the Investor Relations section of the Loop Industries website. The company undertakes no obligation to update or revise any forward-looking statements except as required by law.

With that, I would like to now turn the call over to Loop Industries Founder and Chief Executive Officer, Daniel Solomita. Daniel, please go ahead.

Daniel Solomita

My name is Daniel Solomita, I'm the founder -- I'm Daniel Solomita, Founder and CEO of Loop Industries. I will cover the continuing progress of our major commercialization project in India; and our CFO, Spencer Hart, will provide an update to the company's liquidity, financing situation and the activities of the recently formed special committee. Our Indian joint venture with Ester Industries has made the decision to reduce the capacity of the first facility in India from 70,000 kilotons to 45,000 kilotons per annum. This change will significantly lower the capital cost of the facility and the resulting debt and equity financing needs.

Toyo Engineering is currently contemplating completing its detailed work to finalize the new cost estimates. The change will also allow for a faster construction time line. If we are successful in raising our capital, we would expect to begin construction in Q1 calendar of 2027 and complete construction by the end of 2028. The smaller facility is expected to provide attractive economic returns due to the advantages of Loop's low temperature and no pressure added technology, which produces virgin quality PET resin and polyester fiber at very low operating costs, together with being located in a low-cost environment in India, which also offers access to plentiful textile waste.

The Indian facility is still contemplated to be the first of 2 facilities on the same site. The second facility is planned to be substantially larger than the first 1 and would follow after a successful start-up of the first facility. We are engaged in positive discussions with a major bank in India, which is a long-term relationship of our Indian joint venture partner regarding the project debt facility. These discussions are progressing well. The team from the bank in India started the TEV study, which is the technical due diligence portion.

There was a team from India that came to visit our facility in Montreal a few weeks ago. We successfully completed the technology assessment of the TEV study. And that will be used by the debt lender as documentation for their loan for the debt piece in India.

We are fortunate that our strategic partners in India and Europe are committed to their relationships with Loop and to the success of our commercialization projects in their respective geographical areas.

I will now hand over to Spencer and then revert with a closing comment.

Spencer Hart

Thanks, Daniel. We have maintained a strong focus on cost control. and that's allowed us to reduce our overhead. Our cash operating expenses for the quarter were $1.6 million, a year-over-year reduction of $800,000. And our run rate has continued to decline into the third quarter. These savings reflect targeted reductions in personnel, insurance and other operating expenses as well as the waiver of cash compensation by our outside directors. As of August 31, we reported total available liquidity of $1.9 million.

To address our capital needs and secure funding for Loop's equity contribution to our India joint venture, our Board formed a special committee in September of 2026. The committee is actively working with advisers to evaluate a full range of financing alternatives, including equity, debt and nondilutive options. Importantly, rescaling our first commercial facility in India will reduce the project's overall capital requirements, directly lowering our required equity contribution.

All key elements of the project in India are in place, including an experienced joint venture partner, secured land, advanced engineering designs, reliable feedstock sourcing and strong customer demand. The final step before reaching the construction stage is securing the financing. Together with the equity contribution from Ester, our 50-50 joint venture partner, and the project debt currently being syndicated, we are actively working towards fully funding the facility.

With that, I'll turn the call back to Daniel for closing remarks.

Daniel Solomita

Thank you, Spencer. I would like to close by saying notwithstanding the current low stock price and our efforts on raising the capital required for the facility, both our management team, Board of Directors and partners continue to strongly believe in Loop's potential for significant long-term value creation based on our technology, our commercialization projects in India and Europe, and the needs of the apparel and global consumer packaging good brands, consumers for high-quality recycled product at a competitive price.

With that, we will open the call to questions.

Operator

[Operator Instructions] Your first question comes from the line of Jon Hickman with Ladenburg. Jon?

質疑応答

Jon Hickman

Could you give us an estimate for the revised total cost of the project at the new level, and what the new equity contribution is? I think before you were looking at about $20 million of equity, could you update us on that?

Spencer Hart

So the Toyo Engineering Group that has been hired to complete the final cost estimate will be completing that in the coming weeks. So we don't have the final number yet, but as soon as we do have the final number, we'll be able to share that. But it will be significantly lower than the 70,000 ton plant that we had initially designed.

Jon Hickman

Okay. So you think you can get the funding put together, start construction, and have construction complete by the end of 2029? Did I hear that accurately?

Daniel Solomita

So the time for construction, start-up and commissioning is a total of 20 months. And therefore, if the funding is secured and we start the project in beginning of 2027 calendar year, we would have the plant up and running commercially producing material by the end of 2028 calendar year.

Jon Hickman

Yes, calendar year. Okay. So could you give us some estimate of your confidence in being able to come up with a new kind of lower equity component, so you can get this started?

Daniel Solomita

Are you asking the confidence that the number will be lower, the cost?

Jon Hickman

No, just your ability to come up with the lower number.

Daniel Solomita

The ability to rent financing?

Jon Hickman

Yes. Have you talked to interested parties already? Can you give us any sense of where you are in that process just the committed special committee, but could you elaborate at all on that?

Spencer Hart

Sure. It's Spencer. Maybe I'll address that. So let me clarify 1 thing. We feel like in the area of $20 million is the total amount that we would be requiring for the contribution for our portion of the equity contribution to the JV you had kind of mentioned. And I will tell you that the special committee is very focused on this. We're engaged with advisers and actively working in discussions. But as you can probably imagine, we can't promise anything until it's done. You never know until it's done, but that is a very primary focus.

And the project is very attractive. I mean the economics of the unit are attractive. The returns are good, and the opportunity to invest in Loop, to fund that promises really attractive returns to investors. So we've had a lot of interest from investors that we've been engaged with.

Operator

Your next question comes from the line of Gerry Sweeney with ROTH Capital.

Gerard Sweeney

I apologize. I had some technical difficulties getting on earlier. I got dropped, so I missed a lot of the commentary. But just wanted to dig in a little further with everything that's going on. Obviously, a little bit of friction here I think securing financing for the facility. But as you downscale this initial facility, does this impact anything around the debt financing that you're looking for in India? Is there any carryover or anything we should be looking at on that front?

Daniel Solomita

I would say to that, Gerry, that it is only viewed as a positive by the debt lenders. So obviously, the amount of debt needed for the project is lower. We're very confident with the LOIs and the contracts that we have from Nike Taro Plast, which are solid contracts, and then we have LOIs that will meet the requirements that the that lenders will be satisfied with our commitments. And so overall, in speaking with the debt lenders, it was a very positive discussion. The lower size -- the resizing of the facility was extremely well received.

Gerard Sweeney

Got it. And as you go through this process, obviously, I mean, equity is not a component, but are there any other areas that you're pursuing alternatively that you can drive some of the financing to support the project.

Spencer Hart

I can take that. Gerry, I guess, I mean we're very flexible in terms of the form of the capital that we're raising I think it's highly likely that there'll be an equity component. Whether it's straight equity or some kind of convertible instrument, we're flexible and open to working with investors to find something that works for both sides. But our goal is to get the capital on that first facility. And as you can probably imagine, this will be the hardest financing that we'll ever have to do. And subsequent financings, people will be, I think, very excited to provide capital to the extent that we will need it.

Gerard Sweeney

Yes. No, I absolutely agree. Listen, I think you know my stance. I think the technology works. I think it's just getting financing across the goal line here. And getting some of the shovels in the ground and getting that started. All right. Do you have any time lines when you think -- obviously, it sounds like this is forefront. And I know it's hard to give some definitive answers on this front. But I would expect is this something that's imminent within the next couple of weeks? What should we be thinking about on that front? If you can discuss in this environment as...

Spencer Hart

Time lines for the financing, is that what you're asking?

Gerard Sweeney

Yes. Yes. Yes. I'm sorry. Yes.

Spencer Hart

Yes. Look, I mean 1 thing that we can't -- that we're just not going to do is like predict exactly how much or when or what it's going to look like because you just don't know until it's done. We're working really hard on that. And our goal is, as Daniel said, in order to break ground in the first quarter of next year, we have to have the financing in place in advance of that. And so that's probably the best way to think about what our goal for timing with, of course, the understanding that sooner is better. And so we're certainly not going to delay anything. And our goal is to bring it in and secure it as quickly as we can.

Operator

Your next question comes from the line of Marvin Wolff with Paradigm Capital.

Marvin Wolff

On this downsized or rightsized [indiscernible] size for the output, what percent of that do you have contracted out?

Daniel Solomita

So we haven't given exact volumes for all of our contracts. But between the LOIs that we have signed and the contracts that we have signed and the commitments we have today, we are over a threshold of 50% of the facility sold?

Marvin Wolff

50% of the 45?

Daniel Solomita

Over 50%, I said, committed LOIs or contracts. On the 45,000 side. Yes.

Marvin Wolff

Okay. Now with a smaller first plant, does that imply a larger second plant? Because were we talking about the second plant being maybe 100,000 tons?

Spencer Hart

Yes. So we'll have the flexibility to increase the size of the second plant as well because the gating item on the size of the facilities is more about the feedstock availability. And so we're very comfortable that there's enough feedstock for a total of at least 170,000 tons in the area, so we would be able to grow the second facility to 125,000 tons. So the total output of the 2 facilities would remain the same.

Marvin Wolff

Right. Okay. Okay. Well, that's good. Yes. It's always interesting when something is downsized, because people assume maybe it's not as profitable, but I think with your technology, the downsized amount can be just as profitable. Is that correct?

Spencer Hart

Yes. So in a chemical plant, the scale cost factor, so it's 1-to-1 kind of on the chemistry. So the chemistry costs don't change because the amount of catalyst you use or the amount of energy use is kind of directly proportional to the amount of feedstock you're processing and the amount of output. So those things don't change. It's more of your fixed cost that would go up. And thankfully, in India, the low-cost environment and the low cost of labor in India allows for the economics to still be very attractive because usually it's the labor cost that invite you because you'll need the same amount of people running the facility. But in our case, because of the low cost nature of India, it doesn't impact our financials dramatically. So it's still very profitable.

Marvin Wolff

Okay. One last question. When do you expect the detailed engineering guys to have their stuff all done and have a number that you can talk about?

Daniel Solomita

I would expect that in the coming weeks. So definitely before year-end, calendar year-end. Yes.

Operator

Your next question comes from the line of Varyk Kutnick with Divyde Capital Partners.

Varyk Kutnick

I just want to make sure I understand. So if the original equity piece that was required on your end for the factory was 70,000 metric tons or whatever it was, your equity contribution was $20 million. Now that's been haircut by 42%, shouldn't your equity contribution be somewhere near like $12 million now? Or is it not scale like that, proportional?

Spencer Hart

Do you want me to take that, Daniel?

Daniel Solomita

Sure.

Spencer Hart

So here's how we're thinking about the equity -- here's how to think about the equity contribution. The banks that we've been working with, and again, nothing is finalized, but it seems realistic to think that it's going to be -- they'll finance 70% of the project. And so the remaining 30% is going to be equity, and that's going to be split evenly between Loop and Ester, who is our JV partner, right? So when you think about it like that, our portion is about 15% of the total project cost, right?

When it was 70,000, and we talked about $165 million to $170 million for the facility, 15% of that would have been more like $25 million or $25 million to $30 million, in that range. So I know you said that the old amount was 20%, but it was probably a little more than that. And so now...

Varyk Kutnick

Right. We say $30 million, we cut it by 42%. The equity piece should be been around $15 million or $16 million that you guys need that, correct?

Spencer Hart

Yes. I mean that's basically how the math works. Right. The cost may not come down by 40% just because there are -- it just doesn't exactly work like that, but it will come down and our equity component will come down. And I think that will be -- the methodology we just discussed is the right way to think about what the amount of our equity contribution will be. And keep in mind that we have made a portion already of that contribution.

Varyk Kutnick

How much have you made?

Spencer Hart

Over time [indiscernible] it to the JV. It's in the kind of $3 million to $5 million range.

Varyk Kutnick

Got you. So if the total amount is $20 million that you guys...

Spencer Hart

It will be probably the lower end of that.

Varyk Kutnick

Got you. And if we were to say that you've already contributed $2 million or $3 million, you guys only need to contribute $18 million or $17 million to make this over the line, correct?

Spencer Hart

That's the way to think about it, yes.

Operator

We have reached the end of the Q&A session. I will now turn the call back to Daniel Solomita for closing remarks.

Daniel Solomita

Thank you very much, everyone, for attending the call and for the questions. And we'll keep you posted as to the developments of the company.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.