Cuộc họp báo cáo kết quả kinh doanh Quý 2/2027 của Loop Industries (LOOP): Nhà máy tại Ấn Độ điều chỉnh quy mô thành 45.000 tấn

Điểm tin chính

• Loop Industries đã giảm công suất thiết kế của cơ sở đầu tiên tại Ấn Độ từ 70.000 tấn xuống 45.000 tấn mỗi năm, điều mà ban lãnh đạo cho biết sẽ làm giảm nhu cầu vốn, nhu cầu nợ và phần góp vốn cổ phần của Loop.
• Chi phí hoạt động bằng tiền trong quý 2 đạt 1,6 triệu USD, giảm 800.000 USD so với cùng kỳ năm ngoái sau khi cắt giảm nhân sự, bảo hiểm và các chi phí hoạt động khác.
• Tổng thanh khoản khả dụng là 1,9 triệu USD tính đến ngày 31 tháng 8. Một ủy ban đặc biệt đang đánh giá các phương án huy động vốn cổ phần, tài trợ nợ và tài trợ không gây pha loãng.
• Ban lãnh đạo cho biết phần vốn góp bắt buộc của Loop vào công ty liên doanh tại Ấn Độ sẽ ở vùng thấp của khoảng 20 triệu USD, tùy thuộc vào dự toán chi phí cuối cùng của Toyo Engineering. Loop đã đóng góp khoảng 3 triệu đến 5 triệu USD.
• Các hợp đồng, thư ngỏ ý định và các cam kết khác đã bao phủ hơn 50% sản lượng 45.000 tấn hàng năm theo kế hoạch của cơ sở đã điều chỉnh quy mô.
• Nếu đảm bảo được nguồn vốn, ban lãnh đạo đặt mục tiêu bắt đầu xây dựng trong quý 1 năm dương lịch 2027 và đạt mức sản xuất thương mại vào cuối năm dương lịch 2028.

Dữ liệu tài chính quan trọng

Kết quả kinh doanh và hoạt động

Công ty liên doanh tỷ lệ 50-50 với Ester Industries đã điều chỉnh quy mô cơ sở đầu tiên tại Ấn Độ xuống 45.000 tấn mỗi năm. Toyo Engineering đang hoàn thiện công việc chi tiết để xác định chi phí dự án đã sửa đổi, trong đó ban lãnh đạo dự kiến sẽ có dự toán trước khi kết thúc năm dương lịch 2026.

Ban lãnh đạo cho biết nhà máy quy mô nhỏ hơn vẫn duy trì tính kinh tế hấp dẫn vì quy trình nhiệt độ thấp, không bổ sung áp suất của Loop có chi phí vận hành thấp. Ấn Độ cũng cung cấp chi phí lao động thấp hơn và khả năng tiếp cận nguồn nguyên liệu từ rác thải dệt may, hạn chế tác động của quy mô sản xuất nhỏ hơn đến khả năng sinh lời.

Cơ sở này vẫn là nhà máy đầu tiên trong số hai nhà máy theo kế hoạch tại cùng một địa điểm. Cơ sở thứ hai có thể đạt 125.000 tấn mỗi năm, duy trì tổng sản lượng tiềm năng kết hợp là 170.000 tấn. Ban lãnh đạo cho biết nguồn cung nguyên liệu tại địa phương có thể hỗ trợ ít nhất là sản lượng đó.

Một ngân hàng Ấn Độ đã bắt đầu nghiên cứu tính khả thi kinh tế - kỹ thuật của dự án. Đội ngũ của họ đã tới thăm cơ sở của Loop tại Montreal và phần đánh giá công nghệ đã hoàn tất. Ban lãnh đạo cho biết dự án điều chỉnh quy mô đã nhận được sự đón nhận tích cực từ các bên cho vay nợ tiềm năng vì yêu cầu vốn vay ít hơn.

Loop cho biết các yếu tố then chốt của dự án đã sẵn sàng, bao gồm đối tác liên doanh, quỹ đất, thiết kế kỹ thuật nâng cao, nguồn nguyên liệu và nhu cầu của khách hàng. Việc huy động vốn vẫn là yêu cầu cuối cùng trước khi khởi công xây dựng.

Triển vọng từ ban lãnh đạo

Tùy thuộc vào việc đảm bảo được nguồn vốn, Loop dự kiến bắt đầu xây dựng trong quý 1 năm dương lịch 2027. Ban lãnh đạo ước tính quá trình xây dựng, khởi động và đưa vào vận hành sẽ mất khoảng 20 tháng, hướng tới mục tiêu sản xuất thương mại vào cuối năm dương lịch 2028.

Công ty đặt mục tiêu hoàn tất việc huy động vốn trước lễ khởi công theo kế hoạch. Tuy nhiên, ban lãnh đạo không cung cấp ngày hoàn thành huy động vốn cố định hoặc cấu trúc vốn cuối cùng.

Rủi ro và các yếu tố cần theo dõi

• Thanh khoản khả dụng ở mức 1,9 triệu USD, trong khi Loop vẫn cần nguồn vốn lớn cho phần đóng góp của mình vào công ty liên doanh tại Ấn Độ.
• Tổng chi phí dự án đã sửa đổi và nhu cầu vốn cổ phần cuối cùng của Loop vẫn phụ thuộc vào dự toán chi tiết của Toyo Engineering.
• Khung tài trợ nợ 70% dự án dự kiến vẫn chưa được hoàn tất.
• Tiến độ xây dựng phụ thuộc vào việc huy động đủ vốn trước quý 1 năm dương lịch 2027.
• Ban lãnh đạo kỳ vọng có thành phần vốn cổ phần trong gói tài trợ và cũng đang xem xét các công cụ chuyển đổi, tạo ra rủi ro pha loãng tiềm ẩn tùy thuộc vào cấu trúc cuối cùng.

Tóm tắt phiên Hỏi & Đáp với chuyên gia phân tích

Các chuyên gia phân tích tập trung chủ yếu vào nhu cầu vốn đã điều chỉnh. Ban lãnh đạo giải thích rằng các ngân hàng tiềm năng có thể tài trợ khoảng 70% chi phí dự án, 30% còn lại là vốn cổ phần được chia đều giữa Loop và Ester Industries. Trên cơ sở đó, Loop sẽ tài trợ khoảng 15% tổng chi phí dự án. Số tiền chính xác sẽ phụ thuộc vào ước tính kỹ thuật đã điều chỉnh.

Ban lãnh đạo cho biết chi phí của dự án đã điều chỉnh quy mô sẽ không giảm theo tỷ lệ thuận với mức giảm 36% công suất vì một số chi phí là cố định. Dù vậy, Loop dự kiến nhu cầu vốn cổ phần của họ sẽ giảm và chỉ ra rằng số tiền này có khả năng sẽ ở vùng thấp của khoảng 20 triệu USD.

Về các cam kết của khách hàng, ban lãnh đạo xác nhận rằng các hợp đồng, thư ngỏ ý định và các cam kết khác đã bao phủ hơn một nửa công suất 45.000 tấn hàng năm theo kế hoạch của nhà máy đầu tiên.

Về cấu trúc tài trợ vốn, ủy ban đặc biệt đang làm việc với các cố vấn và các nhà đầu tư quan tâm. Ban lãnh đạo kỳ vọng một hình thức huy động vốn cổ phần nào đó nhưng vẫn để ngỏ khả năng sử dụng vốn cổ phần thông thường, các công cụ chuyển đổi, tài trợ nợ và các phương án không gây pha loãng.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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?

Phần hỏi đáp

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.