Loop Industries, Inc. (NASDAQ:LOOP) Q3 2023 Earnings Conference Call January 13, 2023 11:00 AM ET

Company Participants

Kevin O’Dowd - Vice President of Communications and Investor Relations

Daniel Solomita - Founder and Chief Executive Officer

Conference Call Participants

Gerard Sweeney - ROTH Capital Partners, LLC

David Quezada - Raymond James Ltd.

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Loop Industries [Second] Quarter 2023 Corporate Update Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. This conference is being recorded today, [October 13, 2022], and the press release accompanying this conference call was issued after market close yesterday, [October 12, 2022].

On our call today is Loop Industries Chief Executive Officer, Daniel Solomita, Kevin O’Dowd, VP, Communications, Investor Relations. I'd now like to turn the conference over to Kevin to read a disclaimer about forward-looking statements.

Kevin O’Dowd

Thank you, operator. Before we get started, let me remind you that today's meeting will include forward-looking statements within the meaning of the securities laws. These forward-looking statements relate to among other things, current plans, expectations, events and industry trends that may affect the Company's future operating results and financial position.

Such statements include risks and uncertainties and future activities and results may differ materially from these expectations. Additional information concerning these statements and related risks and uncertainties is contained in Risk Factors and Forward-Looking Statements section of our latest annual report on Form 10-K, our quarterly report on Form 10-Q filed with the SEC yesterday, in yesterday's press release. Copies of these documents are available at the sec.gov or from our Investor Relations department.

At this time, I'd like to turn the call over to Daniel Solomita, Chief Executive Officer of Loop Industries. Daniel, please go ahead.

Daniel Solomita

Thanks, Kevin. Hi, everyone. Welcome to our Q3 earnings call. I'll just start with the main headlines of what has gone down in the last quarter. First, the sale of the land in Bécancour. It's just a really solid business decision. The value of that land has increased over 500% in the two years since we bought the land, so that the value of the land has exploded, and there was a lot of people that were looking for land in Bécancour and that was the main motivation behind selling the land. The value had increased significantly. And for us, that was just a really solid business decision, selling the land plus our cost reduction initiative gives us three years of cash on hand. That's without having any – raising capital and dilution, and that is more than enough to get us through this current global slowdown that we're experiencing.