Loop Industries, Inc.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Loop Industries' fourth quarter 2024 corporate update call. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. This conference is being recorded today, Friday, May 30th, 2025. The earnings release accompanying this call was issued after the market closed yesterday and Thursday, May 29, 2025. On our call today are Loop Industries Chief Executive Officer Daniel Solomita, Nick LaFond, Interim Chief Financial Officer, and Kevin O'Dowd, Head of Investor Relations. I would now like to turn the conference over to Kevin to read a disclaimer regarding forward-looking statements.

Thank you, operator. Before we begin, please note that this morning's discussion will include forward-looking statements within the meaning of U.S. securities laws. These statements relate to our expectations, beliefs, projections, future plans and strategies, anticipated events, and other future performance matters. Forward-looking statements involve risks and uncertainty that may cause actual results to differ materially. For more complete discussion of these risks and uncertainties, please refer to the risks and factors and forward-looking statement sections in our most recent annual report on Form 10-K filed yesterday with the SEC and our press release issued yesterday. These documents are available at www.sec.gov or from our investor relations team. With that, I'll now turn the call over to Daniel Salamita, Chief Executive Officer of Loop Industries.

Thank you, Kevin. Good morning, everyone. I am pleased to report several positive developments as we continue to progress towards commercialization of our unique technology and the construction of our manufacturing facilities in India, in partnership with Esther Industries, and in Europe with our partnership with Reed Societe Generale Group. Q4 was an important milestone quarter for Loop. It marks our first quarter of reporting material revenues due mostly to the sale of our first technology license to Reed Societe Generale Group for $10.4 million. We also executed an engineering services agreement with our India joint venture, Elite, for $600,000 to support the feed engineering study, which was concluded by Tata Engineering Consultants. We expect to generate an additional $750,000 in engineering revenue to the end of the year. In Q4, we'd also close the $10.4 million financing from Reed Société Jean Group. It's a convertible debt instrument that converts into loop shares at $4.75 a share in 2030. It's a 13% interest, peak interest. Updating now on the Infinite Loop India. Tata Consulting Engineers completed the feed engineering study, confirming the initial CapEx estimates. The capex came in slightly below the original estimate, which further validates our strategy of manufacturing in low-cost countries. We decided to add a continuous polymerization line, which further reduces opex and allows us to offer highly competitive pricing to our customers while maintaining robust financial profitability for the joint venture. The conclusion of the feed study from Tata really confirmed and crystallized what we thought about moving into a low-cost manufacturing country, where you see the capex significantly lower than if you would be building the same project in other parts of the world. So we're really excited and happy with the outcomes. To come in a little bit below the original estimate is really a testament to our team, our engineering team, Tata, and our partners at Esther Industries. The Infinite Loop India facility will output both virgin quality polyester fiber grade PET, a sustainable solution for apparel and home furnishing industries, enabling textile-to-textile recycling and circular fashion. It will also produce virgin-quality bottle-grade PET resin for packaging applications. The ability for Loop's technology to offer virgin-quality textile-to-textile fiber-grade and bottle-grade resin provides significant customer and segment diversification. So we're able to produce the polyester fiber, textile-to-textile, and the bottle-grade material for our customers. So we really work in all of the different spaces in the polyester industry. So as different sectors have different needs, our facilities and our technology is able to respond to both of those needs. The instrument – For the Infinite Loop facility in India, we are currently in advanced discussions with several brand companies to secure off-take supply agreements for the Indian facility. The customer contracts are required for KPMG to complete the debt syndication for the project. Executing customer contracts are the key for the timing of the groundbreaking, which is scheduled for the second half of this year. On to our partnership with Reed Societal Group. The timeline for executing this project in Europe has advanced significantly, as Societe Generale Group has moved up the timeline to be able to execute the project earlier and get product to the markets in Europe earlier. The companies are currently focusing on site selection for the inaugural European facility, where Loop is playing more of a supporting role to Societe Generale as they're looking across Europe for different site locations, dealing with different governments, incentive programs, and seeing where is the best fit for the project. and we are starting to kick off the required engineering studies of which Loop will be heading that activity to be able to provide the engineering for this European facility. Loop will be executing the engineering for this project as its first using modular construction, which will reduce overall capex and shorten construction timelines. The standardized modules will be built in a low-cost manufacturing country and then shipped and assembled on-site. This is really, for us, a key focus moving forward, is being able to deliver these plants in modular form. Building in low-cost countries, as we saw with the CAPEX estimate completed by Kata in India, the reduction in CAPEX is significant, mainly due to labor costs. And so being able to build these modules in low-cost manufacturing, ship them on site to different countries around the world and assemble them there, It really reduces the capex and reduces the time to build these facilities. And so those are two really important factors for us to be able to execute on these projects quicker and build them around the world and have better overall performance and IRR for the projects. So some of the main advantages of building with technology in the modules are are taking advantage of the reduced labor cost and low-cost manufacturing company. Their cost predictability, because once you have the modules done, it's like an EPC contract. You have a fixed price for the modules, so there's no surprises on site. Minimized waste and lower indirect costs because everything that is done in a fabrication shop, you know, no weather to deal with. It's all done indoors. So it's very much more predictable and shorter schedules and faster timeline to market because you don't have to wait, let's say, for the civil work to be done. where in a typical construction you have to wait for the foundations to be done, site work to be done, and then you can start erecting the structures. Well, here both can be done in parallel. As you're doing the civil work, you can be building your modules. So it's a really exciting opportunity for us, and this is really the future of building up these facilities anywhere in the world and starting with these modules in a low-cost manufacturing country. With that, I'll pass the call over to Nick for the financial results.