Loop Industries, Inc.

Hello, everyone. Thank you for joining us and welcome to Loop Industries Q2 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Kevin O'Dowd, head of investor relations. Kevin, please go ahead.

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 statement sections in 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 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.

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 Esther 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 completing its detailed work to finalize the new cost estimate. The change will also allow for a faster construction timeline. 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 two facilities on the same site, The second facility is planned to be substantially larger than the first one and would follow after a successful startup 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.