LOOP

Loop is a going-concern in all but name. FY2026 revenue collapsed 95.3% to a token $514K (down from $10.9M in FY2025), while the company burned $10.1M in operating cash against just $2.36M of cash on hand — down 81.8% year-over-year. That is well under three months of runway at the current burn, so the next move is almost certainly a dilutive raise, more debt, or a JV cash call. Stockholders' equity is already negative at -$9.58M against $18.1M of liabilities, and the accumulated deficit sits at -$204M after eleven-plus years of losses. There is no fundamental floor here: net margin is -2,393%, and the P/S of 85 attaches an $43.7M market cap to essentially no commercial revenue.

The MD&A reads as a technology story, not a business: after 'successfully operating' the small 33k-sq-ft Terrebonne pilot facility for five years, actual output remains negligible. The commercialization plan rests entirely on two unproven partnerships — a 50/50 India JV with Ester (facility not yet built) and a Europe license to Reed Société Générale Group where Loop would own just 10% of Infinite Loop Europe. The €10M license down payment is real but non-recurring and does not close a $10M+ annual cash gap; milestone payments are contingent on projects that are years and hundreds of millions of capex from production. Nothing in the filing indicates commercial-scale revenue is imminent.