Loop Industries (LOOP) 10-Q 15 Oct 24 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Aug. 31, 2024	Oct. 14, 2024
Cover [Abstract]
Entity Registrant Name	Loop Industries, Inc.
Entity Central Index Key	0001504678
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--02-29
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Aug. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Entity Common Stock Shares Outstanding		47,620,263
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38301
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	27-2094706
Entity Address Address Line 1	480 Fernand-Poitras Terrebonne
Entity Address City Or Town	Québec
Entity Address Country	CA
Entity Address Postal Zip Code	J6Y 1Y4
City Area Code	450
Local Phone Number	951-8555
Security 12b Title	Common stock, par value $0.0001 per share
Trading Symbol	LOOP
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Current assets
Cash and cash equivalents	$ 1,395	$ 6,958
Sales tax, tax credits and other receivables (Note 3)	392	351
Inventories (Note 4)	81	102
Prepaid expenses and other deposits (Note 5)	492	577
Total current assets	2,360	7,988
Investment in joint venture	381	381
Property, plant and equipment, net (Note 6)	10,476	10,636
Intangible assets, net (Note 7)	1,786	1,548
Total assets	15,003	20,553
Current liabilities
Accounts payable and accrued liabilities (Note 9)	4,376	2,321
Current portion of long-term debt (Note 10)	393	100
Unearned revenue (Note 11)	101	0
Total current liabilities	4,870	2,421
Due to customer	800	770
Long-term debt (Note 10)	4,499	3,220
Total liabilities	10,169	6,411
Stockholders' Equity
Series A Preferred stock par value $0.0001; 25,000,000 shares authorized; one share issued and outstanding	0	0
Common stock par value $0.0001; 250,000,000 shares authorized; 47,620,263 shares issued and outstanding (February 29, 2024 - 47,528,908) (Note 12)	5	5
Additional paid-in capital	185,868	171,792
Additional paid-in capital - Warrants	7,041	20,385
Accumulated deficit	(186,998)	(176,970)
Accumulated other comprehensive loss	(1,082)	(1,070)
Total stockholders' equity	4,834	14,142
Total liabilities and stockholders' equity	$ 15,003	$ 20,553

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2024	Feb. 29, 2024
Stockholders' Equity
Series A preferred stock, par value	$ 0.0001	$ 0.0001
Series A preferred stock, share authorized	25,000,000	25,000,000
Series A preferred stock, share issued	1	1
Series A preferred stock, share outstanding	1	1
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	47,620,263	47,528,908
Common stock, shares outstanding	47,620,263	47,528,908

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Revenue from contracts with customers	$ 23	$ 54	$ 29	$ 81
Expenses :
Research and development (Note 13)	1,945	2,038	4,182	6,528
General and administrative (Note 14)	2,595	2,843	5,506	5,308
Depreciation and amortization (Notes 6 and 7)	129	136	266	268
Total expenses	4,669	5,017	9,954	12,104
Other loss (income) :
Interest and other financial expenses	119	44	179	98
Interest income	(6)	(219)	(132)	(318)
Foreign exchange loss (gain)	80	(38)	56	(52)
Total other loss (income)	193	(213)	103	(272)
Net loss	(4,839)	(4,750)	(10,028)	(11,751)
Other comprehensive loss -
Foreign currency translation adjustment	43	84	(12)	104
Comprehensive loss	$ (4,796)	$ (4,666)	$ (10,040)	$ (11,647)
Net loss per share
Basic and diluted	$ (0.10)	$ (0.10)	$ (0.21)	$ (0.25)
Weighted average common shares outstanding
Basic and diluted	47,573,302	47,521,187	47,554,357	47,518,645

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-in Capital - Warrants	Accumulated Deficit	Accumulated other comprehensive Income (Loss)
Balance, shares at Feb. 28, 2023		1	47,469,224
Balance, amount at Feb. 28, 2023	$ 33,736	$ 0	$ 5	$ 170,370	$ 20,385	$ 155,883	$ 1,141
Issuance of shares upon the vesting of restricted stock units (Note 15), shares			51,963
Issuance of shares upon the vesting of restricted stock units (Note 15), amount	0	0	$ 0	0	0	0	0
Stock options issued for services (Note 15)	333	0	0	333	0	0	0
Restricted stock units issued for services (Note 15)	410	0	0	410	0	0	0
Foreign currency translation	104	0	0	0	0	0	104
Net loss	(11,751)	$ 0	$ 0	0	0	11,751	0
Balance, shares at Aug. 31, 2023		1	47,521,187
Balance, amount at Aug. 31, 2023	22,832	$ 0	$ 5	171,113	20,385	167,634	1,037
Balance, shares at May. 31, 2023		1	47,521,187
Balance, amount at May. 31, 2023	27,110	$ 0	$ 5	170,725	20,385	162,884	1,121
Stock options issued for services (Note 15)	172	0	0	172	0	0	0
Restricted stock units issued for services (Note 15)	216	0	0	216	0	0	0
Foreign currency translation	84	0	0	0	0	0	84
Net loss	(4,750)	$ 0	$ 0	0	0	(4,750)	0
Balance, shares at Aug. 31, 2023		1	47,521,187
Balance, amount at Aug. 31, 2023	22,832	$ 0	$ 5	171,113	20,385	167,634	1,037
Balance, shares at Feb. 28, 2024		1	47,528,908
Balance, amount at Feb. 28, 2024	14,142	$ 0	$ 5	171,792	20,385	176,970	1,070
Issuance of shares upon the vesting of restricted stock units (Note 15), amount	0	0	0	0	0	0	0
Stock options issued for services (Note 15)	295	0	0	295	0	0	0
Restricted stock units issued for services (Note 15)	437	0	0	437	0	0	0
Foreign currency translation	(12)	0	0	0	0	0	(12)
Net loss	(10,028)	0	$ 0	0	0	(10,028)	0
Issuance of shares upon the vesting of restricted stock units (Note 15), shares			91,355
Expiration of warrants (Note 17)	0	$ 0	$ 0	13,344	13,344	0	0
Balance, shares at Aug. 31, 2024		1	47,620,263
Balance, amount at Aug. 31, 2024	4,834	$ 0	$ 5	185,868	7,041	186,998	1,082
Balance, amount at Feb. 29, 2024	14,142
Foreign currency translation	(12)
Net loss	(10,028)
Balance, shares at Aug. 31, 2024		1	47,620,263
Balance, amount at Aug. 31, 2024	4,834	$ 0	$ 5	185,868	7,041	186,998	1,082
Balance, shares at May. 31, 2024		1	47,538,745
Balance, amount at May. 31, 2024	9,268	$ 0	$ 5	172,162	20,385	182,159	1,125
Issuance of shares upon the vesting of restricted stock units (Note 15), amount	0	0	0	0	0	0	0
Stock options issued for services (Note 15)	148	0	0	148	0	0	0
Restricted stock units issued for services (Note 15)	214	0	0	214	0	0	0
Foreign currency translation	43	0	0	0	0	0	43
Net loss	(4,839)	0	$ 0	0	0	4,839	0
Issuance of shares upon the vesting of restricted stock units (Note 15), shares			81,518
Expiration of warrants (Note 17)	0	$ 0	$ 0	13,344	13,344	0	0
Balance, shares at Aug. 31, 2024		1	47,620,263
Balance, amount at Aug. 31, 2024	$ 4,834	$ 0	$ 5	$ 185,868	$ 7,041	$ 186,998	$ 1,082

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Cash Flows from Operating Activities
Net loss	$ (10,028)	$ (11,751)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization (Notes 6 and 7)	266	268
Stock-based compensation expense (Note 15)	732	743
Accretion expense (Note 10)	57	36
Changes in operating assets and liabilities:
Sales tax and tax credits receivable (Note 3)	(39)	(114)
Inventories (Note 4)	21	(175)
Prepaid expenses (Note 5)	84	510
Accounts payable and accrued liabilities (Note 9)	2,031	(522)
Customer deposits	0	(12)
Unearned revenue (Note 11)	101	0
Net cash used in operating activities	(6,775)	(11,017)
Cash Flows from Investing Activities
Deposits on equipment (Note 5)	0	(5,065)
Additions to intangible assets (Note 7)	(325)	(225)
Net cash used in investing activities	(325)	(5,290)
Cash Flows from Financing Activities
Borrowings under credit facility (Note 10)	1,587	0
Repayment of long-term debt (Note 10)	(50)	(32)
Net cash (used) provided by financing activities	1,537	(32)
Effect of exchange rate changes	0	113
Net decrease in cash	(5,563)	(16,226)
Cash, cash equivalents and restricted cash, beginning of period	6,958	30,591
Cash, cash equivalents and restricted cash, end of period	1,395	14,365
Supplemental Disclosure of Cash Flow Information:
Income tax paid	0	0
Interest paid	132	43
Interest received	$ 201	$ 213

The Company, Basis of Presentat

The Company, Basis of Presentation and Going Concern	6 Months Ended
	Aug. 31, 2024
The Company, Basis of Presentation and Going Concern
The Company, Basis of Presentation and Going Concern	1. The Company, Basis of Presentation and Going Concern The Company Loop Industries, Inc. (the “Company,” “Loop,” “we,” or “our”) is a technology company that owns patented and proprietary technology that depolymerizes no and low-value waste polyethylene terephthalate (“PET”) plastic and polyester fiber to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop ™ Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures included in these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2024, filed with the SEC on May 29, 2024. The unaudited interim condensed consolidated financial statements comprise the consolidated financial position and results of operations of Loop Industries, Inc. and its subsidiaries, Loop Innovations, LLC and Loop Canada Inc. All subsidiaries are, either directly or indirectly, wholly owned subsidiaries of Loop Industries, Inc. (collectively, the “Company”). The Company also owns, through Loop Innovations, LLC, a 50% interest in a joint venture, Indorama Loop Technologies, LLC, which is accounted for under the equity method. Intercompany balances and transactions are eliminated on consolidation. The condensed consolidated balance sheet as of February 29, 2024, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by US GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods. The results for the three- and six-month periods ended August 31, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, for the fiscal year ending February 28, 2025, or for any other period. All monetary amounts in these notes to the condensed consolidated financial statements are in thousands of U.S. dollars unless otherwise specified, except for per share data. Going Concern These unaudited interim condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and settlement of liabilities in the normal course of business as they come due. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the date of issuance of these consolidated financial statements. Since its inception, the Company has been in the pre-commercialization stage with no material revenues from customers, and its ongoing operations and commercialization plans have been financed primarily by raising equity and debt. Therefore, the Company has incurred net losses and negative cash flow from operating and investing activities since its inception and expects to incur additional net losses while it continues to develop and plan for commercialization. As at August 31, 2024, the Company’s available liquidity was $2,403, consisting of cash and cash equivalents of $1,395 and an undrawn amount on a senior loan facility from a Canadian bank of $1,008. Also, current liabilities exceeded current assets by $2,510 as at August 31, 2024. Management continuously monitors the Company’s cash resources against its short-term cash commitments to ensure there is sufficient liquidity to fund its costs for at least twelve months from the financial statement issuance date. Management evaluates the Company’s liquidity to determine if there is substantial doubt about its ability to continue as a going concern. In preparing this going concern assessment, management applies significant judgment in estimating future cash flow requirements of the Company based on budgets and forecasts, which includes developing assumptions related to the estimation of amount and timing of future cash outflows and inflows. Based on this assessment, it is estimated that the Company has sufficient liquidity to cover expected cash outflows until end of November 2024, by which time management believes the financing with Reed (see Note 18 for additional details) will be completed, and that the remaining closing conditions will have been addressed. This is expected to provide an initial amount of $11,080 (€10,000), with further amounts at future dates. To secure the Company’s liquidity in the event of timing delays in funding, certain insiders have committed to provide bridge financing of $2,000 if necessary. Notwithstanding, these events and conditions are material uncertainties that raise substantial doubt upon the Company’s ability to continue as a going concern and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. The Company’s ability to move to the next stage of its strategic development and construct manufacturing plants is dependent on, among other factors, whether the Company can obtain the necessary financing through a combination of the issuance of debt, equity, and/or joint ventures, and/or government incentive programs and/or customers. However, there is no assurance that the Company will be successful in attracting additional funding. Even if additional financing is available, it may not be available on terms favorable to the Company. Failure to secure additional financing on favorable terms when it becomes required would have an adverse effect on the Company’s financial position and on its ability to execute its business plan. The Company is seeking to finalize the negotiation of previously announced financing initiatives on acceptable terms (see Note 18 for additional details), however, there is no assurance it will succeed. These unaudited interim condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 31, 2024
Summary of Significant Accounting Policies
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of estimates The preparation of financial statements in conformity with US GAAP requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include the going concern assessment, estimates for depreciable lives of property, plant and equipment and intangible assets, recoverability of tax credits receivable, assumptions made in calculating the fair value of stock-based compensation and other equity instruments, and the assessment of performance conditions for stock-based compensation awards. Unearned revenue Unearned revenue represents obligations to our customers for which payment has been received in advance of the delivery of goods or performance of services. Such revenue is recognized on the balance sheet as a contract liability until we fulfill our contractual obligations. The timing of revenue recognition is based upon the transfer of control of the specified goods or services to the customer. For goods, this typically occurs at the time of shipment or delivery, depending on the terms of the contract. For services, revenue is recognized as the services are performed, either at a point in time or over a specified period. Net earnings (loss) per share The Company computes net loss per share in accordance with FASB ASC 260, Earnings Per Share For the three- and six-month periods ended August 31, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an antidilutive effect. As at August 31, 2024, the potentially dilutive securities consisted of 2,771,216 outstanding stock options (2023 – 2,782,000), 4,461,818 outstanding restricted stock units (2023 – 4,417,688), and 2,357,407 outstanding warrants (2023 – 7,089,400). Recently issued accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and includes certain other amendments to improve the effectiveness of income tax disclosures. The updated standard is effective for our annual periods beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the impact that the updated standard will have on our financial statement disclosures. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements, other than additional disclosures in our notes to the consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. Management is currently evaluating the impact that the updated standard will have on our financial statement disclosures.

Sales Tax Tax Credits and Other

Sales Tax Tax Credits and Other Receivables	6 Months Ended
	Aug. 31, 2024
Sales Tax Tax Credits and Other Receivables
Sales Tax, Tax Credits And Other Receivables	3. Sales Tax, Tax Credits and Other Receivables Sales tax, research and development tax credits and other receivables as at August 31, 2024 and February 29, 2024 were as follows: August 31, 2024 February 29, 2024 Sales tax $ 189 $ 75 Research and development tax credits 196 160 Interest income receivable - 70 Other receivables 7 46 $ 392 $ 351

Inventories

Inventories	6 Months Ended
	Aug. 31, 2024
Inventories
Inventories	4. Inventories Inventories as at August 31, 2024 and February 29, 2024 were as follows: August 31, 2024 February 29, 2024 Finished goods $ 523 $ 552 Work in process 347 333 Raw materials 13 34 Allowance for inventory write-down (802 ) (817 ) $ 81 $ 102 As at August 31, 2024 and February 29, 2024, inventories included finished goods, work in process and raw materials. Finished goods inventories consist of bottle grade and fiber grade Loop ™ ™

Prepaid Expenses and Other Depo

Prepaid Expenses and Other Deposits	6 Months Ended
	Aug. 31, 2024
Prepaid Expenses and Other Deposits
Prepaid Expenses and Other Deposits	5. Prepaid Expenses and Other Deposits Prepaid expenses and other deposits as at August 31, 2024 and February 29, 2024 were as follows: August 31, 2024 February 29, 2024 Insurance $ 348 $ 449 Other 144 128 $ 492 $ 577 As of August 31, 2023, the Company had placed non-refundable cash deposits totaling $5,065 on long-lead equipment intended for use in the initial Infinite Loop™ manufacturing facility. By February 29, 2024, this equipment had been received, and the corresponding amount was transferred to Machinery & Equipment on our balance sheet.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Aug. 31, 2024
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net	6. Property, Plant and Equipment, Net As at August 31, 2024 Cost Accumulated depreciation, write-down and impairment Net book value Machinery and equipment (1) $ 8,460 $ - $ 8,460 Building 1,837 (404 ) 1,433 Land 227 - 227 Building and Land Improvements 1,864 (1,611 ) 253 Office equipment and furniture 277 (174 ) 103 $ 12,665 (2,189 ) 10,476 (1) The equipment, which is being held in storage, and can be utilized in a commercial facility, is presented in machinery and equipment at cost and is currently not being amortized. As at August 31, 2024 there were no indicators of impairment of the equipment. As at February 29, 2024 Cost Accumulated depreciation, write-down and impairment Net book value Machinery and equipment $ 8,460 $ - $ 8,460 Building 1,827 (371 ) 1,456 Land 226 - 226 Building and Land Improvements 1,853 (1,472 ) 381 Office equipment and furniture 275 (162 ) 113 $ 12,641 $ (2,005 ) $ 10,636 Depreciation expense for the three- and six-month periods ended August 31, 2024 amounted to $79 and $170, respectively (2023 – $101 and $201).

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Aug. 31, 2024
Intangible Assets, Net
Intangible Assets, Net	7. Intangible Assets, Net Intangible assets as at August 31, 2024 and February 29, 2024 were $1,786 and $1,548, respectively. During the six-month periods ended August 31, 2024 and 2023, we made additions relating to patent application costs to intangible assets of $325 and $225, respectively. Amortization expense for the three- and six-month periods ended August 31, 2024 amounted to $50 and $96, respectively (2023 – $35 and $67).

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Aug. 31, 2024
Fair Value of Financial Instruments
Fair value of financial instruments	8. Fair Value of Financial Instruments The following tables presents the fair value of the Company’s financial liabilities as at August 31, 2024 and February 29, 2024: Fair Value at August 31, 2024 Carrying Amount Fair Value Level in the hierarchy Financial liabilities measured at amortized cost: Long-term debt $ 4,892 $ 4,952 Level 2 Due to customer $ 800 $ 800 Level 2 Fair Value at February 29, 2024 Carrying Amount Fair Value Level in the hierarchy Financial liabilities measured at amortized cost: Long-term debt $ 3,320 $ 3,377 Level 2 Due to customer $ 770 $ 770 Level 2 The fair value of cash, restricted cash, due to customer, other receivables, and accounts payable and accrued liabilities approximate their carrying values due to their short-term maturity.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Aug. 31, 2024
Accounts Payable and Accrued Liabilities
Accounts Payable And Accrued Liabilities	9. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities as at August 31, 2024 and February 29, 2024 were as follows: August 31, 2024 February 29, 2024 Trade accounts payable $ 2,435 $ 602 Accrued employee compensation 793 801 Accrued engineering fees 319 511 Accrued professional fees 592 274 Other accrued liabilities 237 133 $ 4,376 $ 2,321

Long Term Debt

Long Term Debt	6 Months Ended
	Aug. 31, 2024
Long Term Debt
Long-term Debt	10. Long‑Term Debt Long-term debt as of August 31, 2024 and February 29, 2024, was comprised of the following: August 31, 2024 February 29, 2024 Investissement Québec financing facility: Principal amount $ 3,335 $ 3,353 Unamortized discount (175 ) (191 ) Accrued interest 145 158 Total Investissement Québec financing facility 3,305 3,320 Less: current portion of long-term debt (393 ) (100 ) 2,912 3,220 Credit facility 1,587 - Long-term debt, net of current portion $ 4,499 $ 3,220 Investissement Québec financing facility The Company recorded interest expense on the Investissement Québec loan for the three- and six-month periods ended August 31, 2024 in the amount of $29 and $59, respectively (2023 – $22 and $43) and an accretion expense of $14 and $27, respectively (2023 – $18 and $36). During the six-month period ended August 31, 2024, the Company made repayments of $50 (2023 – $32) on the Investissement Québec loan. Credit facility from a Canadian bank On July 26, 2022, Loop Canada, Inc., a wholly-owned subsidiary of the Company, entered into an Operating Credit Facility (the “Credit Facility”) with a Canadian bank. The Credit Facility allows for borrowings of up to $2,594 (CDN $3,500) in aggregate principal amount and provides for a two-year term on amounts drawn. The Credit Facility is collateralized by the Company’s Terrebonne, Québec property and is subject to a minimum equity covenant, tested quarterly with which the Company was in compliance as at August 31, 2024. All borrowings under the Credit Facility bear interest at an annual rate equal to the bank’s Canadian prime rate plus 1.0%. As at August 31, 2024, the Company borrowed $1,587 under the Credit Facility. The Company recorded interest expense on the Credit Facility for the three- and six-month periods ended August 31, 2024 in the amount of $61 and $62, respectively (2023 – nil and nil) Total repayments due on the Company’s indebtedness over the next five years are as follows: Years ending Amount February 28, 2025 $ 50 February 28, 2026 686 February 28, 2027 2,273 February 29, 2028 686 February 28, 2029 686 Thereafter 686 Total $ 5,067

Unearned revenue

Unearned revenue	6 Months Ended
	Aug. 31, 2024
Unearned revenue
Unearned revenue	11. Unearned revenue As at August 31, 2024, unearned revenue was $101 (2023 – nil), comprised of a payment received from a customer while the Company has not yet fulfilled its obligation to deliver rPET.

Stockholders Equity

Stockholders Equity	6 Months Ended
	Aug. 31, 2024
Stockholders Equity
Stockholders' Equity	12. Stockholders’ Equity Common Stock For the period ended August 31, 2024 Number of shares Amount Balance, February 29, 2024 47,528,908 $ 5 Issuance of shares upon settlement of restricted stock units 91,355 - Balance, August 31, 2024 47,620,263 $ 5 For the period ended August 31, 2023 Number of shares Amount Balance, February 28, 2023 47,469,224 $ 5 Issuance of shares upon settlement of restricted stock units 51,963 - Balance, August 31, 2023 47,521,187 $ 5 During the six months ended August 31, 2024, the Company recorded the following common stock transaction: (i) The Company issued 91,355 shares of the common stock to settle restricted stock units that vested in the period. During the six months ended August 31, 2023, the Company recorded the following common stock transaction: (i) The Company issued 51,963 shares of the common stock to settle restricted stock units that vested in the period.

Research and Development Expens

Research and Development Expenses	6 Months Ended
	Aug. 31, 2024
Research and Development Expenses
Research And Development Expenses	13. Research and Development Expenses Research and development expenses for the three-month periods ended August 31, 2024 and 2023 were as follows: August 31, 2024 August 31, 2023 Employee compensation $ 993 $ 1,373 External engineering 651 141 Plant and laboratory operating expenses 197 447 Tax credits (49 ) (22 ) Other 153 99 $ 1,945 $ 2,038 Research and development expenses for the six-month periods ended August 31, 2024 and 2023 were as follows: August 31, 2024 August 31, 2023 Employee compensation $ 2,138 $ 2,819 Machinery and equipment expenditures 3 1,236 External engineering 1,279 1,297 Plant and laboratory operating expenses 467 916 Tax credits (35 ) (47 ) Other 330 307 $ 4,182 $ 6,528

General and Administrative Expe

General and Administrative Expenses	6 Months Ended
	Aug. 31, 2024
General and Administrative Expenses
General And Administrative Expenses	14. General and Administrative Expenses General and administrative expenses for the three-month periods ended August 31, 2024 and 2023 were as follows: August 31, 2024 August 31, 2023 Employee compensation $ 816 $ 880 Insurance 476 709 Professional fees 1,007 912 Other 296 342 $ 2,595 $ 2,843 General and administrative expenses for the six-month periods ended August 31, 2024 and 2023 were as follows: August 31, 2024 August 31, 2023 Employee compensation $ 1,692 $ 1,713 Insurance 968 1,412 Professional fees 2,262 1,531 Other 584 652 $ 5,506 $ 5,308

Share Based Payments

Share Based Payments	6 Months Ended
	Aug. 31, 2024
Share Based Payments
Share-based Payments	15. Share-based Payments Stock Options The following table summarizes the continuity of the Company’s stock options during the three-month periods ended August 31, 2024 and 2023: 2024 2023 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding, beginning of period 2,971,216 $ 4.95 2,782,000 $ 5.08 Granted - - - - Exercised - - - - Forfeited (200,000 ) 0.80 - - Expired - - - - Outstanding, end of period 2,771,216 $ 5.25 2,782,000 $ 5.08 Exercisable, end of period 1,890,000 $ 6.39 1,670,000 $ 6.84 The following tables summarizes the continuity of the Company’s stock options during the six-month periods ended August 31, 2024 and 2023: 2024 2023 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding, beginning of period 2,772,000 $ 5.10 2,542,000 $ 5.27 Granted 199,216 2.89 240,000 3.11 Exercised - - - - Forfeited (200,000 ) 0.80 - - Expired - - - - Outstanding, end of period 2,771,216 $ 5.25 2,782,000 $ 5.08 Exercisable, end of period 1,890,000 $ 6.39 1,670,000 $ 6.84 The Company applies the fair value method of accounting for stock-based compensation awards granted. Fair value is calculated based on a Black-Scholes option pricing model. The principal components of the pricing model for the stock options granted in the six-month period ended August 31, 2024 and 2023 were as follows: 2024 2023 Exercise price $ 2.89 $ 3.11 Risk-free interest rate 4.09 % 3.84 % Expected dividend yield 0 % 0 % Expected volatility 73 % 79 % Expected life 7 years 3 years During the three-month periods ended August 31, 2024 and 2023, stock-based compensation expense attributable to stock options amounted to $148 and $172, respectively. During the six-month periods ended August 31, 2024 and 2023, stock-based compensation expense attributable to stock options amounted to $295 and $333, respectively. Restricted Stock Units The following table summarizes the continuity of the restricted stock units during the three-month periods ended August 31, 2024 and 2023: 2024 2023 Number of units Weighted average fair value price Number of units Weighted average fair value price Outstanding, beginning of period 4,399,060 $ 6.49 4,306,655 $ 6.61 Granted 144,276 2.09 115,364 3.17 Settled (81,518 ) 6.55 - - Forfeited - - (4,331 ) 8.21 Outstanding, end of period 4,461,818 $ 6.35 4,417,688 $ 6.52 Outstanding vested, end of period 1,761,421 $ 5.86 1,635,241 $ 6.22 The following table summarizes the continuity of the restricted stock units during the six-month periods ended August 31, 2024 and 2023: 2024 2023 Number of units Weighted average fair value price Number of units Weighted average fair value price Outstanding, beginning of period 4,368,897 $ 6.53 3,888,618 $ 7.09 Granted 184,276 2.25 585,364 2.93 Settled (91,355 ) 6.74 (51,963 ) 8.66 Forfeited - - (4,331 ) 8.21 Outstanding, end of period 4,461,818 $ 6.35 4,417,688 $ 6.52 Outstanding vested, end of period 1,761,421 $ 5.86 1,635,241 $ 6.22 The Company applies the fair value method of accounting for awards granted through the issuance of restricted stock units. Fair value is calculated based on the intrinsic value at grant date multiplied by the number of restricted stock unit awards granted. During the three-month periods ended August 31, 2024 and 2023, stock-based compensation attributable to RSUs amounted to $214 and $216, respectively. During the six-month periods ended August 31, 2024 and 2023, stock-based compensation attributable to RSUs amounted to $437 and $410, respectively. Stock-Based Compensation Expense During the three-month periods ended August 31, 2024 and 2023, stock-based compensation included in research and development expenses amounted to $131 and $155, respectively, and in general and administrative expenses amounted to $231 and $233, respectively. During the six-month periods ended August 31, 2024 and 2023, stock-based compensation included in research and development expenses amounted to $261 and $315, respectively, and in general and administrative expenses amounted to $471 and $428, respectively.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Aug. 31, 2024
Equity Incentive Plan
Equity Incentive Plan	16. Equity Incentive Plan On July 6, 2017, the Company adopted the 2017 Equity Incentive Plan (the “Plan”). The Plan permits the granting of warrants, stock options, stock appreciation rights and restricted stock units to employees, directors and consultants of the Company. A total of 3,000,000 shares of common stock were initially reserved for issuance under the Plan at July 6, 2017, with annual automatic share reserve increases, as defined in the Plan, amounting to the lessor of (i) 1,500,000 shares, (ii) 5% of the outstanding shares on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the Administrator of the Plan, effective March 1, 2018. On March 1, 2024, the share reserve was increased by 1,500,000 shares (2023 – 1,500,000). The Plan is administered by the Board of Directors who designates eligible participants to be included under the Plan, the number of awards granted, the share price pursuant to the awards and the vesting conditions and period. The awards, when granted, will have an exercise price of no less than the estimated fair value of shares at the date of grant and a life not exceeding 10 years from the grant date. However, where a participant, at the time of the grant, owns stock representing more than 10% of the voting power of the Company, the life of the options shall not exceed 5 years. The following table summarizes the continuity of the Company’s Equity Incentive Plan units that were authorized for issuance as at and during the six-month periods ended August 31, 2024 and 2023: 2024 2023 Number of units* Number of units* Authorized, beginning of period 848,244 120,486 Automatic share reserve increase 1,500,000 1,500,000 Units granted (383,492 ) (825,364 ) Units forfeited 200,000 4,331 Units expired - - Authorized, end of period 2,164,752 799,453 *The use of the term “units” in the table above describes a combination of stock options and RSUs.

Warrants

Warrants	6 Months Ended
	Aug. 31, 2024
Warrants
Warrants	17. Warrants During the six-month period ended August 31, 2024, warrants for the purchase of 4,714,813 shares of our common stock, each with an exercise price of $15.00, expired, and warrants for the purchase of 17,180 shares of our common stock, each with an exercise price of $11.00 also expired.

Contractual agreements

Contractual agreements	6 Months Ended
	Aug. 31, 2024
Contractual agreements
Contractual agreements	18. Contractual agreements Agreement with Reed Management SAS (“Reed”) On May 30, 2024, the Company and Reed, a European investment firm, entered into definitive binding agreements, subject to certain closing conditions, for an investment of €35 million from Reed to fund the global commercialization of the Infinite Loop™ Technology and have agreed to form a 50/50 joint venture for the European deployment of Loop’s technology. Under the terms of the agreement, which has been signed following the completion by Reed of extensive operational, technical, ESG, and legal due diligence, Reed will provide capital as follows: · €10M investment in a Convertible Preferred Security to be issued by Loop, which contains a 13% PIK dividend rate and 5-year term; and · €25M loan to Loop in two equal tranches – first tranche to support global deployment opportunities paid at closing and second tranche to support European deployment opportunities paid in the following 12 months with both tranches having a 13% PIK interest rate and 3-year term; The closing of the transaction is subject to the fulfillment of certain closing conditions, principally the conditions that (i) Reed shall have completed its first capital raising for its fund; and (ii) Loop shall have received a binding financing commitment from a governmental agency. Strategic partnership with Ester Industries Ltd. (“Ester”) On May 1, 2024, the Company entered into an agreement with Ester, a manufacturer of polyester films and specialty polymers in India, to form a 50/50 joint venture based in India ("India JV"). The purpose of the India JV is to build and operate an Infinite Loop ™ ™ Subject to the terms of the relevant governing documents, Ester will be the exclusive producer of specialty polymers for the India JV, and the Company will be the exclusive seller and marketing agent of the India JV’s products. Ester and the Company will work in collaboration on all financing activities for the India JV pursuant to the terms of the agreement. Pursuant to the terms of the relevant governing documents, Loop and Ester parties are required to obtain debt for a minimum of 60% of the total installed cost of the Infinite Loop™ manufacturing facility in India and will each contribute 50% of the initial equity capital of the India JV. Agreement with SK Geo Centric Co. Ltd. (“SKGC”) On April 27, 2023, the Company and SKGC entered into an agreement to build Infinite Loop ™

Subsequent event

Subsequent event	6 Months Ended
	Aug. 31, 2024
Subsequent event
Subsequent event	19. Subsequent event Distribution from Joint Venture The carrying value of the Company’s investment in Indorama Loop Technologies, LLC (“ILT”), its joint venture with Indorama Ventures Holdings LP, USA (“Indorama”), was $381 as at August 31, 2024, which represented the Company’s 50% portion of the cash balance in ILT. On October 9, 2024, ILT distributed a total of $735 in cash to the Company and Indorama, of which $368 was received by the Company. The carrying value of the Company’s investment ILT was $13 after the distribution.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 31, 2024
Summary of Significant Accounting Policies
Use Of Estimates	The preparation of financial statements in conformity with US GAAP requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include the going concern assessment, estimates for depreciable lives of property, plant and equipment and intangible assets, recoverability of tax credits receivable, assumptions made in calculating the fair value of stock-based compensation and other equity instruments, and the assessment of performance conditions for stock-based compensation awards.
Unearned revenue	Unearned revenue represents obligations to our customers for which payment has been received in advance of the delivery of goods or performance of services. Such revenue is recognized on the balance sheet as a contract liability until we fulfill our contractual obligations. The timing of revenue recognition is based upon the transfer of control of the specified goods or services to the customer. For goods, this typically occurs at the time of shipment or delivery, depending on the terms of the contract. For services, revenue is recognized as the services are performed, either at a point in time or over a specified period.
Net Earnings (loss) Per Share	The Company computes net loss per share in accordance with FASB ASC 260, Earnings Per Share For the three- and six-month periods ended August 31, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an antidilutive effect. As at August 31, 2024, the potentially dilutive securities consisted of 2,771,216 outstanding stock options (2023 – 2,782,000), 4,461,818 outstanding restricted stock units (2023 – 4,417,688), and 2,357,407 outstanding warrants (2023 – 7,089,400).
Recently issued accounting pronouncements not yet adopted	In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and includes certain other amendments to improve the effectiveness of income tax disclosures. The updated standard is effective for our annual periods beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the impact that the updated standard will have on our financial statement disclosures. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements, other than additional disclosures in our notes to the consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. Management is currently evaluating the impact that the updated standard will have on our financial statement disclosures.

Sales Tax Tax Credits and Oth_2

Sales Tax Tax Credits and Other Receivables (Tables)	6 Months Ended
	Aug. 31, 2024
Sales Tax Tax Credits and Other Receivables
Schdule of Sales tax, tax credits and other receivables	August 31, 2024 February 29, 2024 Sales tax $ 189 $ 75 Research and development tax credits 196 160 Interest income receivable - 70 Other receivables 7 46 $ 392 $ 351

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Aug. 31, 2024
Inventories
Inventories	August 31, 2024 February 29, 2024 Finished goods $ 523 $ 552 Work in process 347 333 Raw materials 13 34 Allowance for inventory write-down (802 ) (817 ) $ 81 $ 102

Prepaid Expenses and Other De_2

Prepaid Expenses and Other Deposits (Tables)	6 Months Ended
	Aug. 31, 2024
Prepaid Expenses and Other Deposits
Prepaid expenses and other deposits	August 31, 2024 February 29, 2024 Insurance $ 348 $ 449 Other 144 128 $ 492 $ 577

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Aug. 31, 2024
Property, Plant and Equipment, Net
Property, Plant And Equipment	As at August 31, 2024 Cost Accumulated depreciation, write-down and impairment Net book value Machinery and equipment (1) $ 8,460 $ - $ 8,460 Building 1,837 (404 ) 1,433 Land 227 - 227 Building and Land Improvements 1,864 (1,611 ) 253 Office equipment and furniture 277 (174 ) 103 $ 12,665 (2,189 ) 10,476 As at February 29, 2024 Cost Accumulated depreciation, write-down and impairment Net book value Machinery and equipment $ 8,460 $ - $ 8,460 Building 1,827 (371 ) 1,456 Land 226 - 226 Building and Land Improvements 1,853 (1,472 ) 381 Office equipment and furniture 275 (162 ) 113 $ 12,641 $ (2,005 ) $ 10,636

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Aug. 31, 2024
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Fair Value at August 31, 2024 Carrying Amount Fair Value Level in the hierarchy Financial liabilities measured at amortized cost: Long-term debt $ 4,892 $ 4,952 Level 2 Due to customer $ 800 $ 800 Level 2 Fair Value at February 29, 2024 Carrying Amount Fair Value Level in the hierarchy Financial liabilities measured at amortized cost: Long-term debt $ 3,320 $ 3,377 Level 2 Due to customer $ 770 $ 770 Level 2

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Aug. 31, 2024
Accounts Payable and Accrued Liabilities
Schdule of Accounts Payable And Accrued Liabilities	August 31, 2024 February 29, 2024 Trade accounts payable $ 2,435 $ 602 Accrued employee compensation 793 801 Accrued engineering fees 319 511 Accrued professional fees 592 274 Other accrued liabilities 237 133 $ 4,376 $ 2,321

LongTerm Debt (Tables)

LongTerm Debt (Tables)	6 Months Ended
	Aug. 31, 2024
LongTerm Debt (Tables)
Schdule of Long-term Debt	August 31, 2024 February 29, 2024 Investissement Québec financing facility: Principal amount $ 3,335 $ 3,353 Unamortized discount (175 ) (191 ) Accrued interest 145 158 Total Investissement Québec financing facility 3,305 3,320 Less: current portion of long-term debt (393 ) (100 ) 2,912 3,220 Credit facility 1,587 - Long-term debt, net of current portion $ 4,499 $ 3,220
Principal Repayments	Years ending Amount February 28, 2025 $ 50 February 28, 2026 686 February 28, 2027 2,273 February 29, 2028 686 February 28, 2029 686 Thereafter 686 Total $ 5,067

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Aug. 31, 2024
Stockholders Equity
Common Stock	For the period ended August 31, 2024 Number of shares Amount Balance, February 29, 2024 47,528,908 $ 5 Issuance of shares upon settlement of restricted stock units 91,355 - Balance, August 31, 2024 47,620,263 $ 5 For the period ended August 31, 2023 Number of shares Amount Balance, February 28, 2023 47,469,224 $ 5 Issuance of shares upon settlement of restricted stock units 51,963 - Balance, August 31, 2023 47,521,187 $ 5

Research and Development Expe_2

Research and Development Expenses (Tables)	6 Months Ended
	Aug. 31, 2024
Research and Development Expenses
Schedule Of Research And Development Expenses	August 31, 2024 August 31, 2023 Employee compensation $ 993 $ 1,373 External engineering 651 141 Plant and laboratory operating expenses 197 447 Tax credits (49 ) (22 ) Other 153 99 $ 1,945 $ 2,038 August 31, 2024 August 31, 2023 Employee compensation $ 2,138 $ 2,819 Machinery and equipment expenditures 3 1,236 External engineering 1,279 1,297 Plant and laboratory operating expenses 467 916 Tax credits (35 ) (47 ) Other 330 307 $ 4,182 $ 6,528

General and Administrative Ex_2

General and Administrative Expenses (Tables)	6 Months Ended
	Aug. 31, 2024
General and Administrative Expenses
General And Administrative Expenses	August 31, 2024 August 31, 2023 Employee compensation $ 816 $ 880 Insurance 476 709 Professional fees 1,007 912 Other 296 342 $ 2,595 $ 2,843 August 31, 2024 August 31, 2023 Employee compensation $ 1,692 $ 1,713 Insurance 968 1,412 Professional fees 2,262 1,531 Other 584 652 $ 5,506 $ 5,308

Share based Payments (Tables)

Share based Payments (Tables)	6 Months Ended
	Aug. 31, 2024
Share based Payments (Tables)
Schdule of Stock Options Activity	2024 2023 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding, beginning of period 2,971,216 $ 4.95 2,782,000 $ 5.08 Granted - - - - Exercised - - - - Forfeited (200,000 ) 0.80 - - Expired - - - - Outstanding, end of period 2,771,216 $ 5.25 2,782,000 $ 5.08 Exercisable, end of period 1,890,000 $ 6.39 1,670,000 $ 6.84 2024 2023 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding, beginning of period 2,772,000 $ 5.10 2,542,000 $ 5.27 Granted 199,216 2.89 240,000 3.11 Exercised - - - - Forfeited (200,000 ) 0.80 - - Expired - - - - Outstanding, end of period 2,771,216 $ 5.25 2,782,000 $ 5.08 Exercisable, end of period 1,890,000 $ 6.39 1,670,000 $ 6.84
Principle components of the pricing model of stock option activity	2024 2023 Exercise price $ 2.89 $ 3.11 Risk-free interest rate 4.09 % 3.84 % Expected dividend yield 0 % 0 % Expected volatility 73 % 79 % Expected life 7 years 3 years
Schdule of restricted stock units	2024 2023 Number of units Weighted average fair value price Number of units Weighted average fair value price Outstanding, beginning of period 4,399,060 $ 6.49 4,306,655 $ 6.61 Granted 144,276 2.09 115,364 3.17 Settled (81,518 ) 6.55 - - Forfeited - - (4,331 ) 8.21 Outstanding, end of period 4,461,818 $ 6.35 4,417,688 $ 6.52 Outstanding vested, end of period 1,761,421 $ 5.86 1,635,241 $ 6.22 2024 2023 Number of units Weighted average fair value price Number of units Weighted average fair value price Outstanding, beginning of period 4,368,897 $ 6.53 3,888,618 $ 7.09 Granted 184,276 2.25 585,364 2.93 Settled (91,355 ) 6.74 (51,963 ) 8.66 Forfeited - - (4,331 ) 8.21 Outstanding, end of period 4,461,818 $ 6.35 4,417,688 $ 6.52 Outstanding vested, end of period 1,761,421 $ 5.86 1,635,241 $ 6.22

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Aug. 31, 2024
Equity Incentive Plan
Equity Incentive Plan	2024 2023 Number of units* Number of units* Authorized, beginning of period 848,244 120,486 Automatic share reserve increase 1,500,000 1,500,000 Units granted (383,492 ) (825,364 ) Units forfeited 200,000 4,331 Units expired - - Authorized, end of period 2,164,752 799,453

The Company and Basis of Presen

The Company and Basis of Presentation and Going Concern (Details Narrative) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024	Aug. 31, 2023	Feb. 28, 2023
The Company, Basis of Presentation and Going Concern
Available Liquidity	$ 2,403
Undrawn senior loan facility	$ 1,008
Ownership, Percentage	50%
Cash and cash equivalents	$ 1,395	$ 6,958	$ 14,365	$ 30,591
Current assets	$ 2,510

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - shares	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Note Warrant
Dilutive Securities	2,357,407	7,089,400
Stock Option
Dilutive Securities	2,771,216	2,782,000
Restricted Stock Units
Dilutive Securities	4,461,818	4,417,688

Sales Tax Tax Credits and Oth_3

Sales Tax Tax Credits and Other Receivables (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Sales Tax Tax Credits and Other Receivables
Sales tax	$ 189	$ 75
Research and development tax credits	196	160
Interest income receivable	0	70
Other receivables	7	46
Total	$ 392	$ 351

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Inventories
Finished goods	$ 523	$ 552
Work in process	347	333
Raw materials	13	34
Allowance for inventory write-down	(802)	(817)
Inventory net	$ 81	$ 102

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Inventories
Allowance for inventory write-down	$ (802)	$ (817)

Prepaid Expenses and Deposits (

Prepaid Expenses and Deposits (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Prepaid Expenses and Deposits (Details)
Insurance	$ 348	$ 449
Other	144	128
Prepaid expenses and deposits	$ 492	$ 577

Prepaid Expenses and Deposits_2

Prepaid Expenses and Deposits (Details Narrative) $ in Thousands	Aug. 31, 2023 USD ($)
Prepaid Expenses and Deposits (Details)
Cash deposits	$ 5,065

Property Plant and Equipment ne

Property Plant and Equipment net (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Property, Plant And Equipment, Gross	$ 12,665	$ 12,641
Less: Accumulated Depreciation, Write-down And Impairment	(2,189)	(2,005)
Property, Plant And Equipment, Net	10,476	10,636
Building
Property, Plant And Equipment, Gross	1,837	1,827
Less: Accumulated Depreciation, Write-down And Impairment	(404)	(371)
Property, Plant And Equipment, Net	1,433	1,456
Land
Property, Plant And Equipment, Gross	227	226
Less: Accumulated Depreciation, Write-down And Impairment	0	0
Property, Plant And Equipment, Net	227	226
Building and land improvements
Property, Plant And Equipment, Gross	1,864	1,853
Less: Accumulated Depreciation, Write-down And Impairment	(1,611)	(1,472)
Property, Plant And Equipment, Net	253	381
Office equipment and furniture
Property, Plant And Equipment, Gross	277	275
Less: Accumulated Depreciation, Write-down And Impairment	(174)	(162)
Property, Plant And Equipment, Net	103	113
Machinery and Equipment [Member]
Property, Plant And Equipment, Gross	8,460	8,460
Less: Accumulated Depreciation, Write-down And Impairment	0	0
Property, Plant And Equipment, Net	$ 8,460	$ 8,460

Property Plant and Equipment _2

Property Plant and Equipment net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Property, Plant and Equipment, Net
Depreciation Expense	$ 79	$ 101	$ 170	$ 201

Intangible Assets, Net (Details

Intangible Assets, Net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	Feb. 29, 2024
Intangible Assets, Net
Intangible assets	$ 1,786		$ 1,786		$ 1,548
Additions to intangible assets			325	$ 225
Amortization expense	$ 50	$ 35	$ 96	$ 67

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Due to customer
Carrying Amount	$ 800	$ 770
Fair Value	800	770
Long-term Debt
Carrying Amount	4,892	3,320
Fair Value	$ 4,952	$ 3,377

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Accounts Payable and Accrued Liabilities
Trade Accounts Payable	$ 2,435	$ 602
Accrued Employee Compensation	793	801
Accrued Engineering Fees	319	511
Accrued Professional Fees	592	274
Other Accrued Liabilities	237	133
Accounts Payable And Accrued Liabilities	$ 4,376	$ 2,321

LongTerm Debt (Details)

LongTerm Debt (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Feb. 29, 2024
Principal Amount	$ 5,067
Credit facility	1,587	$ 1,587	$ 0
Less: current portion of long-term debt	(393)		(100)
Long-term Debt, Net Of Current Portion	4,499		3,220
Investissement Quebec Financing Facility [Member]
Principal Amount	3,335		3,353
Unamortized Discount	(175)		(191)
Accrued Interest	145		158
Total Investissement Quebec financing facility	3,305		3,320
Less: current portion of long-term debt	(393)		(100)
Long-term Debt, Net Of Current Portion	$ 2,912		$ 3,220

LongTerm Debt (Details 1)

LongTerm Debt (Details 1) $ in Thousands	Aug. 31, 2024 USD ($)
LongTerm Debt (Tables)
February 28, 2025	$ 50
February 28, 2026	686
February 28, 2027	2,273
February 28, 2028	686
February 29, 2029	686
Thereafter	686
Total	$ 5,067

LongTerm Debt (Details Narrativ

LongTerm Debt (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023	May 31, 2024	Feb. 29, 2024	Jul. 26, 2022
Borrowings							$ 2,594,000
Credit Facility	$ 1,587,000		$ 1,587,000		$ 1,587,000	$ 0
Annual interest rate							1%
Interest Expense	61,000	$ 0	62,000	$ 0
Investissement Quebec Financing Facility [Member]
Interest Expense	29,000	22,000	59,000	43,000
Accretion Expense	$ 14,000	$ 18,000	27,000	36,000
Repayments of loans			$ 50,000	$ 32,000

Unearned revenue (Details Narra

Unearned revenue (Details Narrative) - USD ($)	Aug. 31, 2024	Aug. 31, 2023
Unearned revenue
Unearned revenue	$ 101,000	$ 0

Stockholders Equity (Details)

Stockholders Equity (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Balance, amount	$ 14,142	$ 33,736
Issuance Of Shares Upon Settlement Of Restricted Stock Units, Shares	91,355	51,963
Common Stocks [Member]
Balance, shares	47,528,908	47,469,224
Balance, amount	$ 5	$ 5
Balance, Amount Ending	$ 5	$ 5
Balance, Shares Ending	47,620,263	47,521,187
Issuance Of Shares Upon Settlement Of Restricted Stock Units, Shares	91,355	51,963
Issuance Of Shares Upon Settlement Of Restricted Stock Units, Amount	$ 0	$ 0

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - shares shares in Thousands	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Stockholders Equity
Issuance Of Shares Upon Settlement Of Restricted Stock Units, Shares	91,355	51,963

Research and Development Expe_3

Research and Development Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Research and Development Expenses	$ 1,945	$ 2,038	$ 4,182	$ 6,528
Research and Development Expenses	(1,945)	(2,038)	(4,182)	(6,528)
Machinery and Equipment Expenditures[Member]
Research and Development Expenses			3	1,236
Research and Development Expenses			(3)	(1,236)
Employee Compensation [Member]
Research and Development Expenses	993	1,373	2,138	2,819
Research and Development Expenses	(993)	(1,373)	(2,138)	(2,819)
External Engineering [Member]
Research and Development Expenses	651	141	1,279	1,297
Research and Development Expenses	(651)	(141)	(1,279)	(1,297)
Plant and Laboratory Operating Expenses [Member]
Research and Development Expenses	197	447	467	916
Research and Development Expenses	(197)	(447)	(467)	(916)
Other [Member]
Research and Development Expenses	153	99	330	307
Research and Development Expenses	(153)	(99)	(330)	(307)
Tax credits [Member]
Research and Development Expenses	49	22	35	47
Research and Development Expenses	$ (49)	$ (22)	$ (35)	$ (47)

General and Administrative Ex_3

General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
General And Administrative Expenses	$ 2,595	$ 2,843	$ 5,506	$ 5,308
Insurance [Member]
General And Administrative Expenses	476	709	968	1,412
Professional Fees
General And Administrative Expenses	1,007	912	2,262	1,531
Other (Member)
General And Administrative Expenses	296	342	584	652
Employee Compensation [Member]
General And Administrative Expenses	$ 816	$ 880	$ 1,692	$ 1,713

Sharebased Payments (Details)

Sharebased Payments (Details) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Share Based Payments
Number Of Options Outstanding, Beginning	2,971,216	2,782,000	2,772,000	2,542,000
Number Of Options, Granted	0	0	199,216	240,000
Number Of Options, Exercised	0	0	0	0
Number Of Options, Forfeited	200,000	0	200,000	0
Number Of Options, Expired	0	0	0	0
Number Of Options Outstanding, Ending	2,771,216	2,782,000	2,771,216	2,782,000
Exercisable, End Of Year	1,890,000	1,670,000	1,890,000	1,670,000
Weighted Average Exercise Price Outstanding, Beginning	$ 4.95	$ 5.08	$ 5.10	$ 5.27
Weighted Average Exercise Price, Granted	0	0	2.89	3.11
Weighted Average Exercise Price, Exercised	0	0	0	0
Weighted Average Exercise Price, Forfeited	0.80	0	0.80	0
Weighted Average Exercise Price, Expired	0	0	0	0
Weighted Average Exercise Price Outstanding, Ending	5.25	5.08	5.25	5.08
Weighted Average Exercisable, End Of Year	$ 6.39	$ 6.84	$ 6.39	$ 6.84

Sharebased Payments (Details 1)

Sharebased Payments (Details 1) - $ / shares	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Share Based Payments
Exercise price	$ 2.89	$ 3.11
Risk-free interest rate	4.09%	3.84%
Expected dividend yield	0%	0%
Expected volatility	73%	79%
Expected life	7 years	3 years

Sharebased Payments (Details 2)

Sharebased Payments (Details 2) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Number of Units, Forfieited	200,000	0	200,000	0
Restricted Stock Units
Number Of Units Outstanding, Beginning	4,399,060	4,306,655	4,368,897	3,888,618
Number Of Units, Granted	144,276	115,364	184,276	585,364
Number of Units, Settled	(81,518)	0	(91,355)	(51,963)
Number of Units, Forfieited	0	4,331	0	4,331
Number Of Units Outstanding, Ending	4,461,818	4,417,688	4,461,818	4,417,688
Number Of Units Outstanding Vested, Ending	1,761,421	1,635,241	1,761,421	1,635,241
Weighted Average Exercise Price Outstanding, Beginning	$ 6.49	$ 6.61	$ 6.53	$ 7.09
Weighted Average Exercise Price, Granted	2.09	3.17	2.25	2.93
Weighted Average Exercise Price, Settled	6.55	0	6.74	8.66
Weighted Average Exercise Price, Forfieted	0	8.21	0	8.21
Weighted Average Exercise Price Outstanding, Ending	6.35	6.52	6.35	6.52
Weighted Average Exercise Price Outstanding Vested, Ending	$ 5.86	$ 6.22	$ 5.86	$ 6.22

Sharebased Payments (Details Na

Sharebased Payments (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Stock-based Compensation Expense Attributable To Stock Options	$ 148	$ 172	$ 295	$ 333
Stock-based Compensation Attributable To Rsus	214	216	437	410
Research and Development Expenses [Member]
Stock-based Compensation Expense	131	155	261	315
General and Administrative Expenses [Member]
Stock-based Compensation Expense	$ 231	$ 233	$ 471	$ 428

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - Equity Incentive Plan [Member[ - shares	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Authorized, Beginning of period	848,244	120,486
Automatic share reserve increase	1,500,000	1,500,000
Units Granted	(383,492)	(825,364)
Units forfeited	200,000	4,331
Units expired	0	0
Authorized, End of period	2,164,752	799,453

Equity Incentive Plan (Details

Equity Incentive Plan (Details Narrative) - shares		6 Months Ended
	Jul. 06, 2017	Aug. 31, 2024	Aug. 31, 2023	Mar. 01, 2024	Mar. 01, 2023
Expected Life		7 years	3 years
2017 Equity Incentive Plan [Member]
Common Stock Shares Reserved For Future Issuance	3,000,000
Common Stock Shares Reserved For Future Issuance Annual Increase	1,500,000			1,500,000	1,500,000
Expected Life		10 years
Voting Power Percentage		10
Life Of Option		5 years
Common Stock Outstanding Shares Percentage	5%

Warrants (Details Narrative)

Warrants (Details Narrative)	Aug. 31, 2024 $ / shares shares
Warrants 1
Number Of Warrants Outstanding | shares	4,714,813
Weighted Average Exercise Price | $ / shares	$ 15
Warrants 2
Number Of Warrants Outstanding | shares	17,180
Weighted Average Exercise Price | $ / shares	$ 11

Contractual agreements (Details

Contractual agreements (Details Narrative) - EUR (€) € in Millions		1 Months Ended
	May 02, 2024	May 30, 2024
Agreement with Reed Management SAS [Member]
Dividend rate		13%
Total investment amount		€ 35
Investment in Convertible Preferred Security		€ 10
Period of agreement		5 years
Description of agreement		€25M loan to Loop in two equal tranches – first tranche to support global deployment opportunities paid at closing and second tranche to support European deployment opportunities paid in the following 12 months with both tranches having a 13% PIK interest rate and 3-year term
Strategic partnership with Ester Industries Ltd. [Member]
Description of agreement	Loop and Ester parties are required to obtain debt for a minimum of 60% of the total installed cost of the Infinite Loop™ manufacturing facility in India and will each contribute 50% of the initial equity capital of the India JV

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Indorama Loop Technologies [Member] - USD ($)		1 Months Ended
	Oct. 09, 2024	Aug. 31, 2024
Carrying value of investment		$ 381
Portion of cash balance		50%
Subsequent Event [Member]
Description of cash distribution	ILT distributed a total of $735 in cash to the Company and Indorama, of which $368 was received by the Company. The carrying value of the Company’s investment ILT was $13 after the distribution