Loop Industries Inc (LOOP) 2026 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Loop Industries 4th Quarter and Full Year Fiscal 2026 Corporate Update Call.

各位女士、先生，早安。感謝各位耐心等候。歡迎參加 Loop Industries 2026 財政年度第四季暨全年公司最新進展電話會議。

This conference is being recorded today, Thursday, May 28, 2026. The earnings release accompanying this call was issued after the market closed yesterday evening, Wednesday, May 27, 2026. On our call today are Loop Industries Chief Executive Officer, Daniel Solomita, Chief Financial Officer, Spencer Hart and Kevin O'Dowd, Vice President, Communications and Investor Relations. I would now like to turn the conference over to Kevin O'Dowd to read a disclaimer regarding forward-looking statements.

本次電話會議將於今天（2026 年 5 月 28 日，星期四）進行錄音。與本次電話會議相配套的財報新聞稿已於昨晚（2026 年 5 月 27 日，星期三）收盤後發布。今天與會者包括 Loop Industries 執行長 Daniel Solomita、財務長 Spencer Hart，以及傳播與投資人關係副總裁 Kevin O'Dowd。接下來我將把會議交給 Kevin O'Dowd，由他宣讀有關前瞻性陳述的免責聲明。

Thank you, operator. Before we begin, please note that today's discussion will include forward-looking statements within the meaning of US Securities laws. These statements relate to our expectations, projections, future plans, and strategies, anticipated events, business developments, project timelines, financing activities, commercial partnership, and future 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 during this call. For a more complete discussion of these risks and uncertainties, please refer to the risk factors in the forward-looking statement sections included in our most recent annual report on Form 10-K filled with the SEC, as well as last evening's earnings release. These documents are available through the SEC's website at SEC and on the Investor Relations section of Loop Industries.

謝謝，接線員。在開始之前，請注意今天的討論將包含符合美國證券法定義的前瞻性陳述。這些陳述涉及我們的預期、推估、未來計畫與策略、預期事件、業務發展、專案時程、融資活動、商業合作夥伴關係，以及未來績效等事項。前瞻性陳述涉及已知與未知的風險與不確定性，可能導致實際結果。與本次電話會議中所表達或暗示者存在重大差異。如需更完整的風險與不確定性討論，請參閱我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告中前瞻性陳述章節所列的風險因素，以及昨晚發布的財報新聞稿。上述文件可透過 SEC 網站以及 Loop Industries 投資人關係專區取得。

With that, I'll now turn the call over to Daniel Solomita, Chief Executive Officer of Loop Industries.

接下來，我將把電話會議交給 Loop Industries 執行長 Daniel Solomita。

Thank you very much, Kevin, and good morning, everyone.

非常感謝你，Kevin，各位早安。

Thank you for joining us for today's update call.

感謝各位參加今天的最新進展電話會議。

We are making excellent progress in our global growth strategy by advancing our key partnerships in both India and Europe. Over the last few quarters, our team has focused heavily on commercial execution, capital discipline, and driving our proprietary technology towards large-scale global deployment. Today, we operate leaner, we are executing efficiently, and we have a highly visible path forward. I want to walk you through the major milestones we've recently achieved across our international partnerships and our internal operational efficiency initiatives.

我們透過推進在印度與歐洲的關鍵合作夥伴關係，在全球成長策略上取得了極佳進展。過去幾個季度，我們的團隊高度聚焦於商業落地執行、資本紀律，並推動我們的專有技術邁向全球大規模部署。如今，我們以更精實的方式營運、執行更有效率，且前進路徑高度清晰可見。我想帶各位回顧我們近期在國際合作夥伴關係以及內部營運效率提升計畫方面所達成的主要里程碑。

Let's start with Infinite Loop India.

先從 Infinite Loop India 談起。

Where we have seen significant positive momentum on three fronts: government alignment, project economics and financing.

我們在三個面向看到了顯著的正向動能：政府協同、專案經濟性與融資。

Our India joint venture has officially signed a memorandum of understanding with the government of Gujarat. This provides us with vital formal alignment to support the development of our first large-scale commercial manufacturing facility in the region. The agreement is a major accomplishment. It is expected to streamline permitting, infrastructure coordination and administrative processes.

我們的印度合資企業已正式與古吉拉特邦政府簽署合作備忘錄。這為我們在該地區開發首座大型商業化製造設施提供了關鍵且正式的協同支持。此協議是一項重大成就。預期將有助於加速許可申請、基礎設施協調與行政流程。

Crucially, this site can support multiple manufacturing facilities, enabling a seamless phased expansion strategy.

更重要的是，該基地可支援多座製造設施，使我們能夠順利採取分期擴建策略。

Improved project economics. Through rigorous optimization, ongoing procurement refinements, land cost optimizations, and favorable foreign exchange movements, we have successfully reduced the estimated capital costs for the initial Indian facility. We now expect the CapEx to be approximately $165 million to $170 million, representing. Significant savings from our prior estimate of approximately $190 million. This CapEx reduction is meaningful as it increases the overall project economics and lowers Loop's equity commitment. The project timeline has not changed. We expect the Infinite Loop India facility to be operational in calendar year 2028.

專案經濟性改善。透過嚴謹的最佳化、持續的採購精進、土地成本最佳化，以及有利的外匯變動，我們已成功降低印度首座設施的預估資本成本。我們目前預期資本支出（CapEx）約為 1.65 億至 1.70 億美元，代表。相較於先前約 1.90 億美元的估算，節省幅度顯著。此次 CapEx 下調意義重大，因其提升整體專案經濟性並降低 Loop 的股權出資承諾。專案時程並未改變。我們預期 Infinite Loop India 設施將於 2028 曆年投入營運。

Project debt financing. The debt financing for the construction of the Indian facility is progressing well. The debt syndication process is well underway and we have received several term sheets from international banks. These institutions are now moving into the technical due diligence stage of the process, signaling strong institutional confidence in our business model. The technical due diligence will be done at our plant in Terrebonne, which has successfully completed this type of due diligence several times in the past, most recently by Associate General Group prior to licensing our technology.

專案債務融資。用於印度設施建設的債務融資進展順利。債務聯貸籌組流程已全面展開，我們已收到多家國際銀行提供的數份條款書。這些機構目前正進入技術盡職調查階段，顯示其對我們商業模式具備強烈的機構信心。技術盡職調查將在我們位於 Terrebonne 的工廠進行；該工廠過去已多次成功完成此類盡職調查，最近一次是在我們授權技術之前由 Associate General Group 進行。

Customer engagement is strong. Our value proposition to customers is clear and well received. We offer the highest quality PET and polyester fiber made from 100% recycled content, and we are offering our material at similar pricing to what brands are paying for mechanical recycling PET today.

客戶互動強勁。我們對客戶的價值主張清晰且獲得良好回響。我們提供以 100% 回收成分製成、品質最高的 PET 與聚酯纖維，並以與品牌目前為機械回收 PET 所支付的價格相近的水準提供材料。

Mechanical recycling PET is significantly lower quality and unable to achieve 100% recycled content without major color and quality issues.

機械回收 PET 的品質明顯較低，且在不出現嚴重顏色與品質問題的情況下，無法達成 100% 回收成分。

Overall, PET prices are up 30% to 50% year-to-date, mainly driven by higher oil prices. Shocks to the supply chain, as we have seen due to the conflict in Iran, serves as a reminder to purchasing departments that having long-term fixed-price contracts from a reliable partner such as Loop is a valuable hedge to have.

整體而言，PET 價格年初至今上漲 30% 至 50%，主要由油價上升所帶動。供應鏈的衝擊——如我們因伊朗衝突所見——提醒採購部門：與像 Loop 這樣可靠的合作夥伴簽訂長期固定價格合約，是一項非常有價值的避險工具。

Moving on to Europe, our partnership continues to hit key milestones. As we previously announced, Infinite Loop Europe, our European joint venture with Reed Societe General Group, purchased a license to build a European facility using Loop's technology.

接著談歐洲，我們的合作夥伴關係持續達成關鍵里程碑。如先前所公告，Infinite Loop Europe（我們與 Reed Societe General Group 的歐洲合資企業）已購買授權，將使用 Loop 的技術建造歐洲設施。

They have officially selected BASF Industrial Park in Schwarzheide, Germany as the site for their first facility.

他們已正式選定德國 Schwarzheide 的 BASF 工業園區作為首座設施的基地。

This location offers world-class industrial infrastructure and benefits from a highly supportive regulatory environment aimed at strengthening the European Union's plastic recycling centre. Following the successful site selection, the project is officially moving into the engineering and permitting phase. This phase kicks off Loop's engineering team. And providing this phase kicks off with Loop's engineering team providing the feasibility study, followed by a feasibility study and supply chain testing, which is all done at our Tarban facility. The feasibility study is expected to begin shortly and will be generating meaningful, high profitable revenue for Loop and last approximately six months.

該地點具備世界級的工業基礎設施，並受惠於高度支持性的監管環境，旨在強化歐盟的塑膠回收中心。在成功完成選址後，專案已正式進入工程設計與許可申請階段。此階段將由 Loop 的工程團隊啟動。並且在此階段中，Loop 的工程團隊將提供可行性研究，隨後進行可行性研究與供應鏈測試，以上工作皆在我們的 Tarban 設施完成。可行性研究預計將於近期開始，將為 Loop 帶來具意義且高獲利的收入，並持續約六個月。

Alongside our global commercial deployment, we have systematically evaluated our corporate overhead to ensure we are maximizing every dollar. We have initiated three key targeted expense reduction initiatives to ensure Loop operates leaner. Non-dilutive government funding. We are pleased to share that Loop is receiving advisory services and up to CAD2.9 million Canadian dollars in non-repayable funding from the National Research Council of Canada Industrial Research Assistance Program.

在推進全球商業化部署的同時，我們也系統性地檢視公司管理費用，以確保每一分支出都能發揮最大效益。我們已啟動三項具針對性的關鍵費用削減措施，以確保 Loop 以更精實的方式營運。非稀釋性政府資金。我們很高興分享，Loop 正透過加拿大國家研究委員會（National Research Council of Canada）之工業研究援助計畫（Industrial Research Assistance Program）獲得顧問服務，並取得最高達 290 萬加幣的免償還資金支持。

Through its clean tech initiative. This funding extends through October 2027 and directly supports our operational readiness and industrial innovation without diluting our shareholders.

透過其潔淨科技倡議。此資金將延續至 2027 年 10 月，並在不稀釋股東權益的情況下，直接支持我們的營運就緒與產業創新。

We are continuing to strategically shift resources away from technology development and directly into commercial execution. This transition has resulted in a streamlined headcount and a meaningful reduction in corporate overhead.

我們持續策略性地將資源自技術開發轉移，直接投入商業執行。此一轉型已使人力編制更精簡，並顯著降低公司管理費用。

We have initiated an aggressive review of vendor contracts and conducted strict service audits across our key fixed overhead expenses. This has already yielded material savings in fixed areas such as insurance.

我們已啟動對供應商合約的積極審查，並針對主要固定管理費用進行嚴格的服務稽核。這已在保險等固定項目上帶來實質節省。

In summary.

總結來說。

Our foundational pieces are firmly in place. Our commercial momentum in India and Europe, combined with our disciplined corporate expense reductions, gives us a clear capital-efficient runway. We are uniquely positioned to commercialize our technology globally and create long-term value for our shareholders.

我們的基礎要件已穩固到位。我們在印度與歐洲的商業動能，加上我們嚴謹的公司費用削減，讓我們擁有清晰且資本效率高的發展跑道。我們具備獨特優勢，能在全球商業化我們的技術，並為股東創造長期價值。

Thank you to our partners, our talented team, and our investors for your continued support. With that, I'll turn the call over to the operator and open up the line for any questions.

感謝我們的合作夥伴、優秀的團隊，以及投資人持續的支持。接下來我把電話交給主持人，並開放線路供大家提問。

Thank you.

謝謝。

As a reminder if you'd like to ask a question in today's class simply press star followed by the number one on your telephone keypad we'll take a brief moment to compile the Q&A roster the first question comes from the line of Brandon Rogers from Roth Capital your line is now live.

提醒各位，若想在今天的課程中提問，請在電話鍵盤上按星號再按數字 1。我們將稍作片刻彙整問答名單。第一個問題來自 Roth Capital 的 Brandon Rogers，您的線路已接通。

Hello this is Brandon Rogers on for Gerard Sweeney. thanks for taking my questions.

您好，我是 Brandon Rogers，代 Gerard Sweeney 提問。謝謝讓我提問。

Hi Brandon how are you pretty good.

嗨 Brandon，你好嗎？還不錯。

So first, so where exactly are you in the debt syndication process and what milestones remain before officially closing that? And then as it relates to the expected capital structure, what's the anticipated debt equity mix?

首先，你們在債務聯貸流程中目前進展到哪一步？在正式完成交割前還剩下哪些里程碑？另外，就預期的資本結構而言，預計的債務與股權比例會是多少？

So the anticipated debt to equity split is 70% debt, 30% equity, of which Loop would be responsible for 15%. And our partner at Esther Industries is responsible for 15%, so we split the equity 50%-50%.

預期的債務對股權比例是 70% 債務、30% 股權，其中 Loop 將負擔 15%。我們在 Esther Industries 的合作夥伴負擔另外 15%，因此股權我們以 50%-50% 分攤。

The process, as I mentioned, we've reserved several term sheets from international banks, and now they're moving into the technical due diligence stage where they do a technical due diligence on Loops Technology, which will be done here at our Terrebonne facility.

至於流程，如我提到的，我們已從多家國際銀行保留了數份條款書，現在他們正進入技術盡職調查階段，將對 Loop 的技術進行技術盡職調查，這將在我們的 Terrebonne 廠區完成。

Terrebonne Facility has done several of these technical due diligences in the past. Most recently, SocGen hired a third-party engineering firm to do a full technical due diligence on the technology prior to them licensing the technology and investing EUR10 million into Loop.

Terrebonne 廠過去已做過多次這類技術盡職調查。最近一次是 SocGen 聘請第三方工程公司，在其授權該技術並向 Loop 投資 1,000 萬歐元之前，對該技術進行完整的技術盡職調查。

So it's pretty standard for us. We've selected, the banks have selected the engineering firm that will be doing the technical due diligence.

所以對我們來說這相當標準。我們已選定——銀行也已選定——將執行技術盡職調查的工程公司。

We're just finalizing the scope of work and we expect that to be.

我們正在最後確認工作範疇，並預期會。

Completed sometime towards the end of June, mid-July.

在 6 月底到 7 月中左右完成。

Thank you. And then taking into consideration cash burn with the cash enterprise. Think about liquidity over the next 12 months.

謝謝。另外，考量現金消耗與現金狀況。請談談未來 12 個月的流動性。

Yeah, we have enough liquidity through to the end of this year.

是的，我們的流動性足以支撐到今年年底。

And with the engineering contract that we'll be working on Reed with the precinct feasibility study and then the feasibility study, that capital should, those engineering contracts are expected to fund our back office spend for the next few years.

而且，透過我們將與 Reed 合作的工程合約（包含園區可行性研究以及後續的可行性研究），這些資金——這些工程合約預期可在未來幾年支應我們後勤辦公室的支出。

And then just one more from me.

我還有最後一個問題。

Can you walk us through how Loop begins generating recurring cash flow from these projects and when should we expect engineering services revenue to begin becoming more meaningful?

你能否帶我們了解 Loop 如何開始從這些專案產生經常性現金流？以及我們應該何時預期工程服務收入開始變得更具意義？

So today we already get engineering services revenue from the Indian joint venture. So every project where Loop's engineering team is working, we're getting paid for that work.

目前我們已經從印度合資企業取得工程服務收入。因此，只要是 Loop 的工程團隊參與的專案，我們都會就該工作收取費用。

Now, with the feasibility study in Europe, that's when we'll start seeing much more meaningful engineering revenue and profitability from that engineering revenue. So that's going to be coming up, I would say, within the next few weeks, potentially months, but that's a very short-term.

接下來，歐洲的可行性研究啟動後，我們將開始看到更具規模的工程收入，以及該工程收入帶來的獲利能力也會更明顯。我認為這會在接下來幾週、可能幾個月內發生，但這是非常短期的。

Now that the site has been selected, we're finalizing the engineering contracts and that's when you'll see much more meaningful revenue from those engineering contracts.

現在場址已選定，我們正在敲定工程合約，屆時你就會看到這些工程合約帶來更具意義的收入。

From the projects in India, Loop has a 5% royalty fee on top of owning 50% of the facility, and so we would expect to start receiving that royalty fee in 2028 once the plant is operational.

至於印度的專案，Loop 除了擁有該設施 50% 的股權外，還可收取 5% 的權利金，因此我們預期在工廠於 2028 年投產後開始收到該權利金。

And as far as the European facility, besides the engineering services, there's also other milestones for the licensing agreement. So prior to construction, Loop would be receiving additional milestone payments from the Associate General Group.

至於歐洲設施，除了工程服務之外，授權協議還有其他里程碑。因此在動工之前，Loop 將從 Associate General Group 收到額外的里程碑款項。

Awesome. Thanks, Daniel. I appreciate the color. That's it for me.

太好了。謝謝你，Daniel。感謝你提供的補充說明。我這邊就到這裡。

Thank you very much.

非常感謝。

Your next question comes from the line of JP Geygan from Global Value Investment Corporation. Your line is now live.

下一個問題來自 Global Value Investment Corporation 的 JP Geygan。您的線路已接通。

Hey, good morning, Daniel, and thanks for your time. A couple of questions for me.

嗨，早安，Daniel，謝謝你撥冗。我有幾個問題。

You've obviously already announced an offtake agreement with Nike, but talk a little bit about where you are in discussions with other customers and then how much of the expected volume for the India plant do you need to have offtake agreements for before the debt financing can be finalized?

你們顯然已宣布與 Nike 的承購協議，但能否談談你們與其他客戶的洽談進度？另外，在債務融資能最終敲定之前，印度工廠的預期產量需要有多少比例先簽好承購協議？

We need to have 50% of the facility signed in long-term contracts and then the rest would be completed with LOIs.

我們需要先讓該設施 50% 的產能以長期合約簽定，剩餘部分則以意向書（LOI）完成。

We're in negotiations with several of the large CPG companies for the additional offtakes, and we are in negotiations with several other textile companies or CPG companies for the LOIs as well.

我們正與多家大型 CPG 公司洽談額外的承購合約，同時也正與其他紡織公司或 CPG 公司洽談意向書（LOI）。

One of the challenges with customers is being able to sign these long-term contracts because for them it's two years before they can start receiving, let's say approximately two years before they can start receiving material, plus three-year contract after that. So it's like a five-year commitment where these brands are used to buying six-month contracts, maybe a one-year contract, but these long-term contracts are a little bit more complicated for some of these brands to be able to sign.

客戶面臨的其中一個挑戰，是要能簽下這些長期合約，因為對他們而言，距離開始收到材料大約還要兩年，再加上之後三年的合約期。因此這等於是一個五年的承諾；而這些品牌過去習慣採購六個月合約，或最多一年合約，所以這類長期合約對部分品牌而言簽署上會更複雜一些。

But we do have good visibility on being able to complete the goal of having. Percent contract signed and then the rest done in LOIs with some of the customers that existing customers that we have from our Taraban facility. There's no doubt in my mind whatsoever that if the plant was up and operational we'd be able to. Able to sell 100% of the capacity of the facility because we offer the best quality material on the market for 100% recycled content and that has been proven over and over again by all of the different CPG companies and our price point because of the Indian economics, having a CapEx of $165 million to $170 million allows us to be super competitive on pricing. So, pricing has never come up as an issue with customers where we are too expensive.

但我們對於達成目標、完成。百分比的合約簽署，並以意向書（LOI）完成其餘部分，具有良好的可見度；其中一些客戶是我們在 Taraban 廠既有的客戶。我毫不懷疑，如果工廠已建成並投入營運，我們將能。把該設施 100% 的產能都賣出去，因為我們提供市場上品質最佳的 100% 再生含量材料，且已被各家不同的 CPG 公司一再驗證；同時，由於印度的經濟性，我們的價格也很有競爭力，資本支出為 1.65 億至 1.70 億美元，使我們在定價上具備高度競爭力。因此，定價從未成為客戶提出的問題，也就是說客戶不會覺得我們太貴。

So we really have a really good formula where we have the best quality material at prices that the brands are buying a lesser quality material today. So it's just the difficulty there is just being able to get these companies that takes a longer time for them to be able to execute contracts that are five years out.

所以我們的模式非常好：以品牌目前購買較低品質材料的價格，提供最高品質的材料。真正的難點只是要讓這些公司花更長時間去完成簽署，因為這些合約是往後五年的承諾。

Got it. All right, thanks. And is the debt financing contingent on a certain amount of offtake being spoken for?

了解。好，謝謝。那債務融資是否取決於必須先有一定比例的承購量被預先鎖定？

Yeah, the debt financing is contingent on 50% of the off-stakes signed in minimum three-year contracts.

是的，債務融資是以至少三年期合約簽署 50% 的承購（off-take）為前提條件。

Okay, thanks for clarifying that. I'm curious on the CapEx cost reduction from I think it was $190 million to in the $165 million to $170 million range. Obviously, FX has something to do with that, but was there any other meaningful cost savings or how did you drive that cost reduction?

好的，謝謝你釐清。我想了解資本支出（CapEx）成本從我記得的 1.90 億美元降到約 1.65 億至 1.70 億美元區間。顯然匯率（FX）有影響，但是否還有其他顯著的成本節省？或你們是如何推動這次降本的？

Yeah, I would say approximately 50% came from FX because the Indian rupee lost against the U.S. Dollar. And we're talking about, so when I talk about 165 million of CapEx, that's including all of the financing costs, land acquisition costs, engineering costs, and the construction costs. So the FX portion would only be on the construction cost. Land acquisition, we saved $5 million from the land acquisition. And then there was other material savings from optimizing the process where working with suppliers in India or in other parts of the world that are lower cost than what we had in the initial estimates. So it's a combination of purchasing optimization, land cost reduction, FX and engineering.

是的，我會說大約 50% 來自匯率，因為印度盧比相對美元走貶。另外我們談的是——當我說 1.65 億美元的 CapEx 時，那是包含所有融資成本、土地取得成本、工程成本以及建造成本。所以匯率影響的部分只會反映在建造成本上。土地取得方面，我們省了 500 萬美元。此外，透過流程最佳化也有其他實質節省，例如與印度或世界其他成本較低地區的供應商合作，成本低於我們最初的估算。所以這是採購最佳化、土地成本降低、匯率與工程等因素的綜合結果。

Okay.

好的。

You announced maybe a week ago that you signed an MOU with the government of Gujarat. Help us understand what that means. Is it symbolic or is there some sort of pensible benefit in terms of permitting, access, utilities, et cetera?

你們大概一週前宣布與古吉拉特邦政府簽署了一份 MOU。請幫我們理解這代表什麼。這是象徵性的，還是說在許可、取得、公共設施等方面有某種可量化的好處？

Yeah, it's really validation. The project is important for the Gujarat government. The Gujarat government has this yearly review of projects and select projects that they are getting behind. And our project was something that was important for them. Textile recycling, textile waste is a pretty big issue. In India.

是的，這其實是一種背書與驗證。這個專案對古吉拉特邦政府很重要。古吉拉特邦政府每年都會審查各項專案，並挑選他們要支持的重點專案。而我們的專案對他們而言就是重要的項目之一。紡織品回收、紡織廢棄物是一個相當大的議題。在印度。

India right now has some of the strictest, actually the strictest rules on recycled content and packaging in the world. And so, today they have to have 40% recycled content and they're going to go to 60% recycled content and packaging, which dwarfs Europe's 25% recycled content and packaging. And so, India is very focused on. Helping the pollution in the country and finding solutions. And so our technology being able to recycle the textiles and the textile hub being in Dahej and Gujarat province, it's an important project for them to be able to recycle the textile waste. And today that textile waste is either burnt, sent to landfill or just discarded basically on the side of the roads. And so this is where having our project is going to help.

印度目前在再生含量與包裝方面的規範是全球最嚴格之一——其實就是最嚴格。因此，現階段要求 40% 的再生含量，接下來會提高到 60% 的再生含量與包裝要求，這遠高於歐洲 25% 的再生含量與包裝要求。所以，印度非常專注於。協助降低國內污染並尋找解決方案。因此，我們的技術能夠回收紡織品，而紡織產業聚落位於達赫傑（Dahej）與古吉拉特邦，這對他們回收紡織廢棄物而言是重要專案。而目前這些紡織廢棄物不是被焚燒、送往掩埋場，就是基本上被丟棄在路邊。因此，我們的專案將在這方面提供幫助。

Alleviate some of the pollution in the Gujarat province because of this textile waste which has no other value today except for a technology like ours.

減輕古吉拉特邦部分污染，因為這些紡織廢棄物目前除了像我們這樣的技術之外，幾乎沒有其他價值。

Okay and finally at the risk of putting the cart in front of the horse, you've got visibility to some of the regulatory mandates coming down the pike and obviously pretty good input from your customers right now.

好的，最後一個問題——冒著本末倒置的風險——你們對即將推出的一些監管要求有一定能見度，而且目前也顯然從客戶那邊得到相當不錯的回饋。

Have you started to think about what comes after the plant that you own in India and then the technology license in Europe in terms of additional plants and whether that's a build or license model and the timeline for starting to really make meaningful progress on those?

你們是否已開始思考在印度自有工廠、以及在歐洲的技術授權之後，下一步會是什麼——例如新增工廠，以及會採取自建或授權模式，還有開始在這些事項上取得實質進展的時間表？

So the plan in India is to build a second facility, much larger facility, once this one is up and operating.

所以在印度的計畫是，一旦這座工廠建成並開始營運，就再建第二座規模更大的設施。

We've bought enough land to be able to sustain two facilities on that same site. There's enough feedstock in Gujarat to be able to support a second site as well. So the joint ventures plan is definitely, once you have six months, a year of stable operations at the plant, to begin the construction on the second plant right away. So the engineering was conceived with the view on having that second plant at the site. And so that's going to be really important for us.

我們已經買了足夠的土地，能在同一個基地容納兩座設施。古吉拉特邦也有足夠的原料供應（feedstock）來支撐第二個廠址。因此合資公司的計畫很明確：當工廠穩定運轉六個月到一年後，就立刻開始第二座工廠的建設。所以在工程設計之初，就已把同一基地的第二座工廠納入考量。因此這對我們會非常重要。

I wouldn't be looking to invest our dollars, our shareholders' dollars in high-cost manufacturing countries once we've seen what India can deliver. It's very rare to see. Projects go through engineering and go through detailed engineering and have CapEx reductions, usually you are over budget.

在看到印度能交付的成果之後，我不會想把我們的資金、股東的資金投入到高成本製造國家。這非常罕見。專案走過工程設計、進入細部工程後，CapEx 還能下降；通常都是超出預算。

These are the first projects I have ever seen that are actually under budget.

這是我見過第一批真正低於預算的專案。

And the cost structure in India allows us to be able to compete anywhere worldwide. Our customers like Nike, they don't really care if the facility is in the United States, in Canada, in Germany. Or in India, what they care about is getting the best quality material at the best price, and that's what India can offer us. So for us, investing our dollars, low-cost manufacturing, India has huge potentially other parts, but India is definitely somewhere we think we can build a very big base. As far as licensing, SocGen is building the first plant in Germany through the site, through the exercises, they see an opportunity to potentially build more facilities. European regulation is coming in where trying to protect the recycling industry in Europe, so more material coming from European. There's incentives if you're buying your recycled plastic from Europe rather than bringing it in from other parts of the world.

而印度的成本結構讓我們能在全球任何地方競爭。像 Nike 這樣的客戶，其實不太在意工廠是在美國、加拿大、德國。或是在印度；他們在意的是以最佳價格取得最高品質的材料，而印度能提供這一點。所以對我們而言，投資資金在低成本製造上——印度有很大的潛力，當然其他地區也可能，但印度確實是我們認為可以建立非常大基地的地方。至於授權方面，SocGen 正在德國透過該場址建第一座工廠，透過這些流程與演練，他們看到可能再建更多設施的機會。歐洲的法規正在推出，試圖保護歐洲的回收產業，因此會有更多材料來自歐洲。如果你從歐洲採購再生塑膠，而不是從世界其他地區進口，會有相應的誘因。

Luckily for us, India and Europe have a free trade agreement, so we're not affected by any of those type of tariffs or protectionisms.

幸運的是，印度與歐洲有自由貿易協定，所以我們不會受到這類關稅或保護主義措施的影響。

And so licensing in other parts of the world is something that we'll definitely explore in other parts of the world.

因此，在世界其他地區進行授權是我們一定會探索的方向。

But yeah, for us, low cost manufacturing is our key and then licensing in higher cost manufacturing.

不過是的，對我們來說，低成本製造是關鍵，而在高成本製造地區則採取授權。

Great. All right. That's all for me.

很好。好。我這邊就到這裡。

Thank you.

謝謝。

The last thing I will add there is probably the way we bring low-cost manufacturing into higher cost countries. Like in Germany, what we are doing is we are taking the experience of India and the low-cost manufacturing of India and building our technology in modules. So the modules would be built in India with low-cost labor, low-cost materials and then shipped on site to Germany and assembled on site. So you are limiting the amount of high-cost labor that goes into some of these other countries like in the. European countries. So that's the way we see significant savings for this project in Germany where we could see, potentially a 50% CapEx reduction rather than if you would build it as a stick built project in Germany.

我最後再補充一點：我們把低成本製造導入高成本國家的方式。例如在德國，我們正在做的是把印度的經驗與印度的低成本製造帶進來，並把我們的技術做成模組化。因此這些模組會在印度以低成本勞力、低成本材料製造，然後運到德國現場再進行組裝。如此一來，就能限制在其他一些國家所需投入的高成本勞力，例如在。歐洲國家。因此，這就是我們看待德國這個專案能實現顯著節省的方式：相較於在德國以傳統現場逐步建造（stick-built）的方式，我們可能看到 CapEx 降低 50%。

Your next question comes from the line of Varyk Kutnick from Divyde Capital Partners. Your line is now live.

下一個問題來自 Divyde Capital Partners 的 Varyk Kutnick。您的線路已開通。

Hey Daniel.

嗨，Daniel。

Hi Varyk.

嗨，Varyk。

Remind me again on the current optic agreement with Nike. Is it the terms? Is it take or pay? Are there minimum volumes? And is everyone else going to follow that same framework for underwriting over in India?

再提醒我一次目前與 Nike 的光學（optic）協議內容。是合約條款嗎？是 take-or-pay（照付不取）嗎？有最低採購量嗎？而且在印度那邊做承銷時，其他人也都會遵循同樣的框架嗎？

Yeah, so the Nike contract is a three-year term renewable after three years.

是的，所以 Nike 的合約是三年期，三年後可續約。

It is a fixed price contract, fixed volume contract, and it's a 40% take or pay. So if they don't take the material, they pay us 40% of the value of the contract.

這是一份固定價格合約、固定數量合約，並且有 40% 的 take-or-pay（照付不取）條款。所以如果他們不提貨，就要支付合約價值的 40% 給我們。

Nike has pretty ambitious goals to eliminate fossil fuel based polyester in their supply chain, textiles and footwear.

Nike 設定了相當積極的目標，要在其供應鏈（紡織與鞋類）中淘汰以化石燃料為基礎的聚酯。

And so we see that volume growing bigger over time as our plants become up and running and Nike's commitment to sustainability just increases.

因此我們預期，隨著我們的工廠陸續投產，以及 Nike 對永續的承諾持續提升，該等採購量會隨時間變得更大。

Other customers, there are a lot of the fixed price contracts, fixed term contracts are coming from the textile industry.

其他客戶方面，許多固定價格、固定期限的合約來自紡織產業。

On the beverage side with the pathogen companies, it's more of an index pricing. So we use a, let's say in Europe, you use the ICIS index pricing, which is published monthly on what recycled PET is sold for. And then we use a cap and a collar. So we have a floor pricing that it can never go lower than a certain price and a cap and it can never go higher. So it hedges us on the downside, hedges them on the high side, and we trade within a band. It's about EUR275 per ton band that we trade within.

在飲料端、與那些（原文）pathogen 公司合作時，則比較偏向指數定價。例如在歐洲，我們使用 ICIS 指數定價，該指數每月公布再生 PET 的成交價格。然後我們會設定上限（cap）與下限（collar）。也就是有一個底價，價格不會低於某個水準，並且有一個上限，價格也不會高於某個水準。因此這能在下行時對我們做避險、在上行時對他們做避險，並在一個區間內交易。我們交易的區間帶寬大約是每噸 275 歐元。

So that's typically the way the beverage companies like to price the contracts.

所以這通常是飲料公司偏好的合約定價方式。

And then as far as Nike here, do they have any type of right of first refusal on possibly in the future in India, Europe, etcetera? Is that built into their contract?

那就 Nike 而言，他們是否有任何類似優先承購權（right of first refusal），例如未來在印度、歐洲等等？這有寫進他們的合約嗎？

First right of refusal, no. There's no first rider. We don't give first rider refusals to anybody. They do have an option to purchase more material in their contract so they can exercise an option to purchase more material.

優先承購權，沒有。沒有任何優先權條款。我們不會給任何人優先承購權。不過他們的合約中有一個可購買更多材料的選擇權，因此他們可以行使該選擇權來購買更多材料。

We have some customers that, like I said earlier, we have some customers that they just cannot sign long-term. Their corporate governance doesn't allow them to sign these long-term material contracts, but they're willing to sign, LOIs with us for even the LOIs have a price. They have committed volumes.

我們有一些客戶，如我先前提到的，他們就是無法簽長約。他們的公司治理不允許他們簽這種長期材料合約，但他們願意與我們簽 LOI（意向書），而且即便是 LOI 也有價格。他們也承諾了採購量。

And so there are those cases where some brands are just not able to sign these long-term contracts.

因此在某些情況下，有些品牌就是無法簽這些長期合約。

They're willing to support us with an LOI, firm LOIs, and, they're willing to help us in talking to the banks and things of that nature. So, being very supportive.

他們願意用 LOI 來支持我們、而且是具約束力的 LOI，並且他們也願意協助我們與銀行溝通等這類事情。所以非常支持。

And help me with some of these numbers here. So obviously construction costs have gone down to excellent. So if I think of the 70 million tons, metric tons annually, at $170 million to build, you get about $0.44 of CapEx per pound. Does that include polymerization?

再幫我確認一下這裡的一些數字。顯然建造成本已經降到很不錯的水準。所以如果我用每年 7,000 萬噸（公噸）的產能、建造成本 1.7 億美元來看，換算下來每磅的資本支出（CapEx）大約是 0.44 美元。這有包含聚合（polymerization）嗎？

Yes. So that's depolymerization and polymerization and all utilities. So this site is greenfield, complete greenfield. There is no infrastructure whatsoever. So that includes depoly, repolymerization, land, engineering, and all the financing costs through startup and commissioning until the plant is operational.

有。所以包含解聚（depolymerization）與聚合（polymerization），以及所有公用工程。這個場址是綠地案（greenfield），完全是綠地。完全沒有任何基礎設施。因此這包含解聚、再聚合、土地、工程，以及從啟動與試車到工廠正式運轉前的所有融資成本。

The construction piece. So just the construction piece is approximately $115 million out of the $165 million, let's say?

就施工（construction）這一塊。所以單就施工部分，大約是 1.15 億美元（在總額 1.65 億美元之中），對嗎？

Gotcha. Gotcha. Okay. So that would put one, if I'm doing rough math in my head here, if you guys are going to do, you said in the past, your EBITDA margin or EBITDA would be roughly around $50 million, $60 million. Does that still sound right on this plan?

了解。了解。好。那如果我在腦中粗算一下，你們過去說過 EBITDA 利潤率或 EBITDA 大概會在 5,000 萬到 6,000 萬美元左右。以這個方案來看，聽起來還是差不多嗎？

It's an interesting dynamic right now. So some of the dynamic pricing that we see with the ICIS, that index pricing is up about 30% to 40% right now since the beginning of the year, mainly because of the conflict in Iran.

目前有個很有意思的動態。我們看到 ICIS 的一些動態定價，那個指數定價自年初以來上漲了約 30% 到 40%，主要是因為伊朗的衝突。

So that price floats up and down. So if you're taking the floor price, that's probably where we would be somewhere at the floor price today. It's a little bit higher than that. So we're looking at about 45% EBITDA margin is somewhere roughly around there.

所以價格會上下浮動。如果你用底價來看，我們今天大概會落在底價附近。實際上比那再高一點。所以我們看到的 EBITDA 利潤率大約在 45% 左右，差不多是這個水準。

Either way, though, your payback period on this bill all in is about a year and a half to two and a half.

不管怎樣，你們這個全包（all-in）的建置投資回收期大約是一年半到兩年半。

Depending on where pricing falls. Is that number still reasonable? Yes.

取決於價格落點。這個數字仍然合理嗎？是的。

I mean, the numbers just got better by reducing CapEx by $20 million to $25 million. Gotcha.

我的意思是，資本支出（CapEx）再降低 2,000 萬到 2,500 萬美元，數字就變得更好了。了解。

So we should see some real progress within a serious timeline second-half of this year.

所以我們應該會在今年下半年、在一個相當明確的時間表內看到一些實質進展。

Yeah. I mean, now the debt piece has fallen into place. We have great international banks behind the project with their term sheets. Now completing the technical due diligence over the next four to six weeks is something that Loop is very used to doing.

是的。我的意思是，現在債務融資這一塊已經到位。我們有很棒的國際銀行以條款書（term sheets）支持這個專案。接下來在未來四到六週完成技術盡職調查（technical due diligence），這是 Loop 非常熟悉的流程。

We've done it many times for either customers or other partners. Like I said, most recently for SocGen before they licensed the technology and they made the investments into Loop.

我們已經為客戶或其他合作夥伴做過很多次。如我所說，最近一次是為了法國興業銀行（SocGen），在他們授權該技術並對 Loop 投資之前。

So that's really what's ongoing there. And then once we have that's going to be completed and then we're going to wrap all of the different terms and get everything completed for the debt.

所以目前正在進行的就是這些。然後一旦完成之後，我們就會把各項不同條款整合起來，把債務融資的所有事項都完成。

Well, good luck with everything. Look forward to following along.

那祝你們一切順利。期待持續關注後續進展。

Thank you very much.

非常感謝。

There are no further questions. I'd like to turn the call back to Daniel Solomita for closing remarks.

沒有其他問題了。我想把電話會議交回給 Daniel Solomita 作結語。

Yeah, just again, thank you very much for everyone's support.

是的，再次非常感謝大家的支持。

Thank you to the team and thank you to our international partners. Have a nice day.

謝謝團隊，也謝謝我們的國際合作夥伴。祝大家有美好的一天。

This concludes today's meeting. You may disconnect.

今天的會議到此結束。您可以掛線。