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Loop Reports Increase in Product Backlog to $ 45 Million , YTD Revenues More Than Triple Versus 2020 • • • Q3 YTD revenue more than triples to $ 1.3 million compared with the same period in 2020 Nanjing bus fleet hits close to 200,000 kilometres of accumulated on - road service 8 customers now in Loop's 1-10-100 sales process . VANCOUVER , British Columbia -- ( BUSINESS WIRE ) -- November 10 , 2021 -- Loop Energy ( TSX : LPEN ) today announced consolidated financial results for the third quarter ending September 30 , 2021. All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards ( IFRS ) . " During Q3 2021 , Loop Energy continued to progress towards our commercial goals for 2021 , " said Ben Nyland , President and CEO , Loop Energy . " The fleet deployment with Skywell has accumulated close to 200,000 in - service kilometres . We continue to see strong growth in Europe and we are building momentum in Korea . Customer feedback about the performance of our products relative to our competitors gives us confidence that our market focus on commercial vehicles is establishing a strong foundation for growth over the coming years . " Three and nine months ended September 30 , 2021 Financial Results Highlights • • Year to date revenues of $ 1.3 million as compared to $ 0.4 million for the same period in 2020 . Net loss for the third quarter of 2021 was $ 6.6 million as compared to a net loss of $ 2.4 million for the same period in 2020 due to increased research and product development costs as well as higher general and administrative costs . Q3 2021 Business Highlights • The Company has continued to build out its senior management team and Board of Directors . On November 9 , 2021 , the Company announced the appointment of Damian Towns as Chief Financial Officer , replacing Darren Ready . Mr. Towns brings over 25 years of experience in progressive and rapid - growth companies , spending 15 years leading organizations at the executive level . He joins Loop Energy from Photon Control , a Richmond , BC - based optical sensors supplier to the world's largest semi - conductor OEMs . As the Chief Financial Officer and Corporate Secretary , Mr. Towns guided Photon's exponential growth and maximized shareholder revenue through its recent acquisition . He brings deep expertise and technical knowledge in corporate finance , financial planning , accounting , governance , and investor relations . Mr. Towns will start November 15 , providing a two - week overlap with Mr. Ready for a smooth transition . During the quarter , Wendy Bach also joined the executive team as General Counsel and Corporate Secretary , and Peter Johansson joined Loop Energy's Board of Directors . Ms. Bach brings over 19 years of experience from Methanex Corporation ( MX - T ; MEOH ) , where she held various legal and executive roles . Ms. Bach will support the development of corporate strategies and the execution of key commercialization goals and objectives .