08:34 AM EDT, 03/22/2024 (MT Newswires) -- Loop Energy ( LPENF ) late Thursday released 2023 financial results that included a lengthy discussion on the company's ability to continue as a going concern from KPMG, its independent auditor.

The hydrogen fuel-cell company reported a 2023 loss of C$34.16 million, or C$1.00 per share , compared with a loss of C$37.49 million, or C$1.11, in 2022.

Revenue fell 37% to C$2.1 million from C$3.33 million, while cash flow was a negative C$18.88 million, following on negative cash flow of C$33.18 million in 2022.

Loop in February agreed to a reverse takeover with H2 Portable Power, which develops hydrogen-enabled industrial equipment, and secured bridge financing from H2 to fund its operations until the transaction is completed.

"The Company believes it will have sufficient funding, with the bridge financing provided, to fund operations up to

the successful close of the proposed merger transaction. However, the Company expects to incur further losses in

the development of its business and forecasts that it will need to seek additional financing following the merger and

within the next five months to continue as a going concern and meet its ongoing expenditures and obligations.

While the Company has been successful in securing financing in the past, there can be no assurances that it will be

able to do so in the future. These conditions indicate a material uncertainty exists that may cast significant doubt

about the Company's ability to continue as a going concern," the company's 2023 financial statements noted.

Loop shares closed up C$0.005 to C$0.17 on the Toronto Stock Exchange.