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We expect to continue to incur significant expenses and operating losses for the foreseeable future, and our net losses may fluctuate significantly from quarter to quarter.
+Added: As of February 28, 2026, management has determined that our existing cash resources, together with amounts available under our undrawn credit facility, will not be sufficient to fund our ongoing operations, obligations and commitments for at least the next twelve months from the issuance date of our audited consolidated financial statements.
+Added: These conditions raise substantial doubt about our ability to continue as a going concern.
Although we believe that our business plan has significant profit potential, there is no assurance that we will attain profitable operations or that management will succeed in realizing our business objectives.
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We expect to continue incurring operating losses, as our revenues are not yet sufficient to offset the costs of our business operations.
−Removed: While we have begun generating revenue, including a €10.0 million upfront licensing fee under our transactions with Reed and $0.4 million in engineering services revenue from our India JV in the quarter ended February 28, 2025, we may not generate material revenues from licensing or product sales for several years.
+Added: While we have generated $0.5 million in engineering services revenue from our India JV in the year ended February 28, 2026 , we may not generate material revenues from licensing or product sales for several years.
If we are not able to develop our business as anticipated, the revenues we generate may not be sufficient to support our operations or achieve profitability.
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The business environment in which we operate has been impacted by the effects of worldwide macroeconomic uncertainty.
−Removed: Economic activity improved slightly during 2024;
−Removed: however, economic concerns remain as a result of the cumulative weight of uncertainty regarding the economic conditions in the United States, where our securities are listed and in foreign countries, including global political hostilities and other financial disruptions.
+Added: Economic concerns remain as a result of the cumulative weight of uncertainty regarding the economic conditions in the United States, where our securities are listed and in foreign countries, including global political hostilities and other financial disruptions.
The imposition of broad tariffs by the United States in April 2025 has contributed to global market volatility.
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Accordingly, these factors in the global economy could have an adverse effect on our ability to raise additional capital, execute our business plan or remain in business.
−Removed: Our technology may not be successful in developing commercial products.
−Removed: We and our collaborators may spend many years and dedicate significant financial and other resources to developing our technology that may never be successfully commercialized at scale.
+Added: Our technology may not be successful in achieving widespread commercial success at scale.
+Added: Our ability to commercialize our technology depends on our ability, and the ability of our collaborators, joint ventures and licensees, to finance, permit, engineer, construct, commission and operate planned commercial facilities, including the planned India JV facility and the first planned European facility to be developed under our licensing arrangement in Europe.
+Added: Although we have substantially completed the development of our core technology and have operated our Terrebonne, Québec depolymerization facility for five years demonstrating the effectiveness of our technology, the Terrebonne Facility is a small-scale plant with limited production capacity used principally for research and development, training and customer marketing purposes, and we have not yet tested our technology at the scale and cost structure required for large commercial use.
Our technology may never achieve widespread commercial success for, among others, any of the following reasons:
−Removed: We may not be able to secure sufficient funding to progress our technology through development and commercial validation;
−Removed: We or our collaborators may be unable to obtain the requisite regulatory approvals for our technology or may be adversely affected by changes in applicable laws and regulations;
+Added: We may not be able to secure sufficient funding to construct and operate planned commercial manufacturing facilities, or to fund our ongoing operational needs pending the commencement of commercial operations;
+Added: We or our collaborators may be unable to obtain the required permits and regulatory approvals necessary for the construction and operation of our planned commercial facilities or for other commercialization activities, or the process for obtaining such permits and approvals may be delayed, including as a result of changes in applicable laws and regulations;
Competitors may launch competing or more effective technology;
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We, however, have not yet tested our technology at the scale that will be required for large commercial use nor at a scale and cost structure sufficient to conclude the commercial success of our technology.
−Removed: Disruption at, damage to, or destruction of our Terrebonne Facility could impede our ability to continue innovating and refining our technological process, and supporting our commercial projects, which would harm our business, financial condition, and operating results.
−Removed: Our research and development activities are performed from a single location in Terrebonne, Québec.
−Removed: Our continued innovation activities rely on an uninterrupted and fully functioning plant.
−Removed: In addition to supporting innovation and process optimization, the Terrebonne Facility also serves as a technical reference point for our plans to deploy modular construction in lower-cost jurisdictions.
−Removed: Interruptions in operations at this location could result in our inability to provide the most efficient and effective technological solution to our partners and customers, as well as hinder continued validation of our technology.
−Removed: A number of factors could cause interruptions, including, but not limited to, equipment malfunctions or failures, technology malfunctions, work stoppages or slow-downs, damage to or destruction of the facility, or regional power shortages.
−Removed: As our equipment ages, it will need to be replaced.
−Removed: Any disruption that impedes our ability to optimize our process and provide support for our commercial projects in a timely manner could reduce our revenues and materially harm our business.
−Removed: Additionally, the repair or replacement of critical equipment, and the restoration of operations at the Terrebonne Facility if a disruption occurs, could result in substantial costs, operational delays, and the diversion of management’s time and resources.
Our joint venture with Ester to construct and operate a manufacturing facility in India involves significant risks, and any delays or disruptions could adversely affect our business, financial condition, and prospects.
We are currently advancing a joint venture with Ester to construct the Infinite Loop™ India manufacturing facility, which is expected to produce approximately 70,000 tons per year of Loop branded PET resin and polyester fiber.
−Removed: This project is in the early stages of development, with groundbreaking expected in the second half of calendar 2025 and commercial operations projected to begin in calendar 2027.
−Removed: The total initial funding requirement is estimated at approximately $176 million and is expected to be financed through a combination of debt and equity capital.
+Added: This project is in the early stages of development, and there can be no assurance when commercial operations will begin.
+Added: The total initial funding requirement is estimated at approximate ly $165 to $170 million and is expected to be financed through a combination of debt and equity capital.
The success of the facility depends on a number of factors, many of which are outside of our control.
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Failure to achieve expected operating efficiencies or projected economic returns.
+Added: Additionally, several of our key commercial agreements and strategic alliances, including the offtake agreements with Nike and Taro Plast and strategic alliances with Shinkong and Hyosung TNC, are conditioned upon, or otherwise dependent on, the successful construction and operation of the Infinite Loop™ India facility.
+Added: If the facility is not completed, is significantly delayed, or fails to achieve the required production volumes or product quality specifications, we may be unable to realize the anticipated benefits under these agreements, which could result in their termination or renegotiation, damage our relationships with key customers and strategic partners, and adversely affect our ability to generate revenues and execute our commercialization strategy.
Although we and Ester have a well-established working relationship and have made initial equity contributions to support engineering work, the facility remains in the pre-construction phase.
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The demand for rPET has historically fluctuated with the price of crude oil.
−Removed: Recent volatility in global financial markets and a resulting decline in oil prices have increased uncertainty in the pricing dynamics of the plastics industry.
+Added: Recent volatility in global financial markets and in oil prices have increased uncertainty in the pricing dynamics of the plastics industry.
If crude oil prices decline, the cost to manufacture rPET may become comparatively higher than the cost to manufacture virgin alternatives.
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We currently have several financing arrangements in place that contain restrictions and potential cash obligations.
−Removed: For example, our Series B CPS issued to an affiliate of Reed carries voting rights and a 13% cumulative annual PIK dividend, and is redeemable by the holder on the fifth anniversary of issuance.
−Removed: Additionally, we have a $2.4 million (CDN $3.5 million) secured credit facility with a Canadian bank, which is secured by the Company’s Terrebonne, Québec property and is subject to a minimum equity covenant tested quarterly.
+Added: For example, our Series B CPS issued to an affiliate of Reed c arries voting rights and a 13% cumulative annual PIK dividend, and is redeemable by the holder on the fifth anniversary of issuance.
+Added: Additionally, we have a $2.6 million (CDN $3.5 million) secured credit facility with a Canadian bank, which is secured by the Company’s Terrebonne, Québec property.
+Added: As of February 28, 2026, we have a loan from Investissement Quebec with an outstanding balance of $3.0 million (CDN $4.1 million).
These existing and potential obligations, together with any new financings we may pursue, could impact our future liquidity and operational flexibility.
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333-281883), declared effective by the SEC on September 10, 2024, which allows us to offer and sell up to $175.0 million in any combination of debt securities, common stock, preferred stock, depositary shares, warrants, subscription rights, and units.
−Removed: In addition, we have an effective resale registration statement on Form S-3 (File No.
−Removed: 333-281224), declared effective by the SEC on August 14, 2024, covering up to 7,072,220 shares of common stock (including up to 4,714,813 shares of outstanding common stock and up to 2,357,407 shares issuable upon exercise of warrants which have since expired) held by a selling stockholder, which was filed pursuant to the Investor Rights Agreement with SKGC entered into in July 2021.
+Added: In addition, on July 3, 2025, we entered into an At the Market Offering Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC (“Roth”), pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $15.0 million from time to time through Roth, acting as sales agent or principal, in transactions that may be deemed to be “at-the-market” offerings under Rule 415 promulgated under the Securities Act (the “ATM Equity Offering”.
+Added: As of February 28, 2026, the Company had sold 510,435 shares of common stock under the Sales Agreement, and as of May 26, 2026, the Company had approximately $14.1 million of capacity remaining under the ATM Equity Offering.
If a significant number of shares is sold in the public market, this could put downward pressure on our stock price.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.