4. Inventories

Inventories as at February 28, 2026 and February 28, 2025 were as follows:

As at February 28, 2026 and February 28, 2025, inventories included finished goods, work in process and raw materials. Finished goods inventories consist of bottle grade and fiber grade Loop™ PET resin which is intended to be sold to customers. Work in process inventories consist of recycled monomers (dimethyl terephthalate (“rDMT”) and monoethylene glycol (“rMEG”)), either purified or yet to be purified, resulting from the depolymerization of PET feedstock. These monomers are intended be polymerized into Loop™ PET resin in the future. Raw materials inventories consist of chemicals which are used as inputs in the PET depolymerization process. As at  February 28, 2026 and February 28, 2025, finished goods and work in process inventories were presented at lower of cost or net realizable value, while raw materials were presented at average cost. As at February 28, 2026, the Company recorded an allowance for inventory write-down of $868 (2025 – $738) on finished goods and work in process inventories related to inventory volumes not expected to be sold in the next twelve months.