Li-Cycle Reports Full Year 2023 Results
- Transitioned from reporting under IFRS to U.S. GAAP for full-year 2023 results
- Produced 6,825 tonnes of black mass in 2023, surpassing 2022 production by 1.5 times
- Exceeded annual guidance range of 5,500 to 6,500 tonnes
- Total revenue of $18.3 million in 2023, marking an 11% increase from 2022
- Product and recycling revenue of $23.6 million in 2023, a 34% rise from 2022
- Received a $75.0 million strategic investment from Glencore
- None.
Insights
The transition from IFRS to U.S. GAAP for the company's financial reporting could be seen as a strategic move to align with U.S. standards, potentially attracting a broader investor base and increasing transparency. The significant production increase to 6,825 tonnes represents operational efficiency and could signal a growing demand for the company's black mass, a key component in battery recycling. This operational milestone, surpassing the upper end of the guidance range, often serves as a positive indicator to investors about the company's capabilities and market positioning.
Revenue growth of 11% year-over-year and more notably a 34% increase in product and recycling revenue when excluding non-cash fair value adjustments, suggests a strengthening core business. The exclusion of non-cash items provides a clearer view of operational performance, which is essential for evaluating the company's true growth trajectory. The strategic investment from Glencore not only infuses capital but also could indicate confidence in the company's long-term prospects and may lead to synergistic partnerships.
The reported figures, particularly the 1.5x increase in production, reflect a growing market for recycled battery materials, driven by the surge in electric vehicle (EV) production and the associated environmental concerns. The company's performance and the strategic investment suggest a favorable outlook for the battery recycling sector. Investors might interpret this as the company gaining a competitive edge in a rapidly expanding industry.
Moreover, the investment by a major player like Glencore could imply potential for future collaboration or integration within Glencore's supply chain, which might enhance market reach and operational efficiencies for the company. This development could be a significant differentiator in the competitive landscape, as partnerships and scale become increasingly important in the recycling and materials sector.
The reported financial results and strategic investment are reflective of broader economic trends, such as the transition towards sustainable energy and circular economies. The increase in production and revenue indicates that the company is capitalizing on these trends effectively. However, it is important for stakeholders to consider the macroeconomic environment, including commodity prices and regulatory changes that could impact the profitability and sustainability of such operations in the long term.
The strategic investment also has implications beyond the immediate cash infusion. It could be seen as a vote of confidence in the company's business model and growth potential, potentially leading to a revaluation of the company's stock. However, investors should be mindful of the risks associated with the volatility of commodity markets and the execution risks of scaling operations.
Highlights
-
Reported full-year 2023 results in accordance with
U.S. GAAP, transitioning from IFRS;
- Produced 6,825 tonnes of black mass and equivalents in 2023, 1.5x 2022 production level and exceeding the top end of annual guidance of 5,500 to 6,500 tonnes provided in November;
-
Posted total revenue of
$18.3 million 11% increase over 2022; excluding non-cash fair value pricing adjustments, posted$23.6 million 34% increase over 2022;
-
Announced
$75.0 million
-
Continuing to work closely with the
U.S. Department of Energy on the conditional commitment for a loan of up to$375.0 million
- Hosting a conference call and webcast on Tuesday, March 19, 2024 at 8:15 a.m. Eastern Time to provide a business update including a review of financial results.
Webcast and Conference Call Information
On Tuesday, March 19, 2024, at 8:15 a.m. Eastern Time, Company management will host a webcast and conference call to provide a business update including a review of these results. The related presentation materials for the webcast and conference call will be made available on the investor section of the Li-Cycle website: https://investors.li-cycle.com/overview/default.aspx
Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:
Domestic: (800) 579-2543
International: (203) 518-9814
Participant Code: LICYQ423
Webcast: https://investors.li-cycle.com
A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.
Financial Reporting Transition to US GAAP from IFRS
Li-Cycle previously qualified as a “foreign private issuer” under applicable
Review of Financial Results
On December 31, 2022, the Board approved a change of Li-Cycle’s fiscal year end from October 31 to December 31 to better align with peer group companies. The change resulted in a transition period of November 1, 2022 through December 31, 2022. The Company has calculated the income statement for the year ended December 31, 2022 and has provided a comparison to the year ended December 31, 2023 below.
Twelve Months Ended December 31, 2023
Revenue from product sales and recycling services were
Cost of sales increased to
Selling, general & administrative ("SG&A") expenses increased to
Research & development costs increased to
Other income was
Net loss was approximately
Adjusted EBITDA1 loss was approximately
Balance Sheet Position
As of December 31, 2023, Li-Cycle had cash and cash equivalents on hand of
The Company’s primary need for liquidity is to fund the working capital requirements of its business during its comprehensive review of the Rochester Hub project and go-forward strategy in addition to funding the project’s existing and remaining capital commitments.
Exemption from Filing Restated Interim Financial Reports
Pursuant to subsection 4.3(4) of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”), in connection with filing its annual financial statements in accordance with
Li-Cycle was granted an exemption from the Ontario Securities Commission providing Li-Cycle with an additional 45 days to file the Restated Interim Financial Reports from the deadline otherwise applicable under NI 51-102. Li-Cycle anticipates filing the Restated Interim Financial Reports and related MD&As on or before April 29, 2024. Li-Cycle confirms that its management and other insiders are subject to its Insider Trading Policy which contains an insider trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle’s mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company leverages its innovative, sustainable and patent-protected Spoke & Hub Technologies™ to recycle all different types of lithium-ion batteries. At our Spokes, or pre-processing facilities, we recycle battery manufacturing scrap and end-of-life batteries to produce black mass, a powder-like substance which contains a number of valuable metals, including lithium, nickel and cobalt. At our future Hubs, or post-processing facilities, we plan to process black mass to produce critical battery-grade materials, including lithium carbonate, for the lithium-ion battery supply chain. For more information, visit https://li-cycle.com/.
1 Adjusted EBITDA is not a recognized measure under
Results of Operations Summary1
|
Twelve months ended December 31, |
||||||||
$ millions, except per share data |
|
2023 |
|
|
2022 |
|
Change |
||
Financial highlights |
|
|
|
||||||
Revenue |
$ |
18.3 |
|
$ |
16.5 |
|
$ |
1.8 |
|
Cost of sales |
|
(81.8 |
) |
|
(55.2 |
) |
|
(26.6 |
) |
Selling, general and administrative expense |
|
(93.4 |
) |
|
(81.3 |
) |
|
(12.1 |
) |
Research and development |
|
(5.7 |
) |
|
(2.7 |
) |
|
(3.0 |
) |
Other income (expense) |
|
24.7 |
|
|
51.9 |
|
|
(27.2 |
) |
Income tax |
|
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
Net (loss) income |
|
(138.0 |
) |
|
(70.8 |
) |
|
(67.2 |
) |
Adjusted EBITDA1 |
|
(156.4 |
) |
|
(118.5 |
) |
|
(37.9 |
) |
Loss per common share - basic and diluted |
$ |
(0.78 |
) |
$ |
(0.41 |
) |
$ |
(0.37 |
) |
Cash used in operating activities |
|
(99.8 |
) |
|
(103.6 |
) |
|
3.8 |
|
|
|
|
|
||||||
As at |
December 31, 2023 |
||||||||
Cash and cash equivalents |
|
|
|||||||
Cash and cash equivalents balance |
$ |
70.6 |
|
||||||
1 Adjusted EBITDA is a non-GAAP financial measure and does not have a standardized meaning under
Non-IFRS Financial Measures
Adjusted EBITDA (loss)
The table below reconciles adjusted EBITDA (loss) to net profit (loss):
|
Twelve months ended December 31, |
|
Two months ended December 31, |
|
Twelve months ended October 31, |
||||||||||||||||||
Unaudited - $ millions |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net (loss) income |
$ |
(138.0 |
) |
|
$ |
(70.8 |
) |
|
$ |
1.6 |
|
|
$ |
22.1 |
|
|
$ |
(50.3 |
) |
|
$ |
(70.5 |
) |
Income tax |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation and amortization |
|
8.9 |
|
|
|
4.9 |
|
|
|
1.3 |
|
|
|
0.4 |
|
|
|
3.7 |
|
|
|
1.6 |
|
Interest expense |
|
7.6 |
|
|
|
12.5 |
|
|
|
2.2 |
|
|
|
2.2 |
|
|
|
12.5 |
|
|
|
2.6 |
|
Interest income |
|
(12.7 |
) |
|
|
(10.5 |
) |
|
|
(3.5 |
) |
|
|
(0.1 |
) |
|
|
(7.0 |
) |
|
|
(0.1 |
) |
EBITDA (loss) |
|
(134.3 |
) |
|
|
(63.9 |
) |
|
|
1.6 |
|
|
|
24.6 |
|
|
|
(41.1 |
) |
|
|
(66.4 |
) |
Impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Share-based compensation1 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.6 |
|
Fair value (gain) loss on financial instruments2 |
|
(22.1 |
) |
|
|
(54.6 |
) |
|
|
(21.4 |
) |
|
|
(34.2 |
) |
|
|
(67.5 |
) |
|
|
35.2 |
|
Adjusted EBITDA (loss) |
$ |
(156.4 |
) |
|
$ |
(118.5 |
) |
|
$ |
(19.8 |
) |
|
$ |
(9.6 |
) |
|
$ |
(108.6 |
) |
|
$ |
(29.6 |
) |
1. Share-based compensation relates to accelerated vesting of existing stock options upon completion of the Business Combination.
2. Fair value gain on financial instruments relates to convertible debt, and to warrants. Warrants were redeemed and no longer outstanding as of October 31, 2022.
Li-Cycle reports its financial results in accordance with accounting principles generally accepted in
Cautionary Notes - Forward-Looking Statements and Unaudited Results
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub as anticipated or at all, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s history of losses and expected significant expenses for the foreseeable future as well as additional funds required to meet Li-Cycle’s liquidity needs and capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; risk and uncertainties related to Li-Cycle’s ability to continue as a going concern; uncertainty related to the success of Li-Cycle’s Cash Preservation Plan and related past and expected near-term further significant workforce reductions; Li-Cycle's inability to attract, train and retain top talent who possess specialized knowledge and technical skills; Li-Cycle’s failure to oversee and supervise strategic review of all or any of the Li-Cycle’s operations and capital project and obtain financing and other strategic alternatives; Li-Cycle’s ability to service its debt and the restrictive nature of the terms of its debt; Li-Cycle's potential engagement in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle's current or future facilities becoming inoperative, capacity constrained or disrupted, or lacking sufficient feed streams to remain in operation; the potential impact of the pause in construction of the Rochester Hub on the authorizations and permits granted to Li-Cycle for the operation of the Rochester Hub and the Spokes on pause; the risk that the
Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessments as of any date subsequent to the date of this press release.
Li-Cycle Holdings Corp. |
|
|
|
|
|
|
|
||||||||
Consolidated balance sheets |
|||||||||||||||
All dollar amounts presented are expressed in millions of US dollars except share and per share amounts |
|||||||||||||||
|
December 31, 2023 |
|
December 31, 2022 |
|
October 31, 2022 |
|
October 31, 2021 |
||||||||
Assets |
|
|
|
|
|
|
|
||||||||
Current assets |
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
70.6 |
|
|
$ |
517.9 |
|
|
$ |
578.3 |
|
|
$ |
596.9 |
|
Restricted cash |
|
9.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accounts receivable (net of allowance for credit losses of |
|
1.0 |
|
|
|
4.3 |
|
|
|
1.5 |
|
|
|
4.1 |
|
Other receivables |
|
1.9 |
|
|
|
9.8 |
|
|
|
7.7 |
|
|
|
0.9 |
|
Prepayment and deposits |
|
56.2 |
|
|
|
95.2 |
|
|
|
85.8 |
|
|
|
8.6 |
|
Inventories, net |
|
9.6 |
|
|
|
7.7 |
|
|
|
7.5 |
|
|
|
1.2 |
|
Total current assets |
|
149.0 |
|
|
|
634.9 |
|
|
|
680.8 |
|
|
|
611.7 |
|
|
|
|
|
|
|
|
|
||||||||
Non-current assets |
|
|
|
|
|
|
|
||||||||
Plant and equipment, net |
|
668.8 |
|
|
|
210.0 |
|
|
|
150.2 |
|
|
|
26.4 |
|
Operating leases right-of-use assets |
|
56.4 |
|
|
|
43.2 |
|
|
|
42.6 |
|
|
|
18.6 |
|
Finance leases right-of-use assets |
|
2.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
9.6 |
|
|
|
4.6 |
|
|
|
3.9 |
|
|
|
— |
|
|
|
737.0 |
|
|
|
257.8 |
|
|
|
196.7 |
|
|
|
45.0 |
|
Total assets |
$ |
886.0 |
|
|
$ |
892.7 |
|
|
$ |
877.5 |
|
|
$ |
656.7 |
|
|
|
|
|
|
|
|
|
||||||||
Liabilities |
|
|
|
|
|
|
|
||||||||
Current liabilities |
|
|
|
|
|
|
|
||||||||
Accounts payable |
$ |
76.4 |
|
|
$ |
20.1 |
|
|
$ |
12.6 |
|
|
$ |
9.4 |
|
Accrued liabilities |
|
75.7 |
|
|
|
51.8 |
|
|
|
33.8 |
|
|
|
9.4 |
|
Deferred revenue |
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating lease liabilities |
|
4.4 |
|
|
|
4.3 |
|
|
|
3.9 |
|
|
|
1.8 |
|
Total current liabilities |
|
156.7 |
|
|
|
76.2 |
|
|
|
50.3 |
|
|
|
20.6 |
|
|
|
|
|
|
|
|
|
||||||||
Non-current liabilities |
|
|
|
|
|
|
|
||||||||
Operating lease liabilities |
|
56.2 |
|
|
|
41.7 |
|
|
|
40.5 |
|
|
|
18.7 |
|
Finance lease liabilities |
|
2.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Deferred revenue |
|
5.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Convertible debt |
|
288.1 |
|
|
|
272.8 |
|
|
|
288.5 |
|
|
|
100.9 |
|
Warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82.1 |
|
Asset retirement obligations |
|
1.0 |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
352.9 |
|
|
|
314.9 |
|
|
|
329.4 |
|
|
|
202.1 |
|
Total liabilities |
$ |
509.6 |
|
|
$ |
391.1 |
|
|
$ |
379.7 |
|
|
$ |
222.7 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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Equity |
|
|
|
|
|
|
|
||||||||
Common stock and additional paid-in capital Authorized unlimited shares, Issued and outstanding - 178.2 million shares (176.1, 176.0, 163.3 million shares at December 31, 2022, October 31, 2022 and 2021, respectively) |
|
648.3 |
|
|
|
635.3 |
|
|
|
633.1 |
|
|
|
519.3 |
|
Accumulated deficit |
|
(271.6 |
) |
|
|
(133.6 |
) |
|
|
(135.2 |
) |
|
|
(85.0 |
) |
Accumulated other comprehensive loss |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Non-controlling interest |
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
Total equity |
|
376.4 |
|
|
|
501.6 |
|
|
|
497.8 |
|
|
|
434.0 |
|
Total liabilities and equity |
$ |
886.0 |
|
|
$ |
892.7 |
|
|
$ |
877.5 |
|
|
$ |
656.7 |
|
Li-Cycle Holdings Corp. |
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Consolidated statements of operations and comprehensive income (loss) |
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All dollar amounts presented are expressed in millions of US dollars except share and per share amounts |
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|
Year ended
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|
Two months ended
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|
Year ended
|
|
Year ended
|
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Revenue |
|
|
|
|
|
|
|
||||||||
Product revenue |
|
12.6 |
|
|
|
5.8 |
|
|
|
12.1 |
|
|
|
6.9 |
|
Recycling service revenue |
|
5.7 |
|
|
|
0.1 |
|
|
|
1.3 |
|
|
|
0.4 |
|
Total revenue |
|
18.3 |
|
|
|
5.9 |
|
|
|
13.4 |
|
|
|
7.3 |
|
Cost of sales |
|
|
|
|
|
|
|
||||||||
Cost of sales - Product revenue |
|
(80.0 |
) |
|
|
(10.8 |
) |
|
|
(48.4 |
) |
|
|
(13.3 |
) |
Cost of sales - Recycling service revenue |
|
(1.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total cost of sales |
|
(81.8 |
) |
|
|
(10.8 |
) |
|
|
(48.4 |
) |
|
|
(13.3 |
) |
Selling, general and administrative expenses |
|
(93.4 |
) |
|
|
(14.7 |
) |
|
|
(74.9 |
) |
|
|
(22.7 |
) |
Research and development |
|
(5.7 |
) |
|
|
(0.7 |
) |
|
|
(2.4 |
) |
|
|
(3.4 |
) |
Loss from operations |
|
(162.6 |
) |
|
|
(20.3 |
) |
|
|
(112.3 |
) |
|
|
(32.1 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
12.7 |
|
|
|
3.5 |
|
|
|
7.0 |
|
|
|
0.1 |
|
Interest expense |
|
(7.6 |
) |
|
|
(2.2 |
) |
|
|
(12.5 |
) |
|
|
(2.6 |
) |
Foreign exchange loss |
|
(2.5 |
) |
|
|
(0.8 |
) |
|
|
— |
|
|
|
(0.7 |
) |
Fair value gain (loss) on financial instruments |
|
22.1 |
|
|
|
21.4 |
|
|
|
67.5 |
|
|
|
(35.2 |
) |
|
|
24.7 |
|
|
|
21.9 |
|
|
|
62.0 |
|
|
|
(38.4 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) before taxes |
|
(137.9 |
) |
|
|
1.6 |
|
|
|
(50.3 |
) |
|
|
(70.5 |
) |
Income tax |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) and comprehensive income (loss) |
|
(138.0 |
) |
|
|
1.6 |
|
|
|
(50.3 |
) |
|
|
(70.5 |
) |
|
|
|
|
|
|
|
|
||||||||
(Loss) earnings per common share - basic and diluted |
$ |
(0.78 |
) |
|
$ |
0.01 |
|
|
$ |
(0.29 |
) |
|
$ |
(0.64 |
) |
Li-Cycle Holdings Corp. |
|||||||||||||||
Consolidated statements of cash flows |
|||||||||||||||
All dollar amounts presented are expressed in millions of US dollars except share and per share amounts |
|||||||||||||||
|
For the year
|
|
For the 2 months
|
|
For the year
|
|
For the year
|
||||||||
Operating activities |
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(138.0 |
) |
|
|
1.6 |
|
|
|
(50.3 |
) |
|
|
(70.5 |
) |
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
12.7 |
|
|
|
2.1 |
|
|
|
17.5 |
|
|
|
4.0 |
|
Depreciation and amortization |
|
8.9 |
|
|
|
1.3 |
|
|
|
3.7 |
|
|
|
1.6 |
|
Loss on write off of fixed assets |
|
3.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign exchange (gain) loss |
|
1.2 |
|
|
|
0.8 |
|
|
|
(1.3 |
) |
|
|
0.6 |
|
Fair value (gain) loss on financial instruments |
|
(22.1 |
) |
|
|
(21.4 |
) |
|
|
(67.5 |
) |
|
|
35.2 |
|
Inventory write downs to net realizable value |
|
6.0 |
|
|
|
1.0 |
|
|
|
6.4 |
|
|
|
2.9 |
|
Income tax expense |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Bad debt expense |
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest and accretion on convertible debt |
|
7.6 |
|
|
|
2.2 |
|
|
|
12.3 |
|
|
|
1.1 |
|
Non-cash lease expense |
|
0.6 |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
(117.9 |
) |
|
|
(12.1 |
) |
|
|
(78.3 |
) |
|
|
(25.1 |
) |
Changes in working capital items: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
2.5 |
|
|
|
(2.8 |
) |
|
|
2.6 |
|
|
|
(3.5 |
) |
Other receivables |
|
8.0 |
|
|
|
(2.2 |
) |
|
|
(6.8 |
) |
|
|
(0.7 |
) |
Prepayments and deposits |
|
(1.9 |
) |
|
|
0.3 |
|
|
|
(3.3 |
) |
|
|
(4.8 |
) |
Inventories |
|
(8.7 |
) |
|
|
(1.3 |
) |
|
|
(12.7 |
) |
|
|
(3.9 |
) |
Deferred revenue |
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accounts payable |
|
8.1 |
|
|
|
(5.8 |
) |
|
|
7.1 |
|
|
|
7.0 |
|
Accrued liabilities |
|
9.9 |
|
|
|
(17.0 |
) |
|
|
14.4 |
|
|
|
5.4 |
|
Net cash used in operating activities |
|
(99.8 |
) |
|
|
(40.9 |
) |
|
|
(77.0 |
) |
|
|
(25.6 |
) |
|
|
|
|
|
|
|
|
||||||||
Investing activities |
|
|
|
|
|
|
|
||||||||
Purchases of property, plant, equipment, and other assets |
|
(334.9 |
) |
|
|
(18.9 |
) |
|
|
(190.1 |
) |
|
|
(21.4 |
) |
Net cash used in investing activities |
|
(334.9 |
) |
|
|
(18.9 |
) |
|
|
(190.1 |
) |
|
|
(21.4 |
) |
|
|
|
|
|
|
|
|
||||||||
Financing activities |
|
|
|
|
|
|
|
||||||||
Payments of transaction costs |
|
(7.8 |
) |
|
|
(0.6 |
) |
|
|
(0.3 |
) |
|
|
— |
|
Proceeds from reservation fees recorded in deferred revenue |
|
5.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Capital contribution from (payment to) the holders of non-controlling interest in subsidiary |
|
(0.4 |
) |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
Proceeds from private share issuance, net of share issuance costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.6 |
|
Proceeds from public share issuance, net of share issuance costs |
|
— |
|
|
|
— |
|
|
|
49.7 |
|
|
|
525.3 |
|
Proceeds from exercise of stock options |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
Proceeds from exercise of warrants |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
Proceeds from convertible debt, net of issuance cost |
|
— |
|
|
|
— |
|
|
|
198.7 |
|
|
|
98.4 |
|
Proceeds from loan payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.1 |
|
Proceeds from government grants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Repayment of loan payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12.5 |
) |
Net cash (used in) provided by financing activities |
|
(2.9 |
) |
|
|
(0.6 |
) |
|
|
248.5 |
|
|
|
643.2 |
|
|
|
|
|
|
|
|
|
||||||||
Net change in cash, cash equivalents and restricted cash |
|
(437.6 |
) |
|
|
(60.4 |
) |
|
|
(18.6 |
) |
|
|
596.2 |
|
Cash, cash equivalents and restricted cash, beginning of year |
|
517.9 |
|
|
|
578.3 |
|
|
|
596.9 |
|
|
|
0.7 |
|
Cash, cash equivalents and restricted cash, end of year |
$ |
80.3 |
|
|
$ |
517.9 |
|
|
$ |
578.3 |
|
|
$ |
596.9 |
|
Supplemental non-cash investing activities: |
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment included in liabilities |
$ |
87.6 |
|
|
$ |
48.6 |
|
|
$ |
7.2 |
|
|
$ |
2.1 |
|
Supplemental information: |
|
|
|
|
|
|
|
||||||||
Interest paid |
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(1.5 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240315424653/en/
Investor Relations
Nahla Azmy
Sheldon D'souza
Email: investors@li-cycle.com
Media
Louie Diaz
Email: media@li-cycle.com
Source: Li-Cycle Holdings Corp.
FAQ
What were the full-year 2023 results reported in the press release for LICY?
How much black mass did LICY produce in 2023?
What was the total revenue reported by LICY in 2023?
Did LICY exceed its annual guidance range for production in 2023?
How much product and recycling revenue did LICY post in 2023?
Who made a strategic investment of $75.0 million in LICY?
