Li-Cycle Reports Second Quarter 2024 Operational and Financial Results, Including Record Quarterly Revenue
Li-Cycle Holdings Corp. (NYSE: LICY) reported its Q2 2024 financial results, highlighting record quarterly revenue of $8.4 million, a 133% year-over-year increase. The company continues to work with the U.S. Department of Energy on a potential $375 million loan. Li-Cycle's largest customer in 1H 2024 was a leading U.S.-based EV and battery manufacturer. The company reduced SG&A expenses by 39% to $15.3 million due to cost-cutting initiatives. Li-Cycle is exploring financing options to increase near-term liquidity and advancing its Rochester Hub project strategy. The company's net loss improved to $8.2 million from $31.9 million in the previous year, while Adjusted EBITDA loss improved to $23.4 million from $41.3 million.
Li-Cycle Holdings Corp. (NYSE: LICY) ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando un fatturato trimestrale record di 8,4 milioni di dollari, con un aumento del 133% rispetto all'anno precedente. L'azienda continua a collaborare con il Dipartimento dell’Energia degli Stati Uniti per un potenziale prestito di 375 milioni di dollari. Il principale cliente di Li-Cycle nella prima metà del 2024 è stato un'azienda leader nel settore dei veicoli elettrici e delle batterie con sede negli Stati Uniti. L'azienda ha ridotto le spese generali e amministrative del 39%, portandole a 15,3 milioni di dollari grazie a iniziative di riduzione dei costi. Li-Cycle sta esplorando opzioni di finanziamento per aumentare la liquidità a breve termine e sta portando avanti la strategia del progetto Rochester Hub. La perdita netta dell'azienda è migliorata a 8,2 milioni di dollari rispetto ai 31,9 milioni dell'anno precedente, mentre la perdita dell'EBITDA rettificato è migliorata a 23,4 milioni di dollari da 41,3 milioni.
Li-Cycle Holdings Corp. (NYSE: LICY) informó sus resultados financieros del segundo trimestre de 2024, destacando un ingreso trimestral récord de 8.4 millones de dólares, un aumento del 133% en comparación con el año anterior. La empresa sigue trabajando con el Departamento de Energía de EE. UU. en un posible préstamo de 375 millones de dólares. El mayor cliente de Li-Cycle en la primera mitad de 2024 fue un destacado fabricante de vehículos eléctricos y baterías con sede en EE. UU. La compañía redujo los gastos de administración y ventas en un 39%, llevándolos a 15.3 millones de dólares, gracias a iniciativas de reducción de costos. Li-Cycle está explorando opciones de financiamiento para aumentar su liquidez a corto plazo y avanzando en la estrategia de su proyecto Rochester Hub. La pérdida neta de la empresa mejoró a 8.2 millones de dólares desde 31.9 millones el año anterior, mientras que la pérdida de EBITDA ajustada mejoró a 23.4 millones de dólares desde 41.3 millones.
Li-Cycle Holdings Corp. (NYSE: LICY)는 2024년 2분기 재무 결과를 발표하며 역대 분기 수익 840만 달러를 기록했으며, 이는 전년 대비 133% 증가한 수치입니다. 회사는 3억 7천5백만 달러의 대출 가능성을 두고 미국 에너지부와 협력하고 있습니다. 2024년 상반기 Li-Cycle의 가장 큰 고객은 미국에 본사를 둔 주요 전기차 및 배터리 제조업체였습니다. 이 회사는 비용 절감 조치 덕분에 관리비 및 판매비를 39% 줄여 1,530만 달러로 감소시켰습니다. Li-Cycle은 단기 유동성을 늘리기 위한 자금 조달 옵션을 탐색하고 있으며 Rochester Hub 프로젝트 전략을 추진하고 있습니다. 회사의 순손실은 전년도 3,190만 달러에서 820만 달러로 개선되었고, 조정된 EBITDA 손실은 4,130만 달러에서 2,340만 달러로 개선되었습니다.
Li-Cycle Holdings Corp. (NYSE: LICY) a publié ses résultats financiers pour le deuxième trimestre 2024, mettant en avant un chiffre d'affaires trimestriel record de 8,4 millions de dollars, soit une augmentation de 133 % par rapport à l'année précédente. L'entreprise continue de collaborer avec le Département de l'Énergie des États-Unis pour un possible prêt de 375 millions de dollars. Le principal client de Li-Cycle au premier semestre 2024 était un fabricant de véhicules électriques et de batteries basé aux États-Unis. L'entreprise a réduit ses dépenses de SG&A de 39 % à 15,3 millions de dollars grâce à des initiatives de réduction des coûts. Li-Cycle explore des options de financement pour augmenter sa liquidité à court terme et fait progresser sa stratégie de projet pour le Rochester Hub. La perte nette de l'entreprise a été améliorée à 8,2 millions de dollars contre 31,9 millions de dollars l'année précédente, tandis que la perte d'EBITDA ajusté s'est améliorée à 23,4 millions de dollars contre 41,3 millions de dollars.
Li-Cycle Holdings Corp. (NYSE: LICY) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und dabei einen Rekordquartalumsatz von 8,4 Millionen Dollar bekannt gegeben, was einer Steigerung von 133 % im Vergleich zum Vorjahr entspricht. Das Unternehmen arbeitet weiterhin mit dem US-Energieministerium an einem möglichen Darlehen in Höhe von 375 Millionen Dollar. Der größte Kunde von Li-Cycle in der ersten Hälfte von 2024 war ein führender Hersteller von Elektrofahrzeugen und Batterien mit Sitz in den USA. Das Unternehmen senkte die Verwaltungskosten um 39 % auf 15,3 Millionen Dollar durch Kostensenkungsmaßnahmen. Li-Cycle untersucht Finanzierungsoptionen, um die kurzfristige Liquidität zu erhöhen, und verfolgt die Strategie seines Rochester Hub Projekts. Der Nettoverlust des Unternehmens verbesserte sich auf 8,2 Millionen Dollar von 31,9 Millionen Dollar im Vorjahr, während sich der bereinigte EBITDA-Verlust auf 23,4 Millionen Dollar von 41,3 Millionen Dollar verbesserte.
- Record quarterly revenue of $8.4 million, up 133% year-over-year
- SG&A expenses decreased 39% to $15.3 million due to cost reduction initiatives
- Net loss improved to $8.2 million from $31.9 million in the previous year
- Adjusted EBITDA loss improved to $23.4 million from $41.3 million in 2023
- Largest customer in 1H 2024 was a leading U.S.-based EV and battery manufacturer
- Cash and cash equivalents decreased to $57.0 million from $109.1 million in the previous quarter
- Company is exploring financing options to increase near-term liquidity, indicating potential cash flow concerns
- Total cost of sales decreased only 4% despite significant cost-cutting efforts
- Capital expenditures reduced significantly due to pause of construction at Rochester Hub
Insights
Li-Cycle's Q2 2024 results show mixed signals. The record quarterly revenue of
The reduction in SG&A expenses by
The ongoing negotiations with the DOE for a
Li-Cycle's commercial progress is noteworthy. The fact that 40% of global feedstock in Q2 came from EV battery packs and four of its top five customers were major global EV OEMs indicates strong positioning in the growing EV market. The partnership with a leading U.S.-headquartered EV manufacturer as the largest revenue source is particularly promising.
However, the company's decision to close the Ontario Spoke and review its Spoke network suggests potential overcapacity or operational inefficiencies. This could be seen as a strategic move to optimize operations, but it also raises questions about the company's growth trajectory and market demand forecasts.
The refined cost estimate of
Highlights
-
Continued to work closely with
U.S. Department of Energy (“DOE”) on key technical, financial and legal workstreams to advance towards definitive financing documentation for a loan for gross proceeds of up to$375 million -
Largest customer source of revenue in 1H 2024 was a leading
U.S. -headquartered vertically integrated EV and battery manufacturer with a substantial global EV market share; -
Record quarterly revenue of
$8.4 million 133% year-over-year increase; -
Selling, general & administrative ("SGA") expenses decreased
39% year-over-year to$15.3 million - Exploring financing and strategic options to increase near-term liquidity;
- Advanced go-forward strategy for Rochester Hub project execution plan for proposed mixed hydroxide precipitate (“MHP”) scope, and refined cost estimates with the local market; and
- Continuing to review and optimize Spoke network, including transitioning the Ontario Spoke from operational pause to closure.
“During the second quarter of 2024, we continued to work closely with the
Financing and DOE Loan Update
Li-Cycle continues to work closely with the DOE on key technical, financial and legal workstreams to advance toward reaching an agreement on definitive financing documentation, execution thereof, and satisfying conditions precedent for loan disbursements, including obtaining additional financing required by the Company to fund a base equity contribution and account funding requirements before drawing down on the DOE Loan.
In addition, the Company is also exploring financing and strategic alternatives to increase near-term liquidity.
Rochester Hub Project
Li-Cycle continued its comprehensive review of its Rochester Hub project, including advancing the go-forward strategy of the project execution plan for the proposed MHP scope. The Company has also refined its cost estimates with the local market as part of its evaluation of the total project cost estimate for the MHP scope, which remains unchanged at approximately
Commercial Highlights
Li-Cycle continued to gain commercial traction during the second quarter and focused on the processing of EV battery packs to leverage the processing capabilities of the Company’s Generation 3 Spokes. Approximately
During the first half of 2024, Li-Cycle's largest customer source of revenue was a
Review of Q2 2024 Financial Results
The Company achieved record total revenue of
Total cost of sales decreased
SG&A expenses decreased
Other income increased to
Net loss improved to
Adjusted EBITDA1 loss improved to
The Company incurred capital expenditures of
1 |
|
Adjusted EBITDA is not a recognized measure under |
Balance Sheet Position
As of June 30, 2024, Li-Cycle had cash and cash equivalents of
Webcast and Conference Call Information
On Thursday, August 8, 2024, at 8:30 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: LICYQ224
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.
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/.
Results of Operations Summary1 |
|||||||||||||||||
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
$ millions, except per share data |
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||||||||||
Financial highlights |
|
|
|
|
|
|
|||||||||||
Revenue |
$ |
8.4 |
|
$ |
3.6 |
|
$ |
4.8 |
$ |
12.6 |
|
$ |
7.2 |
|
$ |
5.4 |
|
Cost of sales |
|
(19.4 |
) |
|
(20.2 |
) |
|
0.8 |
|
(37.3 |
) |
|
(39.3 |
) |
|
2.0 |
|
Selling, general and administrative expense |
|
(15.3 |
) |
|
(24.9 |
) |
|
9.6 |
|
(45.9 |
) |
|
(47.6 |
) |
|
1.7 |
|
Research and development |
|
(0.6 |
) |
|
(1.3 |
) |
|
0.7 |
|
(0.5 |
) |
|
(2.2 |
) |
|
1.7 |
|
Other income (expense) |
|
18.7 |
|
|
10.9 |
|
|
7.8 |
|
(73.8 |
) |
|
13.6 |
|
|
(87.4 |
) |
Income tax |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
(0.1 |
) |
|
0.1 |
|
Net loss |
|
(8.2 |
) |
|
(31.9 |
) |
|
23.7 |
|
(144.9 |
) |
|
(68.4 |
) |
|
(76.5 |
) |
Adjusted EBITDA1 loss |
|
(23.4 |
) |
|
(41.3 |
) |
|
17.9 |
|
(50.8 |
) |
|
(79.2 |
) |
|
28.4 |
|
Loss per common share - basic and diluted |
|
(0.36 |
) |
|
(1.45 |
) |
|
1.09 |
|
(6.44 |
) |
|
(3.08 |
) |
|
(3.37 |
) |
Net cash used in operating activities |
$ |
(37.3 |
) |
$ |
(38.7 |
) |
$ |
1.4 |
$ |
(72.0 |
) |
$ |
(63.8 |
) |
$ |
(8.2 |
) |
|
|
|
|
|
|
|
|||||||||||
As at |
June 30, 2024 |
December 31, 2023 |
Change |
||||||||||||||
Cash and cash equivalents |
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents balance2 |
$ |
57.0 |
|
$ |
70.6 |
|
$ |
(13.6 |
) |
||||||||
1 |
|
Adjusted EBITDA is a non-GAAP financial measure and does not have a standardized meaning under |
2 |
|
Excludes restricted cash of |
Non-GAAP Financial Measures
Adjusted EBITDA (loss)
Li-Cycle reports its financial results in accordance with accounting principles generally accepted in
Li-Cycle defines Adjusted EBITDA as earnings before depreciation and amortization, interest expense (income), income tax expense (recovery) adjusted for items that are not considered representative of ongoing operational activities of the business and items where the economic impact of the transactions will be reflected in earnings in future periods. Adjustments relate to fair value loss on financial instruments, debt extinguishment loss and certain non-recurring expenses. Foreign exchange (gain) loss is excluded from the calculation of Adjusted EBITDA. The following table provides a reconciliation of net loss to Adjusted EBITDA (loss).
|
Three months ended June 30, |
Six months ended June 30, |
||||||||||
Unaudited - $ millions |
2024 |
2023 |
2024 |
2023 |
||||||||
Net loss |
$ |
(8.2 |
) |
$ |
(31.9 |
) |
$ |
(144.9 |
) |
$ |
(68.4 |
) |
Income tax |
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
Depreciation and amortization |
|
2.6 |
|
|
2.0 |
|
|
6.8 |
|
|
3.9 |
|
Interest expense |
|
15.6 |
|
|
0.1 |
|
|
27.1 |
|
|
1.2 |
|
Interest income |
|
(0.9 |
) |
|
(4.2 |
) |
|
(1.5 |
) |
|
(9.2 |
) |
EBITDA (loss) |
$ |
9.1 |
|
$ |
(34.0 |
) |
$ |
(112.5 |
) |
$ |
(72.6 |
) |
Debt extinguishment loss |
|
— |
|
|
— |
|
|
58.9 |
|
|
— |
|
Restructuring fees1 |
|
2.2 |
|
|
— |
|
|
13.7 |
|
|
— |
|
Fair value gain on financial instruments2 |
|
(34.7 |
) |
|
(7.3 |
) |
|
(10.9 |
) |
|
(6.6 |
) |
Adjusted EBITDA (loss) |
$ |
(23.4 |
) |
$ |
(41.3 |
) |
$ |
(50.8 |
) |
$ |
(79.2 |
) |
1 |
|
Restructuring charges include: expense related to the workforce reduction approved by the Board on March 25, 2024 which provided certain executives and non-executives with contractual termination benefits as well as one-time termination benefits; Special Committee retainers; professional fees, including legal fees incurred as a result of the three shareholder suits, and the mechanic’s liens filed following the construction pause at the Rochester Hub; and expenses related to the implementation of the Cash Preservation Plan. |
2 |
|
Fair value gain on financial instruments relates to convertible debt. |
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 statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle’s projects, including paused projects; the processing capacity and production of Li-Cycle’s facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms; the success of Li-Cycle's cash preservation plan; the outcome of the go-forward strategy of the Rochester Hub; Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; expectations related to the outcome of future litigation; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
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 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; risk and uncertainties related to Li-Cycle’s ability to continue as a going concern; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s reliance on a limited number of commercial partners to generate revenue; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or its failure to develop and maintain a proper and effective internal control over financial reporting; and risks of litigation or regulatory proceedings that could materially and adversely impact Li-Cycle’s financial results. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the sections entitled "Item 1A. Risk Factors" and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation—Key Factors Affecting Li-Cycle’s Performance” in its Annual Report on Form 10-K and the sections entitled "Part II. Other Information—Item 1A. Risk Factors" and “Part I. Financial Information—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation—Key Factors Affecting Li-Cycle’s Performance” in its Quarterly Reports on Form 10-Q, in each case filed with 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.
Unaudited condensed consolidated interim balance sheets |
||||||
All dollar amounts presented are expressed in millions of US dollars except share and per share amounts |
||||||
|
June 30, |
December 31, |
||||
|
2024 |
2023 |
||||
|
|
|
||||
Assets |
|
|
||||
Current assets |
|
|
||||
Cash and cash equivalents |
$ |
57.0 |
|
$ |
70.6 |
|
Restricted cash |
|
9.6 |
|
|
9.7 |
|
Accounts receivable, net |
|
5.7 |
|
|
1.0 |
|
Other receivables |
|
1.5 |
|
|
1.9 |
|
Prepayments, deposits and other current assets |
|
21.4 |
|
|
56.2 |
|
Inventories, net |
|
9.1 |
|
|
9.6 |
|
Total current assets |
|
104.3 |
|
|
149.0 |
|
|
|
|
||||
Non-current assets |
|
|
||||
Property, plant and equipment, net |
|
697.8 |
|
|
668.8 |
|
Operating lease right-of-use assets |
|
89.9 |
|
|
56.4 |
|
Finance lease right-of-use assets |
|
— |
|
|
2.2 |
|
Other assets |
|
7.9 |
|
|
9.6 |
|
|
|
795.6 |
|
|
737.0 |
|
Total assets |
$ |
899.9 |
|
$ |
886.0 |
|
|
|
|
||||
Liabilities |
|
|
||||
Current liabilities |
|
|
||||
Accounts payable |
$ |
103.6 |
|
$ |
134.5 |
|
Accrued liabilities |
|
26.1 |
|
|
17.6 |
|
Deferred revenue |
|
0.6 |
|
|
0.2 |
|
Operating lease liabilities |
|
9.3 |
|
|
4.4 |
|
Total current liabilities |
|
139.6 |
|
|
156.7 |
|
|
|
|
||||
Non-current liabilities |
|
|
||||
Accounts payable |
|
6.3 |
|
|
— |
|
Deferred revenue |
|
5.3 |
|
|
5.3 |
|
Operating lease liabilities |
|
85.6 |
|
|
56.2 |
|
Finance lease liabilities |
|
— |
|
|
2.3 |
|
Convertible debt |
|
426.4 |
|
|
288.1 |
|
Asset retirement obligations |
|
1.0 |
|
|
1.0 |
|
|
|
524.6 |
|
|
352.9 |
|
Total liabilities |
$ |
664.2 |
|
$ |
509.6 |
|
|
|
|
||||
Equity |
|
|
||||
Common stock and additional paid-in capital Authorized unlimited shares, Issued and outstanding - 22.5 million shares at June 30, 2024 (22.2 million shares at December 31, 2023) |
|
652.5 |
|
|
648.3 |
|
Additional paid-in capital |
|
|
||||
Accumulated deficit |
|
(416.5 |
) |
|
(271.6 |
) |
Accumulated other comprehensive loss |
|
(0.3 |
) |
|
(0.3 |
) |
Total equity |
|
235.7 |
|
|
376.4 |
|
Total liabilities and equity |
$ |
899.9 |
|
$ |
886.0 |
|
Unaudited condensed consolidated interim statements of operations and comprehensive loss |
||||||||||||
All dollar amounts presented are expressed in millions of US dollars except share and per share amounts |
||||||||||||
|
||||||||||||
|
For the three
|
For the three
|
For the six
|
For the six
|
||||||||
|
|
|
|
|
||||||||
Revenue |
|
|
|
|
||||||||
Product revenue |
$ |
5.2 |
|
$ |
3.1 |
|
$ |
7.1 |
|
$ |
6.2 |
|
Recycling service revenue |
|
3.2 |
|
|
0.5 |
|
|
5.5 |
|
|
1.0 |
|
Total revenue |
|
8.4 |
|
|
3.6 |
|
|
12.6 |
|
|
7.2 |
|
|
|
|
|
|
||||||||
Cost of sales |
|
|
|
|
||||||||
Cost of sales - Product revenue |
|
(17.9 |
) |
|
(20.2 |
) |
|
(34.9 |
) |
|
(39.3 |
) |
Cost of sales - Recycling service revenue |
|
(1.5 |
) |
|
— |
|
|
(2.4 |
) |
|
— |
|
Total cost of sales |
|
(19.4 |
) |
|
(20.2 |
) |
|
(37.3 |
) |
|
(39.3 |
) |
Selling, general and administrative expense |
|
(15.3 |
) |
|
(24.9 |
) |
|
(45.9 |
) |
|
(47.6 |
) |
Research and development |
|
(0.6 |
) |
|
(1.3 |
) |
|
(0.5 |
) |
|
(2.2 |
) |
Loss from operations |
$ |
(26.9 |
) |
$ |
(42.8 |
) |
$ |
(71.1 |
) |
$ |
(81.9 |
) |
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Interest income |
|
0.9 |
|
|
4.2 |
|
|
1.5 |
|
|
9.2 |
|
Interest expense |
|
(15.6 |
) |
|
(0.1 |
) |
|
(27.1 |
) |
|
(1.2 |
) |
Foreign exchange gain (loss) |
|
(1.3 |
) |
|
(0.5 |
) |
|
(0.2 |
) |
|
(1.0 |
) |
Fair value gain on financial instruments |
|
34.7 |
|
|
7.3 |
|
|
10.9 |
|
|
6.6 |
|
Debt extinguishment loss |
|
— |
|
|
— |
|
|
(58.9 |
) |
|
— |
|
|
|
|
|
|
||||||||
|
$ |
18.7 |
|
$ |
10.9 |
|
$ |
(73.8 |
) |
$ |
13.6 |
|
|
|
|
|
|
||||||||
Net loss before taxes |
$ |
(8.2 |
) |
$ |
(31.9 |
) |
$ |
(144.9 |
) |
$ |
(68.3 |
) |
Income tax |
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
Net loss and comprehensive loss |
$ |
(8.2 |
) |
$ |
(31.9 |
) |
$ |
(144.9 |
) |
$ |
(68.4 |
) |
|
|
|
|
|
||||||||
Net loss and comprehensive loss attributable to |
|
|
|
|
||||||||
Shareholders of Li-Cycle Holdings Corp. |
|
(8.2 |
) |
|
(32.0 |
) |
|
(144.9 |
) |
|
(68.3 |
) |
Non-controlling interest |
|
— |
|
|
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
|
|
|
|
|
||||||||
Loss per common share - basic and diluted |
$ |
(0.36 |
) |
$ |
(1.45 |
) |
$ |
(6.44 |
) |
$ |
(3.08 |
) |
Unaudited condensed consolidated interim statements of cash flows |
||||||
All dollar amounts presented are expressed in millions of US dollars except share and per share amounts |
||||||
|
|
|
||||
|
For the six months ended June 30, |
|||||
|
2024 |
2023 |
||||
Operating activities |
|
|
||||
Net loss for the period |
$ |
(144.9 |
) |
$ |
(68.4 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
Share-based compensation |
|
4.2 |
|
|
6.9 |
|
Depreciation and amortization |
|
6.8 |
|
|
3.9 |
|
Foreign exchange loss on translation |
|
— |
|
|
0.4 |
|
Fair value (gain) on financial instruments |
|
(10.9 |
) |
|
(6.6 |
) |
Bad debt expense |
|
— |
|
|
1.1 |
|
Inventory write downs to net realizable value |
|
(0.2 |
) |
|
(0.2 |
) |
Loss on write off of fixed assets |
|
0.1 |
|
|
— |
|
Interest and accretion on convertible debt |
|
27.1 |
|
|
1.2 |
|
Interest paid |
|
(0.3 |
) |
|
— |
|
Debt extinguishment loss |
|
58.9 |
|
|
— |
|
Non-cash lease expense |
|
(0.5 |
) |
|
(0.1 |
) |
|
|
(59.7 |
) |
|
(61.8 |
) |
Changes in working capital items: |
|
|
||||
Accounts receivable |
|
(4.7 |
) |
|
2.3 |
|
Other receivables |
|
0.4 |
|
|
5.0 |
|
Prepayments and deposits |
|
(2.3 |
) |
|
(12.1 |
) |
Inventories |
|
0.8 |
|
|
5.3 |
|
Deferred revenue |
|
0.4 |
|
|
5.4 |
|
Accounts payable and accrued liabilities |
|
(6.9 |
) |
|
(7.9 |
) |
Net cash used in operating activities |
$ |
(72.0 |
) |
$ |
(63.8 |
) |
|
|
|
||||
Investing activities |
|
|
||||
Purchases of property, plant, equipment, and other assets |
|
(15.4 |
) |
|
(164.9 |
) |
Net cash used in investing activities |
$ |
(15.4 |
) |
$ |
(164.9 |
) |
|
|
|
||||
Financing activities |
|
|
||||
Proceeds from convertible debt |
|
75.0 |
|
|
— |
|
Payments of transaction costs |
|
(1.3 |
) |
|
— |
|
Purchase of non-controlling interest |
|
— |
|
|
(0.4 |
) |
Net cash provided (used in) by financing activities |
$ |
73.7 |
|
$ |
(0.4 |
) |
|
|
|
||||
Net change in cash, cash equivalents and restricted cash |
|
(13.7 |
) |
|
(229.1 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
80.3 |
|
|
517.9 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
66.6 |
|
$ |
288.8 |
|
|
|
|
||||
Supplemental non-cash investing activities: |
|
|
||||
Purchases of property and equipment included in liabilities |
$ |
12.6 |
|
$ |
9.8 |
|
Supplemental information: |
|
|
||||
Bad debt recovery |
$ |
1.0 |
|
$ |
— |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808793034/en/
Investor Relations & Media
Louie Diaz
Sheldon D'souza
Investor Relations: investors@li-cycle.com
Media: media@li-cycle.com
Source: Li-Cycle Holdings Corp.
FAQ
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