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Li-Cycle Holdings Corp. (OTCQX: LICYF) reported its fiscal year 2024 results, showing a 53% increase in total revenue to $28.0 million. The company's revenue from product sales and recycling services grew 16% to $27.3 million, with recycling service revenue more than doubling to $11.9 million.
The company achieved a 13% reduction in total expenses year-over-year through cash preservation initiatives. Cost of sales decreased to $76.6 million from $81.8 million in 2023, while SG&A expenses dropped 19% to $75.3 million. Capital expenditures significantly declined to $23.9 million from $334.9 million due to the pause of the Rochester Hub project.
However, Li-Cycle faces significant financial challenges with only $22.6 million in cash and cash equivalents as of December 31, 2024. The company is evaluating financial and strategic alternatives, including a potential transaction with Glencore, as it requires additional financing to continue as a going concern. The company's shares were delisted from NYSE and now trade on OTCQX.