Li-Cycle Holdings Corp

NYSE:LICYUnited States

Nov 7, 2024

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• -- Earnings Flash (LICY) LI-CYCLE HOLDINGS Reports Q3 EPS $2.15, from 4:12PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:12PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: LICY
  04:12 PM EST, 11/07/2024 (MT Newswires) -- ...

• -- Earnings Flash (LICY) LI-CYCLE HOLDINGS Reports Q3 Revenue $8.4M, from 4:09PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:09PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: LICY
  04:09 PM EST, 11/07/2024 (MT Newswires) -- ...

• Li-Cycle Reports Third Quarter 2024 Operational and Financial Results, Including Strong Revenue Growth and Lower Costs, from 4:07PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:07PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: LICY
  2024 2023 2024 2023 -------------------- -------------- -------------- -------------- -------------- Revenue Product revenue $ 4.4 $ 3.5 $ 11.5 $ 9.7 Recycling service revenue 4.0 1.2 9.5 2.2 -------------------- ----- ------ ----- ------ ----- ------ ------ ----- Total revenue 8.4 4.7 21.0 11.9 Cost of sales Cost of sales - Product revenue (19.4) (20.1) (54.3) (59.4) Cost of sales - Recycling service revenue (0.6) -- (3.0) -- -------------------- ----- ----- ----- ------ ----- ----- ------ ----- Total cost of sales (20.0) (20.1) (57.3) (59.4) Selling, general and administrative expense (12.9) (25.9) (58.8) (73.5) Research and development (0.7) (2.7) (1.2) (4.9) -------------------- ----- ----- ----- ----- ----- ----- ------ ---- Loss from operations $(25.2) $(44.0) $(96.3) $(125.9) -------------------- ----- ----- ----- ----- ----- ----- ------ ---- Other income (expense) Interest income 0.5 2.5 2.0 11.7 Interest expense (17.3) (0.2) (44.4) (1.4) Foreign exchange gain (loss) (0.7) 0.1 (0.9) (0.9) Fair value gain on financial instruments 99.2 10.9 110.1 17.5 Debt extinguishment loss (Note 11) -- -- (58.9) -- -------------------- ----- ------ ----- ------ ----- ----- ------ ----- $ 81.7 $ 13.3 $ 7.9 $ 26.9 -------------------- ----- ------ ----- ------ ----- ------ ------ ----- Net profit (loss) before taxes $ 56.5 $(30.7) $(88.4) $ (99.0) -------------------- ----- ------ ----- ----- ----- ----- ------ ---- Income tax -- -- -- (0.1) -------------------- ----- ------ ----- ------ ----- ------ ------ ---- Net profit (loss) and comprehensive loss $ 56.5 $(30.7) $(88.4) $ (99.1) -------------------- ----- ------ ----- ----- ----- ----- ------ ---- Net profit (loss) and comprehensive profit (loss) attributable to Shareholders of Li-Cycle Holdings Corp. 56.5 (30.7) (88.4) (99.0) Non-controlling interest -- -- -- (0.1) Profit (loss) per common share - diluted 2.15 (1.38) (3.81) (4.47) Profit (loss) per common share - basic 2.43 (1.38) (3.81) (4.47) Li-Cycle Holdings Corp. 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 nine months ended September 30, --------------------------- ------------------------------------------------- 2024 2023 Operating activities Net loss for the period $ (88.4) $ (99.1) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation 6.1 10.7 Depreciation and amortization 11.2 6.4 Foreign exchange loss on translation 0.5 (0.3) Fair value (gain) on financial instruments (110.1) (17.5) Bad debt expense -- 1.0 Adjustment to net realizable value (1.8) 4.4 Loss on write off of fixed assets 0.1 -- Interest and accretion on convertible debt 44.4 1.4 Interest paid (0.8) -- Debt extinguishment loss 58.9 -- Non-cash lease expense (1.8) 0.1 --------------------------- --- --------------- -------------- (81.7) (92.9) Changes in working capital items: Accounts receivable (7.2) 0.9 Other receivables 0.7 6.4 Prepayments and deposits (1.2) (15.3) Inventories 2.2 (0.8) Deferred revenue 0.3 5.3 Accounts payable and accrued liabilities (5.6) 7.1 --------------------------- --- --------------- -------------- Net cash used in operating activities $ (92.5) $ (89.3) --------------------------- --- --------------- -------------- Investing activities Purchases of property, plant, equipment, and other assets (20.6) (290.8) --------------------------- --- --------------- -------------- Net cash used in investing activities $ (20.6) $ (290.8) --------------------------- --- --------------- -------------- Financing activities Proceeds from convertible debt 75.0 -- Issuance of common shares 1.2 -- Payments of transaction costs (1.3) -- Purchase of non-controlling interest -- (0.4) --------------------------- --- --------------- --- -------------- Net cash provided (used in) by financing activities $ 74.9 $ (0.4) --------------------------- --- --------------- --- -------------- Net change in cash, cash equivalents and restricted cash (38.2) (380.5) Cash, cash equivalents and restricted cash, beginning of period 66.6 517.9 --------------------------- --- --------------- --- -------------- Cash, cash equivalents and restricted cash, end of period $ 42.1 $ 137.4 --------------------------- --- --------------- --- -------------- Supplemental non-cash investing activities: Purchases of property and equipment included in liabilities $ 23.9 $ 16.1 Supplemental information: Bad debt recovery $ 1.0 $ --