Li-Cycle Q1 net loss widens to $136.7M; revenue up 17%; cuts workforce, advances DOE loan talks

Li-Cycle Holdings Corp.

2024-Q1 EPS reported -$0.76 revenue$4,200,000

Net loss of $136.7M vs $36.5M in Q1 2023, driven by $58.9M debt extinguishment loss and $23.8M unrealized fair value loss.
Revenue of $4.2M (+17% YoY); product sales and recycling services revenue fell to $4.6M from $7.7M on lower nickel/cobalt prices.
Adjusted EBITDA loss improved to $27.4M from $37.9M; ended Q1 with $109.1M cash.
Closed $75M Glencore convertible note; DOE loan for up to $375M under review; workforce cuts to save ~$10M annually.
Signed new/expanded recycling agreements with three top European EV OEMs; advancing Rochester Hub MHP approach cost estimates.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Li-Cycle Holdings Corp. reported the three months ended March 31, 2024 results: revenue $4.2 million.

Period: the three months ended March 31, 2024
Revenue: $4.2 million
Result: reported results

Exact text from the filing

payable metals in the products sold, partially offset by an increase in recycling service revenue and a higher amount of black mass sold. Total revenues increased 17% to $4.2 million versus $3.6 million in 2023, which was impacted by lower unfavorable FMV pricing adjustment of $0.4 million versus an unfavorable adjustment of $4.1 million in the prior year.

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Source: SEC EDGAR

accession 0001628280-24-022456

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