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 in 2023, a 11% increase
over 2022; excluding non-cash fair value pricing adjustments,
posted $23.6 million of product and recycling revenue in 2023, a
34% increase over 2022;
- Announced $75.0 million strategic investment from Glencore;
expected closing on or about March 25, 2024;
- Continuing to work closely with the U.S. Department of Energy
on the conditional commitment for a loan of up to $375.0 million;
and
- 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.
Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the
“Company"), a leading global lithium-ion battery resource recovery
company, today announced financial results for its fiscal year
ended December 31, 2023.
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 U.S. securities laws and on January 1, 2024,
became subject to the rules and regulations of the Securities and
Exchange Commission applicable to U.S. domestic issuers, including
the requirement to report its financial statements in accordance
with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
As a result, Li-Cycle’s annual consolidated financial statements
for the twelve months ended December 31, 2023, October 31, 2022,
and October 31, 2021 and consolidated financial statements for the
two-month period ended December 31, 2022 have been prepared in
accordance with U.S. GAAP.
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 $23.6
million, a 34% increase versus the $17.6 million generated in 2022.
The increase was primarily attributable to higher value product
sales mix and increased recycling service revenue, partially offset
by the reduced market prices of cobalt and nickel. Recycling
service revenue increased by 338% year-over-year to $5.7 million,
driven by new service contracts. Total revenues were $18.3 million
versus $16.5 million in 2022, which included an unfavorable
non-cash fair market value ("FMV") pricing adjustment of $5.3
million versus $1.1 million in the prior year.
Cost of sales increased to $81.8 million versus $55.2 million in
2022. Variable and fixed costs related to black mass and shredded
metal products sold were $29.1 million, compared to $23.2 million
in 2022, due to an increase in raw material acquisition costs and
other production costs. Fixed and other costs for the Spoke network
expensed were $34.9 million, compared to $16.9 million in 2022
driven by higher Spoke costs including personnel costs, leases, and
depreciation. Fixed and other costs for the Rochester Hub expensed
as incurred were $7.4 million compared to $2.6 million in 2022.
Prior to the construction pause and comprehensive review of the
Rochester Hub project, Li-Cycle hired operations personnel and
incurred costs in anticipation of the Hub commissioning. The
balance of $10.4 million, compared to $12.5 million in 2022, was
comprised primarily of overhead costs required for operations.
Selling, general & administrative ("SG&A") expenses
increased to $93.4 million versus $81.3 million in 2022, primarily
driven by higher personnel costs, insurance costs, IT expenses,
professional fees, leases, depreciation, and fixed asset write
downs coupled with one-time severance costs resulting from a
workforce reduction plan. This was partially offset by a decrease
in variable compensation of $6.3 million.
Research & development costs increased to $5.7 million
versus $2.7 million in 2022 primarily related to personnel costs
and professional fees incurred for initial research and development
for the Portovesme Hub.
Other income was $24.7 million, a decrease of $27.2 million
compared to the prior year, primarily driven by a decrease in fair
value gains on the revaluations of the conversion feature of our
convertible debt.
Net loss was approximately $138.0 million, including $22.1
million of fair value gains on financial instruments, compared to
$70.8 million in 2022. This was driven by higher cost of sales and
SG&A partially offset by higher revenue.
Adjusted EBITDA1 loss was approximately $156.4 million, compared
to an Adjusted EBITDA loss of $118.5 million in 2022. This was
largely driven by higher cost of sales and SG&A related to the
growth and expansion of the business. The primary difference
between Adjusted EBITDA and net loss is the exclusion of fair value
gains and losses on financial instruments.
Balance Sheet Position
As of December 31, 2023, Li-Cycle had cash and cash equivalents
on hand of $70.6 million. The Company incurred capital expenditures
of $334.9 million in the period, primarily comprising purchases of
equipment and construction related activities for the Rochester Hub
project and the Germany Spoke in addition to net cash outflows for
operating activities of $99.8 million.
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 U.S.
GAAP, Li-Cycle is also required to file with the Ontario Securities
Commission restated interim financial reports under U.S. GAAP for
the 2023 interim periods (the “Restated Interim Financial
Reports”).
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 U.S. GAAP.
See the Non-GAAP Financial Measures section of this press release
for a description of how Adjusted EBITDA is calculated and a
reconciliation of Adjusted EBITDA to net income (loss)
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 U.S. GAAP. Refer to the section
titled "Non-GAAP Reconciliations and Supplementary Information"
below, including a reconciliation to comparable U.S. GAAP financial
measures.
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 the United States of
America (“U.S. GAAP”). The Company makes references to certain
non-GAAP measures, including adjusted EBITDA (loss). These measures
are not recognized measures under U.S. GAAP, do not have a
standardized meaning prescribed by U.S. GAAP and are therefore
unlikely to be comparable to similar measures presented by other
companies. Rather, these measures are provided as additional
information to complement those U.S. GAAP measures by providing a
further understanding of the Company’s results of operations from
management’s perspective. Accordingly, they should not be
considered in isolation nor as a substitute for the analysis of the
Company’s financial information reported under U.S. GAAP. Li-Cycle
defines adjusted EBITDA (loss) as earnings (loss) before
depreciation and amortization, interest expense (income), income
tax expense (recovery), and fair value (gain) loss on financial
instruments.
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
U.S. Private Securities Litigation Reform Act of 1995, Section 27A
of the U.S. Securities Act of 1933, as amended, Section 21 of the
U.S. Securities Exchange Act of 1934, as amended, and applicable
Canadian securities laws. Forward-looking statements may generally
be identified by the use of words such as “believe”, “may”, “will”,
“continue”, “anticipate”, “intend”, “expect”, “should”, “would”,
“could”, “plan”, “potential”, “future”, “target” or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, although not all
forward-looking statements contain such identifying words.
Forward-looking statements in this press release include but are
not limited to statements about: the expected strategic investment
by Glencore; the expected webcast and conference call on March 19,
2024; the anticipated filing of the Restated Interim Financial
Reports and related MD&A; plans to process black mass at the
Company’s future Hubs. 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; 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; Li-Cycle’s ability to retain
and hire key personnel and maintain relationships with customers,
suppliers and other business partners; 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 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 New York state and municipal authorities determine
that the permits granted to Li-Cycle for the production of metal
sulphates at the Rochester Hub will be impacted by the change to
MHP and the reduction in scope for the project; Li-Cycle's failure
to materially increase recycling capacity and efficiency; Li-Cycle
expects to continue to incur significant expenses and may not
achieve or sustain profitability; problems with the handling of
lithium-ion battery cells that result in less usage of lithium-ion
batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to
maintain and increase feedstock supply commitments as well as
secure new customers and off-take agreements; a decline in the
adoption rate of EVs, or a decline in the support by governments
for “green” energy technologies; decreases in benchmark prices for
the metals contained in Li-Cycle’s products; changes in the volume
or composition of feedstock materials processed at Li-Cycle’s
facilities; the development of an alternative chemical make-up of
lithium-ion batteries or battery alternatives; Li-Cycle’s expected
revenues for the Rochester Hub are expected to be derived
significantly from a limited number of customers; uncertainty
regarding the sublease agreement with Pike Conductor Dev 1, LLC
related to the construction, financing and leasing of a warehouse
and administrative building for the Rochester Hub; Li-Cycle’s
insurance may not cover all liabilities and damages; Li-Cycle’s
heavy reliance on the experience and expertise of its management;
Li-Cycle’s reliance on third-party consultants for its regulatory
compliance; Li-Cycle’s inability to complete its recycling
processes as quickly as customers may require; Li-Cycle’s inability
to compete successfully; increases in income tax rates, changes in
income tax laws or disagreements with tax authorities; significant
variance in Li-Cycle’s operating and financial results from period
to period due to fluctuations in its operating costs and other
factors; fluctuations in foreign currency exchange rates which
could result in declines in reported sales and net earnings;
unfavorable economic conditions, such as consequences of the global
COVID-19 pandemic; natural disasters, unusually adverse weather,
epidemic or pandemic outbreaks, cyber incidents, boycotts and
geo-political events; failure to protect or enforce Li-Cycle’s
intellectual property; Li-Cycle may be subject to intellectual
property rights claims by third parties; Li-Cycle may be subject to
cybersecurity attacks, including, but not limited to, ransomware;
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; the potential
for Li-Cycle’s directors and officers who hold Company common
shares to have interests that may differ from, or be in conflict
with, the interests of other shareholders; and risks related to
adoption of Li-Cycle’s shareholder rights plan and amendment to the
shareholder rights plan and the volatility of the price of
Li-Cycle’s common shares. These and other risks and uncertainties
related to Li-Cycle’s business are described in greater detail in
the section 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 filed with the U.S. Securities
and Exchange Commission and the Ontario Securities Commission in
Canada. Because of these risks, uncertainties and assumptions,
readers should not place undue reliance on these forward-looking
statements. Actual results could differ materially from those
contained in any forward-looking statement.
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 $0)
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
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.
Consolidated statements of operations
and comprehensive income (loss)
All dollar amounts presented are expressed
in millions of US dollars except share and per share amounts
Year ended December 31,
2023
Two months ended December 31,
2022
Year ended October 31, 2022
Year ended October 31, 2021
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 ended December
31, 2023
For the 2 months ended December
31, 2022
For the year ended October 31,
2022
For the year ended October 31,
2021
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
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