Highlights
- Closed an upsized $475-million loan facility with the U.S.
Department of Energy (“DOE”) to support development of the
Company's Rochester Hub project;
- Completed Rochester Hub internal technical review under the
proposed mixed hydroxide precipitate (“MHP”) scope and expects
annual production of up to approximately 8,250 tonnes of lithium
carbonate and up to approximately 72,000 tonnes of MHP;
- Secured 100% off-take agreement with Glencore Ltd. for the MHP
production from the Rochester Hub on market terms;
- Achieved strong year-over-year revenue growth of 79% to $8.4
million, which is equal to the previous quarter’s record
revenue;
- Lowered selling, general & administrative ("SG&A")
expenses by 50% year-over-year to $12.9 million, mainly due to the
Company's cash preservation initiatives;
- Prioritizing full financing package to support construction
restart at the Rochester Hub and to satisfy requirements for first
advance of the DOE loan facility; and
- Working to establish a self-sufficient and financially
accretive Spoke business through optimization initiatives and focus
on Generation 3 Spokes.
Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the
“Company"), a leading global lithium-ion battery resource recovery
company, today announced financial results and business updates for
its third quarter ended September 30, 2024.
“We are pleased to report that Li-Cycle has achieved significant
milestones to support the restart of construction at the Rochester
Hub. In addition to closing the upsized $475-million DOE loan
facility, we also announced the establishment of a commercial
framework for MHP off-take alongside our existing lithium carbonate
off-take agreements. These are positive steps that will help us
build momentum as we work to optimize our Spoke facilities to
establish a self-sufficient Spoke business and secure a full
funding package needed to restart construction of the Rochester Hub
project,” said Ajay Kochhar, Li-Cycle's President & CEO.
“We believe the completion of the DOE loan agreement and the
continued support from partners like Glencore are strong
endorsements of our technology, business model, and the key role
that Li-Cycle will play to support the shift to electrification. We
also thank the DOE for their continued support and are grateful for
the bipartisan support for lithium-ion battery recycling and how it
can underpin the development of a strong domestic battery supply
chain.”
DOE ATVM Loan Facility Finalized
Li-Cycle entered into an agreement for a loan facility (“Loan
Facility”) of up to $475 million (including up to $445 million of
principal and up to $30 million in capitalized interest) through
the DOE Loan Programs Office’s Advanced Technology Vehicles
Manufacturing (“ATVM”) program following the DOE's detailed
technical, market, financial and legal due diligence.
The Loan Facility has a final maturity of March 15, 2040, for an
approximately 15-year term with attractive interest rates. The
first advance under the DOE Loan Facility ("First Advance"), must
occur on or prior to November 7, 2025, and is subject to
satisfaction or waiver of certain conditions and requirements,
including completing the Company’s base equity contribution (“BEC”)
to the Rochester Hub project.
The BEC includes a requirement for the Company to settle
commitments related to the Rochester Hub project for costs incurred
but not yet paid (approximately $92 million as of September 30,
2024). Additionally, the Company is required to fund approximately
$173 million in reserve account requirements by First Advance1, of
which up to approximately $97 million can be satisfied via letters
of credit. These amounts represent a significant portion of the
remaining BEC, are based on current estimates and may change prior
to First Advance, and are among other components of the BEC that
will need to be satisfied prior to First Advance.
The Company is actively exploring additional financing and
strategic alternatives for a complete funding package needed to
restart the construction at the Rochester Hub (of which the Loan
Facility is a key component) and for general corporate purposes.
The funding package would assist in satisfying the conditions for
First Advance under the Loan Facility, including funding the
remaining BEC (which includes the reserve account requirements) and
a minimum cash balance.
Rochester Hub Project
The Company has completed its internal technical review of the
MHP scope for the Rochester Hub. Li-Cycle expects to produce up to
approximately 8,250 tonnes of battery-grade lithium carbonate and
up to approximately 72,000 tonnes of MHP annually at the Rochester
Hub under the MHP scope. The project’s nameplate processing
capacity remains at 35,000 tonnes of black mass annually.
The Company estimates the total capital cost of the Rochester
Hub project through to mechanical completion to be approximately
$960 million, of which the remaining estimated cost to complete
(“CTC”) the project is approximately $487 million. The CTC includes
commitments related to the project for costs incurred but not yet
paid (approximately $92 million as of September 30, 2024). The
total capital cost for the Rochester Hub project through to
mechanical completion excludes costs for project commissioning,
ramp-up, working capital or financing.
Li-Cycle has also entered into an agreement with Glencore Ltd.
(“Glencore”) covering the off-take of 100% of the MHP to be
produced at its Rochester Hub. The Company has amended and restated
certain of its existing commercial agreements with Glencore and
Traxys North America LLC (“Traxys”) to establish a commercial
framework that provides a strong market foundation for the proposed
MHP scope for the Rochester Hub project. Glencore’s and Traxys’
existing off-take rights covering lithium carbonate production from
the Rochester Hub are not affected by these amendments.
___________________________ 1 The Loan Facility reserve accounts
required for First Advance includes reserves for project
construction, project ramp-up, and Spoke capital expenditures.
Funding of these reserve accounts does not constitute capital
expenditure on the Rochester Hub project and the requirement to
fund these reserve accounts is in addition to the total capital
cost of the Rochester Hub project through to mechanical completion.
The majority of these reserve account funds are expected to be
released to the Company on or before the completion of the
Rochester Hub project.
Spoke Optimization
Li-Cycle continues to implement its Spoke optimization
initiatives, which the Company believes will improve cash flows at
its Generation 3 Spokes in Arizona, Alabama and Germany, with a
view to establishing a self-sufficient and financially accretive
Spoke business. The goals of the Spoke optimization initiatives
include increasing throughput and recoveries, reducing costs, and
enhancing the quality of the black mass produced at the Generation
3 Spokes to continue supporting the Company's key partners and
customers. As part of the optimization initiatives and consistent
with the focus in the Generation 3 Spokes, Li-Cycle is continuing
closure activities at its Generation 1 Ontario Spoke and has
curtailed operations at its Generation 2 New York Spoke.
Commercial Highlights
Li-Cycle continued to gain commercial traction and focused on
the processing of electric vehicle ("EV") battery packs to leverage
the processing capabilities of the Company’s Generation 3 Spokes.
Approximately 40% of the Company’s global feedstock in Q3 2024 was
EV battery packs and four of its top five global customers were EV
original equipment manufacturers ("OEMs").
During the first nine months of 2024, Li-Cycle's largest
customer source of revenue was a U.S.-headquartered, vertically
integrated EV and battery manufacturer with a substantial global EV
market share. In Q3 2024, the Company expanded a recycling
agreement with one of the largest EV OEMs in Europe and now has
recycling contracts with four of the largest EV OEMs on the
continent.
Review of Q3 2024 Financial Results
The Company achieved strong year-over-year revenue growth of 79%
for total revenue of $8.4 million, versus total revenue of $4.7
million in 2023. Total revenue includes revenue from product sales,
which takes into account the impact of non-cash fair value pricing
adjustments and recycling services. The total revenue increase was
mainly due to higher recycling services revenue of $4.0 million,
versus $1.2 million in 2023, increase in product revenue due to
higher metal prices and favorable mix of constituent metals and
favorable fair value pricing adjustment of $0.1 million, versus no
adjustment in the prior year.
Total cost of sales was slightly lower at $20.0 million versus
$20.1 million in 2023. Total cost of sales includes costs
attributable to product sales and recycling services. Costs
attributable to product sales decreased by $0.7 million due to
lower production levels. This was offset by a $0.6 million increase
in costs attributable to recycling services due to new service
contracts entered into during the period.
SG&A expenses decreased 50% to $12.9 million versus $25.9
million in 2023, primarily due to lower recurring personnel costs
driven by restructuring initiatives implemented since the pause of
construction at the Rochester Hub.
Other income increased to $81.7 million, compared to $13.3
million in the same period last year, primarily due to favorable
fair value adjustments of the Company’s financial instruments
offset by an increase in interest expense.
Net profit was $56.5 million, compared to a loss of $30.7
million in 2023, which was primarily due to the increase in other
income and the decrease in SG&A.
Adjusted EBITDA2 loss improved to $21.7 million, compared to an
adjusted EBITDA loss of $41.4 million in 2023. This was largely
driven by the decrease in SG&A and higher revenue.
The Company incurred capital expenditures of $20.6 million in
the nine months ended September 30, 2024, compared to capital
expenditures of $290.8 million in the same period last year
primarily due to the pause of construction at the Rochester Hub.
The capital expenditures consisted of payments made for equipment
and construction materials purchased during previous periods for
the Rochester Hub and Germany Spoke.
Balance Sheet Position
As of September 30, 2024, Li-Cycle had cash and cash equivalents
of $32.2 million, compared to $57.0 million at June 30, 2024. The
decrease was primarily driven by operating and investing activities
partially offset by lower expenditures due to the Company's cash
conservation initiatives and proceeds raised through the
at-the-market (“ATM”) equity offering program in the third
quarter.
Between August 12, 2024, and September 13, 2024, the Company
raised $1.1 million of net proceeds by issuing an aggregate of
701,323 of the Company’s common shares under the ATM program at a
weighted average price of $1.67 per share. Li-Cycle expects to
continue utilizing its ATM equity offering program in the fourth
quarter.
___________________________ 2 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)
Webcast and Conference Call Information
On Thursday, November 7, 2024, at 4:30 p.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:
Canada (Toll-free): (833) 950-0062 U.S.
(Toll-free): (833) 470-1428 International: Link to international
dial-in numbers Participant Code: 546174 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 September
30,
Nine months ended September
30,
$ millions, except per share data
2024
2023
Change
2024
2023
Change
Financial highlights
Revenue
$
8.4
$
4.7
$
3.7
$
21.0
$
11.9
$
9.1
Cost of sales
(20.0
)
(20.1
)
0.1
(57.3
)
(59.4
)
2.1
Selling, general and administrative
expense
(12.9
)
(25.9
)
13.0
(58.8
)
(73.5
)
14.7
Research and development
(0.7
)
(2.7
)
2.0
(1.2
)
(4.9
)
3.7
Other income (expense)
81.7
13.3
68.4
7.9
26.9
(19.0
)
Income tax
—
—
—
—
(0.1
)
0.1
Net profit (loss)
56.5
(30.7
)
87.2
(88.4
)
(99.1
)
10.7
Adjusted EBITDA1 loss
(21.7
)
(41.4
)
19.7
(72.5
)
(120.4
)
47.9
Profit (loss) per common share - basic and
diluted
2.43
(1.38
)
3.82
(3.81
)
(4.47
)
0.65
Net cash used in operating activities
$
(20.6
)
$
(38.7
)
$
18.1
$
(92.5
)
$
(89.3
)
$
(3.2
)
As at
September 30, 2024
December 31, 2023
Change
Cash and cash equivalents
Cash and cash equivalents balance2
$
32.2
$
70.6
$
(38.4)
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 Financial Measures" below,
including a reconciliation to comparable U.S. GAAP financial
measures.
2
Excludes restricted cash of $9.9 million
as of September 30, 2024, and restricted cash of $9.7 million as of
December 31, 2023.
Non-GAAP Financial Measures Adjusted EBITDA
(loss)
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 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 September
30,
Nine months ended September
30,
Unaudited - $ millions
2024
2023
2024
2023
Net profit (loss)
$
56.5
$
(30.7
)
$
(88.4
)
$
(99.1
)
Income tax
—
—
—
0.1
Depreciation and amortization
4.4
2.5
11.2
6.4
Interest expense
17.3
0.2
44.4
1.4
Interest income
(0.5
)
(2.5
)
(2.0
)
(11.7
)
EBITDA profit (loss)
$
77.7
$
(30.5
)
$
(34.8
)
$
(102.9
)
Debt extinguishment loss
—
—
58.9
—
Restructuring fees adjustment1
(0.2
)
—
13.5
—
Fair value gain on financial
instruments2
(99.2
)
(10.9
)
(110.1
)
(17.5
)
Adjusted EBITDA (loss)
$
(21.7
)
$
(41.4
)
$
(72.5
)
$
(120.4
)
1
Restructuring fees adjustment 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 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: additional
financing required to fund a base equity contribution and account
funding requirements before drawing down on the DOE loan;
Li-Cycle's ability to explore financing and strategic alternatives
to increase liquidity; and the estimated total capital cost of the
Rochester Hub project through mechanical completion.
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 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.
Unaudited condensed consolidated
interim balance sheets
All dollar amounts presented are expressed
in millions of US dollars except share and per share amounts
September 30,
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$
32.2
$
70.6
Restricted cash
9.9
9.7
Accounts receivable, net
8.2
1.0
Other receivables
1.2
1.9
Prepayments, deposits and other current
assets
21.4
56.2
Inventories, net
9.2
9.6
Total current assets
82.1
149.0
Non-current assets
Property, plant and equipment, net
693.2
668.8
Operating lease right-of-use assets
88.5
56.4
Finance lease right-of-use assets
—
2.2
Other assets
6.8
9.6
788.5
737.0
Total assets
$
870.6
$
886.0
Liabilities
Current liabilities
Accounts payable
$
105.1
$
134.5
Accrued liabilities
24.2
17.6
Deferred revenue
—
0.2
Operating lease liabilities
6.5
4.4
Total current liabilities
135.8
156.7
Non-current liabilities
Accounts payable
3.3
—
Deferred revenue
5.8
5.3
Operating lease liabilities
86.7
56.2
Finance lease liabilities
—
2.3
Convertible debt
342.6
288.1
Asset retirement obligations
1.1
1.0
439.5
352.9
Total liabilities
$
575.3
$
509.6
Commitments and contingencies (Note
14)
Going concern (Note 1)
Equity
Common stock and additional paid-in
capital
Authorized unlimited shares, Issued and
outstanding - 23.2 million shares at September 30, 2024 (22.2
million shares at December 31, 2023)
655.6
648.3
Accumulated deficit
(360.0
)
(271.6
)
Accumulated other comprehensive loss
(0.3
)
(0.3
)
Total equity
295.3
376.4
Total liabilities and equity
$
870.6
$
886.0
Li-Cycle Holdings Corp.
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 months ended
September 30, 2024
For the three months ended
September 30, 2023
For the nine months ended
September 30, 2024
For the nine months ended
September 30, 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
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107816898/en/
Investor Relations & Media Louie Diaz Sheldon D'souza
Investor Relations: investors@li-cycle.com Media:
media@li-cycle.com
Grafico Azioni Li Cycle (NYSE:LICY)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Li Cycle (NYSE:LICY)
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Da Dic 2023 a Dic 2024
