Highlights
- Expanded market-leading position and speed to market through
growth of Spoke & Hub network in North America and Europe; on
path to produce up to 25,000 tonnes of lithium carbonate per
year;
- Advanced construction of the Rochester Hub, maintaining start
of commissioning in late 2023; successfully received and installed
the largest piece of progress equipment on site - video link
here;
- Progressed development of European Hub (Portovesme Hub) with
Glencore with Definitive Feasibility Study (DFS) expected to be
completed by mid-2024;
- Commercialized first European Spoke in Germany, largest in
Li-Cycle's global Spoke network and one of the largest on the
continent;
- Signed memorandum of understanding with EVE Energy to
collaborate on global sustainable lithium-ion battery recycling
solutions; exploring site selection for new Spoke in Hungary;
- Advanced documentation for $375 million Department of Energy
(DOE) loan to final stages, with close anticipated in September
2023; and
- Ended June 30, 2023 with cash on hand of $288.8 million.
Li-Cycle Holdings Corp. (NYSE:
LICY) (“Li-Cycle” or the “Company”), an industry leader in
lithium-ion battery (LIB) resource recovery and the leading LIB
recycler in North America, today announced a business update and
financial results for its second quarter ended June 30, 2023.
“During the second quarter, we made significant strides on our
strategic objectives, growing and operationalizing our Spoke &
Hub network. In Europe, we successfully commenced processing
battery materials at our Germany Spoke, our first in Europe, which
is expected to become the largest pre-processing facility in our
global Spoke network by the end of 2023. We are also progressing
our co-development of the Portovesme Hub with Glencore with the DFS
on track for completion by mid-2024. In North America, the
Rochester Hub remains on schedule to commence commissioning in late
2023,” said Ajay Kochhar, Li-Cycle’s President and Chief Executive
Officer.
Mr. Kochhar concluded, "As a result of our continued execution,
we have further solidified Li-Cycle’s leadership role as a
sustainable and pure-play domestic solutions provider for key
battery-grade materials in North America and Europe. When both the
Rochester and Portovesme Hubs are in full operation, Li-Cycle is
expected to have total lithium carbonate production capacity of up
to 25,000 tonnes per year, making Li-Cycle a top global and
sustainable producer of lithium carbonate and key battery-grade
materials."
Commercial Arrangements
On July 11, 2023, Li-Cycle and EVE Energy, a leading lithium-ion
battery technology company, signed a memorandum of understanding
(MOU) to collaborate and explore lithium-ion battery recycling
solutions for EVE battery materials. EVE is one of the world’s
largest lithium-ion battery cell manufacturers, with global
manufacturing facilities and customers that include global
automakers.
The MOU includes a framework to explore global sustainable
recycling solutions for EVE's lithium-ion battery materials in the
North American market, as well as battery manufacturing scrap
generated at EVE’s planned lithium-ion battery cell manufacturing
facilities in Hungary and Malaysia. In view of this commercial
partnership, Li-Cycle is undertaking a site selection process for a
potential new Spoke location in Hungary.
Global Network Expansion
Li-Cycle continued to build upon its significant first mover
advantage as a critical domestic source of key battery-grade
materials, supported by numerous strategic commercial partnerships
and leading patent-protected sustainable technology. With projected
Spoke pre-processing capacity of greater than 100,000 tonnes LIB
equivalent and Hubs post-processing capacity of 85,000 to 105,000
tonnes of black mass, Li-Cycle is on the path to become the leader
in lithium-ion battery resource recovery and a top global and
sustainable producer of lithium carbonate (up to 25,000 tonnes of
lithium carbonate per year), and key battery materials (e.g.,
nickel and cobalt), particularly in North America and Europe.
Europe
Along with its joint development partner Glencore, the Company
continued to make positive strides in the development of the
Portovesme Hub with the DFS work progressing and on schedule to be
completed by mid-2024. Leveraging our strategic partnership, the
Portovesme site is a strong fit with Li-Cycle’s proprietary process
for metallurgical recovery of lithium and critical materials. With
speed to market and lower capital intensity, we are developing an
expedited flowsheet that requires fewer processing steps to produce
lithium carbonate and a mixed hydroxide product (MHP) containing
nickel and cobalt.
Subject to a final investment decision, the project would
proceed to construction, with commissioning expected to commence in
late 2026 to early 2027. Once operational, the Portovesme Hub would
have an annual processing capacity of up to 70,000 tonnes per year
of black mass, producing approximately 15,000 to 16,500 tonnes of
lithium carbonate, as well as up to approximately 18,000 tonnes of
nickel, and 2,250 tonnes of cobalt contained in MHP.
On August 1, 2023, Li-Cycle announced the start of operation of
line one of its Germany Spoke, with an annual LIB capacity of
10,000 tonnes. The facility, which is the Company’s first in
Europe, utilizes Li-Cycle’s patented and environmentally friendly
‘Generation 3’ Spoke technology to directly process all forms of
LIBs, including full EV battery packs. The Germany Spoke will be
the largest in the Company's portfolio when fully operational, with
a total annual processing capacity of up to 30,000 tonnes of LIB,
including two lines of 10,000 tonnes each, in addition to ancillary
processing capacity. The Company expects to operationalize the
second line in late 2023.
North America
The Rochester Hub achieved significant milestones and remains on
schedule to start commissioning in late 2023. Detailed engineering
and procurement are nearly complete. Construction activities are
progressing on site, with major buildings nearing completion, steel
and concrete installation progressing, alongside the start of
mechanical and electrical equipment installation. The Company is
focused on actively managing the construction labor as part of the
Rochester Hub construction budget of $560 million.
Li-Cycle successfully received and installed the largest piece
of process equipment at the Rochester Hub, as can be viewed on this
link.
Balance Sheet Position
At June 30, 2023, Li-Cycle had cash on hand of $288.8 million.
During the quarter, the Company's capital spend was $78.4 million,
primarily driven by the procurement of equipment and construction
materials and services for the Rochester Hub.
On February 27, 2023, the Company entered into a conditional
commitment with the DOE for a loan of up to $375 million through
its Advanced Technology Vehicles Manufacturing Program, in support
of the Rochester Hub development. The Company progressed the loan
documentation to final stages and is currently on track to execute
and close in September 2023.
Financial Results for the Three Months Ended June 30,
2023
Revenues from product sales and recycling services before
non-cash fair market value (FMV) adjustments were $5.5 million,
which increased from $4.7 million in the same period of 2022. The
increase in product revenue was primarily attributable to the
higher sales volume, partially offset by a reduction in market
prices of cobalt and nickel. Total revenues including FMV
adjustments were $3.6 million, compared with nil last year, and
included an unfavorable non-cash FMV impact of $1.9 million driven
by a decline in cobalt and nickel prices versus an unfavorable FMV
impact of $4.7 million last year.
Operating expenses increased to $46.1 million versus $33.3
million in the same period of 2022, driven primarily by higher raw
material and supply costs coupled with higher average material
costs. In addition, other expenses were higher due to growth in
personnel related to the expansion of the Company's global Spoke
network and the construction of the Rochester Hub.
Net loss was $35.3 million, compared to $28.1 million in the
same period of 2022, and included a fair value gain on financial
instruments of $7.3 million and $7.7 million, respectively.
Adjusted EBITDA1 loss was $39.7 million, compared to a loss of
$30.6 million in the same period of 2022, attributed to higher
expenses relating to expansion of the global network, which more
than offset increased revenue. Additionally, non-cash share-based
compensation decreased to $3.7 million from $4.5 million in the
same period of 2022.
Webcast and Conference Call Information
Company management will host a webcast and conference call on
Monday, August 14, 2023, at 8:30 a.m. Eastern Time. The related
presentation materials for the webcast and conference call will be
made available on the Investor Relations 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: LICYQ223 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 and North America’s largest pure-play
lithium-ion battery recycler, with a rapidly growing presence
across Europe. Established in 2016, and with major customers and
partners around the world, Li-Cycle is on a mission 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 provide a safe, scalable,
customer-centric solution to recycle all different types of
lithium-ion batteries.
Our Spoke & Hub Technologies™ are based on a
hydrometallurgical process that provides an environmentally
friendly and cost-effective alternative to pyrometallurgical
processing and traditional mining methods. 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 Hubs, or post-processing
facilities, we will process black mass to produce critical
battery-grade materials, including lithium carbonate, nickel
sulphate, and cobalt sulphate. For more information, visit
https://li-cycle.com/
Non-IFRS Financial Measures
Adjusted EBITDA (loss)
The table below reconciles adjusted EBITDA
(loss) to net loss:
Three months ended
Six months ended
June 30,
June 30,
Unaudited - $ millions
2023
2022
2023
2022
Net loss
$
(35.3
)
$
(28.1
)
$
(74.7
)
$
(38.2
)
Income Tax
—
—
0.1
—
Depreciation
4.0
2.6
7.7
4.5
Interest expense
3.6
3.9
7.5
7.6
Interest income
(4.2
)
(1.3
)
(9.2
)
(1.5
)
EBITDA
(31.9
)
(22.9
)
(68.6
)
(27.6
)
Non-recurring costs
(0.5
)
—
0.3
—
Fair value (gain) loss on financial
instruments1
(7.3
)
(7.7
)
(6.6
)
(22.6
)
Adjusted EBITDA (loss)
$
(39.7
)
$
(30.6
)
$
(74.9
)
$
(50.2
)
1 Fair value (gain) loss on financial
instruments relates to convertible debt, and to warrants, which
were redeemed and no longer outstanding as of June 30, 2022.
Li-Cycle reports its financial results in accordance with the
International Financial Reporting Standards (“IFRS”). The Company
makes references to certain non-IFRS measures, including adjusted
EBITDA. These measures are not recognized measures under IFRS, do
not have a standardized meaning prescribed by IFRS 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 IFRS measures by
providing a further understanding of the Company’s results of
operations from management’s perspective. Accordingly, it should
not be considered in isolation nor as a substitute for the analysis
of the Company’s financial information reported under IFRS.
Adjusted EBITDA is defined 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 (gains) losses on financial instruments and certain
non-recurring expenses. Foreign exchange (gain) loss is excluded
from the calculation of Adjusted EBITDA.
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 expectation that Li-Cycle’s
Spoke & Hub Network is on path to become a top global producer
of key battery-grade materials and to produce up to 25,000 tonnes
of lithium carbonate per year; the expectation that the Germany
Spoke, Li-Cycle’s first in Europe, will become the largest
pre-processing facility in Li-Cycle’s global Spoke network by the
end of 2023; the expectation that the DFS with Glencore is on track
for completion by mid-2024; the expectation that the Rochester Hub
will commence commissioning in late 2023; the expectation that,
when both the Rochester Hub and Portovesme Hub are in full
operation, Li-Cycle will have total lithium carbonate production
capacity of up to 25,000 tonnes per year, making Li-Cycle a top
global and sustainable producer of lithium carbonate and key
battery-grade materials; with projected Spoke pre-processing
capacity of greater than 100,000 tonnes LIB equivalent and Hub
post-processing capacity of 85,000 to 105,000 tonnes of black mass,
the expectation that Li-Cycle is on the path to become the leader
in lithium-ion battery resource recovery and a top global and
sustainable producer of lithium carbonate (up to 25,000 tonnes per
year) and key battery materials (e.g., nickel and cobalt),
particularly in North America and Europe; the expectation that,
subject to a final investment decision, the development of the
Portovesme Hub would proceed to construction, with commissioning
expected to commence in late 2026 to early 2027; the expectation
that, once operational, the Portovesme Hub would have an annual
processing capacity of up to 70,000 tonnes per year of black mass,
producing approximately 15,000 to 16,500 tonnes of lithium
carbonate, as well as up to approximately 18,000 tonnes of nickel,
and 2,250 tonnes of cobalt contained in MHP; the expectation that
the Germany Spoke, when fully operational, will have a total annual
processing capacity of up to 30,000 tonnes of LIB, including two
lines of 10,000 tonnes each, in addition to ancillary processing
capacity; the expectation that the second line of the Germany Spoke
will be operationalized in late 2023; the expectations regarding
the Company’s management of the construction labor as part of the
Rochester Hub construction budget of $560 million; and the
expectation that the DOE loan documentation is on track to be
executed and closed in September 2023. 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, 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 failure to materially increase recycling
capacity and efficiency; Li-Cycle may engage 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 if its operations are
disrupted; additional funds required to meet Li-Cycle’s capital
requirements in the future not being available to Li-Cycle on
acceptable terms or at all when it needs them; 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 securing 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 revenues
for the Rochester Hub are derived significantly from a single
customer; 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’s failure to
effectively remediate the material weaknesses in its internal
control over financial reporting that it has identified or if it
fails to develop and maintain a proper and effective internal
control over financial reporting. These and other risks and
uncertainties related to Li-Cycle’s business are described in
greater detail in the section entitled “Risk Factors” and “Key
Factors Affecting Li-Cycle’s Performance” in its Annual Report on
Form 20-F 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.
Condensed consolidated interim
statements of financial position
June 30,
December 31,
Unaudited $ millions, as at
2023
2022
Assets
Current assets
Cash and cash equivalents
$
288.8
$
517.9
Accounts receivable
0.9
4.3
Other receivables
5.0
10.0
Prepayment and deposits
103.5
95.2
Inventories
2.5
8.3
400.7
635.7
Non-current assets
Plant and equipment
392.4
210.4
Right-of-use assets
56.7
50.8
Other assets
9.1
4.2
458.2
265.4
Total assets
$
858.9
$
901.1
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
$
77.9
$
75.9
Lease liabilities
5.5
5.6
83.4
81.5
Non-current liabilities
Lease liabilities
53.0
48.3
Deferred revenue
5.4
—
Convertible debt
284.2
272.9
Restoration provisions
2.7
0.4
345.3
321.6
Total liabilities
428.7
403.1
Equity
Share capital
776.8
772.4
Other reserves
21.2
18.7
Accumulated deficit
(367.5
)
(293.0
)
Accumulated other comprehensive loss
(0.3
)
(0.3
)
Equity attributable to the Shareholders of
Li-Cycle Holdings Corp.
430.2
497.8
Non-controlling interest
—
0.2
Total equity
430.2
498.0
Total liabilities and equity
$
858.9
$
901.1
The accompanying notes are an integral part of the condensed
consolidated interim financial statements.
Li-Cycle Holdings Corp.
Condensed consolidated interim
statements of loss and comprehensive loss
Unaudited $ millions except for per share
amounts, for the
Three months ended June 30,
Six months ended June 30,
2023
2022
2023
2022
Revenue
Product sales
$
3.1
$
(0.4
)
$
6.2
$
7.3
Recycling services
0.5
0.4
1.0
0.7
3.6
—
7.2
8.0
Expenses
Employee salaries and benefits
16.0
12.0
30.8
22.3
Share-based compensation
3.7
4.5
6.9
11.5
Office, administrative and travel
6.6
4.2
11.1
7.3
Professional fees
4.6
4.4
7.6
7.6
Raw materials and supplies
5.7
2.7
14.4
3.8
Depreciation
4.0
2.6
7.7
4.5
Plant facilities
2.0
1.0
3.9
1.9
Marketing
0.8
0.8
1.5
1.4
Freight and shipping
0.9
0.9
1.7
1.2
Research and development
0.8
0.4
1.3
0.9
Change in finished goods inventory
1.6
(0.2
)
0.7
—
Other
(0.6
)
—
1.2
—
Operating expenses
46.1
33.3
88.8
62.4
Loss from operations
(42.5
)
(33.3
)
(81.6
)
(54.4
)
Other income (expense)
Interest income
4.2
1.3
9.2
1.5
Interest expense and other costs
(4.3
)
(3.8
)
(8.8
)
(7.9
)
Gain on financial instruments
7.3
7.7
6.6
22.6
7.2
5.2
7.0
16.2
Net loss before taxes
(35.3
)
(28.1
)
(74.6
)
(38.2
)
Income tax
—
—
0.1
Net loss
$
(35.3
)
$
(28.1
)
$
(74.7
)
$
(38.2
)
Net loss attributable to
Shareholders of Li-Cycle Holdings
Corp.
$
(35.2
)
$
(28.1
)
$
(74.6
)
$
(38.2
)
Non-controlling interest
(0.1
)
—
(0.1
)
—
Net loss and comprehensive loss
$
(35.3
)
$
(28.1
)
$
(74.7
)
$
(38.2
)
Loss per common share - basic and
diluted
$
(0.20
)
$
(0.17
)
$
(0.42
)
$
(0.23
)
Li-Cycle Holdings Corp.
Condensed consolidated
interim statements of cash flows
Unaudited $ millions, for the
Three months ended June 30,
Six months ended June 30,
2023
2022
2023
2022
Operating activities
Net loss
$ (35.3)
$ (28.1)
$ (74.7)
$ (38.2)
Items not affecting cash
Share-based compensation
3.7
4.5
6.9
11.5
Depreciation
4.0
2.6
7.7
4.5
New right-of-use asset
Foreign exchange (gain) loss on
translation
0.2
(0.4)
0.4
(0.1)
Fair value (gain) loss on financial
instruments
(7.3)
(7.7)
(6.6)
(22.6)
Interest expense
3.7
3.9
7.7
7.7
Interest paid
(0.8)
(0.4)
(1.8)
(0.9)
Interest received
4.6
1.3
9.9
1.5
Interest income
(4.2)
(1.3)
(9.2)
(1.5)
(31.4)
(25.6)
(59.7)
(38.1)
Changes in non-cash working capital
items
Accounts receivable
2.8
5.3
3.4
(0.6)
Other receivables
0.2
(2.2)
4.3
(2.3)
Prepayments and deposits
(8.8)
(7.5)
(12.1)
(15.3)
Inventory
2.6
(1.9)
5.8
(3.9)
Accounts payable and accrued
liabilities
(10.7)
7.8
(7.7)
17.3
Deferred Revenue
5.4
—
5.4
—
Net cash used in operating
activities
(39.9)
(24.1)
(60.6)
(42.9)
Investing activities
Purchases of plant and equipment
(57.0)
(36.1)
(163.6)
(53.6)
Prepaid equipment deposits
(21.4)
(28.3)
(1.1)
(27.2)
Net cash used in investing
activities
(78.4)
(64.4)
(164.7)
(80.8)
Financing activities
Proceeds from private share issuance, net
of share issuance costs
—
49.7
—
49.7
Proceeds from convertible debt
—
198.7
—
198.7
Capital contribution from the holders of
non-controlling interest
—
0.3
—
0.3
Purchase of non-controlling interest
(0.4)
—
(0.4)
—
Repayment of lease principal
(1.7)
(1.3)
(3.4)
(2.4)
Net cash (used in) from financing
activities
(2.1)
247.4
(3.8)
246.3
Net change in cash and cash
equivalents
(120.4)
158.9
(229.1)
122.6
Cash and cash equivalents, beginning of
the period
409.2
527.4
517.9
563.7
Cash and cash equivalents, end of the
period
$ 288.8
$ 686.3
$ 288.8
$ 686.3
1 Adjusted EBITDA is not a recognized measure under IFRS. See
Non-IFRS Financial Measures section of this press release,
including for a reconciliation of adjusted EBITDA to net profit
(loss).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814558544/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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