Li-Cycle Holdings Drops 6% As Q3 Loss Widens

(RTTNews) - Shares of lithium-ion batteries recycler Li-Cycle Holdings Corp. (LICY) are falling more than 6% Wednesday morning after reporting wider loss in the third quarter.

Net loss in the third quarter widened to $27.52 million or $0.16 per share from $6.89 million or $0.07 per share loss in the same quarter a year ago.

Quarterly revenues were a loss of $1.97 million, which included an unfavorable non-cash fair market value pricing adjustment of $7.3 million relating to prior-period black mass sales. In the third quarter of 2021, total revenue was $1.7 million, which included a FMV benefit of $0.4 million.

Revenue from product sales and recycling services were $5.4 million, an increase from $1.3 million in the third quarter of 2021.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.13 per share on revenue for $10.63 million in the quarter.

LICY, currently at $6.67, has traded in the range of $5.87-$14.28 in the last 1 year.