Li-Cycle Posts Wider Loss In Q2

(RTTNews) - Li-Cycle Holdings Corp. (LICY) reported a second quarter net loss of approximately $20.7 million, compared to a net loss of approximately $7.8 million, a year ago. The loss included $2.9 million of fair value gains on financial instruments. Adjusted EBITDA loss for the quarter was $19.5 million, compared to a loss of $5.1 million. The company noted that this was largely driven by the increase in the operating expenses, directly related to the growth and expansion of the business. Loss per share was $0.12 compared to a loss of $0.08.

Revenues increased to $8.7 million, from $0.3 million, last year, driven by increases in product sales volume and metal-based prices.

The company ended its second quarter with $509.3 million cash on hand. Including the investment proceeds, pro-forma cash balance is approximately $760 million. Li-Cycle noted that it has sufficient liquidity for capital and operating needs to fund current pipeline of projects in development.