Li-Cycle Misses On Q3 Earnings Estimates - Li-Cycle Holdings (NYSE:LICY)

Li-Cycle Holdings Corp LICY reported third-quarter sales of $1.71 million, an 840% year-over-year increase from $0.2 million, missing the consensus of $1.95 million.
Li-Cycle completed its public listing in August 2021, resulting in net proceeds of $527 million.
Revenues from product sales were ~$1.6 million, and recycling services were ~$0.1 million.
Loss from operations expanded to $(6.22) million versus $(1.72) million a year ago. Adjusted EBITDA loss for the quarter was $(5.18) million, compared to $(1.34) million a year ago.
EPS loss widened to $(2.88) from $(0.86) in 3Q20, missing consensus of $(2.41).
Cash flows used in operating activities were ~$5.2 million, compared to $2.2 million during the prior-year period. Cash and equivalents were approximately $2.4 million as of July 31, 2021.
Li-Cycle stated it is confident to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025.
Price Action: LICY shares are trading lower by 1.73% at $7.97 on the last check Thursday.