Li-Cycle Misses On Q3 Earnings Estimates

  • 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.
Market News and Data brought to you by Benzinga APIs
Posted In: NewsSmall CapMoversTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!