- Li-Cycle Holdings Corp LICY reported third-quarter FY22 sales of $(1.97) million, down from $1.7 million a year ago, missing the consensus of $10.63 million.
- The decline was due to a $(7.3) million pricing adjustment due to significant decreases in nickel and cobalt prices.
- Revenue from product sales and recycling services was $5.4 million, up from $1.3 million a year ago.
- EPS loss of $(0.16), missed the consensus loss of $(0.12).
- Operations losses increased to $(34.5) million, compared to $(6.2) million a year ago.
- Li-Cycle held $649 million in cash on hand. Cash flows used in operating activities were ~$(25.2) million.
- Adjusted EBITDA loss was $(31.6) million, compared to $(5.3) million for the prior year.
- "During the quarter, we continued to advance development at our Rochester Hub, which is on track to start commissioning in stages in 2023. We also took deliberate steps to optimize operations at our new Spoke facilities in Arizona and Alabama, which are the first of their kind to process entire EV and stationary energy storage battery packs without the need for dismantling," CEO Ajay Kochhar said.
- Price Action: LICY shares are trading lower by 0.14% at $7.10 during the premarket session on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.