Li-Cycle Holdings Corp. LICY shares are trading lower in Monday's after-hours session on the heels of the company's third-quarter earnings report. Here's what's happening.
What To Know: Li-Cycle Holdings reported an adjusted quarterly loss of 19 cents per share, beating the analyst consensus estimate of 24 cents loss, an 18.75% decrease over a loss of 16 cents per share from the same period last year.
The company clocked in revenue of $4.70 million, beating the analyst consensus estimate of $2.99 million.
Li-Cycle Holdings had cash and cash equivalents of $137.4 million and reported an Adjusted EBITDA loss of $38.9 million, compared to a loss of $35.1 million in the same period last year.
The company also highlighted that it is working with Moelis & Company LLC to assess financing and strategic alternatives.
"In conjunction with the pause in the Rochester Hub project announced in late October, we have initiated a comprehensive review. We have performed an initial analysis of options for completion of the Rochester Hub, and we are taking steps to conserve cash. Additionally, we remain actively engaged and continue to work closely with the DOE to satisfy conditions precedent for financial close for the $375 million loan commitment as we complete a comprehensive review of the go-forward strategy for the Rochester Hub," said Ajay Kochhar, Li-Cycle's President and CEO.
"Global EV production volumes and battery material demand continues to be underpinned by strong fundamentals. With favorable supply and demand dynamics driving the need for domestic sources of battery material, we continue to see significant benefits for Li-Cycle's Spoke & Hub network, and in particular, the market need for the Rochester Hub."
Related Link: Fisker Q3 Earnings Highlights: Revenue Below Estimates But Delivery Momentum Accelerates In October
LICY Price Action: Shares of LICY were down 2.05% at $1.44 in the after-hours session at the time of publication, according to Benzinga Pro.
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