- Li-Cycle Holdings Corp (NYSE:LICY) reported first-quarter FY22 sales of $3.84 million, an 277% year-over-year increase from $1.02 million.
- Revenue growth was driven by increases in product sales and metal-based prices.
- Loss from operations expanded to $(18.73) million versus $(6.2) million a year ago.
- Adjusted EBITDA loss for the quarter was $(16.9) million, compared to $(3.7) million a year ago, driven by higher staffing and network development costs related to the growth and expansion of the business.
- EPS improved to $0.17 from $(0.07) in 1Q21.
- Cash flows used in operating activities were ~$18.68 million, compared to $6.71 million during the prior-year period.
- Cash and equivalents were approximately $552 million as of January 31, 2022.
- The company obtained key environmental permits for Rochester Hub, the first hydrometallurgical battery resource recovery facility in North America, on track for commissioning in 2023.
- "Black mass production increased more than 190% over last year as our Ontario and New York Spokes expanded their production. With our Arizona and Alabama Spokes becoming operational this year, we are on track to reach our black mass production target for fiscal 2022," said CEO Ajay Kochhar.
- Price Action: LICY shares are trading lower by 0.58% at $8.50 during the premarket session on Thursday.
