- Li-Cycle Holdings Corp (NYSE:LICY) reported second-quarter FY22 sales of $8.65 million, compared to $0.3 million in 2Q21, beating the consensus of $6.13 million.
- Revenue growth was driven by increases in product sales and metal-based prices.
- EPS loss was $(0.12), below the consensus of $(0.10).
- Loss from operations increased to $(21.32) million, compared to $(5.32) million a year ago.
- Li-Cycle held $509.3 million in cash on hand as of April 30, 2022.
- Cash flows used in operating activities were ~$(27.59) million year-to-date, compared to $(10.07) million during the prior-year period.
- The company stated that it has sufficient liquidity for capital and operating needs for the current project pipeline.
- LICY operationalized the Arizona Spoke, on track for the start-up of the Alabama Spoke, reiterating a black mass production target of 6,500 to 7,500 tonnes for the fiscal year 2022.
- Adjusted EBITDA loss was $(19.5) million, compared to $(5.1) million for the prior-year period.
- "The Arizona Spoke is now on-line, doubling our current Spoke capacity and a testament to our modular construction approach. We believe this approach is replicable and scalable for our future Spokes. Additionally, we made continued contracting and execution strides at the Rochester Hub, which remains on target for commissioning in 2023," commented CEO Ajay Kochhar.
- Price Action: LICY shares are trading lower by 4.57% at $6.49 during the market session on Tuesday.
