SEATTLE (Recycling Monster): Leading North American lithium-ion battery (LIB) recycler, Li-Cycle Holdings Corp. announced financial results for second quarter ended 30th June, 2023.
The company’s revenues from product sales and recycling services before adjustments increased significantly from $4.7 million in the corresponding quarter last year to $5.5 million in Q2 2023. The revenues, including adjustments totalled $3.6 million.
The operating expenses surged year-on-year from $33.3 million to $46.1 million. The net loss increased from $28.1 million a year before to $35.3 million. Also, adjusted EBITDA loss stood at $39.7 million, compared with loss of $30.6 million in the same period last year, which was mainly on account of higher expenses in connection with expansion of global network of facilities.
During the quarter, the company made significant strides on its strategic objectives. It commenced processing battery materials at its Germany Spoke, which is projected to become the company’s largest pre-processing facility by the end of the current year. In addition, it has reported progress in joint development of the Portovesme Hub in partnership with Glencore. Also, the Rochester Hub is scheduled to be commissioned later this year, said Ajay Kochhar, President and CEO, Li-Cycle.
