SEATTLE (Recycling Monster): Li-Cycle announced fourth quarter and full-year 2022 financial and operational results. The company reported revenues of $3.0 million in the fourth quarter, compared with revenues of $4.4 million in the corresponding quarter a year before. The full-year revenue in 2022 surged higher significantly to hit $13.4 million. This compares with $7.3 million posted in 2021.

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The Rochester Hub facility is on track to commence commissioning in late-2023. During the quarter, the company operationalized the Alabama Spoke. Also, it made notable progress in ramping Arizona and Alabama to target throughput and expanding capacity of the Germany Spoke. The black mass production during the quarter almost doubled from the prior-year quarter to total more than 1,600 tonnes.

During the full year 2022, Li-Cycle increased total Spoke installed capacity in North America by nearly three times. Moreover, it executed multi-year strategic commercial arrangements with global participants in the battery materials supply chain, LG Chem & LG Energy Solution and Glencore, said the company press release.

Ajay Kochhar, Li-Cycle President and Chief Executive Officer noted that the team was successful in building strong momentum for its Spoke & Hub business in 2023 and beyond.