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Li-Cycle Holdings Corp. (NYSE:LICY) reported Q2 2023 sales of $3.6 million, missing the consensus of $8.03 million. Revenues were impacted by the reduction in market prices of cobalt and nickel.
EPS loss of $(0.20) aligned with the consensus estimate.
Revenues from product sales and recycling services before non-cash fair market value (FMV) adjustments were $5.5 million, which increased from $4.7 million, led by higher sales volume.
Adjusted EBITDA loss stood at $(39.7) million, which widened from $(30.6) million for the prior year.
Q2 operating expenses increased to $46.1 million versus $33.3 million a year ago, driven primarily by higher raw material and supply costs.
"During the second quarter, we made significant strides on our strategic objectives, growing and operationalizing our Spoke & Hub network. In Europe, we successfully commenced processing battery materials at our Germany Spoke, our first in Europe, which is expected to become the largest pre-processing facility in our global Spoke network by the end of 2023," said Ajay Kochhar, Li-Cycle's President and Chief Executive Officer.
Li-Cycle held $288.8 million in cash and equivalents as of the quarter's end.
Price Action: LICY shares are trading lower by 10.7% at $4.91 on the last check Monday.
