The Toronto battery recycler posted a first-quarter net loss of US$136.7 million, wider than the $36.5 million in the same period last year, as the company logged debt-related expenses and took a $23.8-million hit on its renegotiated 2022 deal with Glencore. The mining giant gave Li-Cycle a $75-million top-up on their partnership this year. Li-Cycle’s shares closed down nearly 13 per cent on the New York Stock Exchange on Friday. (The Logic)
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The Toronto battery recycler posted a first-quarter net loss of US$136.7 million, wider than the $36.5 million in the same period last year, as the company logged debt-related expenses and took a $23.8-million hit on its renegotiated 2022 deal with Glencore. The mining giant gave Li-Cycle a $75-million top-up on their partnership this year. Li-Cycle’s shares closed down nearly 13 per cent on the New York Stock Exchange on Friday. (The Logic)
Talking point: The company, which halted construction on its key Rochester factory amid rising costs, said it’s working on improving its cash flow. It’s getting closer to finalizing a $375-million loan from the U.S. Department of Energy, and entered new or expanded deals with three of the largest European EV makers, it said. Revenue rose to $4.2 million, up from $3.6 million in the same period last year.
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