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Li-Cycle Holdings Corp
Li-Cycle Holdings Corp. Reports Financial Results for Fourth Quarter and Full Year 2021; Significant Progress in Advancing Spoke and Hub Network Strategy (Businesswire)

2022-01-27 12:15

Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced financial results for its fourth quarter and full year ended October 31, 2021. For the fiscal Q4 2021 and full fiscal year 2021, revenues increased to $4.4 million and $7.4 million from $0.5 million and $0.8 million in fiscal Q4 2020 and fiscal year 2020, respectively.

“We were pleased with our strong fourth quarter performance. The growth in our revenues exemplified the strong operational and commercial execution by the Li-Cycle team. We now have approximately 85 battery supply customer sources. We produced approximately 1,900 tonnes of black mass at the Kingston and Rochester Spokes during fiscal 2021, with more than 800 tonnes of black mass produced during the fourth quarter alone, and 100% of this production sold under off-take agreements.” said Ajay Kochhar, President and Chief Executive Officer of Li-Cycle.

"We also made significant strides on our Spoke and Hub strategy, competitively positioning Li-Cycle as the leading North American lithium-ion battery recycler. In aligning with our key commercial and strategic partners, we now expect to have annual Spoke processing capacity of up to 45,000 tonnes of lithium-ion battery input and Hub processing capacity of 90,000 tonnes of lithium-ion battery equivalent input in North America. We have the necessary funding available to support our expanded Rochester Hub and planned Spokes, including our initial launch into Europe," added Mr. Kochhar.

Demand Trends

Rising consumer adoption of EVs is driving global automotive OEMs to increase their manufacturing capacity to ensure EV sales market share. Growing cell, module and pack manufacturing is accelerating the need for scrap recycling in the near to medium term. At least 5% to 10% of lithium-ion battery manufacturing volumes are typically lost or rejected as scrap. End-of-life EV batteries available for recycling will augment this recycling growth in the long term.

North America is emerging as an important region for the lithium-ion battery supply chain. As battery manufacturers and automotive OEMs increasingly establish operations in the region, the Company expects this will lead to increased quantities of battery manufacturing scrap for recycling. It is estimated that the existing North American mega-factory capacity will grow from approximately 45 GWh in 2021 to more than 500 GWh by 2025. European mega-factory capacity is also projected to grow from 37 GWh in 2021 to more than 930 GWh by 2030.

Spoke & Hub Network:

Li-Cycle reiterates its global 2025 network targets of at least 100,000 tonnes of annual lithium-ion battery equivalent Spoke processing capacity (equivalent to approximately 20 GWh of lithium-ion batteries) and a centralized network of at least 220,000 tonnes of annual lithium-ion battery equivalent Hub processing capacity (equivalent to approximately 44 GWh of lithium-ion batteries). In the near to medium term, the Company expects its expansion efforts to focus on North America and Europe. The Company is also opportunistically exploring investments in Asia Pacific. Li-Cycle will continue to partner with multiple customers in each region in connection with supply and off-take arrangements.

To date, Li-Cycle has announced annual lithium-ion battery processing capacity for its Spokes in operation, construction and advanced development totaling 65,000 tonnes of lithium-ion battery input/year and Hub capacity under construction of approximately 90,000 tonnes of lithium-ion battery equivalent input/year (35,000 tonnes of black mass input/year).

Spokes in Construction and Advanced Development:

  • North America
    • Arizona and Alabama Spokes: each of these Spoke facilities is expected to have an annual processing capacity of 10,000 tonnes of lithium-ion battery input/year and is currently under construction and expected to commence operations in 2022.
    • Ohio Spoke: with expected annual processing capacity of 15,000 tonnes of lithium-ion battery input/year, this Spoke will be co-located at Ultium Cells LLC’s battery cell manufacturing mega-factory, based on a multi-year agreement to process the mega-factory's battery manufacturing scrap. The facility is expected to be operational in early 2023.
  • Europe
    • Norway Spoke: Li-Cycle’s inaugural European Spoke is being developed through a joint venture with Norwegian Morrow Batteries and ECO STOR. It is expected to have an annual processing capacity of 10,000 tonnes of lithium-ion battery input/year, with operations expected to begin in early 2023.
    • Germany Spoke: The Company is targeting its second Spoke in Europe to be in Germany. It is expected to have an annual processing capacity of 10,000 tonnes of lithium-ion battery input/year.

Rochester Hub:

Li-Cycle expects the Rochester Hub will have the nameplate input capacity to process 35,000 tonnes of black mass annually (equivalent to approximately 90,000 tonnes of lithium-ion battery equivalent feed annually). With this capacity, the Rochester Hub will have the ability to process battery material that is equivalent to approximately 225,000 electric vehicles per year or 18 GWh of lithium-ion batteries.

The Company expects annual production output from the Rochester Hub to be approximately 42,000 to 48,000 tonnes of nickel sulphate, 7,500 to 8,500 tonnes of lithium carbonate and 6,500 to 7,500 tonnes of cobalt sulphate.

Li-Cycle expects to commission the Rochester Hub in 2023, subject to receipt of remaining regulatory and other approvals. Li-Cycle estimates that the Rochester Hub will require a total capital investment of approximately $485 million (+/-15%).

Financial Review for the Fiscal Fourth Quarter and Full Year Ended October 31, 2021

Financial Results for Fourth Quarter 2021

Revenues for the quarter increased 836% to $4.4 million, compared to $0.5 million in the same quarter last year, driven by increases in recycling services and product sales, primarily as a result of the increase in the quantities of batteries and battery scrap processed at the Rochester Spoke and the continued onboarding of new battery supply customers. Revenues from product sales were approximately $4.2 million, while revenues from recycling services were approximately $0.1 million.

Operating expenses for the quarter increased to $18.6 million, compared to $5.0 million during the same period last year, driven by increased personnel costs, share-based compensation, professional fees and administrative costs in support of a public company. In addition, a ramp-up of operations at the Kingston and Rochester Spokes resulted in increases in raw materials, supplies, and logistics costs.

Net loss in the quarter was approximately $205.0 million, compared to approximately $4.4 million in the prior-year period. This was primarily driven by the impact of a listing fee of $152.7 million related to the Business Combination and $35.8 million of fair value loss on financial instruments.

Adjusted EBITDA (loss) was $(11.5) million, compared to $(4.1) million for the prior-year period1. This was largely driven by higher staffing and network development costs related to the growth and expansion of the business, as discussed in relation to operating expenses noted above.

Cash flows used in operating activities were approximately $11.3 million, compared to $1.8 million during the same period last year, primarily driven by increased personnel costs, increased professional fees and admin costs in support of a public company, a ramp up of operations at the Kingston Spoke and Rochester Spoke, increases in raw materials and supplies. The cash outflows were partially offset by cash receipts from increased sales.

Financial Results for Full Year 2021:

Revenues increased approximately 831% to approximately $7.4 million, compared to approximately $0.8 million in the prior-year period, driven by increases in recycling services and product sales, primarily as a result of the increase in the quantities of batteries and battery scrap processed at the Kingston and Rochester Spokes and the continued onboarding of new battery supply customers. Revenues from product sales were approximately $6.9 million, while revenues from recycling services were approximately $0.4 million.

Operating expenses increased to approximately $39.2 million, compared to approximately $9.9 million during the prior-year period, driven by increased personnel costs, share-based compensation, professional fees and admin costs in support of a public company. In addition, a ramp up of operations at the Kingston and Rochester Spokes resulted in increases in raw materials, supplies, and logistics costs. The year-over-year increase in R&D expenditure was primarily due to R&D expenses in 2020 being largely funded by government grants, the amortization of which offset the applicable R&D expense for accounting purposes.

Net loss was approximately $226.6 million, compared to approximately $9.3 million in the prior-year period. This was primarily driven by the impact of listing fee of $152.7 million related to the Business Combination and $38.3 million of fair value loss on financial instruments.

Adjusted EBITDA (loss) was approximately $25.4 million for the twelve months ended October 31, 2021, compared to approximately $8.0 million for the prior-year period. This was largely driven by higher staffing and network development costs related to the growth and expansion of the business, as discussed in relation to operating expenses noted above.

Cash flows used in operating activities were approximately $27.8 million, compared to approximately $7.4 million during the prior-year period, primarily driven by increased personnel costs, professional fees and admin costs in support of a public company. In addition, a ramp up of operations at the Kingston Spoke and Rochester Spoke resulted in increases in raw materials and supplies, and logistics costs. The cash outflows were partially offset by cash receipts from increased sales.

Cash and cash equivalents were approximately $596.9 million as of October 31, 2021. On August 10, 2021, Li-Cycle completed the Business Combination, resulting in net proceeds of $525.3 million. On September 29, 2021, Li-Cycle issued a convertible note to Spring Creek Capital ("Koch Strategic Platforms"), resulting in net proceeds of $98.4 million.

There were 163,179,653 common shares outstanding as of October 31, 2021.

Fiscal Year 2022 Objectives and Business Outlook

Li-Cycle’s management team is directly aligned with shareholder interests. Key fiscal year 2022 objectives include:

  • Financial priorities
    • Continue building balance sheet strength
    • Manage operating expenses on a path to profitability
  • Health, Safety, Environment and Quality (HSEQ)
    • Drive Health, Safety, Environment and Quality (HSEQ) performance, prioritizing safety and sustainability in all of Li-Cycle’s activities
  • Rochester Hub
    • Maintain on time and on budget execution during fiscal year 2022, in support of commissioning the Rochester Hub in 2023
  • Spokes
    • Overall Spoke target:
      • Target black mass production of 6,500 to 7,500 tonnes during fiscal year 2022
    • Spoke operations:
      • Drive ongoing efficient operation of the Kingston and Rochester Spokes
    • Spoke expansion:
      • Bring the Arizona and Alabama Spokes on-line during 2022
      • Progress Ohio and Norway Spokes for start-up of operations in 2023
      • Advance development of the Germany Spoke

Webcast and Conference Call Information:

Company management will host a webcast and conference call on January 27, 2022, at 8:30 a.m. Eastern Time to discuss the results of the quarter and full year. During the call, management plans to present a brief video prior to the formal remarks.

The related presentation materials for the webcast and conference call, including the video will be made available on the investors section of the Li-Cycle website as below:

https://investors.li-cycle.com/overview/default.aspx

Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:

Domestic: (800) 909-5202
International: (785) 830-1914
Participant Code: LICYQ421
Webcast: https://investors.li-cycle.com

A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Non-IFRS Financial Measures
Adjusted EBITDA (loss)
The table below reconciles Adjusted EBITDA (loss) to net profit (loss):

 

Three months ended

Twelve months ended

October 31,

October 31,

 

2021

2020

2021

2020

2019

 

(Unaudited - dollar amounts in thousands)

 

 

 

Net loss

(204,969

)

(4,433

)

(226,559

)

(9,276

)

(4,101

)

Depreciation

1,069

 

378

 

2,899

 

1,095

 

184

 

Interest expense (income)

2,040

 

189

 

2,970

 

495

 

37

 

Foreign exchange (gain) loss

222

 

(336

)

758

 

(446

)

 

Fair value loss on financial
instruments (1)

35,821

 

84

 

38,254

 

84

 

 

Listing Fee

152,719

 

 

152,719

 

 

 

Forfeited SPAC transaction cost

 

 

2,000

 

 

 

Share-based compensation (2)

1,588

 

 

1,588

 

 

 

Adjusted EBITDA Loss

(11,510

)

(4,119

)

(25,370

)

(8,047

)

(3,880

)

(1) Fair value loss on financial instruments relates to warrants, convertible debt, and restricted share units liability

(2) Share-based compensation relates to accelerated vesting of existing stock options upon completion of the Business Combination.

Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards (“IFRS”). The Company makes references to certain non-IFRS measures, including Adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company’s financial information reported under IFRS. Li-Cycle defines Adjusted EBITDA as earnings before depreciation and amortization, interest expense (income), income tax expense (recovery), foreign exchange (gain) loss, fair value (gain) loss on financial instruments, and non-recurring expenses such as forfeited SPAC transaction cost, listing fee, and accelerated vesting of share-based compensation related to the Business Combination.

Forward-Looking Statements

Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993, as amended, Section 21 of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will”, “continue”, “anticipate”, “expect”, “would”, “could”, “plan”, “future” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to Li-Cycle’s ability to capitalize on growth opportunities, Li-Cycle’s ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and at least 220,000 tonnes per year of Hub processing capacity by 2025; the expectation to have up to 45,000 tonnes of Spoke production capacity in commissioning and operation in 2023 in North America; expected increased demand in scrap and battery recycling; the annual input capacity and production output of the Rochester Hub, its expected start-up date and total capital cost; the annual processing capacity of the Arizona, Alabama, Ohio, Norway and Germany Spokes and the timing of commencement of their operations; our target to meet or exceed black mass production of 6,500 to 7,500 tonnes during fiscal year 2022. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.

These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, Arizona Spoke, Alabama Spoke and other future projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the SEC. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.

Li-Cycle Holdings Corp.

Consolidated statements of financial position

As at October 31, 2021 and 2020

(Unaudited - expressed in U.S. dollars)

 

 

 

 

October 31, 2021

October 31, 2020

 

$

$

 

 

 

Assets

 

 

Current assets

 

 

Cash & Cash equivalents

596,858,298

 

663,557

 

Accounts receivable

4,072,701

 

571,300

 

Other receivables

973,145

 

318,929

 

Prepayments and deposits

8,646,998

 

963,951

 

Inventory

1,197,807

 

179,994

 

 

611,748,949

 

2,697,731

 

 

 

 

Non-current assets

 

 

Plant and equipment

26,389,463

 

5,602,580

 

Right-of-use assets

27,009,760

 

3,859,088

 

 

53,399,223

 

9,461,668

 

 

 

 

 

665,148,172

 

12,159,399

 

 

 

 

Liabilities

 

 

Current liabilities

 

 

Accounts payable and accrued liabilities

18,701,116

 

4,364,372

 

Restricted share units

 

171,849

 

Lease liabilities

2,868,795

 

591,355

 

Loans payable

7,752

 

1,468,668

 

 

21,577,663

 

6,596,244

 

 

 

 

Non-current liabilities

 

 

Lease liabilities

26,496,074

 

3,021,815

 

Loans payable

31,996

 

779,210

 

Convertible debt

100,877,838

 

 

Warrants

82,109,334

 

 

Restoration provisions

334,233

 

321,400

 

 

209,849,475

 

4,122,425

 

 

 

 

 

231,427,138

 

10,718,669

 

 

 

 

Shareholders' equity

 

 

Share capital

672,079,154

 

15,441,600

 

Contributed surplus

3,026,721

 

824,683

 

Accumulated deficit

(241,088,229

)

(14,528,941

)

Accumulated other comprehensive loss

(296,612

)

(296,612

)

 

433,721,034

 

1,440,730

 

 

665,148,172

 

12,159,399

 

Li-Cycle Holdings Corp.

Consolidated statements of loss and comprehensive loss

Years ended October 31, 2021, 2020, and 2019

(Unaudited - expressed in U.S. dollars)

 

Three Months Ended
October 31,

Year Ended October 31,

 

2021

2020

2021

2020

2019

 

$

$

$

$

$

 

 

 

 

 

 

Revenue

 

 

 

 

 

Product sales

4,247,944

 

369,758

 

6,930,475

 

554,914

 

 

Recycling services

143,185

 

99,463

 

444,401

 

237,340

 

48,160

 

 

4,391,129

 

469,221

 

7,374,876

 

792,254

 

48,160

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

Employee salaries and benefits, net

4,987,347

 

1,403,534

 

12,709,823

 

2,819,195

 

607,820

 

Professional fees

3,470,158

 

1,402,153

 

7,688,520

 

2,962,261

 

546,647

 

Share-based compensation

2,675,069

 

112,194

 

3,982,943

 

332,634

 

97,258

 

Raw materials and supplies

1,406,076

 

200,364

 

3,410,014

 

591,881

 

 

Office, administrative and travel

2,095,105

 

216,861

 

3,148,871

 

476,733

 

493,304

 

Depreciation

1,068,742

 

377,972

 

2,899,345

 

1,095,250

 

183,862

 

Research and development, net

733,990

 

796,025

 

2,662,572

 

776,668

 

2,111,658

 

Freight and shipping

445,196

 

79,707

 

1,033,149

 

137,010

 

5,785

 

Plant facilities

354,669

 

166,920

 

1,030,947

 

390,687

 

 

Marketing

508,427

 

177,320

 

973,695

 

365,820

 

65,840

 

Change in Finished Goods Inventory

812,936

 

32,791

 

(307,817

)

(14,022

)

 

 

18,557,715

 

4,965,841

 

39,232,062

 

9,934,117

 

4,112,174

 

 

 

 

 

 

 

Loss from operations

(14,166,586

)

(4,496,620

)

(31,857,186

)

(9,141,863

)

(4,064,014

)

 

 

 

 

 

 

Other (income) expense

 

 

 

 

 

Listing Fee

152,719,009

 

 

152,719,009

 

 

 

Fair value loss on financial instruments

35,821,273

 

84,454

 

38,254,469

 

84,454

 

 

Interest expense

2,120,386

 

189,005

 

3,052,882

 

529,700

 

60,329

 

Foreign exchange (gain) loss

222,007

 

(336,355

)

758,223

 

(445,652

)

 

Interest income

(80,756

)

(225

)

(82,481

)

(34,403

)

(23,561

)

 

190,801,919

 

(63,121

)

194,702,102

 

134,099

 

36,768

 

 

 

 

 

 

 

Net loss

(204,968,505

)

(4,433,499

)

(226,559,288

)

(9,275,962

)

(4,100,782

)

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

Foreign currency translation

 

58,147

 

 

(218,726

)

(37,182

)

 

 

 

 

 

 

Comprehensive loss

(204,968,505

)

(4,375,352

)

(226,559,288

)

(9,494,688

)

(4,137,964

)

 

 

 

 

 

 

Loss per common share - basic and diluted

(1.31

)

(0.05

)

(2.06

)

(0.11

)

(0.06

)

Li-Cycle Holdings Corp.

Consolidated statements of cash flows

Years ended October 31, 2021, 2020, and 2019

(Unaudited - expressed in U.S. dollars)

 

Three Months Ended October 31

Year ended October 31,

 

2021

2020

2021

2020

2019

 

$

$

$

$

$

 

 

 

 

 

 

Operating activities

 

 

 

 

 

Net loss for the year

(204,968,505

)

(4,433,499

)

(226,559,288

)

(9,275,962

)

(4,100,782

)

Items not affecting cash

 

 

 

 

 

Share-based compensation

2,675,069

 

112,194

 

3,982,943

 

332,634

 

97,258

 

Listing fee

152,719,009

 

 

152,719,009

 

 

 

Depreciation

1,068,747

 

377,972

 

2,899,350

 

1,095,250

 

183,862

 

Amortization of government grants

 

(50,869

)

(92,926

)

(2,226,910

)

(640,350

)

Loss on disposal of assets

 

106,946

 

13,399

 

106,946

 

 

Foreign exchange (gain) loss on translation

168,284

 

60,337

 

677,479

 

(390,901

)

(33,845

)

Fair value loss on financial instruments

35,821,273

 

84,453

 

38,254,469

 

84,454

 

 

Share-based professional fees

 

 

 

455,055

 

 

Interest and accretion on convertible debt

1,103,018

 

 

1,103,018

 

9,931

 

60,337

 

 

(11,413,105

)

(3,742,466

)

(27,002,547

)

(9,809,503

)

(4,433,520

)

Changes in non-cash working capital items

 

 

 

 

 

Accounts receivable

(1,191,837

)

(314,659

)

(3,501,401

)

(538,854

)

(29,630

)

Other receivables

(598,028

)

(80,667

)

(654,216

)

471,304

 

(466,915

)

Prepayments and deposits

(871,203

)

(690,630

)

(7,990,108

)

(633,824

)

(215,537

)

Inventory

305,114

 

57,872

 

(1,017,813

)

(133,438

)

(46,556

)

Accounts payable and accrued liabilities

2,492,725

 

3,000,730

 

12,322,936

 

3,215,386

 

624,090

 

 

(11,276,334

)

(1,769,820

)

(27,843,149

)

(7,428,929

)

(4,568,068

)

 

 

 

 

 

 

Investing activity

 

 

 

 

 

Purchases of plant and equipment

(6,214,364

)

(1,364,261

)

(18,281,212

)

(5,107,663

)

(998,069

)

Proceeds from disposal of plant and equipment

 

 

16,866

 

 

 

 

(6,214,364

)

(1,364,261

)

(18,264,346

)

(5,107,663

)

(998,069

)

 

 

 

 

 

 

Financing activities

 

 

 

 

 

Proceeds from private share issuance, net of
share issue costs

 

 

21,620,000

 

6,481,381

 

5,379,860

 

Proceeds from public share issuance, net of
share issue costs

525,329,273

 

 

525,329,273

 

 

 

Proceeds from exercise of stock options

 

 

169,105

 

 

 

Proceeds from exercise of warrants

1,150

 

 

1,150

 

 

 

Proceeds from convertible debt

98,426,925

 

 

98,426,925

 

 

 

Proceeds from loans payable

 

3,775

 

10,091,220

 

2,153,110

 

86,572

 

Proceeds from government grants

 

50,869

 

92,926

 

1,182,599

 

1,697,794

 

Repayment of lease liabilities

(353,071

)

(137,137

)

(884,024

)

(387,508

)

 

Repayment of loans payable

(11,406,003

)

(2,830

)

(12,544,339

)

(12,881

)

 

 

611,998,274

 

(85,323

)

642,302,236

 

9,416,701

 

7,164,226

 

 

 

 

 

 

 

Net change in cash

594,507,576

 

(3,219,404

)

596,194,741

 

(3,119,891

)

1,598,089

 

Cash, beginning of year

2,350,722

 

3,882,961

 

663,557

 

3,783,449

 

2,185,360

 

Cash, end of period

596,858,298

 

663,557

 

596,858,298

 

663,557

 

3,783,449

 

 

 

 

 

 

 

Non-cash investing activities

 

 

 

 

 

Accrual for purchase of plant and equipment

429,409

 

 

2,013,808

 

 

 

Non cash purchase of plant and equipment

2,084,235

 

 

2,084,235

 

 

 

Non-cash financing activities

 

 

 

 

 

Equity issued for non-cash costs

 

 

 

947,464

 

118,759

 

 

1 Adjusted EBITDA is not a recognized measure under IFRS. See “Non-IFRS Financial Measures” section of this press release, including for a reconciliation of Adjusted EBITDA to net loss.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005430/en/


Nahla Azmy
Investors: investors@li-cycle.com

Sarah Miller
Media: media@li-cycle.com

Copyright Business Wire 2022

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