Li-Cycle Holdings Corp.

CIK:0001828811|SEC Filings

Consolidated statements of operations and comprehensive loss - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue
Revenue	$ 28.0	$ 18.3
Cost of sales
Cost of sales	(76.6)	(81.8)
Selling, general and administrative expense	(75.3)	(93.4)
Research and development	(1.6)	(5.7)
Loss from operations	(125.5)	(162.6)
Other income (expense)
Interest income	2.4	12.7
Interest expense	(61.9)	(7.6)
Foreign exchange gain (loss)	1.1	(2.5)
Fair value gain on financial instruments	105.1	22.1
Debt extinguishment loss	(58.9)	0.0
Nonoperating income (expense)	(12.2)	24.7
Net loss before taxes	(137.7)	(137.9)
Income tax	0.0	(0.1)
Net loss	(137.7)	(138.0)
Comprehensive loss	$ (137.7)	$ (138.0)
Loss per common share - basic (in dollars per share)	$ (5.86)	$ (6.22)
Loss per common share - diluted (in dollars per share)	$ (5.86)	$ (6.22)
Product revenue
Revenue
Revenue	$ 16.1	$ 12.6
Cost of sales
Cost of sales	(72.7)	(80.0)
Recycling service revenue
Revenue
Revenue	11.9	5.7
Cost of sales
Cost of sales	$ (3.9)	$ (1.8)

Consolidated statements of cash flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net loss for the year	$ (137.7)	$ (138.0)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	8.9	12.7
Depreciation and amortization	18.5	8.9
Loss on write off of fixed assets	2.1	3.9
Write-off of intangible assets	1.0	0.0
Foreign exchange (gain) loss	(2.3)	1.2
Fair value gain on financial instruments	(105.1)	(22.1)
Debt extinguishment cost	58.9	0.0
Inventory adjustments to net realizable value	4.2	6.0
Income tax expense	0.0	0.1
Bad debt expense	0.0	1.2
Interest and accretion on convertible debt	54.0	7.6
Loss on termination of lease	0.3	0.0
Non-cash lease expense	(5.3)	0.6
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities	(102.5)	(117.9)
Changes in working capital items:
Accounts receivable	(11.1)	2.5
Other receivables	0.9	8.0
Prepayments, deposits and other assets	28.9	(1.9)
Inventories	(4.2)	(8.7)
Deferred revenue	2.8	0.2
Accounts payable and accrued liabilities	(21.2)	18.0
Net cash used in operating activities	(106.4)	(99.8)
Investing activities
Purchases of property, plant, equipment, and other assets	(23.9)	(334.9)
Net cash used in investing activities	(23.9)	(334.9)
Financing activities
Payments of transaction costs	(8.6)	(7.8)
Proceeds from reservation fees recorded in deferred revenue	0.0	5.3
Capital contribution payment to the holders of non-controlling interest in subsidiary	0.0	(0.4)
Issuance of common shares, net	15.5	0.0
Proceeds from convertible debt, net of issuance cost	75.0	0.0
Net cash (used in) provided by financing activities	81.9	(2.9)
Net change in cash, cash equivalents and restricted cash	(48.4)	(437.6)
Cash, cash equivalents and restricted cash, beginning of year	80.3	517.9
Cash, cash equivalents and restricted cash, end of year	31.9	80.3
Supplemental non-cash investing activities:
Purchases of property and equipment included in liabilities	3.9	87.6
Interest paid	1.0	0.0
Bad debt recovery	$ 1.0	$ 0.0

Consolidated balance sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 22.6	$ 70.6
Restricted cash	9.3	9.7
Accounts receivable (net of allowance for credit losses of $nil)	12.1	1.0
Other receivables	1.0	1.9
Prepayments, deposits and other current assets	31.8	56.2
Inventories, net	9.6	9.6
Total current assets	86.4	149.0
Non-current assets
Property, plant and equipment, net	690.9	668.8
Operating lease right-of-use assets	80.1	56.4
Finance lease right-of-use assets	0.0	2.2
Other assets, net	3.8	9.6
Long-lived assets	774.8	737.0
Total assets	861.2	886.0
Current liabilities
Accounts payable	109.3	134.5
Accrued liabilities	31.7	17.6
Deferred revenue	3.3	0.2
Operating lease liabilities	5.7	4.4
Total current liabilities	150.0	156.7
Non-current liabilities
Accounts payable	1.5	0.0
Operating lease liabilities	77.5	56.2
Finance lease liabilities	0.0	2.3
Deferred revenue	5.0	5.3
Convertible debt	363.1	288.1
Asset retirement obligations	1.0	1.0
Total noncurrent liabilities	448.1	352.9
Total liabilities	598.1	509.6
Commitments and Contingencies (Note 17)
Equity
Common stock and additional paid-in capital Authorized unlimited shares, Issued and outstanding - 30.4 million shares (22.3 million shares at December 31, 2023)	672.7	648.3
Accumulated deficit	(409.3)	(271.6)
Accumulated other comprehensive loss	(0.3)	(0.3)
Total equity	263.1	376.4
Total liabilities and equity	$ 861.2	$ 886.0