Li-Cycle Holdings Corp.

For Q3 2024, total revenue increased 79% year over year to $8.4 million. Cost of sales were slightly lower at $20 million, and SG&A decreased 50% to $12.9 million versus $25.9 million in 2023. Black mass sold was almost 2,000 tonnes in the quarter versus 892 tonnes in Q3 2023, and quarterly black mass production and equivalents increased versus the same period last year. Management did not provide EPS, gross margin, or a specific adjusted EBITDA figure on the call. Looking ahead, management said the DOE facility is up to $475 million, including up to $445 million of principal and up to $30 million of capitalized interest, and that first advance depends on meeting conditions including the base equity contribution and about $173 million of reserve-account financing requirements. Rochester Hub production expectations remain up to about 8,250 tonnes of battery-grade lithium carbonate and up to 72,000 tonnes of MHP annually, with nameplate black mass processing capacity at 35,000 tonnes per year.

Ajay Kochhar framed the DOE loan closing as a major milestone and a validation of Li-Cycle’s technology and role in the U.S. battery supply chain. He emphasized that the Rochester Hub remains the strategic center of the company’s long-term plan, including production of lithium carbonate and MHP, and said the team is working toward a full funding package, a restart of construction, and a later updated FID. His tone was constructive and upbeat, but he repeatedly stressed that near-term financing and project-readiness steps still need to be completed.

Craig Cunningham highlighted improved quarterly operating performance, pointing to 79% revenue growth to $8.4 million, slightly lower cost of sales at $20 million, and SG&A down 50% to $12.9 million, mainly from lower recurring personnel costs after restructuring. He also noted almost 2,000 tonnes of black mass sold in the quarter, versus 892 tonnes in Q3 2023, and said net cash outflows were $27 million less than the prior quarter thanks to cash conservation efforts and $1.1 million raised through the ATM program. No balance sheet totals or detailed cash balance were given on the call.

There was no substantive analyst Q&A segment included in the transcript provided. The only post-remarks comments reiterated management’s confidence in the battery recycling market and the importance of domestic energy and critical material independence. As a result, no additional analyst concerns or management responses were captured beyond the prepared remarks.