Financial Strategy and Funding - Li-Cycle's Cash Preservation Plan initiated on November 1, 2023, aims to reduce expenses and slow cash outflows by cutting staffing and curtailing operations at certain Spokes[29]. - The company expects to require significant funding before restarting the Rochester Hub project, with a loan facility of up to $475 million from the DOE[37]. - The company is exploring potential financing and strategic alternatives to enhance its operational capacity and financial health[13]. - Li-Cycle's reliance on the DOE Loan Facility, which provides up to $475 million, is crucial for its funding strategy[37]. - The company is facing challenges related to its history of losses and the need for additional funds to meet liquidity requirements[15]. - The company anticipates significant funding will be required before restarting the Rochester Hub project, with expectations to raise capital for its completion[13]. - The company is evaluating strategic alternatives and financing options to address its liquidity needs and operational challenges[15]. Operational Adjustments and Challenges - The company is re-evaluating its strategy for bringing on additional Spoke and Hub capacity in the near term due to current operational adjustments[13]. - Li-Cycle's operations may be impacted by the pause in construction of the Rochester Hub, affecting authorizations and permits[15]. - The company has paused operations at its Ontario Spoke in Kingston as of November 1, 2023, with work toward closure underway[71]. - The Company has paused operations at its New York Spoke as of November 7, 2024, and is also pausing the development of the Norway Spoke[67][68]. - The Company is undergoing a comprehensive review of the go-forward strategy for the Rochester Hub project, which is currently under development[81]. - The company is facing a history of losses and anticipates significant expenses for the foreseeable future, raising concerns about liquidity and capital requirements[15]. Market Outlook and Revenue Generation - Li-Cycle anticipates recognizing revenue from the sale of critical battery-grade materials, contributing to its future financial performance[13]. - The expected annual growth rate of the number of electric vehicles (EVs) is a key factor influencing Li-Cycle's market outlook[13]. - Li-Cycle's ability to attract new suppliers and secure feedstock is critical for meeting market demand for recycled materials[15]. - Li-Cycle's reliance on a limited number of customers for revenue generation poses a risk to its financial stability[15]. - Li-Cycle's revenues from the Rochester Hub are expected to be significantly derived from a limited number of customers, indicating potential revenue concentration risk[15]. - The company projects a significant annual growth rate in the number of electric vehicles (EVs), impacting the demand for recycled materials[13]. Project Development and Strategic Initiatives - The company plans to develop a Hub facility in Portovesme, Italy, in collaboration with Glencore to produce critical battery-grade materials[75]. - The company has established a Special Committee of independent directors to oversee the strategic review of its projects[81]. - The company is in the process of obtaining exclusive rights to use its trademarks and service marks in the countries where it operates[86]. - The Glencore Unsecured Convertible Note has a principal amount of $200.0 million due on May 31, 2027[45]. - The Glencore Senior Secured Convertible Note has an original aggregate principal amount of $75.0 million, with a conversion price adjusted to $4.24 per common share[43]. - The Company has issued KSP Convertible Notes with a principal amount of $100.0 million and an original conversion price of $13.43 per common share, adjusted to $107.44 per common share on the Share Consolidation date[52]. - The Share Consolidation will take effect on June 3, 2024, at a ratio of one post-consolidation common share for every eight pre-consolidation common shares[79]. - The Company completed an underwritten public offering for gross proceeds of approximately $15.0 million on January 16, 2025, with an additional $2.25 million from an over-allotment option exercised on January 27, 2025[83]. Operational Expansion - The company commenced operations at its Germany Spoke in Magdeburg on August 1, 2023[40]. - The Company is focused on achieving economies of scale in recycling and resource recovery through its centralized Hub facilities[48].

Li-Cycle Reports Full Year 2024 Financial Results Highlights TORONTO, ONTARIO (March 31, 2025) – Li-Cycle Holdings Corp. (OTCQX: LICYF) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, today announced financial results for its fiscal year ended December 31, 2024. Ajay Kochhar, Li-Cycle's President & CEO, commented: "In 2024, we advanced key priorities for the Company, including closing our $475 million loan facility with the U.S. Department of Energy to help fin ...

Financial Performance - Total revenue for the three months ended September 30, 2024, was $8.4 million, a 78.7% increase from $4.7 million in the same period of 2023[43]. - Product revenue increased to $4.4 million for the three months ended September 30, 2024, compared to $3.5 million in the same period of 2023, representing a 25.7% growth[43]. - Recycling service revenue rose significantly to $4.0 million for the three months ended September 30, 2024, up from $1.2 million in the same period of 2023, marking a 233.3% increase[43]. - The net loss for the three months ended September 30, 2024, was $56.5 million, an improvement from a net loss of $30.7 million in the same period of 2023[43]. - The company reported a loss from operations of $25.2 million for the three months ended September 30, 2024, compared to a loss of $44.0 million in the same period of 2023, indicating a 42.5% reduction in operational losses[43]. - Total revenue for the nine months ended September 30, 2024, reached $21.0 million, compared to $11.9 million for the same period in 2023, marking a 76.5% increase[71]. - Net loss for the nine months ended September 30, 2024, was $88.4 million, compared to a net loss of $99.1 million for the same period in 2023, representing a 7% improvement[48]. Cash Flow and Liquidity - The company has initiated a cash preservation plan to reduce expenses and slow cash outflows, including staffing reductions and pausing production[15]. - Cash and cash equivalents decreased to $32.2 million as of September 30, 2024, from $70.6 million at December 31, 2023[45]. - The company’s accumulated deficit increased to $360.0 million as of September 30, 2024, compared to $271.6 million at December 31, 2023[45]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $92.5 million, slightly higher than $89.3 million for the same period in 2023[54]. - The company has paused construction on the Rochester Hub project pending a comprehensive review of its future strategy[59]. - The company initiated a Cash Preservation Plan, which includes reducing staffing and suspending development projects to enhance liquidity[62]. Debt and Financing - Li-Cycle has a definitive financing agreement with the U.S. Department of Energy for a loan facility of up to $475 million[17]. - The company entered into a private placement agreement to issue a senior secured convertible note for $75.0 million on March 25, 2024[56]. - The company is actively exploring additional financing options, including a loan facility of up to $475 million from the DOE[56]. - The principal amount of convertible notes increased from $208.1 million on December 31, 2023, to $300.3 million by September 30, 2024, reflecting a growth of approximately 44.2%[108]. - The company has guaranteed all obligations related to the Glencore Senior Secured Convertible Note through its subsidiaries, enhancing security for the debt[111]. Operations and Projects - Li-Cycle's operations at the Ontario Spoke were paused on November 1, 2023, as part of a cash preservation plan[15]. - The planned Rochester Hub project is currently under review, with construction paused[34]. - The company is focused on developing a joint project with Glencore to produce critical battery materials at the planned Portovesme Hub in Italy, although the feasibility study is currently paused[34]. - The company plans to curtail operations at its New York Spoke as part of its Spoke optimization initiatives[151]. - The Germany Spoke expansion plans have been deferred, with Line 2 capacity of 10,000 tonnes per year and ancillary capacity of up to 10,000 tonnes per year previously expected to be operational by the end of 2023[167]. - The France Spoke project, expected to have a main line recycling capacity of 10,000 tonnes per year, has been paused, with the timing being re-evaluated[168]. Assets and Liabilities - Total assets decreased to $870.6 million as of September 30, 2024, down from $886.0 million at December 31, 2023[45]. - Total liabilities increased to $575.3 million as of September 30, 2024, compared to $509.6 million at December 31, 2023[45]. - The company recorded a total of $132.6 million in accounts payable and accrued liabilities as of September 30, 2024, down from $152.1 million at the end of 2023, indicating a reduction of approximately 12.8%[98]. - The company’s accrued compensation increased to $6.8 million as of September 30, 2024, from $3.1 million at the end of 2023, marking an increase of approximately 119.4%[98]. Market and Industry Outlook - Li-Cycle's management estimates the global EV and hybrid market size based on internal and independent industry surveys, though these estimates involve assumptions and limitations[9]. - The long-term demand for EVs and hybrids in North America and Europe is expected to grow at a compound annual growth rate of approximately 21% from 2024 to 2030[157]. Legal and Regulatory Matters - The company is involved in ongoing litigation related to alleged misstatements and has reached a settlement regarding a lawsuit with Pike Conductor DEV 1, LLC[132][133]. - The arbitration proceedings initiated by MasTec seek recovery of $48.7 million related to the Rochester Hub project, with the company defending its interests[133]. - The company has paused construction on the Rochester Hub project as of October 23, 2023, due to uncertainties in litigation[128].

Li-Cycle Holdings Corp. (NYSE:LICY) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Louie Diaz - Vice President, Investor Relations Ajay Kochhar - President and Chief Executive Officer Craig Cunningham - Chief Financial Officer Conference Call Participants Doug Paul - LPL Financial Matthew O'Keefe - Cantor Fitzgerald Operator Good day. My name is Ashley, and I will be your conference operator today. At this time, I would like to welcome everyone to the Second Quarter 2024 Li- ...

Q2 2024 Earnings & Business Update Call Investor Presentation August 8, 2024 4 YET OR PRODUCT OF THE COLLECT THE FERRET THE LEAST THE STATUS THE PERSONAL CHILIFICAL CONTRACT A THE STATUS FOR THE Disclaimer FORWARD LOOKING STATEMENTS AND UNAUDITED RESULTS Certain statements contained in this presentation may be considered "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U ...

Li-Cycle Reports First Quarter 2024 Operational and Financial Results Highlights TORONTO, ONTARIO (May 10, 2024) – Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, today announced financial results and business updates for its first quarter ended March 31, 2024. "During the first quarter of 2024, we advanced our comprehensive review of the Rochester Hub go- forward plan and continue to work closely with the U.S. Department of ...

Part I [Item 1. Unaudited Condensed Consolidated Interim Financial Statements](index=9&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Li-Cycle's unaudited Q1 2024 financials show a **$136.7 million net loss**, **$109.1 million cash**, and substantial going concern doubt Q1 2024 Financial Performance Summary | Metric | Q1 2024 (in millions USD) | Q1 2023 (in millions USD) | | :--- | :--- | :--- | | **Total Revenue** | $4.2 | $3.6 | | **Loss from Operations** | $(44.2) | $(39.1) | | **Net Loss** | $(136.7) | $(36.5) | | **Loss per Share (basic & diluted)** | $(0.76) | $(0.21) | Balance Sheet Highlights (as of March 31, 2024) | Account | Amount (in millions USD) | | :--- | :--- | | Cash and cash equivalents | $109.1 | | Total Assets | $932.3 | | Total Liabilities | $689.3 | | Convertible Debt | $447.7 | | Total Equity | $243.0 | - The Company concluded substantial doubt about its ability to continue as a going concern due to recurring operating losses of **$44.2 million** in Q1 2024, **$29.1 million** net cash used in operations, and the Rochester Hub pause[72](index=72&type=chunk) - The Company issued a **$75.0 million** senior secured convertible note to Glencore, amending existing notes and resulting in a **$58.9 million** debt extinguishment loss[75](index=75&type=chunk)[137](index=137&type=chunk) - The Company faces legal proceedings, including shareholder class actions and a dispute with MasTec seeking **$48.7 million**[150](index=150&type=chunk)[151](index=151&type=chunk)[159](index=159&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20And%20Analysis%20Of%20Financial%20Condition%20And%20Results%20Of%20Operations) MD&A details Li-Cycle's Q1 2024 financials, highlighting Rochester Hub pause, **$136.7 million net loss**, and ongoing going concern doubts [Recent Developments and Strategic Outlook](index=38&type=section&id=MD%26A-Recent%20Developments%20and%20Strategic%20Outlook) Rochester Hub construction paused, Cash Preservation Plan initiated, **$75 million** Glencore note secured, and 'MHP scope' review underway - Construction on the Rochester Hub was paused on October 23, 2023, due to escalating costs, prompting a comprehensive strategic review[175](index=175&type=chunk) - A Cash Preservation Plan was implemented, including a **17% workforce reduction** in March 2024, expected to save approximately **$10 million** annually in payroll and benefits[178](index=178&type=chunk)[193](index=193&type=chunk) - The Company secured a **$75.0 million** senior secured convertible note from a Glencore affiliate on March 25, 2024, to improve liquidity[182](index=182&type=chunk) - The Rochester Hub review focuses on an 'MHP scope' with a revised estimated project cost of approximately **$960.2 million** and a cost-to-complete of about **$504.3 million**, requiring significant additional funding[198](index=198&type=chunk)[200](index=200&type=chunk) [Results of Operations](index=49&type=section&id=MD%26A-Results%20of%20Operations) Q1 2024 revenue rose to **$4.2 million**, but net loss widened to **$136.7 million** due to a **$58.9 million** debt extinguishment loss and higher SG&A Q1 2024 vs Q1 2023 Financial Results (in millions USD) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $4.2 | $3.6 | $0.6 | | **Cost of Sales** | $(16.8) | $(19.1) | $2.3 | | **SG&A Expense** | $(31.7) | $(22.7) | $(9.0) | | **Net Loss** | $(136.7) | $(36.5) | $(100.2) | | **Adjusted EBITDA Loss** | $(27.4) | $(37.9) | $10.5 | - Revenue increased to **$4.2 million** in Q1 2024 from **$3.6 million** in Q1 2023, primarily due to a **$1.8 million** increase in recycling service revenue[239](index=239&type=chunk)[241](index=241&type=chunk) - SG&A expenses rose by **$9.0 million** (**40%**) year-over-year, driven by **$7.9 million** in increased professional and legal fees and **$5.1 million** in severance costs[246](index=246&type=chunk) - Other expense was **$92.5 million**, compared to other income of **$2.7 million** in Q1 2023, primarily due to a **$58.9 million** debt extinguishment loss and a **$23.8 million** fair value loss on financial instruments[250](index=250&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=MD%26A-Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the Company had **$109.1 million** cash, facing substantial going concern doubt without securing additional financing - As of March 31, 2024, the Company had **$109.1 million** in cash and cash equivalents and **$447.7 million** in convertible debt[265](index=265&type=chunk) - The Company concluded substantial doubt about its ability to continue as a going concern, as current cash is insufficient to support operations for the next twelve months without additional financing[266](index=266&type=chunk)[270](index=270&type=chunk) Cash Flow Summary (in millions USD) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(29.1) | $(22.4) | | Net cash used in investing activities | $(6.2) | $(86.3) | | Net cash provided by financing activities | $73.7 | $0.0 | - Net cash from financing activities of **$73.7 million** was primarily from the **$75.0 million** gross proceeds of the Glencore Senior Secured Convertible Note issued on March 25, 2024[275](index=275&type=chunk)[276](index=276&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20And%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company faces market risks from currency, interest rates, and commodity prices, especially nickel and cobalt, without hedging - The Company's revenues are sensitive to market prices of constituent metals like cobalt and nickel, and it does not engage in commodity price hedging[338](index=338&type=chunk) Commodity Price Sensitivity for Provisionally Invoiced Sales (as of March 31, 2024) | Commodity | Metric Tonnes Subject to Adjustment | Impact of 10% Price Increase (in millions USD) | Impact of 10% Price Decrease (in millions USD) | | :--- | :--- | :--- | :--- | | Cobalt | 1,124.7 | $0.1 | $(0.1) | | Nickel | 1,124.7 | $0.1 | $(0.1) | - The Company is exposed to interest rate risk from its variable rate debt but does not expect a material impact and does not engage in interest rate hedging[335](index=335&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20And%20Procedures) Management concluded disclosure controls and procedures were ineffective due to material weaknesses in ICFR, with remediation efforts underway - Management concluded that as of March 31, 2024, the Company's disclosure controls and procedures were **not effective** due to material weaknesses in internal control over financial reporting (ICFR)[342](index=342&type=chunk) - Identified material weaknesses include an ineffective control environment, risk assessment, and information/communication processes, primarily due to insufficient experienced personnel and ineffective IT general controls[345](index=345&type=chunk) - A remediation plan is underway to address weaknesses by building internal competency, enhancing risk assessment, strengthening communication, and improving control documentation, but weaknesses are not yet remediated[346](index=346&type=chunk) Part II [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The Company faces legal proceedings, including an arbitration with MasTec seeking **$48.7 million** for Rochester Hub construction - On April 9, 2024, MasTec initiated arbitration against a Li-Cycle subsidiary, seeking **$48.7 million** allegedly due under the Rochester Hub construction contract[350](index=350&type=chunk) - MasTec also filed a foreclosure action in New York Supreme Court related to the dispute, expected to be stayed pending arbitration[350](index=350&type=chunk) - The **$48.7 million** claimed by MasTec in arbitration has been reflected in the Company's accounts payable[350](index=350&type=chunk) [Item 1A. Risk Factors](index=68&type=section&id=Item%201A.%20Risk%20Factors) Key risks include substantial going concern doubt, reliance on limited partners, potential loss of key personnel, and persistent material weaknesses in internal controls - There is substantial doubt about Li-Cycle's ability to continue as a going concern, as it will not have sufficient cash for operations for the next twelve months without additional financing[353](index=353&type=chunk)[354](index=354&type=chunk) - The Company relies on a limited number of commercial partners, primarily Traxys and Glencore, for most revenue, and a change in Rochester Hub's product strategy could affect existing offtake agreements[358](index=358&type=chunk)[362](index=362&type=chunk)[363](index=363&type=chunk) - The business is heavily dependent on key executives and personnel, with recent leadership changes and a **17% workforce reduction** creating risk of disruption and loss of talent[364](index=364&type=chunk)[366](index=366&type=chunk)[367](index=367&type=chunk) - Identified material weaknesses in internal control over financial reporting persist, potentially impairing timely and accurate financial statements, with remediation efforts slowed by resource constraints[368](index=368&type=chunk)[372](index=372&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20Of%20Equity%20Securities%2C%20Use%20Of%20Proceeds%2C%20And%20Issuer%20Purchases%20Of%20Equity%20Securities) No unregistered sales of equity securities, use of proceeds from registered securities, or issuer purchases of equity securities occurred - There were no unregistered sales of equity securities, use of proceeds, or issuer purchases of equity securities during the reporting period[374](index=374&type=chunk)[375](index=375&type=chunk)[376](index=376&type=chunk) [Item 3. Defaults Upon Senior Securities](index=68&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable - Not applicable[377](index=377&type=chunk) [Item 4. Mine Safety Disclosures](index=69&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[378](index=378&type=chunk) [Item 5. Other Information](index=69&type=section&id=Item%205.%20Other%20Information) Neither the Company nor its directors or officers adopted or terminated any Rule 10b5-1 trading plans during Q1 2024 - During Q1 2024, neither the Company nor its directors or officers adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements[379](index=379&type=chunk) [Item 6. Exhibits](index=70&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including various agreements and officer certifications - The report includes exhibits such as the Rights Agreement, various convertible note agreements and amendments with KSP and Glencore, and new employment and separation agreements[382](index=382&type=chunk)[384](index=384&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to SEC rules are filed as exhibits[384](index=384&type=chunk)

TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), a leading global lithium-ion battery resource recovery company, today provided a business update. “Since embarking on our comprehensive review, we are pleased to report significant progress, including improving our current liquidity position and conducting an internal technical review of the Rochester Hub. We recently announced $75 million of strategic financing from Glencore to enhance our liquidity position an ...

TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), a leading global lithium-ion battery resource recovery company, today announced financial results for its fiscal year ended December 31, 2023. Webcast and Conference Call Information On Tuesday, March 19, 2024, at 8:15 a.m. Eastern Time, Company management will host a webcast and conference call to provide a business update including a review of these results. The related presentation materials for the webcast ...

Production and Revenue - Li-Cycle produced 6,825 tonnes of black mass in 2023, 1.5 times the production level of 2022, exceeding the annual guidance of 5,500 to 6,500 tonnes[4] - Total revenue for 2023 was $18.3 million, an 11% increase from 2022, while product and recycling revenue reached $23.6 million, a 34% increase[4] - Recycling service revenue surged by 338% year-over-year to $5.7 million, driven by new service contracts[7] - Total revenue for the year ended December 31, 2023, was $18.3 million, a significant increase from $13.4 million in 2022, representing a year-over-year growth of 36.6%[30] - Product revenue reached $12.6 million for the year ended December 31, 2023, compared to $12.1 million in 2022, indicating a growth of 4.1%[30] - Recycling service revenue increased to $5.7 million in 2023 from $1.3 million in 2022, marking a substantial growth of 338.5%[30] Expenses and Losses - Cost of sales increased to $81.8 million in 2023, up from $55.2 million in 2022, primarily due to higher raw material acquisition costs[8] - Selling, general & administrative expenses rose to $93.4 million, compared to $81.3 million in 2022, influenced by higher personnel and operational costs[9] - Research and development costs increased to $5.7 million, up from $2.7 million in 2022, mainly for the Portovesme Hub[10] - Net loss for 2023 was approximately $138.0 million, compared to a loss of $70.8 million in 2022, attributed to higher costs[11] - Adjusted EBITDA loss was approximately $156.4 million, worsening from a loss of $118.5 million in 2022, driven by increased costs related to business expansion[12] - The net loss for the year ended December 31, 2023, was $138.0 million, compared to a net loss of $50.3 million in 2022, reflecting a deterioration in financial performance[30] - Total cost of sales for the year was $81.8 million, up from $48.4 million in 2022, resulting in a 69.0% increase[30] - Research and development expenses were $5.7 million for the year ended December 31, 2023, compared to $2.4 million in 2022, representing an increase of 137.5%[30] Financial Position - As of December 31, 2023, Li-Cycle's total assets amounted to $886.0 million, a slight decrease from $892.7 million on December 31, 2022[28] - Current assets decreased significantly from $634.9 million in December 2022 to $149.0 million in December 2023, primarily due to a reduction in cash and cash equivalents from $517.9 million to $70.6 million[28] - Total liabilities increased from $391.1 million in December 2022 to $509.6 million in December 2023, with convertible debt rising to $288.1 million[28] - The accumulated deficit grew from $133.6 million in December 2022 to $271.6 million in December 2023, indicating ongoing financial challenges[28] - Li-Cycle's equity decreased from $501.6 million in December 2022 to $376.4 million in December 2023, reflecting the impact of increased liabilities and accumulated losses[28] - The company reported a significant increase in accounts payable, rising from $20.1 million in December 2022 to $76.4 million in December 2023[28] - Li-Cycle's cash and cash equivalents saw a dramatic decline of approximately 86.4% from $517.9 million in December 2022 to $70.6 million in December 2023[28] - Cash, cash equivalents, and restricted cash at the end of the year were $80.3 million, down from $517.9 million at the beginning of the year, indicating a decrease of 84.5%[31] - Net cash used in operating activities for the year was $99.8 million, compared to $77.0 million in 2022, showing an increase of 29.0%[31] Investments and Future Plans - Li-Cycle announced a strategic investment of $75.0 million from Glencore, expected to close around March 25, 2024[4] - The company is working with the U.S. Department of Energy on a conditional commitment for a loan of up to $375.0 million[4] - The company is focused on expanding its recycling capacity and efficiency, with plans to process black mass at future hubs[25] - Li-Cycle anticipates significant expenses and may not achieve profitability in the near term, highlighting the need for additional funding[25] - The company is facing risks related to its ability to manage global growth and develop its Rochester Hub as planned[25] Capital Expenditures - The company incurred $334.9 million in capital expenditures for property, plant, and equipment during the year, compared to $190.1 million in 2022, reflecting a 76.1% increase[31] Financial Instruments - The company reported a fair value gain on financial instruments of $22.1 million for the year, compared to a loss of $67.5 million in 2022, indicating a significant improvement in financial instrument valuation[30]