(Li-Cycle) Li-Cycle reported revenue of $8.7 million in the second quarter of 2022, an increase from $0.3 million in the prior year. The revenue was driven by gains in product sales volume amid higher prices.
The company said that its operating expenses climbed to $30.0 million, from $5.6 million in the prior year, due to its ongoing expansion in North America and early European build-out.
The company reported a higher net loss of $20.7 million, up from a loss of $7.8 million in the prior year.
Li-Cycle’s adjusted EBITDA loss also surged to hit $19.5 million, up from $5.1 million in the prior year. The loss was contributed by the higher operating expenses.
The company said that in the quarter, it closed two substantial long-term commercial deals, with a combined investment of $250 million.
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