• Li-Cycle’s revenue increased 277% YoY to USD 3.8 million in Q1 FY2022 (financial year ending October 31st). This was driven by an increase in product sales (+300% YoY) and higher metal prices during the quarter.

• Li-Cycle reported an adjusted EBITDA loss of USD 16.9 million in Q1, an increase of 357% YoY. This was due to higher employee salaries and benefits (+359% YoY), share-based compensations (+643% YoY), and office, administrative, and travel-related expenses (+834% YoY).

• Li-Cycle reported a net profit of USD 28.5 million for the first time in Q1, compared to a net loss of USD 3.5 million in the same period last year. This was due to fair value gains on financial instruments of USD 50.9 million, and, excluding this, the net loss was USD 18.7 million.

Key operational milestones during Q1 include:

• Received critical environmental permits for the Rochester Hub project, where the company received an air permit from the New York Department of Environment Conservation (NYSDEC), allowing the construction of permanent infrastructure. The hub is expected to produce up to 48,000 metric tons of nickel sulfate, 8,500 metric tons of lithium carbonate, and 7,500 metric tons of cobalt sulfate annually.

<ul><li> Key partnerships: 1) partnered with LG Chem (LGC) and LG Energy Solution (LGES) for multiple services including recycling lithium-ion battery scrap and supplying 20,000 tons of nickel sulfate over 10 years; 2) extended the partnership with Ultium Cells to construct a new lithium-ion battery recycling facility and formed a joint venture with Eco Star and Morrow Batteries to establish a recycling plant in Southern Norway to enter the European market.</ul>

• Li-Cycle’s objectives for FY2022 include:

  • completion of the Rochester Hub project by 2023;

  • reach a black mass production target of 6,500–7,500 metric tons; and

  • begin operations of the Arizona and Alabama Spokes by Q2 and Q3 respectively and progress the Ohio, Norway, and Germany Spokes for commissioning in 2023.