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Li-Cycle Holdings Corp. shares rose by 1.62% in pre-market trading after the company’s Q2 revenue came in at $8.7 million, topping a consensus estimate of $6.13 million.
Source: Li-Cycle
LICY up +1.62%, COUP down -8.48%, Pre-market trading
The company’s earnings per share were ($0.12), worse by $0.02 than the analyst’s estimate of ($0.10).
The net loss for the quarter was almost $20.7 million, compared to a net loss of nearly $7.8 million in the prior-year quarter. This loss comprised $2.9 million of fair value gains on financial instruments.
Li-Cycle’s total revenues came in at $8.7 million from $0.3 million in the second quarter of the fiscal year 2021.
Ajay Kochhar, Li-Cycle President, and Chief Executive Officer, stated that they continued to implement their Spoke & Hub network strategy, with major operational commercial and financial achievements in the quarter.
Kochhar further stated that the company entered into strategic commercial partnership investments amounting to $250 million, further bolstering the balance sheet and enhancing extra financial flexibility.
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