The following is a summary of the Li-Cycle Holdings Corp. (LICY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Li-Cycle Holdings Corp reported a Q1 2024 revenue of $4.2 million, marking a 17% increase compared to Q1 2023.

• Sales of Black Mass increased 7% totalling 946 tons.

• The cost of sales decreased by 12% to $16.8 million from $19.1 million in Q1 2023, resulting in a smaller adjusted EBITDA loss of $27.4 million, compared to a loss of $37.9 million in Q1 2023.

• The company reported cash and cash equivalents of $109.1 million at the end of the quarter.

• Also reported was $1.9 million in revenue on $15.9 million of incurred costs, and substantial unsecured converts were restructured into secured ones.

Business Progress:

• The company is transitioning from a regional management model to a centralized one, expected to save approximately $10 million in annual payroll costs.

• They secured new recycling agreements with major EV OEMs and battery cell manufacturers in North America and Europe, growing the customer base.

• Efforts are under way to optimize the 'Spoke' network to reduce unit costs and increase efficiency, despite slowdowns due to commercial demand and working capital needs.

• Cost estimates for the Rochester Hub project have been refined, totaling around $504 million.

• A strategic investment of $75 million from Glencore was secured in March, and progress is being made on closing a loan for gross proceeds of up to $375 million with the DOE.

• The company is focusing on Generation 3 Spokes to efficiently support key EV and battery OEM customers.

More details: LI-CYCLE IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.