Li-Cycle, the troubled Canadian lithium battery recycler, said it gained traction in the second quarter, with revenue up 133% to $8.4 million. Adjusted EBITDA was a loss of $23.4 million in Q2, but better than the $41.3 million loss a year before.
Its cash position worsened to $57.0 million at the end of June from $109.1 million three months earlier.
It has an advanced strategy for its Rochester recycling hub project for mixed hydroxide precipitate. It is still trying to get a $375 million loan from the US Department of Energy to complete it. Analysts said the fate of the facility depends on the loan’s approval.
It is reviewing its Spoke recycling network, which includes closing the paused Ontario facility.
It said approximately 40% of its global feedstock in Q2 came from EV battery packs and four of its top five customers were among the largest global EV OEMs.
