Investor Presentaiton
Third Quarter 2023 Production and Financial Results
Black Mass (1) Produced and Sold
Tonnes
1,600
Adjusted EBITDA
1,400
1,312
1,211
1,190
1,200
2023
Reconciliation of IFRS and Non-IFRS Results
U.S. dollar amounts in millions)
Three months ended
September 30,
Nine months ended
September 30,
2022
2022
2023
1,000
892
752
Net Profit (Loss)
($130.5)
($20.6)
($205.2)
($58.8)
800
Income Tax
$0.1
600
400
Depreciation
Interest Expense
$4.6
$3.3
$12.3
$7.8
$4.0
$5.9
$11.5
$13.5
200
Interest Income
($2.6)
($3.8)
($11.8)
($5.3)
0
EBITDA (Loss)
($124.5)
($15.2)
($193.1)
($42.8)
30 2022 30 2023 Oct-23
30 2022 30 2023
Impairment
$96.5
$96.5
Non-recurring Costs
$0.3
Black Mass Produced
Black Mass Sold
Fair Value (Gain) Loss on Financial
Instruments(1)
($10.9)
($19.9)
($17.5)
($42.5)
Revenue (2)
(US$M)
Adjusted EBITDA (Loss)
($38.9)
($35.1)
($113.8)
($85.3)
$6.0
$5.0
$4.4
$4.7
1.
$4.0
$3.5
$2.8
$3.0
$2.0
$1.2
$1.0
$0.5
$0.0
$0.0
($1.0)
($2.0)
($3.0)
($2.1)
30 2022
Product Sales
Recycling Services
30 2023
I
FMV Adjustment
Total Revenue
Fair value (gain) loss on financial instruments relates to convertible debt, and to warrants, which were redeemed and
no longer outstanding as of September 30, 2022.
Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards ("IFRS"). The
Company makes references to certain non-IFRS measures, including adjusted EBITDA. These measures are not recognized
measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to
i similar measures presented by other companies. Rather, these measures are provided as additional information to
complement those IFRS measures by providing a further understanding of the Company's results of operations from
I management's perspective. Accordingly, it should not be considered in isolation nor as a substitute for the analysis of the
Company's financial information reported under IFRS. Adjusted EBITDA is defined as earnings before depreciation and
amortization, interest expense (income), income tax expense (recovery) adjusted for items that are not considered
representative of ongoing operational activities of the business and items where the economic impact of the transactions
will be reflected in earnings in future periods. Adjustments relate to fair value (gains) losses on financial instruments and
certain non-recurring expenses. Foreign exchange (gain) loss is excluded from the calculation of Adjusted EBITDA.
(1) Includes black mass and black mass equivalents (BM&E) which are products analogous to black mass and have a similar metal content; (2) Revenue includes the product sales during the period, the fair market value (FMV) adjustment,
and revenue from recycling services. BM&E unsettled metric tonnes subject to fair value adjustments was 4,274 tonnes as of September 30, 2023, and was 4,977 tonnes as of June 30, 2023.
Li-Cycle 22
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