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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 ā“‡
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