Why Li-Cycle Stock Plummeted Today
Shares of Li-Cycle (NYSE: LICY) fell Monday following the publication of the company's second-quarter report. The lithium-ion battery recovery specialist's share price fell 13.3% in the daily session, according to data from S&P Global Market Intelligence.
Li-Cycle released its Q2 results before the market opened today, delivering sales that met the market's expectations but reflected a wider-than-expected loss. The company posted a loss of $0.20 per share on revenue of $3.6 million, but the average analyst estimate had called for a per-share loss of $0.17 in the period.
Li-Cycle is aiming to be a leading recycler of lithium-ion batteries and producer of key battery-grade materials. The Toronto-based company is still in the relatively early stages of expanding its lithium-ion recycling business and building its global operations, and it continues to post significant losses as it makes moves to scale.
Source Fool.com
