Deferred revenue

12 Months Ended

Dec. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Deferred revenue

Revenue – product sales and recycling services

	For the year ended December 31, 2023		For the 2 months ended December 31, 2022		For the year ended October 31, 2022		For the year ended October 31, 2021
Product revenue recognized in the period	$	17.9	$	3.5	$	14.3	$	6.1
Fair value pricing adjustments	(5.3)		2.3		(2.2)		0.8
Product revenue	$	12.6	$	5.8	$	12.1	$	6.9
Recycling service revenue recognized in the period	5.7		0.1		1.3		0.4
Revenue	$	18.3	$	5.9	$	13.4	$	7.3

The Company's principal lines of business are the sale of products (notably Black Mass & Equivalents and shredded metal) and lithium-ion battery recycling services which together account for 100% of sales. The principal markets for the Company's products and recycling services are the United States of America and Canada.

Product revenue from Black Mass & Equivalents and shredded metal, and the related trade accounts receivables, are measured at initial recognition using provisional prices for the constituent metals on initial recognition and any unsettled sales are remeasured at the end of each reporting period using the market prices of the constituent metals. Changes in fair value are recognized as an adjustment to product revenue, and the related accounts receivable, and can result in gains and losses when the applicable metal prices increase or decrease from the date of initial recognition.

Deferred revenue

On March 28, 2023 the Company signed a definitive agreement for a global lithium-ion battery recycling partnership with a leading global provider of industrial trucks and supply chain solutions. As part of the agreement, the Company received Euro €5.0 million ($5.4 million) in reservation fee for future battery waste recycling services. The reservation fee was initially

recognized in deferred revenue and will be recognized in revenue as the services are provided, which is expected to be over a period of five years.

As at	December 31, 2023		December 31, 2022		October 31, 2022		October 31, 2021
Balance, beginning of the period	$	—	$	—	$	—	$	—
Additions	5.4		—		—		—
Foreign exchange loss	0.1		—		—		—
Balance, end of the period	$	5.5	$	—	$	—	$	—
Current deferred revenue	0.2		—		—		—
Non-current deferred revenue	$	5.3	$	—	$	—	$	—