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Deferred revenue
 3 Months Ended
Mar. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Deferred revenue Revenue – product sales and recycling services
For the three months ended March 31, 2024For the three months ended March 31, 2023
Product revenue recognized in the period
$2.3 $7.2 
Fair value pricing adjustments
(0.4)(4.1)
Product revenue$1.9 $3.1 
Recycling service revenue recognized in the period
2.3 0.5 
Revenue
$4.2 $3.6 
The Company's principal lines of business are the sale of products (including 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, Canada and Asia.
Product revenue, 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
In the normal course of business, the Company receives advances from customers for the sale of products and the provision of lithium-ion battery recycling services. The table below depicts the activity in the deferred revenue account during the three months ended March 31, 2024 and 2023.
Product revenue
As atMarch 31, 2024December 31, 2023
Balance, beginning of the period
$— $— 
Additions
2.8 — 
Revenue recognized(0.6)— 
Balance, end of the period
$2.2 $— 
Current deferred revenue2.2 — 
Non-current deferred revenue$— $— 
Service revenue
As atMarch 31, 2024December 31, 2023
Balance, beginning of the period$5.5 $— 
Additions— 5.4 
Foreign exchange gain (loss) (0.1)0.1 
Balance, end of the period (to be recognized over a period of five years)
$5.4 $5.5 
Current deferred revenue0.2 0.2 
Non-current deferred revenue$5.2 $5.3