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Deferred revenue
 12 Months Ended
Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Deferred revenue Revenue – product sales and recycling services
For the year ended December 31, 2024For the year ended December 31, 2023
Product revenue recognized in the period$15.4 $17.9 
Fair value pricing adjustments0.7 (5.3)
Product revenue$16.1 $12.6 
Recycling service revenue recognized in the period11.9 5.7 
Revenue$28.0 $18.3 
During the currently paused construction of the Rochester Hub, the Company's principal lines of business are the sale of products (including Black Mass & Equivalents and shredded metal) and lithium-ion battery recycling services which together account for 100% of sales. The principal markets for the Company's products and recycling services are the United States, Canada, Germany, and Asia.
Product revenue from Black Mass & Equivalents and shredded metal, and the related accounts receivable, are measured using provisional prices for the constituent metals upon initial recognition. Changes in fair value when applicable are recognized as an
adjustment to product revenue, and the related accounts receivable, and can result in gains and losses when the applicable metal prices increase or decrease from the date of initial recognition.
The Company's revenue primarily comes from six key customers, as shown in the table below. The Company's remaining customers do not make up significant percentages of these balances.
Revenue
For the year ended December 31, 2024For the year ended December 31, 2023
Customer A24.0 %10.3 %
Customer B11.0 %0.0 %
Customer C10.0 %0.0 %
Customer D5.0 %21.6 %
Customer E0.0 %16.4 %
Customer F0.0 %10.3 %
Deferred revenue
In the normal course of business, the Company receives advances from customers for the sale of products and the provision of lithium-ion battery recycling services. The tables below depict the activity in the deferred revenue account during the year ended December 31, 2024 and 2023.
Product revenue:
December 31, 2024December 31, 2023
Balance, beginning of the period$— $— 
Additions12.3 — 
Revenue recognized(11.7)— 
Balance, end of the period$0.6 $— 
Current deferred revenue0.6 — 
Non-current deferred revenue$— $— 
Recycling service revenue:
December 31, 2024December 31, 2023
Balance, beginning of the period$5.5 $— 
Additions2.7 5.4 
Revenue recognized— — 
Foreign exchange loss(0.5)0.1 
Balance, end of the period$7.7 $5.5 
Current deferred revenue2.7 0.2 
Non-current deferred revenue$5.0 $5.3