Lithium Americas (LAC) Q3 2025 earnings summary

Executive summary

• Advanced construction at Thacker Pass with over 80% of detailed engineering complete, approximately 700 workers on site as of September 30, 2025, and major milestones such as steel column installation and workforce housing completion.

• Mechanical completion of Phase 1 processing plant targeted for late 2027, with ramp-up in 2028.

• $720 million in construction and project costs capitalized as of September 30, 2025.

• Received first DOE Loan drawdown, enhancing project certainty and stability.

• Completed at-the-market equity programs, raising significant capital for ongoing development.

Financial highlights

• Cash and restricted cash totaled $385.6 million at September 30, 2025, down from $594.2 million at December 31, 2024.

• Net loss for the nine months ended September 30, 2025 was $223.9 million, compared to $21.4 million for the same period in 2024, mainly due to non-cash loss on embedded derivative and increased G&A expenses.

• Net loss per share for the nine months ended September 30, 2025 was $0.98, compared to $0.07 in 2024.

• General and administrative expenses increased to $24.1 million for YTD Q3 2025, up from $18.2 million in YTD Q3 2024.

• $145.9 million in construction and project-related costs capitalized in Q3 2025.

Outlook and guidance

• Sufficient liquidity is expected to fund business plans and Thacker Pass development for at least the next 12 months, with reliance on cash, equity offerings, and DOE Loan drawdowns.

• No revenue expected until Thacker Pass begins production, with completion targeted for late 2027 and ramp-up in 2028.

• Site workforce expected to increase to 1,000 by year-end 2025 and peak at 1,800 during construction.

• Most long-lead equipment and materials to be delivered in Q1 2026; company working to mitigate tariff impacts.