Lithium Americas (LAC) Q2 2025 earnings summary

Executive summary

• Major construction at Thacker Pass is progressing, with over 300 workers on site and key milestones such as concrete foundation placement and road building underway.

• Final investment decision for Phase 1 was announced with General Motors as JV partner; mechanical completion targeted for late 2027.

• All legal and regulatory actions related to Thacker Pass have been resolved or dismissed, with no material impact on financials or schedule.

Financial highlights

• $124.8 million in construction and project-related costs capitalized in Q2 2025; cumulative total now $574.1 million.

• As of June 30, 2025, cash and restricted cash stood at $509.1 million.

• Net loss for the six months ended June 30, 2025, was $24.8 million, up from $12.8 million year-over-year, mainly due to higher transaction and advisory costs.

• Total assets increased to $1,339.1 million as of June 30, 2025, from $1,044.9 million at December 31, 2024.

• Total long-term liabilities rose to $251.5 million from $41.3 million at year-end 2024, mainly due to the Orion Investment.

Outlook and guidance

• Mechanical completion of Phase 1 at Thacker Pass is targeted for late 2027.

• First draw on the $2.26 billion DOE loan expected in the second half of 2025.

• Workforce on site expected to ramp up to 1,000 by year-end 2025 and peak at 1,800 during construction.