Lithium Americas (LAC) Q2 2026 earnings summary

Executive summary

• Developing Thacker Pass in Nevada through a GM joint venture; 62% owned and managed, with GM holding 38% and DOE holding a 5% JV warrant.

• Construction accelerated, with over 1,600 workers on site, detailed engineering over 95% complete and procurement over 80%; mechanical completion targeted for late 2027 and ramp-up in 2028.

• Phase 1 is designed for 40,000 tonnes/year of battery-quality lithium carbonate production.

• No operating revenue yet; future profitability depends on successful project completion and continued financing.

Financial highlights

• Net income was $6.3 million for the first half of 2026 versus a $24.8 million loss in 2025; Q2 net income was $1.7 million versus a $13.2 million loss.

• Cash and restricted cash totaled $1,279.2 million at June 30, 2026, up from $905.6 million at year-end 2025, including $530.3 million at the JV.

• G&A expenses rose to $26.2 million for the first half of 2026 from $14.4 million a year earlier, reflecting hiring, compensation and expanded operations.

• Total assets increased to $3,535.9 million at June 30, 2026, from $2,579.0 million at year-end 2025.

• Net cash used in investing activities was $631.6 million in the first half, primarily reflecting Thacker Pass construction spending.

Outlook and guidance

• Thacker Pass Phase 1 mechanical completion remains targeted for late 2027, with production ramp-up in 2028.

• Fiscal 2026 Phase 1 capex guidance is $1.3–$1.6 billion.

• Early commissioning of utilities and completion of main concrete work are expected in the second half of 2026.

• A definitive Thacker Pass capital estimate is targeted by the end of Q3 2026.

• Liquidity is expected to be sufficient for at least 12 months, with further funding needs anticipated before production begins.