Lithium Americas (LAC) Q4 2025 earnings summary

Executive summary

• Construction at Thacker Pass advanced rapidly in 2025, with mechanical completion of Phase 1 targeted for late 2027 and peak construction activity expected in 2026.

• Workforce expansion is underway, with approximately 1,800 skilled craftspeople anticipated on site by late 2026.

• The project is positioned to play a central role in U.S. energy and national security by strengthening domestic lithium supply chains.

Financial highlights

• As of December 31, 2025, total cash and restricted cash stood at $905.6 million, including $412.6 million at the Thacker Pass JV level.

• $611.6 million in construction and project-related costs were capitalized in 2025, totaling $982.8 million to date.

• Net loss for 2025 was $86.3 million, up from $42.6 million in 2024, with a loss per share of $0.50 compared to $0.21 in the prior year.

• Total assets increased to $2,579.0 million, and total long-term liabilities rose to $815.6 million as of year-end 2025.

Outlook and guidance

• Capex guidance for Thacker Pass Phase 1 in 2026 is $1.3–$1.6 billion, unchanged from previous guidance.

• Mechanical completion of Phase 1 remains on track for late 2027, with detailed engineering 93% complete and procurement 60% complete as of year-end 2025.