Lithium Argentina (LAR) Q1 2026 earnings summary

Executive summary

• Achieved 97% of nameplate capacity at Cauchari-Olaroz in Q1 2026, producing 9,700–9,660 tonnes of lithium carbonate and generating meaningful cash flow.

• Realized prices rose to just under $17,000/ton, up from $9,000/ton in Q4 2025, driving a threefold increase in adjusted EBITDA to $106 million.

• Distributed $100 million in cash from Cauchari-Olaroz YTD 2026, with $46–$48 million attributable, strengthening the balance sheet.

• Net income for Q1 2026 was $7.5 million, reversing a net loss of $7.2 million in Q1 2025, driven by improved project performance and higher realized prices.

• Advancing Stage 2 expansion and de-risking the PPG project through partnerships and financing plans.

Financial highlights

• Q1 2026 revenue reached $168 million, with an average realized price of $16,818/ton.

• Adjusted EBITDA for Q1 2026 was $106 million, up from $30 million in Q4 2025.

• Cash operating costs dropped to $5,391/ton in Q1 2026, a 33% reduction since early 2024.

• Cost of sales for Q1 2026 was $65 million, with gross margin improvement driven by higher prices and lower costs.

• Cash and cash equivalents increased to $97 million as of March 31, 2026.

Outlook and guidance

• 2026 production guidance remains at 35,000–40,000 tonnes of lithium carbonate.

• At spot prices of $20,000–$30,000/ton, projected 2026 EBITDA is $460–$630 million (100% basis); adjusted EBITDA outlook ranges from $370M to $630M depending on prices.

• Stage 2 expansion at Cauchari-Olaroz targets an additional 45,000 tpa, with permitting and development plans advancing.

• PPG project aims for 150,000 tpa LCE capacity across three phases, leveraging shared infrastructure.

• RMAP conformance expected soon, supporting responsible production and supply chain transparency.