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Jun 30, 2025
Lithium Americas Q2 2025 Earnings Report
Lithium Americas reported a larger net loss in Q2 2025 compared to the same period last year, primarily due to higher transaction and advisory costs associated with financing and project milestones.
Key Takeaways
Lithium Americas posted a net loss of $24.8 million in Q2 2025, driven by increased expenses tied to the Orion Investment and Final Investment Decision milestones, partially offset by gains on financial instruments.
Net loss for Q2 2025 was $24.8 million, nearly double from $12.8 million a year earlier.
EPS was -$0.11, reflecting higher operational and transaction costs.
Cash and restricted cash stood at $509.1 million as of June 30, 2025.
Thacker Pass construction is advancing with over $574 million capitalized to date.
Forward Guidance
Lithium Americas continues to target mechanical completion of Thacker Pass Phase 1 by late 2027, with major construction progressing and key procurements underway.
Positive Outlook
- Phase 1 of Thacker Pass remains on schedule for mechanical completion in late 2027.
- 70% of detailed engineering completed, expected to exceed 90% by year-end.
- First shipment of steel arrived and installation begins September 2025.
- All legal and regulatory challenges have been resolved or dismissed.
- Over $425 million committed to long-lead equipment and infrastructure.
Challenges Ahead
- Net loss increased due to higher transaction and advisory costs.
- Cash position declined from $594.2M at year-end 2024 to $509.1M.
- EPS deterioration from -$0.07 to -$0.11 YoY.
- High dependency on successful drawdown from DOE loan in H2 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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