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Sep 30, 2025
Lithium Americas Q3 2025 Earnings Report
Lithium Americas reported a net loss and continued investing heavily in Thacker Pass construction during Q3 2025.
Key Takeaways
The company posted a larger net loss compared to the same period last year, primarily due to a non-cash loss tied to the fair value change of convertible notes. Significant progress was made in construction and financing of the Thacker Pass project.
Net loss widened to $223.9 million due to non-cash fair value changes.
EPS for the quarter was -$0.98 with no adjusted EPS provided.
Cash and restricted cash totaled $385.6 million at quarter end.
700 workers were on-site at Thacker Pass, with peak expected at 1,800.
Forward Guidance
The company is focused on progressing construction at Thacker Pass with expected completion of Phase 1 processing by late 2027.
Positive Outlook
- Over 80% of engineering design is completed
- First DOE loan drawdown of $435M received
- Expected increase in workforce to 1,000 by year-end
- Most long-lead equipment purchases committed
- Housing for construction workers completed in Winnemucca
Challenges Ahead
- No current revenue generation
- Rising long-term liabilities
- Significant non-cash loss from convertible notes
- Cash position down from previous year
- Potential exposure to tariffs on international equipment sourcing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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