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LAC

Lithium Americas Corp.

LAC

Lithium Americas Corp. • NYSE
$5.63 ▲ 7.03% (+0.37)
Market Cap $1.26 B
52w High $10.52
52w Low $2.31
Dividend Yield 0%
P/E -5.21
Volume 19.29M
Outstanding Shares 223.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $9.704M ▲ $-197.684M ▼ 0% $-0.83 ▼ $-198.893M ▼
Q2-2025 $0 $7.838M ▲ $-12.447M ▼ 0% $-0.057 ▼ $-12.98M ▼
Q1-2025 $0 $6.252M ▼ $-10.67M ▲ 0% $-0.05 ▲ $-11.227M ▲
Q4-2024 $0 $8.468M ▲ $-20.678M ▼ 0% $-0.11 ▼ $-19.505M ▼
Q3-2024 $0 $5.648M $-8.128M 0% $-0.037 $-6.775M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $385.307M ▼ $1.452B ▲ $555.305M ▲ $475.634M ▼
Q2-2025 $508.852M ▲ $1.339B ▲ $303.252M ▲ $616.321M ▼
Q1-2025 $446.62M ▼ $1.018B ▼ $83.486M ▼ $625.5M ▼
Q4-2024 $594.149M ▲ $1.045B ▲ $99.604M ▲ $635.004M ▼
Q3-2024 $341.163M $687.212M $52.072M $635.14M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-199.161M ▼ $2.313M ▲ $-172.166M ▲ $46.308M ▼ $-123.545M ▼ $-169.853M ▲
Q2-2025 $-13.249M ▼ $-30.543M ▼ $-235.57M ▼ $328.345M ▲ $62.232M ▲ $-266.113M ▼
Q1-2025 $-11.526M ▲ $-18.841M ▼ $-117.933M ▼ $-10.491M ▼ $-147.265M ▼ $-136.774M ▼
Q4-2024 $-22.285M ▼ $-9.573M ▼ $-65.394M ▼ $327.689M ▲ $253.01M ▲ $-74.967M ▼
Q3-2024 $-8.536M $84K $-34.694M $-57K $-34.667M $-34.61M

Five-Year Company Overview

Income Statement

Income Statement Lithium Americas is still in the pre‑revenue stage, so the income statement is all about costs rather than sales. Over the past several years, the company has consistently reported operating losses and net losses, which is typical for a mining project under development rather than in production. Losses have ticked up as work on Thacker Pass has advanced, reflecting higher spending on engineering, staffing, and preparation for construction. Because there is no operating revenue yet, every dollar of corporate overhead, development, and interest expense flows straight through to the bottom line, keeping earnings per share in negative territory. In short, the income statement shows a company firmly in build‑out mode, not yet in the earnings phase.

Balance Sheet

Balance Sheet The balance sheet has strengthened as the project has progressed. Total assets have expanded significantly, driven mainly by a large and growing cash position and capitalized investment in Thacker Pass. Debt remains relatively low compared with the asset base, especially following government support and strategic investments, which helps limit financial strain from interest costs. Shareholders’ equity has shifted from slightly negative earlier in the period to clearly positive more recently, signaling that fresh capital has come in and is funding growth. Overall, the company now looks more robust on paper, but its asset base is still largely tied to a single major project that has yet to generate cash.

Cash Flow

Cash Flow Cash flow reflects a classic early‑stage resource developer: money is flowing out, not in. Operating cash flow has been consistently negative, as the company pays for salaries, studies, permitting, and corporate expenses without any offsetting revenue. Free cash flow is even more deeply negative because of heavy capital spending on Thacker Pass infrastructure and equipment. This means the business depends on external funding—equity raises, government loans, or strategic partners—to sustain construction and move toward production. The key question going forward will be whether the company can manage its spending pace, match it with funding inflows, and avoid major cost overruns as the project scales.

Competitive Edge

Competitive Edge Lithium Americas’ competitive position is built almost entirely around Thacker Pass. On the positive side, it controls one of the largest known lithium resources in the United States, located in a politically stable, mining‑friendly state with existing infrastructure. Government backing, including a large conditional loan commitment from the U.S. Department of Energy, and a long‑term offtake and investment agreement with General Motors provide strong external validation and a built‑in customer for initial production. This combination of resource scale, domestic location, and strategic partnerships gives the company a meaningful first‑mover advantage in building a U.S. lithium supply chain. On the risk side, it is heavily concentrated in a single asset and technology approach, faces exposure to lithium price cycles, and must execute a complex project on time and on budget while maintaining community and regulatory support.

Innovation and R&D

Innovation and R&D The company’s innovation efforts are tightly focused on making claystone lithium extraction commercially viable and environmentally more acceptable. Its proprietary sulfuric‑acid leaching process is tailored to the specific ore at Thacker Pass and has been refined at a dedicated technical development center. The use of a closed‑loop water system and a block‑mining method—where disturbed areas are progressively reclaimed—aims to lower water use and reduce the long‑term surface footprint, which could help with permitting and social license. Looking ahead, the company is targeting process optimization to lower costs, improve recoveries, and potentially expand into lithium hydroxide production, which would broaden its product footprint for different types of batteries. Overall, R&D is practical and applied, focused less on blue‑sky science and more on de‑risking and fine‑tuning a large, single project.

Summary

Lithium Americas today is best viewed as a high‑commitment, single‑project lithium developer entering the heavy construction phase, rather than as an operating mining company. Its financial statements show no revenue, ongoing losses, and sizable negative cash flows, all linked to building out Thacker Pass. The balance sheet has improved, with more cash and equity support, and modest leverage helped by government and strategic financing. Competitively, it holds a rare combination of a very large domestic resource, strong policy tailwinds for U.S. battery materials, and anchor partnerships, giving it a potentially important role in the North American EV supply chain. At the same time, the company faces concentrated execution risk, long timelines to full production, sensitivity to project costs and lithium prices, and the usual regulatory and environmental challenges of large‑scale mining. The story is therefore less about current financial performance and more about whether the company can successfully convert a strategically valuable resource and technology platform into a reliable, long‑term, cash‑generating operation.

NEWS

November 13, 2025 · 6:55 AM UTC

Lithium Americas Reports Third Quarter 2025 Results

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November 5, 2025 · 4:54 PM UTC

NACCO INDUSTRIES ANNOUNCES THIRD QUARTER 2025 RESULTS

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October 20, 2025 · 6:08 PM UTC

Lithium Americas Receives First Drawdown of $435 Million from U.S. DOE ATVM Loan

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October 7, 2025 · 9:42 PM UTC

Lithium Americas Finalizes DOE Loan Amendments and Provides ATM Update

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October 1, 2025 · 12:00 AM UTC

Lithium Americas Reaches Agreement with GM and U.S. DOE Regarding First Draw on DOE Loan

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