Lithium Americas Corp. (LAC) reported a loss per share of $0.37 for fiscal Q4 2025, missing the consensus estimate of $0.04 and underscoring the company’s continued cash burn as it advances its flagship Thacker Pass lithium project.
The company finished 2025 with $905.6 million in total cash and restricted cash, of which $412.6 million was held at the Thacker Pass joint‑venture level. During the year LAC capitalized $611.6 million in construction and project‑related costs, bringing total capitalized costs to $982.8 million as part of the Phase 1 capex estimate of $2.93 billion.
Management maintained its 2026 capital‑expenditure guidance of $1.3 billion to $1.6 billion, a level unchanged from the February 19 announcement. The guidance reflects a front‑loaded spending plan that aligns with the arrival of long‑lead equipment and the company’s strategy to accelerate construction toward mechanical completion in late 2027.
CEO Jonathan Evans noted that 2025 was a “transformative year” for Thacker Pass, with construction advancing at full pace and the second loan drawdown in February 2026 de‑risking the project. The company’s focus on capital investment, however, has intensified cash burn and raised liquidity concerns, as the projected 2026 capex exceeds the current cash balance and will rely on future financing.
Investors reacted negatively to the earnings miss, with the market’s focus on the widened loss and the company’s heavy capital outlays. The miss highlights the tension between the need for continued investment in Thacker Pass and the limited cash runway, underscoring the importance of future loan drawdowns and potential equity issuances to sustain the project’s development schedule.
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