Lithium Americas Corp. reported a consolidated net loss of $223.9 million for the nine‑month period ended September 30 2025, a sharp increase from the $21.4 million loss recorded for the same period in 2024. Operating expenses rose to $24.1 million, while cash and restricted cash stood at $385.6 million. Total assets climbed to $1,451.5 million, driven by a $641.6 million increase in mineral properties, plant and equipment, and long‑term liabilities reached $452.2 million.
The widened loss is largely attributable to a $190.4 million non‑cash fair‑value loss on an embedded conversion feature of the Department of Energy (DOE) loan notes, which was recorded in the current quarter. The company’s GAAP earnings per share of –$0.83 missed the consensus estimate of –$0.01, a miss of $0.82 per share, underscoring the impact of the fair‑value adjustment on the bottom line.
Lithium Americas also highlighted progress on its flagship Thacker Pass lithium project. The first $435 million drawdown from the DOE loan was received on October 20 2025, providing critical working capital for construction. The on‑site workforce has grown to roughly 700 employees, and more than 80 % of detailed engineering has been completed, positioning the project closer to mechanical completion of Phase 1, targeted for late 2027, and production in 2028.
CEO Jonathan Evans emphasized that the DOE financing and the partnership with General Motors—who holds a 38 % equity stake in the project—are key to securing a stable supply chain for battery‑grade lithium in the United States. He also noted the company’s investment in a Workforce Hub in Winnemucca to support the expanding construction crew, reflecting a strategic focus on operational efficiency and local community engagement.
Analysts noted that while the earnings miss reflects the non‑cash fair‑value loss, the company’s cash position remains robust and the DOE loan drawdown signals confidence from the federal government. Market sentiment was mixed, with some investors viewing the progress on Thacker Pass as a positive long‑term catalyst, while others remained cautious due to the significant quarterly loss and the company’s pre‑revenue status.
Lithium Americas projects that mechanical completion of Phase 1 will be achieved by late 2027, with commercial production expected in 2028. The company’s financing strategy continues to rely on a combination of federal loan support, at‑the‑market equity issuances, and the equity stake granted to the DOE. Headwinds include the need to manage construction costs and the uncertainty of lithium price volatility, but the company’s strategic partnerships and strong U.S. supply‑chain positioning are viewed as mitigating factors.
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