Lithium Americas (LAC) Q1 2026 earnings summary

Executive summary

• Construction at Thacker Pass is progressing rapidly, targeting mechanical completion in late 2027, with over 1,300 workers on site as of mid-May 2026 and a peak workforce expected to exceed 2,000.

• Strategic decisions in 2025 focused on de-risking project execution, securing finances, and managing global supply chain challenges.

• Strong federal and state support, including visits from U.S. Senators and the Department of Energy, highlights the project's national significance and role in U.S. energy independence.

• Major construction milestones achieved, including over 2.43 million workhours without a serious injury and 95% completion of detailed engineering.

• Issued 43.3 million shares via ATM programs, raising $246.7 million; received $432 million second advance from DOE Loan.

Financial highlights

• Net income for Q1 2026 was $4.6 million, a turnaround from a net loss of $11.5 million in Q1 2025, mainly due to a non-cash gain on the fair value of embedded derivatives.

• Cash and restricted cash increased to $1.21 billion as of March 31, 2026, including $529 million at the JV level.

• Total assets rose to $3.11 billion, and total long-term liabilities increased to $2.58 billion, reflecting DOE loan advances and project development.

• Net cash used in operating activities was $18.3 million; investing activities used $299.3 million; financing activities provided $619.6 million.

• ATM equity programs raised $246.7 million in net proceeds, with $189.7 million raised in Q1 2026.

Outlook and guidance

• Thacker Pass Phase 1 Capex for fiscal 2026 is targeted at $1.3–$1.6 billion, with cumulative Capex to date at $1.1 billion.

• Mechanical completion of Phase 1 is targeted for late 2027, with production ramp-up in 2028 and a nominal production capacity of 40,000 tonnes per year of battery-quality lithium carbonate.

• Definitive capital estimate for the project is expected in the second half of 2026, incorporating recent inflationary and geopolitical impacts.

• Company expects sufficient liquidity for at least the next 12 months, with further funding from DOE Loan and equity as needed.

• The company continues to monitor and manage supply chain risks, tariffs, and inflationary pressures.