Lithium Americas (LAC) Q2 2026 earnings summary

Executive summary

• Thacker Pass Phase 1 targets mechanical completion in late 2027, with commercial production ramp-up in 2028 and full capacity of 40,000 t/y battery-grade lithium carbonate by 2029.

• The project is the largest known measured lithium resource in the U.S., with expansion potential up to 160,000 t/y across five phases and an estimated 85-year mine life.

• Over 1,600 workers are on site, with peak labor expected later in 2026; all off-site power modifications are complete and energization is on track for Q4 2026.

• Strategic partnerships include a JV and 20-year offtake agreement with GM, and significant funding from the U.S. Department of Energy, Orion Resource Partners, and Yorkville Advisors.

• Thacker Pass is positioned as a critical domestic lithium supply source, supporting U.S. energy independence and economic growth.

Financial highlights

• Net income for the six months ended June 30, 2026 was $6.3 million, reversing a prior-year loss, with Q2 2026 net income at $1.7 million.

• Cash and restricted cash totaled $1.3 billion as of June 30, 2026, including $530.3 million at the Thacker Pass JV.

• Cumulative capital expenditure for Phase 1 reached $1.8 billion as of June 30, 2026, with 2026 capex guidance of $1.3–$1.6 billion and total Phase 1 construction cost estimated at $2.93 billion.

• General and administrative expenses rose to $26.2 million YTD Q2 2026, up from $14.4 million year-over-year.

• Total assets increased to $3.54 billion as of June 30, 2026, mainly from DOE Loan advances and ATM program proceeds.

Outlook and guidance

• Mechanical completion of Phase 1 is targeted for late 2027, with ramp-up to full production in 2028.

• Capex guidance for Thacker Pass Phase 1 in fiscal 2026 is $1.3–$1.6 billion.

• Early commissioning of utilities and completion of main concrete work are expected in the second half of 2026.

• Definitive capital estimate for Thacker Pass to be completed by end of Q3 2026.

• Expansion to Phases 2–5 could increase total capacity to 160,000 t/y, subject to board and investor approvals.