Lithium Americas posts FY2025 net loss $86.3M; Thacker Pass construction advancing with $1.3-1.6B 2026 capex guidance

LITHIUM AMERICAS CORP.

Net loss of $86.3M ($0.50 diluted EPS) vs $42.6M ($0.21) in 2024; operating expenses $52.8M up from $28.3M.
Total cash and restricted cash $905.6M at Dec 31, 2025, up from $594.2M; received $435M DOE loan advance in Oct 2025 and $432M in Feb 2026.
Cumulative capex at Thacker Pass $982.8M; 2026 capex guidance $1.3-1.6B; mechanical completion for Phase 1 targeted late 2027.
Sold 68.2M shares via ATM in 2025 for net $401.2M at avg $5.98; additional 32.5M shares sold post-year-end for net $189.7M at avg $5.92.
Construction: 93% engineering complete, 60% procurement, ~950 personnel on site, targeting ~1,800 by late 2026.

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