Lithium Americas posted a fourth quarter 2025 loss per share of $0.37 versus an expected $0.04 loss, causing shares to fall about 5% to below $4. This earnings miss highlights a wider-than-anticipated operating deficit for the period.

The company closed 2025 with $905.6 million in total cash and restricted cash, including $412.6 million at the Thacker Pass joint venture. During the year, $611.6 million was capitalized in construction costs, bringing total capitalized Phase I costs to $982.8 million of the $2.93 billion estimate.

Detailed engineering design at Thacker Pass is 93% complete with procurement at 60%. Construction ramped up to 950 personnel by year-end (740 manual craft and 210 additional workers), with peak staffing of roughly 1,800 projected for late 2026 and over 60% of structural steel already in transit.

Lithium Americas guided $1.3–$1.6 billion in capital expenditures for 2026, reflecting front-loaded spending as long-lead equipment arrives. Key milestones include pipe rack module installation by mid-year, high-voltage power line commissioning in Q2, main concrete work in Q3, early plant commissioning in Q4, with mechanical completion targeted for late 2027 and full ramp by 2028.