Lithium Americas Reports $24.8 Million Net Loss for First Half of 2025 Amid Rising Costs

Lithium Americas Corp. reported a net loss of $24.8 million for the six months ended June 30, 2025, compared to a loss of $12.8 million for the same period in 2024, reflecting an increase in operational costs and transaction expenses. The company's general and administrative expenses rose to $14.4 million from $12.2 million year-over-year, primarily due to higher salaries and professional fees associated with its transition to a domestic filer and increased reporting obligations related to its joint venture with General Motors (GM) and the Department of Energy (DOE) loan. The net loss attributable to common stockholders was $23.1 million, or $0.11 per share, compared to $12.8 million, or $0.07 per share, in the prior year.

The company's total assets increased to $1.34 billion as of June 30, 2025, up from $1.04 billion at the end of 2024, driven by significant capital expenditures related to the Thacker Pass project. Notably, mineral properties, plant, and equipment rose to $810.1 million from $398.9 million, reflecting ongoing construction activities. Total liabilities also increased significantly to $303.3 million from $99.6 million, largely due to the issuance of convertible debt and production payment arrangements associated with the recent investments from Orion Resource Partners and GM.

Strategically, Lithium Americas has made substantial progress in its joint venture with GM, which was formalized in December 2024. The partnership aims to fund, develop, and operate the Thacker Pass lithium project, with GM holding a 38% interest. In April 2025, the company announced the final investment decision for Phase 1 of the project, with both partners contributing significant capital to advance construction. As of June 30, 2025, the company had capitalized $574.1 million in construction costs, with expectations for completion of Phase 1 by late 2027.

Operationally, the company is ramping up construction at Thacker Pass, with approximately 300 workers on-site as of June 30, 2025, expected to increase to around 1,000 by year-end. The project is progressing on schedule, with detailed engineering approximately 70% complete. The company has also established a workforce housing facility in Winnemucca, targeting first occupancy in the second half of 2025. The successful execution of these plans is critical as the company anticipates drawing on the $2.26 billion DOE loan in the latter half of 2025, which will further support the project's financing.

Looking ahead, Lithium Americas remains focused on advancing the Thacker Pass project while managing its financial resources effectively. The company expects to continue operating at a loss until production begins, which is projected for 2028. The management is optimistic about securing additional financing and achieving key milestones in the development of Thacker Pass, which is positioned to play a significant role in the North American lithium supply chain.