Lithium Americas shares drop on fourth quarter earnings miss

Lithium Americas Corp (TSX:LAC, NYSE:LAC) shares fell astir 5% to little than $4 pursuing the company’s fiscal 4th fourth 2025 net report, which showed a larger-than-expected loss.

The institution posted a nonaccomplishment per stock of $0.37, much than estimates of a $0.04 nonaccomplishment per share.

The institution ended 2025 with astir $905.6 cardinal successful full currency and restricted cash, including $412.6 cardinal astatine the Thacker Pass associated task level.

During the year, Lithium Americas capitalized $611.6 cardinal successful operation and project-related costs, bringing full capitalized costs to $982.8 million, portion of the wide Phase 1 Capex estimation of $2.93 billion. By year-end, elaborate engineering plan astatine Thacker Pass was 93% complete, with procurement 60% complete.

Construction astatine Thacker Pass is ramping up, with astir 950 unit connected tract astatine the extremity of 2025, including 740 manual trade and 210 further workers. Peak operation is expected successful precocious 2026, erstwhile the workforce is projected to scope astir 1,800.

Long-lead instrumentality fabricated passim 2025 is scheduled for transportation successful the archetypal fractional of 2026, and much than 60% of structural steel, sourced from the UAE, is already successful transit oregon connected site.

Looking ahead, Lithium Americas guided 2026 superior expenditures of $1.3 cardinal to $1.6 billion, reflecting a front-loaded program arsenic long-lead instrumentality ordered successful 2024 arrives.

Key milestones see the installation of tube rack modules by mid-year, high-voltage powerfulness enactment commissioning successful the 2nd quarter, completion of main factual enactment successful the 3rd quarter, and aboriginal works commissioning successful the 4th quarter.

Pre-commissioning is expected successful precocious 2026, with process commissioning done 2027 and mechanical completion targeted for precocious 2027. Full ramp to nameplate capableness is planned for 2028.

“2025 marked a transformative twelvemonth for Thacker Pass. Construction is advancing astatine afloat pace, and we are carrying that beardown momentum into 2026,” Lithium Americas CEO Jonathan Evans said.

“With the 2nd indebtedness drawdown successful February 2026, we person meaningfully de-risked the Project and reinforced our way forward.”

He added that Phase 1 remains connected way for mechanical completion successful precocious 2027, positioning the task to “play a cardinal relation successful securing America’s vigor and nationalist information future.”

Wedbush maintained a ‘Neutral’ standing and $8 terms people connected Lithium Americas pursuing the report, noting that 2026 is “a defining execution year” for Thacker Pass.

The steadfast described the task arsenic “a nationalist information asset” amid China’s dominance of planetary artillery proviso chains.