Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) has reported its full year 2025 results, painting a picture of significant financial and corporate developments. The company's total cash and restricted cash stood at approximately $905.6 million as of December 31, 2025, a substantial increase from the $594.2 million reported at the end of 2024. This influx of cash was boosted by the receipt of funds drawn under the DOE loan, the Orion investment, and proceeds received from the company’s ATM programs.
During the year ended December 31, 2025, the company capitalized $611.6 million of construction capital costs and other project-related costs, bringing the total capitalized costs to $982.8 million. Additionally, the company had approximately $412.6 million at the Thacker Pass joint venture ("JV") level.
The net loss for the year ended December 31, 2025, increased to $86.3 million from $42.6 million in the prior year, partially due to higher general and administrative expenses, increased hiring, professional fees, and office and administration fees to support ongoing construction at Thacker Pass. The company also made a $14.1 million contribution towards funding the construction of the new Orovada K-8 school.
The company's total assets as of December 31, 2025, increased to $2,579.0 million from $1,044.9 million at the end of 2024. This growth was primarily driven by the cash and restricted cash received, as well as the continued development of Thacker Pass, including costs associated with the completion of the first phase of the workforce hub, engineering, procurement of raw materials, and payments towards long-lead equipment.
In terms of project and construction highlights, the company reported that as of December 31, 2025, a total of $982.8 million of construction capital costs and other project-related costs had been capitalized. The detailed engineering design was 93% complete, and procurement was 60% complete.
Looking ahead, the company is targeting a total capex range of $1.3 billion to $1.6 billion for Thacker Pass Phase 1 for fiscal year 2026. This capex guidance remains unchanged from the company’s previous release dated February 19, 2026.
It's worth noting that the company entered into an omnibus waiver, consent and amendment with the U.S. Department of Energy for certain amendments to the company’s $2.23 billion loan. Subsequently, the company issued warrants to purchase common shares of the company, as well as warrants to purchase a non-voting, non-transferable equity interest of the JV.
Lithium Americas is making significant strides in the construction of Thacker Pass, with phase 1 targeted for nominal production capacity of 40,000 tonnes per year of battery-quality lithium carbonate, and mechanical completion aimed for late 2027. The company continues to position itself as a key player in securing America’s energy and national security future, with a strong focus on advancing energy independence and strengthening domestic supply chains. The market has reacted to these announcements by moving the company's shares 1.53% to a price of $5.96. For the full picture, make sure to review LITHIUM AMERICAS CORP.'s 8-K report.
