LITHIUM AMERICAS CORP. (LAC)·Q1 2025 Earnings Summary

Executive Summary

• Construction at Thacker Pass transitioned to major build; first permanent concrete placement achieved in early May 2025, and detailed engineering reached >60% complete with >90% targeted by year-end 2025 .
• Liquidity remained strong with $446.9M cash and restricted cash; Q1 capitalized construction and project costs were $78.2M as Phase 1 execution advanced .
• Final Investment Decision for Phase 1 was declared with GM; combined with the $250M Orion investment and the $2.26B DOE loan, management stated Phase 1 is fully funded through construction; first DOE draw expected in Q3 2025 .
• EPS vs S&P Global consensus: Primary EPS actual was -$0.0203 versus consensus -$0.04, a beat; GAAP basic LPS was -$0.05. Revenue consensus was $0.0; company reported no revenues this quarter (pre-production) [Values retrieved from S&P Global]* .
• Near-term stock reaction catalysts: FID/fully funded status, DOE loan first draw timing, and visible construction milestones (concrete, steel installation targeted September 2025) .

What Went Well and What Went Wrong

What Went Well

• “Major construction has commenced at Thacker Pass… initial placement of permanent concrete in the processing plant area” achieved in early May 2025, demonstrating schedule momentum .
• Financing de-risked: closed $250M Orion investment and declared FID with GM; management asserts fully funded status for Phase 1 through construction .
• Execution de-risking: detailed engineering >60% complete, targeting >90% by year-end 2025; long-lead equipment manufacturing advancing; steel fabrication started with first installation targeted September 2025 .

What Went Wrong

• Net loss widened year-over-year due to higher G&A, DOE Loan reporting, and transaction costs linked to financing activities concluded with Orion .
• Cash decreased sequentially (Dec 31, 2024 to Mar 31, 2025) reflecting payment of transaction costs and other payables accrued at year-end .
• Management flagged potential exposure to fluid tariff announcements, though ~75% of capital cost relates to labor/contractors/services not expected to be directly affected; still a monitored risk to supply chain .

Financial Results

P&L and EPS vs prior periods

Notes: “*” Values retrieved from S&P Global.

Balance sheet and project execution KPIs

Results vs S&P Global Consensus (Q1 2025)

Notes: “*” Values retrieved from S&P Global.

Guidance Changes

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available in our document system or public transcript sources; we searched company filings and transcript aggregators and found no transcript for Q1 2025 [ListDocuments returned none for earnings-call-transcript; Yahoo/third-party listings show report but not a transcript] .

Management Commentary

• “Major construction has commenced at Thacker Pass… the first significant construction milestone was achieved… with the initial placement of permanent concrete in the processing plant area.” — Jonathan Evans, CEO .
• “The Company continues to review its potential exposure to the fluid tariff announcements… Approximately 75% of the Company’s total capital project cost structure relates to labor, contractors and other services which are not expected to be directly affected…” — Jonathan Evans .
• “With our JV Partner, GM, we announced FID for Phase 1 alongside our other exceptional partners – the U.S. DOE and Orion. Together, we will develop a U.S.-produced lithium supply chain…” — Jonathan Evans .

Q&A Highlights

• No Q1 2025 earnings call transcript was available; we searched filings and public transcript sources and did not locate a transcript for this quarter [ListDocuments returned none; Yahoo and third-party pages list the press release but no transcript] .

Estimates Context

• S&P Global consensus for Q1 2025 Primary EPS was -$0.04; Primary EPS actual was -$0.0203, a beat. GAAP basic LPS was -$0.05 as reported (different basis). Revenue consensus was $0.0; company reported no revenue (pre-production) [Values retrieved from S&P Global]* .
• Estimates may need to reflect higher near-term OpEx from scaling corporate infrastructure and financing/reporting burdens, while construction capital is capitalized; liquidity remains ample .

Key Takeaways for Investors

• Phase 1 fully funded through construction following Orion close and FID with GM; DOE first draw expected in Q3 2025, reducing financing uncertainty .
• Execution is visible: first concrete placed, steel fabrication underway, first steel installation targeted September 2025; engineering completeness tracking toward >90% by YE 2025 .
• Operating losses widened YoY due to G&A and financing-related costs; however, project costs remain capitalized with liquidity of $446.9M at quarter-end .
• Emerging tariff risk is being monitored; management believes majority of capital cost (labor/services) is not directly impacted, but supply chain vigilance is warranted .
• Western Quarry Plan of Operations submitted to secure local limestone reagent, potentially lowering input costs and de-risking logistics .
• Estimate lens: On S&P’s Primary EPS basis, Q1 beat consensus, while GAAP LPS was -$0.05; investors should align models to basis used by their coverage and incorporate elevated OpEx as the organization scales [Values retrieved from S&P Global]* .
• Near-term catalysts: confirmation of DOE draw in Q3 2025, continued construction milestones (steel installation), and workforce hub occupancy in 2H 2025 .

Notes: “*” Values retrieved from S&P Global.