LITHIUM AMERICAS CORP. (LAC)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 EPS was approximately -$0.10, missing Wall Street consensus of -$0.03; EBITDA was roughly -$9.9M vs consensus -$6.0M, reflecting transaction costs and fair-value losses tied to DOE loan/JV closings and financing work * *.
• Lithium Americas exited 2024 fully financed for Phase 1 of Thacker Pass through the $2.26B DOE loan (closed Oct 28, 2024), GM’s $625M JV funding (closed Dec 23, 2024), and Orion’s $250M investment (closed Apr 1, 2025) .
• Execution milestones tightened: first permanent concrete placement targeted for May 2025, first steel in September 2025, and Phase 1 production targeted for late 2027; detailed engineering >55% complete entering 2025 .
• FY 2024 cash, cash equivalents and restricted cash were $594.2M, with $179.9M construction/project costs capitalized in 2024, evidencing sustained build-out momentum heading into major construction .

What Went Well and What Went Wrong

What Went Well

• DOE ATVM loan closing at $2.26B de-risked funding and set up reserve facilities to support first draw in Q3 2025 .
• GM JV closing delivered $430M cash to the JV and a $195M LC facility, with GM owning 38% at the asset level and extending Phase 1 offtake to 20 years; LAC contributed $138M at close .
• Orion’s $250M package closed contemporaneously with FID (Apr 1, 2025), enabling fully funded status for Phase 1; CEO: “Today marks another important milestone…Together, we will develop a U.S.-produced lithium supply chain” .

What Went Wrong

• Q4 earnings missed consensus on EPS and EBITDA as transaction costs and financing-linked fair-value effects weighed on quarterly results; management highlighted higher transaction costs and fair-value losses as drivers of the FY loss * *.
• Net loss for FY 2024 increased to $42.6M vs $5.1M in FY 2023, with loss per share -$0.21 vs -$0.03, reflecting elevated financing and JV-related costs in 2024 .
• Execution remains dependent on satisfying remaining conditions precedents for DOE first draw (e.g., reserve accounts, project finance model bring down), and supply-chain/construction logistics into remote Northern Nevada, introducing timing risks .

Financial Results

Quarterly Trend vs Prior Quarters and Estimates

Notes: “—” indicates pre-revenue / not applicable; Q4 values with asterisks retrieved from S&P Global.

FY Summary

KPIs and Project Execution

Q4 Actuals vs Wall Street Consensus (S&P Global)

Values retrieved from S&P Global.

Guidance Changes

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available via our document tools; we tracked themes via company filings and press releases.

Management Commentary

• “2024 was a transformational year…We successfully put in place the partnerships and capital required to develop and construct Phase 1…Once we declare the final investment decision, our team can focus on executing…to bring Thacker Pass to production in late 2027.” — Jonathan Evans, President & CEO .
• “We’re pleased to have the Department of Energy’s support…This essential loan helps us reduce dependence on foreign suppliers and secure America’s energy future.” — Jonathan Evans .
• “Today marks another important milestone…Together, we will develop a U.S.-produced lithium supply chain…” — Jonathan Evans (FID/Orion close) .
• JV highlights: GM’s $625M commitment and extended offtake underpin project finance, with LAC managing the project and holding 62% .

Q&A Highlights

• A complete Q4 2024 earnings call transcript was not available through our document tools; therefore, Q&A details and any clarifications provided on the call could not be verified. Conference call timing noted by third-party aggregators: Mar 28, 2025 at 7:00am ET .

Estimates Context

• EPS and EBITDA missed consensus as financing-related transaction costs and fair-value impacts ran through Q4; consensus EPS was -$0.03 vs actual around -$0.10; consensus EBITDA -$6.0M vs actual -$9.91M (pre-revenue company; revenue estimate $0.0) (Values retrieved from S&P Global).
• FY 2024 capital formation and JV structuring likely shift near-term models (Opex, financing costs, non-cash items), with consensus needing to incorporate Orion/DOE draw timing and JV accounting (non-controlling interest) .

Key Takeaways for Investors

• Funding risk materially reduced: DOE loan closed; GM JV and Orion financing deliver a fully funded Phase 1 through construction; next catalyst is DOE first draw in Q3 2025 .
• Execution milestones are concretely scheduled (first concrete May 2025; steel September 2025), improving timeline visibility and lowering schedule risk into late-2027 first production .
• Q4 earnings miss was driven by deal-related costs and fair-value swings typical in pre-revenue build-out; EPS/EBITDA volatility should persist until construction stabilizes and capital structure normalizes * *.
• Offtake clarity: GM’s 20-year Phase 1 offtake and partial Phase 2 agreement de-risk commercialization and underpin DOE requirements .
• Watch for FID-linked contributions (completed Apr 1, 2025) and DOE draw conditions precedent; slippage here would be the principal schedule/cost risk .
• KPI momentum: cash rose to $594.2M; engineering >55% complete; earthworks >90%; capitalized construction costs tracked through 2024 .
• Trading implications: stock narrative hinges on execution cadence (concrete, steel), validation of DOE draw, and JV governance; setbacks on these would be the primary negative catalysts, while on-time milestones and first draw would be strong positives .

Footnote: Asterisk-marked figures are Values retrieved from S&P Global.