Lithium Americas Reports Third Quarter 2026 Results
LITHIUM AMERICAS CORP. (LAC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE TSX: LAC ● NYSE: LAC www.lithiumamericas.com Lithium Americas Reports Third Quarter 2026 Results (All amounts in US$ unless otherwise indicated) November 12, 2026 – Vancouver, Canada : Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“ Lithium Americas, ”
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The new financial disclosures introduce fresh data on cash needs and funding sources, which may reshape investor expectations and affect the stock's near‑term trajectory.
Market read
The filing delivers primary, material information on a major lithium project, influencing both the company's valuation and broader sector dynamics.
What to watch
Potential delays in equipment delivery or regulatory hurdles could increase costs beyond the $3.83 billion estimate.
Lithium Americas reports Q3 2026 net income of $90.1 million, driven by fair-value gains, while Thacker Pass capital cost estimate rises to $3.83 billion
Reported net income is positive for both the quarter and the nine months, but the filing attributes the swing mainly to fair-value gains on warrant and convertible instruments, not to operations. The filing reports no revenue. The updated Thacker Pass capital cost estimate rose to $3.83 billion from $2.93 billion, with an incremental funding requirement of approximately $995 million covered largely by $650 million of company contributions and $315 million of reserve account funds.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income (loss), three months ended Sept. 30, 2026GAAP | $90.1M | – | $289.3 million |
| Net income (loss) attributable to LAC stockholders, Q3 2026GAAP | $74.7M | – | $272.4 million |
| Net income (loss) per share basic, Q3 2026GAAP | $0.19 | – | $1.02 |
| Net loss per share diluted, Q3 2026GAAP | $(0.05) | – | $0.78 |
| General and administrative expenses, Q3 2026GAAP | −$9.3M | – | $0.4 million |
| Transaction costs, Q3 2026GAAP | −$7.3M | – | $(6.7) million |
| Gain on JV Warrant obligation, Q3 2026GAAP | $53.6M | – | $53.6 million |
| Gain (loss) on convertible debt and conversion feature, Q3 2026GAAP | $39.3M | – | $233.1 million |
| Gain on convertible debt measured at fair value, Q3 2026GAAP | $5.2M | – | $5.2 million |
| Gain (loss) on financial instruments measured at fair value, Q3 2026GAAP | −$100K | – | $(3.5) million |
| Other income, Q3 2026GAAP | $8.5M | – | $6.9 million |
| Net income (loss), nine months ended Sept. 30, 2026GAAP | $96.4M | – | $320.3 million |
| Net income (loss) attributable to LAC stockholders, nine months 2026GAAP | $76.4M | – | $297.2 million |
| Net income (loss) per share basic, nine months 2026GAAP | $0.21 | – | $1.19 |
| Net loss per share diluted, nine months 2026GAAP | $(0.13) | – | $0.85 |
| General and administrative expenses, nine months 2026GAAP | −$35.5M | – | $(11.4) million |
| Transaction costs, nine months 2026GAAP | −$8.3M | – | $10.0 million |
| Gain on LAC Warrant and JV Warrant obligations, nine months 2026GAAP | $58.5M | – | $58.5 million |
| Gain (loss) on convertible debt and conversion feature, nine months 2026GAAP | $59.3M | – | $246.4 million |
| Gain on convertible debt measured at fair value, nine months 2026GAAP | $5.2M | – | $5.2 million |
| Gain (loss) on financial instruments measured at fair value, nine months 2026GAAP | −$4.8M | – | $(6.0) million |
| Other income, nine months 2026GAAP | $21.9M | – | $17.6 million |
| Thacker Pass Phase 1 construction costs, Q3 2026 (capital expenditure)other | $639.6M | – | – |
| Thacker Pass Phase 1 construction costs, nine months 2026 (capital expenditure)other | $1.40B | – | – |
| Total capital expenditure, Q3 2026other | $662.5M | – | – |
| Total capital expenditure, nine months 2026other | $1.46B | – | – |
| Cumulative capital expenditure to Sept. 30, 2026 (total)other | $2.45B | – | – |
| Cash and restricted cash, as of Sept. 30, 2026GAAP | $1.26B | – | – |
| Total assets, as of Sept. 30, 2026GAAP | $3.95B | – | – |
| Total liabilities, as of Sept. 30, 2026GAAP | $1.85B | – | – |
| Mineral properties, plant and equipment, net, as of Sept. 30, 2026GAAP | $2.57B | – | – |
Fiscal Year 2026 outlook
- NoteFiscal Year 2026 total Capex Guidance: $1.7 - $2.0 billion
- NoteThacker Pass Phase 1 construction costs: $1.6 - $1.9 billion
- NoteOther capitalized development costs for Thacker Pass: $30.0 - $40.0 million
- NoteCapitalized interest, including the Orion Notes and DOE Loan: $55.0 - $65.0 million
- NotePeak capital expenditure is expected to be in fiscal year 2026, with the balance spent throughout 2027 and into 2028 during ramp-up
Capital returns
- The filing reports no share repurchases or dividends.
- Q3 2026 ATM sales: 1.1 million common shares at an average price of $3.87 per share, for aggregate net proceeds of $4.1 million after sales agent's commission and other expenses, under the March 19, 2026 ATM program.
- Yorkville converted $40.5 million of principal and accrued interest in Q3 2026, and the Company issued 14.3 million common shares to Yorkville.
- Shares issued and outstanding as of November 11, 2026: 377,334,749 (as printed).
- Contributions on October 7, 2026: $120 million of reserve account funding under the October 7, 2025 OWCA, and $650 million toward the incremental funding requirement, which the Company says will increase its ownership percentage in the JV.
What drove it
- The company attributes the gain on the JV Warrant obligation ($53.6 million in Q3 2026) and the gain on the Embedded Derivative ($39.3 million in Q3 2026) to the decrease in its share price from $3.85 on June 30, 2026 to $2.63 on September 30, 2026.
- The company attributes the $187.1 million YTD Q3 2025 loss on the Embedded Derivative to the increase in its share price from $2.76 at April 1, 2025 to $5.71 at September 30, 2025.
- The company attributes the increase in other income to higher interest income from increased balances in interest-generating bank accounts, driven largely by ATM proceeds.
- The company attributes the increase in G&A in YTD Q3 2026 to increased hiring, share-based compensation, community investment, and regulatory and professional fees.
- The company attributes the Capex Estimate increase to five items: tariff and logistics (approximately $100 million), craft labor wage rates and compensation (approximately $150 million), labor install rates (approximately $245 million), EPCM and contractor staffing (approximately $100 million), and EPCM and contractor staff wage rates (approximately $150 million). An additional 10% contingency adds approximately $150 million.
- The company states that the $3.83 billion Capex Estimate compares with a prior Capex Estimate of $2.93 billion.
- Project progress as of Sept. 30, 2026: 4.7 million workhours without a serious injury or lost-time incident; approximately 1,900 personnel on site; over 80% of third-party contract value committed with over 50% incurred; procurement over 90% completed; all major structural steel delivered by end of August 2026.
Concerns
- The Capex Estimate rose to $3.83 billion from $2.93 billion. The incremental funding requirement is approximately $995 million, comprising $895 million of incremental capital expenditure, $58 million of additional reserve account requirements under the DOE Loan through March 2028, and a net $42 million across other areas.
- The company states the incremental funding will be met through $650 million of contributions from the Company and, as and when required, $315 million of reserve account funds. The company says these contributions will increase its ownership percentage in the JV, and that implications for JV interest holdings are still being finalized with the DOE and GM.
- Reported net income is driven by non-cash fair-value gains on warrant, convertible debt and embedded derivative instruments. The filing does not present revenue or an operating income line.
- The company states that primary remaining risks include the attraction and retention of quality craft labor and sustaining planned installation rates.
- The Yorkville Debentures carry conversion features. The filing states that conversions have diluted shares: 14.3 million shares were issued to Yorkville in Q3 2026, and the filing refers to the potential dilutive effect of conversions under the Yorkville Debentures, the Orion Investment and the Warrants.
- The company determined the fair value of its Ascend Elements investment was $nil, citing public disclosures indicating significant uncertainty regarding recovery. The Q3 2026 loss on financial instruments was $(0.1) million, and the nine-month loss was $(4.8) million, with the Ascend Elements write-down of $4.5 million included in YTD Q3 2026.
What to watch
- Remaining Q4 2026 capex against the $1.7 - $2.0 billion FY2026 guidance, and whether peak 2026 spending is in line with that range.
- Finalization of JV interest holdings and the resulting ownership change, following the October 7, 2026 contributions and OWCA 3 arrangements with DOE and GM.
- Delivery of remaining packaged equipment, early commissioning of utilities, and connection of the electrical utility grid to the site substation, all targeted for the remainder of 2026.
- Use of the remaining $25 million of Yorkville Debenture capacity and further conversions, given the dilution language in the filing.
- Mechanical completion of Phase 1 targeted for late 2027, with ramp-up through 2028, and completion of the Transload Terminal targeted for 2027.
- Movement in the fair value of the JV Warrant, Embedded Derivative and Yorkville Debentures, which the company links to its share price, currently $2.63 at Sept. 30, 2026.
Balance sheet and cash flow
- Cash and restricted cash was $1,258.7 million at Sept. 30, 2026, against $905.6 million at Dec. 31, 2025, an increase of $353.1 million. The filing attributes the increase to DOE Loan advances, Yorkville Debenture proceeds and ATM proceeds, partly offset by Thacker Pass construction costs, G&A and transaction costs.
- Total assets were $3,945.8 million at Sept. 30, 2026, against $2,579.0 million at Dec. 31, 2025. Total liabilities were $1,853.2 million, against $992.4 million at Dec. 31, 2025.
- On August 21, 2026, the Company received its fourth DOE Loan advance of $239.0 million. Cumulative advances total $1.448 billion.
- Yorkville Debentures: $150 million issued on August 13, 2026, under a purchase agreement for up to $175 million. The Company may issue up to an additional $25 million at its discretion, subject to conditions.
- Orion Notes: Orion-managed funds purchased $195.0 million in aggregate principal amount of senior unsecured convertible notes.
- Finance costs of $51.6 million related to Thacker Pass were capitalized in YTD Q3 2026, including interest on the Orion Investment, DOE Loan advances and Yorkville Debentures.
- Of the $2.4 billion of construction capital and other project costs capitalized to Sept. 30, 2026, $2.3 billion is part of the total Capex Estimate.
- DOE Loan liability increased by $845.3 million from Dec. 31, 2025. The filing says this reflects advances of $1.013 billion and $32.6 million of capitalized interest, net of $200.4 million of amortized deferred financing costs.
- Deferred financing costs fell by $205.8 million, reflecting reclassification of unamortized costs related to the second, third and fourth DOE Loan advances.
Analysis
Lithium Americas reported a net income of $90.1 million for Q3 2026, against a net loss of $(199.2) million in Q3 2025, and net income of $96.4 million for the nine months, against $(223.9) million a year earlier. The filing prints no revenue, gross margin or operating income line, so the reported profit cannot be read as operating performance. The company's own explanations point to fair-value movements: a $53.6 million gain on the JV Warrant obligation and a $39.3 million gain on the Embedded Derivative in Q3 2026, both of which the company links to the decline in its share price to $2.63 at September 30, 2026. Diluted EPS was $(0.05) for Q3 2026 and $(0.13) for the nine months, both still negative, while basic EPS was positive at $0.19 and $0.21.
Operating expense lines moved in different directions. G&A was $(9.3) million in Q3 2026, close to $(9.7) million a year earlier, but was $(35.5) million for the nine months against $(24.1) million, which the company attributes to hiring, share-based compensation, community investment, and regulatory and professional fees. Transaction costs rose to $(7.3) million in Q3 2026 from $(0.6) million, which the filing ties to advisory and professional fees for the Yorkville Debentures. Other income reached $8.5 million in Q3 2026 and $21.9 million for the nine months, which the company attributes to higher interest income on balances built from ATM proceeds.
The capital program is the central figure in the release. Total Thacker Pass capital expenditure was $662.5 million in Q3 2026 and $1,464.9 million for the nine months, with $2,447.6 million cumulative to September 30, 2026. The company has updated the Capex Estimate to $3.83 billion including contingency, from $2.93 billion, and now targets FY2026 capex of $1.7 - $2.0 billion. The filing also sets out a $995 million incremental funding requirement, to be met mainly through $650 million of company contributions and $315 million of reserve account funds. The company says these contributions will raise its ownership in the JV, and that the implications for JV interest holdings are still being finalized with DOE and GM.
The balance sheet expanded. Cash and restricted cash rose to $1,258.7 million from $905.6 million at year-end 2025, helped by a fourth DOE Loan advance of $239.0 million received August 21, 2026 (cumulative advances $1.448 billion), $150 million of Yorkville Debentures issued August 13, 2026, and ATM proceeds. Total liabilities rose to $1,853.2 million, led by an $845.3 million increase in the DOE Loan. The company made a $120 million reserve account contribution on October 7, 2026, required under the OWCA.
On progress, the filing reports 4.7 million workhours without a serious injury or lost-time incident, approximately 1,900 personnel on site, procurement over 90% complete, and all major structural steel delivered by the end of August 2026. Management states that the cost increases reflect labor rates, install rates, staffing and tariffs, and that the risk profile has improved, with the main remaining risks being craft labor retention and install rates. Mechanical completion remains targeted for late 2027. Reported figures in this release are GAAP and capex figures are presented as company capital measures, and no non-GAAP measures are reported.
Management, verbatim
Thacker Pass is one of the largest construction projects in Nevada and is on track to deliver America's largest fully integrated source of domestic battery-quality lithium carbonate.
Jonathan Evans, President and Chief Executive Officer
Thacker Pass represents more than a strategic supply chain asset, it is an investment in Nevada workers and local communities, creating meaningful, family-supporting jobs.
Jonathan Evans, President and Chief Executive Officer
Not in the filing
stated, not guessed- Revenue for Q3 2026, nine months 2026, Q3 2025 and YTD Q3 2025 (no revenue line is printed).
- Cost of sales, gross margin and operating income or loss (not printed).
- Prior-year and prior-quarter comparatives for the cash, total assets, total liabilities and mineral properties, plant and equipment balances (the filing compares them with December 31, 2025, which is not a prior-year or prior-quarter period, so they are not entered in those fields).
- Total equity, stockholders' equity and non-controlling interest (not printed).
- Operating cash flow, investing cash flow and free cash flow (not printed).
- Interest expense, income tax expense and tax rate for the quarter and nine months (not printed).
- Prior-year and prior-quarter comparatives for the capital expenditure lines (the filing gives Q3 2026, nine-month and cumulative figures only).
- Prior-quarter (Q2 2026) income statement figures (the filing compares Q3 with Q3 2025 only).
- Previous outlook or guidance for comparison (no prior outlook was provided, so vs_prior_guidance is empty).
- Segment or geographic revenue breakdown (not applicable, no revenue reported).
- Dividend and share repurchase data (none reported).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Lithium Americas' Q3 2026 filing provides detailed updates on construction progress, financing, and a revised capital expenditure estimate for its flagship Thacker Pass project.
Ticker impact
Lithium Americas filed its Q3 2026 results, revealing a $3.83 billion capex estimate for Thacker Pass Phase 1 and a $239 million DOE loan advance.
likely pressure as investors price in high capital expenditures and funding requirements
The filing is the first public disclosure of the updated capex estimate and DOE loan advances, providing new material information that could affect valuation.
Market effects
Highlights continued investment in U.S. lithium supply, reinforcing bullish outlook for the lithium sector and related battery manufacturers.
Supports Nevada's mining and manufacturing activity, potentially benefiting local suppliers and infrastructure firms.
Adds to global lithium supply growth narrative, influencing commodity markets and EV battery supply chains.
Counterpoint
The high capex may strain cash flow, leading to dilution or financing pressure that could outweigh project progress benefits.
Key entities
- companyLithium Americas Corp.
U.S.-listed lithium producer reporting Q3 2026 results and capex guidance.
- government_agencyU.S. Department of Energy
Provider of loan advances supporting the Thacker Pass project.
- investorYorkville Advisors Global
Purchaser of convertible debentures and issuer of new common shares.
