Q2 FY2026
Filed Aug 13, 2026Lithium Americas Reports Second Quarter 2026 Results
Thacker Pass construction advanced toward the late-2027 mechanical-completion target and the Company maintained its fiscal 2026 Capex range, but project costs face tariff, logistics, inflation and skilled-labor pressure while the Company added equity and planned convertible-debenture financing.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income (loss)GAAP | $ 1.7 | – | $ 14.9 |
| Net income (loss) attributable to LAC stockholdersGAAP | 2.2 | – | 14.6 |
| Net income (loss) per share – basic - attributable to common stockholdersGAAP | 0.01 | – | 0.07 |
| Net income (loss) per share – diluted - attributable to common stockholdersGAAP | (0.02 ) | – | 0.04 |
| General and administrative expensesGAAP | $ (15.1 ) | – | $ (7.3 ) |
| Transaction costsGAAP | - | – | 13.3 |
| Gain on JV Warrant obligationGAAP | 4.5 | – | 4.5 |
| Gain on convertible debt and conversion featureGAAP | 5.7 | – | (1.1 ) |
| Loss on financial instruments measured at fair valueGAAP | (0.1 ) | – | 0.1 |
| Other incomeGAAP | 6.7 | – | 5.3 |
| Net income (loss), six months ended June 30GAAP | $ 6.3 | – | $ 31.1 |
| Net income (loss) attributable to LAC stockholders, six months ended June 30GAAP | 1.7 | – | 24.8 |
| Net income (loss) per share – basic - attributable to common stockholders, six months ended June 30GAAP | 0.00 | – | 0.11 |
| Net income (loss) per share - diluted - attributable to common stockholders, six months ended June 30GAAP | (0.07 ) | – | 0.04 |
| General and administrative expenses, six months ended June 30GAAP | $ (26.2 ) | – | $ (11.8 ) |
| Transaction costs, six months ended June 30GAAP | (1.0 ) | – | 16.6 |
| Gain on LAC Warrant and JV Warrant obligations, six months ended June 30GAAP | 4.9 | – | 4.9 |
| Gain on convertible debt and conversion feature, six months ended June 30GAAP | 20.0 | – | 13.2 |
| Loss on financial instruments measured at fair value, six months ended June 30GAAP | (4.7 ) | – | (2.5 ) |
| Other income, six months ended June 30GAAP | 13.3 | – | 10.6 |
| Thacker Pass Phase 1 construction costs included in the total $2.93 billion Capex estimateother | $ 483.6 | – | – |
| Other capitalized development costs for Thacker PassGAAP | 7.1 | – | – |
| Capitalized interest, including the Orion Notes and DOE LoanGAAP | 17.2 | – | – |
| Total Capexother | $ 507.9 | – | – |
Fiscal Year 2026 outlook
- NoteThacker Pass Phase 1 construction costs included in the total $2.93 billion Capex estimate: $1.2 - $1.5 billion
- NoteOther capitalized development costs for Thacker Pass: 30.0 - 40.0
- NoteCapitalized interest, including the Orion Notes and DOE Loan: 45.0 - 55.0
- NoteTotal Capex: $1.3 - $1.6 billion
- NoteMechanical completion is targeted for late 2027.
- NoteAll main concrete required at the site is expected to be completed in the second half of 2026.
- NoteEarly commissioning of utilities in the individual plants is expected to commence in the second half of 2026.
- NoteThe Company has commenced a definitive capital estimate, targeting completion by the end of Q3 2026.
- NoteCompletion of the TLT is targeted in 2027 to align with startup at Thacker Pass.
What drove it
- Detailed engineering design completed surpassed 95%, while procurement exceeded 80%, including the shipment of major plant materials and equipment.
- Over 1,600 personnel were on site, and on-site personnel levels are expected to increase to over 2,000 in the second half of 2026.
- Other income increased to $6.7 million in Q2 2026 primarily due to higher interest income from increased balances in interest-generating bank accounts, driven largely by proceeds from the Company’s ATM programs.
- Q2 2026 included a $4.5 million gain on change in fair value of the JV Warrant and a $5.7 million gain on change in fair value of the Embedded Derivative.
- All off-site power modifications are complete, and the Company remains on track for energization in Q4 2026.
Concerns
- During Q2 2026, the cost environment was unfavorably impacted by reduced open sea lane availability, reductions in the availability of U.S. fabrication capacity, constraints in U.S. logistics, further inflationary pressures and an increasingly competitive skilled labor market.
- Total associated tariff exposure, the majority of which is expected to be incurred during 2026, is estimated between $80 million and $100 million.
- The Company will incorporate recent and unexpected developments, including implications from tariffs, conflicts in the Middle East, fuel prices and other inflationary increases not included in the total Capex estimate of $2.93 billion per the Company’s Technical Report.
- General and administrative expenses increased to $15.1 million in Q2 2026 due to increased hiring, share-based compensation, community investment and regulatory and professional fees supporting expanded operations.
- The Company issued common shares under its March 2026 ATM Program and agreed to issue $150 million in Yorkville Debentures at the initial closing.
What to watch
- Completion of the definitive capital estimate targeted by the end of Q3 2026.
- The balance of structural steel, which is expected in Q3 2026.
- Energization targeted in Q4 2026.
- Completion of all main concrete and commencement of early utility commissioning in the second half of 2026.
- Fiscal year 2026 total Capex guidance of $1.3 - $1.6 billion.
- Mechanical completion of Thacker Pass Phase 1 targeted for late 2027.
Balance sheet and cash flow
- Cash and restricted cash: $ 1,279.2 at June 30, 2026, compared with $ 905.6 at December 31, 2025; change $ 373.6.
- Mineral properties, plant and equipment, net: 2,090.8 at June 30, 2026, compared with 1,344.0 at December 31, 2025; change 746.8.
- Total assets: 3,535.9 at June 30, 2026, compared with 2,579.0 at December 31, 2025; change 956.9.
- Total liabilities: 1,586.3 at June 30, 2026, compared with 992.4 at December 31, 2025; change 593.9.
- The Company received its third DOE Loan advance of $342 million on June 3, 2026. Cumulative advances total $1.209 billion.
- DOE Loan increased by $637.0 million, reflecting advances of $774.0 million and $17.4 million of interest costs, net of $157.2 million of amortized deferred financing costs.
- Finance costs related to Thacker Pass totaling $32.7 million, including interest on the Orion Investment and DOE Loan advances, were capitalized in YTD Q2 2026.
- March 2026 ATM Program sales through June 30, 2026: 13.0 million common shares at an average price of $5.36 per share for aggregate net proceeds of $68.5 million after sales agent's commission and other expenses.
- Subsequent to Q2 2026, the Company issued and sold 1.1 million common shares at an average price of $3.87 per share for aggregate net proceeds of $4.2 million after sales agent's commission and other expenses.
- On August 5, 2026, the Company entered into a purchase agreement for up to $175 million in aggregate principal amount of subordinated convertible debentures. At the initial closing, the Company agreed to issue $150 million in Yorkville Debentures.
- As of August 12, 2026, the Company had 363,042,943 shares issued and outstanding.
Analysis
Lithium Americas reported Q2 2026 net income of $ 1.7, compared with a net loss of $ (13.2 ) in Q2 2025. Net income attributable to LAC stockholders was 2.2 and basic net income per share attributable to common stockholders was 0.01. The reported quarterly result reflected fair-value gains on the JV Warrant obligation and convertible debt and conversion feature, as well as higher interest income. The filing does not report revenue, gross profit, operating income, or operating cash flow, consistent with the Company’s development-stage focus on Thacker Pass construction.
Project execution advanced during the quarter. Detailed engineering design completed surpassed 95% and procurement exceeded 80%. More than 1,600 personnel were on site, more than 85% of structural steel was in transit or had arrived, and all off-site power modifications were complete. The Company continues to target mechanical completion in late 2027 and remains on track for energization in Q4 2026. Q2 Capex totaled $ 507.9, including $ 483.6 of Thacker Pass Phase 1 construction costs included in the total $2.93 billion Capex estimate.
Liquidity increased during the period. Cash and restricted cash was $ 1,279.2 at June 30, 2026, compared with $ 905.6 at December 31, 2025. The Company received a $342 million third DOE Loan advance on June 3, 2026, bringing cumulative advances to $1.209 billion, and raised $68.5 million in net proceeds through the March 2026 ATM Program by June 30. Subsequent to Q2, it raised another $4.2 million under the ATM program and entered into an agreement for up to $175 million of subordinated convertible debentures, with $150 million agreed at the initial closing.
Cost and execution risk remain central to the next update. The Company maintained fiscal 2026 total Capex guidance of $1.3 - $1.6 billion, but has begun a definitive capital estimate targeted for completion by the end of Q3 2026. Management cited reduced open sea lane availability, constrained U.S. fabrication and logistics capacity, inflation and a competitive skilled-labor market as unfavorable Q2 cost factors. It also estimated total associated tariff exposure of between $80 million and $100 million, with the majority expected during 2026.
General and administrative expenses rose to $15.1 million in Q2 2026 from $7.8 million in Q2 2025 as the Company expanded staffing and incurred higher share-based compensation, community investment, and regulatory and professional costs. The key near-term markers are delivery of the remaining structural steel in Q3 2026, the Q3 definitive capital estimate, Q4 2026 energization, and execution against the fiscal 2026 Capex range.
Management, verbatim
We are safely accelerating construction toward peak activity and peak labor later this year, with mechanical completion still targeted for late 2027. More than 1,600 workers are on site today, with over 2,000 expected before the year’s end. Thacker Pass is reaching new vertical heights as structural steel and concrete work at the processing plant advances through second-floor installations. Across the site, we are transitioning into piping and electrical trades and are receiving more than 60 truckloads of equipment and materials each day. All off-site power modifications are complete, and we remain on track for energization in Q4 2026.
Jonathan Evans, President and Chief Executive Officer of Lithium Americas
Lithium is central to America's economic and national security, sustaining resilient military operations, powering essential civilian infrastructure, and underpinning the technologies driving modern economic growth, from consumer electronics to grid-scale energy storage. Securing a reliable domestic supply is essential to meeting rising electricity demand, strengthening our energy independence and ensuring the United States wins the global technology race. Thacker Pass is proud to be a critical part of making that happen.
Jonathan Evans, President and Chief Executive Officer of Lithium Americas
Not in the filing
stated, not guessed- Total revenue
- Revenue by segment
- Gross profit
- Gross margin
- Operating income (loss)
- Operating margin
- Non-GAAP financial measures, including non-GAAP net income and non-GAAP EPS
- Operating cash flow
- Free cash flow
- Capital returns, including share repurchases and dividends
- Total debt balance
- Debt maturities
- Revenue guidance
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Prior-quarter comparisons for reported Q2 income-statement metrics
- Previous-quarter outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.