The company remains in a pre-revenue development phase, with administrative overhead peaking at $28.8 million in 2025Q4, underscoring the lack of top-line contributions.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.84M | 4.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | -100% | 12.89% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 10K | 0 | 46K | 0 | 0 | 0 | 508.51K | 0 | 6.8M | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 140.41% | 142.26% | - | - | - | - | - | - | - | - | - |
| Gross Profit | -10K | 0 | -46K | 0 | 0 | 0 | -508.51K | 0 | -1.96M | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | -40.41% | -42.26% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | - | - | - | 100% | - | 100% | -7.94% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 57.39M | 52.84M | 28.25M | 28.75M | 60.86M | 44.49M | 24.1M | 19.34M | 24.63M | 23.47M | 6.6M | 6.6M | 4.99M | 8.1M | 5.64M | 5M | 3.41M | 2.09M | 63.49K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | 508.53% | 547.09% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 57.39M | 52.82M | 28.1M | 28.75M | 60.86M | 44.49M | 24.1M | 10.58M | 13.94M | 18.66M | 4.08M | 3.76M | 2.35M | 3.68M | 5.64M | 5M | 3M | 2.09M | 14.03K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 287.88% | 434.9% | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 578K | 423K | 434K | 659K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 11.93% | 9.86% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 19K | 156K | 0 | 0 | 0 | 0 | 8.76M | 1.29M | 642K | 2.09M | 73K | 2.63M | 0 | 0 | 0 | 186.58K | 0 | 0 |
| Operating Income | -57.4M | -52.84M | -28.3M | -28.75M | -60.86M | -44.49M | -24.61M | 59.66M | -28.27M | -25.28M | -6.6M | -11.78M | -4.99M | -8.1M | -5.64M | -5.01M | -3.41M | -2.09M | -63.49K |
| Operating Margin % | - | - | - | - | - | - | - | - | -583.67% | -589.35% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -86.73% | 1.57% | 52.76% | -36.77% | -80.82% | -141.25% | 311.06% | -11.8% | -282.9% | 43.96% | -136.37% | 38.46% | -43.59% | -12.59% | -46.79% | -63.54% | -3186.86% | - |
| EBITDA | -56.29M | -51.8M | -27.31M | -28.61M | -60.06M | -43.84M | -24.1M | 60.72M | -26.9M | -24.34M | -6.45M | -11.76M | -4.98M | -8.09M | -5.64M | -5M | -3.41M | -2.26M | -63.21K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | -555.5% | -567.46% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -98.23% | -89.68% | 4.57% | 52.35% | -37% | -81.9% | -139.69% | 325.7% | -10.51% | -277.31% | 45.14% | -136.35% | 38.52% | -43.49% | -12.88% | -46.55% | -51.15% | -3468.88% | - |
| D&A (Non-Cash Add-back) | 1.11M | 1.05M | 992K | 135K | 801K | 658K | 508.51K | 1.06M | 1.36M | 939K | 151K | 22K | 9K | 6K | 0 | 12.73K | 3.09K | -169K | 282 |
| EBIT | -52.41M | -52.84M | -28.3M | -28.75M | -60.86M | -44.49M | -24.61M | 58.23M | -17.86M | -21.52M | -6.32M | -11.78M | -10.39M | -8.05M | 0 | -5.13M | -3.22M | -1.92M | -63.49K |
| Net Interest Income | 1.42M | 0 | 14.74M | 2.57K | -3.59K | -2.36K | -832 | -2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.71K | 21.51K | -48.34K | 0 |
| Interest Income | 1.42M | 0 | 14.74M | 2.57K | 0 | 0 | 0 | 855K | 0 | 0 | 29K | 38K | 22K | 67K | 100.22K | 59.44K | 24.61K | 15.24K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 3.59K | 2.36K | 832 | 2.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.73K | 3.09K | 63.57K | 0 |
| Other Income/Expense | -12.71M | -33.42M | -14.34M | 23.66M | -6.94M | -2.65M | -874.9K | -4.36M | 0 | -7.97M | -952K | 10.48M | 5.45M | 13K | 170.57K | -136K | 186.58K | 105.13K | 0 |
| Pretax Income | -70.11M | -86.26M | -42.63M | -5.09M | -67.8M | -47.15M | -25.48M | 55.3M | -28.27M | -33.25M | -7.55M | -1.3M | 466K | -8.09M | -5.47M | -5.15M | -3.23M | -1.98M | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | -583.67% | -775.06% | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -59.44K | -24.61K | 48.34K | 63.49K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 2.61% | 0% | 0% | 0% | 0% | 0% | 0% | 1.83% | 1.15% | 0.76% | -2.44% | - |
| Net Income | -111.79M | -122.09M | -42.53M | -5.09M | -67.8M | -47.03M | -26.55M | 51.66M | -28.27M | -33.25M | -7.55M | -1.3M | 466K | -8.09M | -5.37M | -5.09M | -3.2M | -2.03M | -63.49K |
| Net Margin % | - | - | - | - | - | - | - | - | -583.67% | -775.06% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -134.4% | -187.07% | -735.85% | 92.5% | -44.17% | -77.13% | -151.39% | 282.77% | 14.99% | -340.11% | -481.15% | -378.97% | 105.76% | -50.57% | -5.6% | -58.84% | -57.66% | -3098.67% | - |
| Net Income (Continuing) | -70.11M | -86.26M | -42.63M | -5.09M | -67.8M | -47.15M | -25.48M | 51.66M | -28.27M | -33.25M | -7.55M | -1.3M | 466K | -8.09M | -5.37M | -5.09M | -3.2M | -2.03M | -63.49K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 122 | -1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 534.68M | 527.89M | 310.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.32 | -0.51 | -0.21 | -0.02 | -0.49 | -0.35 | -0.19 | 0.56 | -0.32 | -0.44 | -0.28 | -0.06 | 0.02 | -0.40 | -0.29 | -0.31 | -0.29 | -0.20 | -0.01 |
| EPS Growth % | -101.98% | -142.86% | -757.14% | 95% | -40% | -84.21% | -133.93% | 275% | 27.27% | -57.14% | -367.45% | -361.57% | 105.73% | -37.93% | 6.45% | -6.9% | -45% | - | - |
| EPS (Basic) | - | -0.51 | -0.21 | -0.02 | -0.49 | -0.35 | -0.19 | 0.58 | -0.32 | -0.44 | -0.28 | -0.06 | 0.02 | -0.40 | -0.29 | -0.31 | -0.29 | -0.20 | -0.01 |
| Diluted Shares Outstanding | 353.18M | 243.66M | 200.82M | 160.36M | 133.75M | 133.75M | 133.75M | 91.75M | 88.6M | 75.98M | 26.63M | 21.69M | 20.33M | 20.14M | 18.39M | 16.34M | 11.14M | 10.24M | 10.24M |
| Basic Shares Outstanding | 353.18M | 243.66M | 200.82M | 160.36M | 133.75M | 133.75M | 133.75M | 89.14M | 88.6M | 75.98M | 26.63M | 21.69M | 20.31M | 20.14M | 18.39M | 16.34M | 11.14M | 10.24M | 10.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial scale execution risk
As indicated by the company's financial filings, Lithium Americas remains a pre-revenue development-stage entity, with no top-line contributions recorded across the last ten quarters as the firm focuses exclusively on the construction and permitting milestones of the Thacker Pass lithium project in Nevada.
The absence of revenue underscores the company's current reliance on external financing and capital markets to fund its development activities. Investors should monitor the transition from development to production, as the lack of historical sales data makes traditional growth metrics inapplicable for assessing current operational performance.
Based on reported quarterly figures, SG&A expenses have fluctuated significantly, reaching a peak of $28.8 million in 2025Q4, which highlights the substantial administrative and operational burden associated with managing a large-scale mining project during its critical pre-production phase.
The volatility in SG&A suggests that management is scaling its corporate infrastructure to support the Thacker Pass construction timeline. This expense profile warrants close scrutiny, as any further expansion in overhead without a corresponding acceleration in project milestones could indicate inefficient capital deployment.
According to the provided income statement data, net income figures are heavily influenced by non-operating items, such as the $98.7 million gain recorded in 2025Q4, which obscures the underlying cash burn rate inherent in the company's current development-stage business model.
These non-cash revaluations of derivative liabilities related to strategic investments create a misleading picture of profitability for the casual observer. Analysts should focus on operating losses and cash outflows rather than net income to gauge the true financial health of the organization.
While the company has secured significant government loan commitments, the historical data shows consistent operating losses, with quarterly operating deficits reaching as high as $28.8 million, suggesting that the path to commercial viability remains fraught with unproven metallurgical and construction risks.
Short-sellers may focus on the potential for cost overruns and the unproven nature of the clay-leaching process at a commercial scale. The reliance on a single asset and a single primary off-take partner creates a concentrated risk profile that could lead to significant margin compression if production targets are missed.
Quick answers to the most common questions about buying LAC stock.
For fiscal year 2025, Lithium Americas Corp. (LAC) reported total revenue of $0.0M.
Lithium Americas Corp. (LAC) reported a net loss of $122.1M for the fiscal year ending 2025.