Cash conversion remains negative, evidenced by a 2025Q4 OCF/NI ratio of -10.02 and a consistent pattern of negative free cash flow, including a $15.1 million outflow in 2025Q1.
| 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 |
|---|
| Cash from Operations | -20.73M | -30.48M | -21.81M | -58.97M | -62.64M | -53.18M | -30.88M | -17.65M | -18.54M | -12.91M | -6.71M | -5.42M | -4.64M | -7.52M | -9.84M | -2.8M | -1.92M | -718.2K | -28.19K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | -301.03% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -248.13% | -39.75% | 63.01% | 5.86% | -17.78% | -72.21% | -74.99% | 4.84% | -43.6% | -92.37% | -23.83% | -16.73% | 38.22% | 23.59% | -251.1% | -45.85% | -167.49% | -2447.8% | - |
| Net Income | -59.39M | -76.77M | -15.24M | 1.29B | -31.24M | -38.49M | -36.23M | 51.66M | -28.27M | -33.25M | -7.55M | -1.3M | 460.49K | -8.28M | -12.4M | -5.12M | -3.2M | -2.03M | -63.49K |
| Depreciation & Amortization | 454.17K | 498.58K | 758K | 1.07M | 213.2K | 925K | 687K | 1.06M | 1.36M | 939K | 138.41K | 21.31K | 8.89K | 6K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 7.25M | 0 | 7.23M | 8.4M | 0 | 5.75M | 6.63M | 4.13M | 4.73M | 11.57M | 567K | 1.15M | 225K | 873K | 2.19M | 2.21M | 1.5M | 1.39M | 35.31K |
| Deferred Taxes | -1.82M | 427.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 26.19M | 46.66M | -2.45M | -1.35B | -35.96M | -23.27M | -7.17M | -76.86M | 3.31M | 9.67M | 981K | -5.23M | -5.4M | 894.05K | 2.08M | 135.69K | -186.58K | -105.13K | 0 |
| Working Capital Changes | 6.78M | -1.29M | -12.11M | -5.37M | 4.35M | 1.89M | 5.21M | 2.35M | 303.68K | -1.91M | -857K | -64K | 59K | -132K | -179K | -66.1K | -28.47K | 29.91K | 0 |
| Change in Receivables | -45.75M | -2.99M | -16.46M | -1.02M | 168.07K | -754K | 134K | 2.01M | -264K | -596K | 18K | -142K | 10K | 224.28K | -211K | -81.41K | -97.18K | -21.46K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 1.07M | 343K | 443K | -2.09M | -382K | -40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 54.26M | 6.39M | -85.86M | -39.1M | -221.73M | -115.83M | -42.6M | -8.36M | -10.67M | -25.55M | -4.29M | -11.6M | -4.04M | -477K | -1.59M | -5.43M | -2.22M | -2.25M | -220.47K |
| Capital Expenditures | 2.81M | -233.01K | -1.67M | -7.87M | -1.3M | -1.88M | -61.77M | -29.85M | -1.9M | -1.69M | -4.36M | -11.76M | -4.04M | -477K | -1.59M | -5.43M | -2.22M | -2.25M | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | 39.28% | - | - | - | - | - | - | - | - | - |
| Acquisitions | -85K | 0 | -3.68M | -2.89M | 32.2M | -35.56M | 0 | 0 | -11.34M | -13.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.16K | 3.06M | -359.03K | -28.35M | -21.61M | -76.09M | 19.87M | 21.49M | 2.67M | 3.53M | 66K | -150K | 0 | 0 | 0 | 0 | 0 | 0 | -220.47K |
| Cash from Financing | -10.45M | -337.81K | 68.77M | 12.12M | -22.54M | 531.41M | 137.82M | 67.91M | 15.78M | 85.42M | 9.98M | 12.61M | 16.75M | 0 | 8.59M | 16.28M | 5.3M | 7.69M | 248.66K |
| Debt Issued (Net) | -10.71M | 0 | -774K | 338K | -23.73M | 163M | 36.71M | 65.85M | 17.32M | -171K | -147K | -119K | 1.32M | 0 | 0 | 0 | 0 | 2.34M | 0 |
| Equity Issued (Net) | 417.14K | 0 | 70M | 0 | 1.84M | 400M | 100M | 0 | 8.54K | 79.24M | 5.83M | 476.65K | 0 | 0 | 8.59M | 17.32M | 5.33M | 7.32M | 0 |
| Dividends Paid | 0 | 0 | 0 | -275.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | -295.84K | -336.87K | 0 |
| Other Financing | -158.01K | -337.81K | -455K | 287.28M | -650.17K | -31.59M | 1.12M | 2.07M | -1.54M | 6.35M | 4.3M | 13.14M | 15.43M | 0 | 0 | -1.04M | -24.07K | -1.98M | 248.66K |
| Net Change in Cash | 23.88M | -24.47M | -36.75M | -72.18M | 36.88M | 362.54M | 64.46M | 42.01M | -13.79M | 47.34M | -1.61M | -4.2M | 8.01M | -7.38M | -3.58M | 7.92M | 1.35M | 4.83M | 0 |
| Free Cash Flow | -20.93M | -30.48M | -23.48M | -66.84M | -62.8M | -55.06M | -92.65M | -47.5M | -20.55M | -14.6M | -11.07M | -17.18M | -8.69M | -7.82M | -11.98M | -8.23M | -4.14M | -2.96M | -28.19K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | -340.3% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 29.27% | -29.8% | 64.87% | -6.43% | -14.06% | 40.57% | -95.07% | -131.17% | -40.74% | -31.84% | 35.54% | -97.7% | -11.16% | 34.74% | -45.5% | -98.97% | -39.63% | -10412.02% | - |
| FCF per Share | -0.12 | -0.19 | -0.15 | -0.42 | -0.47 | -0.46 | -1.01 | -0.52 | -0.23 | -0.19 | -0.42 | -0.79 | -0.43 | -0.39 | -0.65 | -0.50 | -0.37 | -0.29 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.40x | 1.43x | -0.05x | 0.67x | 1.38x | 0.81x | -0.34x | 0.66x | 0.39x | 0.89x | 4.17x | -9.97x | 0.93x | 0.79x | 0.55x | 0.60x | 0.35x | 0.44x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Production Ramp-up Execution Risk
As reported in financial statements, Lithium Argentina AG consistently records negative operating cash flows despite intermittent net income fluctuations, with the OCF/NI ratio reaching extreme levels like -10.02 in 2025Q4, suggesting that accounting profits remain disconnected from the actual cash generation required for sustainable operations.
The wide divergence between net income and operating cash flow indicates that the company's reported earnings are heavily influenced by non-cash items or accounting adjustments rather than core operational performance. Investors should monitor this gap closely, as it suggests that the business is not yet generating the internal liquidity necessary to fund its own development.
Based on quarterly filings, the company has maintained a consistent pattern of negative free cash flow, with outflows reaching $15.1 million in 2025Q1, highlighting the significant cash burn inherent in the current development phase as the company attempts to scale its lithium carbonate production capacity.
The persistent negative FCF trajectory underscores the capital-intensive nature of the Cauchari-Olaroz project and the ongoing reliance on external financing. Without a clear path to positive cash flow, the company remains vulnerable to market sentiment and the availability of capital to sustain its operational ramp-up.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $6.8 million inflow in 2023Q4 to a $6.0 million outflow in 2025Q1, which suggests that the company is struggling to stabilize its cash conversion cycle during this critical transition to commercial production.
These fluctuations in working capital likely reflect the complexities of managing inventory and payables in a remote, high-altitude operational environment. The lack of a predictable working capital trend warrants further investigation into the efficiency of the company's supply chain and its ability to manage cash outflows effectively.
As indicated by the provided data, the company consistently utilizes stock-based compensation, peaking at $4.5 million in 2025Q1, which effectively masks the true extent of the cash burn by shifting compensation costs away from the cash flow statement and into equity-based accounting entries.
While stock-based compensation is a common tool for preserving cash in early-stage companies, it represents a real economic cost to shareholders through dilution. Analysts should adjust for these non-cash expenses to understand the true underlying cash burn rate and the long-term impact on shareholder value.
Quick answers to the most common questions about buying LAR stock.
Lithium Argentina AG (LAR) generated $-30.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lithium Argentina AG (LAR) reported negative free cash flow of $30.5M in 2025, indicating capital requirements exceeded cash from operations.
Lithium Argentina AG (LAR) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.