The company remains pre-revenue with persistent SG&A overhead that reached $10.0 million in 2026Q1, masking the lack of commercial production from its core assets.
| 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 | 0 | 4.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | -100% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 155K | 350K | 560K | 441K | 180K | 0 | 686.44K | 0 | 6.8M | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | 142.26% | - | - | - | - | - | - | - | - | - |
| Gross Profit | -155K | -350K | -560K | -441K | -180K | 0 | -686.44K | 0 | -1.96M | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | -42.26% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 37.5% | -26.98% | -145% | - | 100% | - | 100% | -7.94% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 38.11M | 37.11M | 31.4M | 50.57M | 20.49M | 51.74M | 33.07M | 19.34M | 18.51M | 23.47M | 6.6M | 6.6M | 4.99M | 8.1M | 5.64M | 5.01M | 3.41M | 2.09M | 62.98K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | 547.11% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 32.21M | 30.42M | 21.32M | 29.36M | 15.76M | 15.51M | 33.07M | 19.34M | 13.25M | 18.66M | 4.04M | 3.76M | 2.35M | 3.68M | 5.94M | 5.01M | 3M | 2.09M | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 434.92% | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 548.52K | 423K | 397.8K | 638.45K | 117K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 9.86% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.85M | 6.69M | 10.08M | 21.21M | 4.73M | 36.23M | 0 | 0 | 4.69M | 4.39M | 2.13M | 2.18M | 2.52M | 4.42M | -298K | 142 | 412.58K | 0 | 62.98K |
| Operating Income | -38.26M | -37.46M | -31.96M | -51.01M | -20.67M | -51.74M | -33.76M | -19.34M | -25.31M | -25.28M | -6.6M | -6.36M | -4.99M | -8.1M | -5.64M | -5.01M | -3.41M | -2.09M | 0 |
| Operating Margin % | - | - | - | - | - | - | - | - | - | -589.37% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -17.19% | 37.35% | -146.75% | 60.04% | -53.26% | -74.59% | 23.62% | -0.12% | -282.92% | -3.85% | -27.54% | 38.46% | -43.59% | -12.59% | -46.79% | -63.54% | - | - |
| EBITDA | -37.81M | -36.97M | -31.2M | -49.95M | -20.45M | -50.81M | -33.07M | -18.27M | -23.95M | -24.34M | -6.45M | -6.34M | -4.98M | -8.09M | -12.68M | -5.01M | -3.41M | -2.09M | -62.98K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | -567.48% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -14.9% | -18.47% | 37.53% | -144.22% | 59.75% | -53.65% | -80.98% | 23.7% | 1.62% | -277.32% | -1.82% | -27.34% | 38.52% | 36.15% | -153.03% | -46.92% | -63.39% | -3213.62% | - |
| D&A (Non-Cash Add-back) | 453K | 489K | 758K | 1.07M | 222K | 925K | 686.44K | 1.06M | 1.36M | 939K | 151K | 21.31K | 8.89K | 6K | 0 | 0 | 0 | 0 | 282 |
| EBIT | -34.49M | -48.58M | -765K | 50.86M | -11.7M | -26.23M | -33.49M | -19.34M | -12.46M | -25.28M | -6.6M | -6.36M | 460.49K | -8.1M | -12.68M | -5.01M | -3.41M | -2.09M | -62.98K |
| Net Interest Income | 7.9M | 17.02M | 25.48M | 30.75M | 4.25M | -7.65M | -2.17M | -2.07M | 924K | 0 | -748K | 38K | 22K | 67K | 105K | 59.12K | 21.51K | -48.34K | -513 |
| Interest Income | 42.84M | 49.52M | 50.62M | 53.87M | 24.3M | 4.73M | 1.47M | 855K | 1.27M | 0 | 26.58K | 38K | 22K | 67K | 105K | 59.78K | 24.61K | 15.24K | 0 |
| Interest Expense | 34.93M | 32.5M | 25.13M | 23.12M | 20.05M | 12.38M | 3.64M | 2.93M | 343K | 0 | 685.61K | 0 | 0 | 0 | 0 | 12.73K | 3.09K | 63.57K | 513 |
| Other Income/Expense | -25.76M | -38.96M | 6.06M | 79.25M | -11.85M | 13.13M | -2.04M | 74.64M | 11.49M | -7.97M | -952K | 5.06M | 5.45M | 13K | -6.76M | -76.84K | 210.32K | 119.85K | 0 |
| Pretax Income | -64.02M | -76.41M | -25.9M | 28.24M | -32.53M | -38.61M | -35.8M | 55.3M | -13.82M | -33.25M | -7.55M | -1.3M | 466K | -8.09M | -12.4M | 0 | 0 | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | -775.06% | - | - | - | - | - | - | - | - | - |
| Income Tax | -1.79M | 468K | -10.66M | 10.66M | 0 | 0 | 1.28M | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.8% | -0.61% | 41.16% | 37.74% | 0% | 0% | -3.59% | 2.61% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - |
| Net Income | -59.39M | -75.45M | -15.23M | 1.29B | -93.57M | -38.49M | -38.15M | 51.66M | -28.27M | -33.25M | -7.55M | -1.3M | 466K | -8.09M | -12.4M | -5.09M | -3.2M | -2.03M | -63.49K |
| Net Margin % | - | - | - | - | - | - | - | - | - | -775.06% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -384.26% | -395.27% | -101.18% | 1476.93% | -143.11% | -0.89% | -173.84% | 282.77% | 14.99% | -340.11% | -481.15% | -378.97% | 105.76% | 34.79% | -143.83% | -58.84% | -57.66% | -3098.67% | - |
| Net Income (Continuing) | -62.23M | -76.88M | -15.24M | 17.58M | -32.53M | -38.61M | -37.08M | 53.86M | -13.82M | -33.25M | -7.55M | -1.3M | 466K | -8.09M | -12.4M | -5.09M | -3.2M | -2.03M | -63.49K |
| Discontinued Operations | 0 | 0 | 0 | 1.27B | -61.04M | 122K | -1.07M | -2.19M | -14.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 51.33M | 48.96M | 62.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.47 | -0.09 | 8.02 | -0.70 | -0.32 | -0.39 | 0.56 | -0.32 | -0.44 | -0.30 | -0.05 | 0.02 | -0.40 | -0.65 | -0.29 | -0.28 | -0.20 | -0.01 |
| EPS Growth % | -425.71% | -422.22% | -101.12% | 1245.71% | -118.75% | 17.95% | -169.64% | 275% | 27.27% | -46.67% | -500% | -318.34% | 105.73% | 38.46% | -124.14% | -3.57% | -40% | - | - |
| EPS (Basic) | - | -0.47 | -0.09 | 8.29 | -0.70 | -0.32 | -0.39 | 0.58 | -0.32 | -0.44 | -0.30 | -0.05 | 0.02 | -0.40 | -0.65 | -0.29 | -0.28 | -0.20 | -0.01 |
| Diluted Shares Outstanding | 172.96M | 162.17M | 161.34M | 160.63M | 133.71M | 118.81M | 91.83M | 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 | 163.33M | 162.17M | 161.34M | 155.33M | 133.71M | 118.81M | 91.83M | 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 | - | - | - | 21.38% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Production Ramp-up Execution Risk
As indicated by the provided financial data, Lithium Argentina AG has yet to generate meaningful top-line revenue, with quarterly figures consistently showing zero, reflecting its status as a developer transitioning toward production rather than an established commercial entity currently realizing sales from its Cauchari-Olaroz brine assets.
The absence of revenue suggests that the company remains in a critical pre-commercial phase where operational success is measured by project milestones rather than sales growth. Investors should monitor the transition from development to production, as the current lack of revenue makes the company highly sensitive to capital market conditions and project-level funding requirements.
Based on the reported income statements, the company maintains a significant SG&A overhead, which peaked at $26.4 million in 2023Q4 and has since fluctuated between $4.1 million and $10.0 million, highlighting the substantial fixed-cost structure required to support its ongoing administrative and operational development activities.
The volatility in SG&A expenses suggests that management is navigating a complex transition period, likely involving costs related to the recent corporate relocation to Switzerland. This high fixed-cost base, in the absence of revenue, places continuous pressure on the company's liquidity and necessitates disciplined expense management to preserve capital.
As reported in financial statements, the company's net income exhibits extreme volatility, including a notable $1.3 billion gain in 2023Q4, which appears to be a non-operating anomaly rather than a reflection of core operational performance or sustainable profitability within the lithium chemical production business.
The disconnect between operating losses and reported net income suggests that investors should focus on operating cash flow and EBITDA metrics to gauge true performance. These non-operating items may obscure the underlying cash burn, warranting further investigation into the specific accounting adjustments driving such significant swings in bottom-line results.
According to the provided data, the company has incurred consistent operating losses, with quarterly operating income remaining negative throughout the observed period, which may indicate that the anticipated low-cost brine production benefits have yet to materialize in a way that offsets the company's substantial overhead costs.
Short-sellers might focus on the persistent operating losses as evidence that the Cauchari-Olaroz project is struggling to achieve the necessary scale to reach profitability. The reliance on equity-method accounting for the joint venture further complicates the picture, potentially masking the true extent of the operational challenges faced at the site.
Quick answers to the most common questions about buying LAR stock.
For fiscal year 2025, Lithium Argentina AG (LAR) reported total revenue of $0.0M.
Lithium Argentina AG (LAR) reported a net loss of $75.4M for the fiscal year ending 2025.