LITHIUM AMERICAS CORP.
For the period ended Mar 31, 2025. Filed May 15, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
RESULTS OF OPERATIONS
The Three Months Ended March 31, 2025 compared with the Three Months Ended March 31, 2024
The following tables provide a summary of the Company’s condensed consolidated results of operations for the three months ended March 31, 2025 (“Q1 2025”) compared with the three months ended March 31, 2024 (“Q1 2024”).
The selected consolidated financial information set out below has been derived from the Company's audited consolidated annual financial statements and unaudited condensed consolidated interim statements and should be read in conjunction with those consolidated financial statements and the related notes thereto.
| For the Three Months Ended March 31, · Increase/ | |||
|---|---|---|---|
| (in US$ millions except for share amounts) | 2025 | 2024 | (decrease) |
| General and administrative expenses | $6.5 | $5.8 | $0.7 |
| Transaction costs | 4.3 | 0.9 | 3.4 |
| Loss on financial instruments measured at fair value | 2.0 | 1.5 | 0.5 |
| Other (income) expense | (1.3) | (1.9) | 0.6 |
| Net loss | 11.5 | 6.3 | 5.2 |
| Net loss attributable to LAC stockholders | 10.7 | 6.3 | 4.4 |
| Net loss per share – basic and diluted attributable to common stockholders | (0.05) | (0.04) | (0.01) |
| Increase/ | |||
|---|---|---|---|
| (in US$ millions) | March 31, 2025 | December 31, 2024 | (decrease) |
| Cash and restricted cash | 446.9 | 594.2 | (147.3) |
| Mineral properties, plant and equipment, net | 475.8 | 398.9 | 76.9 |
| Total assets | 1,018.5 | 1,044.9 | (26.4) |
| Total liabilities | 83.5 | 99.6 | (16.1) |
| Total long-term liabilities | 40.1 | 41.3 | (1.3) |
General and administrative expenses for Q1 2025 increased to $6.5 million, compared with $5.8 million in Q1 2024, due to higher professional fees in Q1 2025, reflecting the ongoing costs of the Company's transition to domestic filer as well as increased reporting obligations associated with the DOE Loan and formation of the JV.
Transaction costs for Q1 2025 increased to $4.3 million (Q1 2024 - $0.9 million) due to financing activities that concluded with the closing of the Orion Investment. Transaction costs in Q1 2024 primarily related to negotiating and advancing the DOE Loan.
The Loss on financial instruments measured at fair value includes the losses on the Company’s investments in GT1, Ascend Elements and, in Q1 2024, the GM Tranche 2 liability. The loss on change in fair value of the investment in GT1 of $0.2 million for Q1 2025 was lower than the loss of $1.3 million for Q1 2024, reflecting the publicly-listed share price of GT1 at these respective dates. The loss on change in fair value of the investment in Ascend Elements for Q1 2025 of $1.7 million compared with no change in Q1 2024, reflecting the overall downturn of the battery recycling market in late 2024 that continued into Q1 2025. The loss on change in fair value of the GM Tranche 2 liability of $0.2 million for Q1 2024 reflects the increase in the market value of the Company’s share price during that time and a decrease in the volatility assumption. The Tranche 2 Investment agreement that included the GM Tranche 2 liability was terminated on October 15, 2024.
The difference between other income of $1.3 million for Q1 2025 compared with $1.9 million for Q1 2024 was primarily due to higher interest earned on cash investments in Q1 2024 compared with Q1 2025.
In Q1 2025, total assets decreased due to the payment of accrued liabilities at December 31, 2024 related to transaction costs, as well as cash used to fund operating costs in Q1 2025. Mineral properties, plant and equipment increased due to the capitalization of Thacker Pass construction costs, including engineering, earthworks, procurement and the commencement of installation of WFH units.
In Q1 2025, total liabilities decreased primarily due to the payment of accrued liabilities at December 31, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.