LITHIUM AMERICAS CORP.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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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.
Jun 30, 2025 · Filed Aug 14, 2025
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RESULTS OF OPERATIONS
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.
The Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
The following table provides a summary of the Company’s condensed consolidated results of operations for YTD Q2 2025 compared with YTD Q2 2024:
| For the Six Months Ended June 30, · Increase/ | |||
|---|---|---|---|
| (in US$ millions except for share amounts) | 2025 | 2024 | (decrease) |
| General and administrative expenses | $14.4 | $12.2 | $2.2 |
| Transaction costs | 17.6 | 2.2 | 15.4 |
| (Gain)/loss on financial instruments measured at fair value | (4.6) | 4.5 | (9.1) |
| Other income | (2.7) | (6.1) | (3.4) |
| Net loss | 24.8 | 12.8 | 12.0 |
| Net loss attributable to LAC stockholders | 23.1 | 12.8 | 10.3 |
| Net loss per share – basic and diluted attributable to common stockholders | (0.11) | (0.07) | 0.04 |
General and administrative expenses for YTD Q2 2025 increased to $14.4 million (YTD Q2 2024 - $12.2 million), which is due mainly to higher salaries, professional fees and office and administration fees in YTD Q2 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 YTD Q2 2025 increased to $17.6 million (YTD Q2 2024 - $2.2 million), which is due mainly to advisory and professional fees associated with the Orion Investment and advisory fees due upon achieving FID for Thacker Pass Phase 1. Transaction costs in YTD Q2 2024 primarily related to negotiating and advancing towards closing the DOE Loan.
The Gain/(loss) on financial instruments measured at fair value is comprised of changes in the fair value of financial instruments, including an embedded derivative associated with the Notes, the Company’s investments in GT1 and Ascend Elements, and, in YTD Q2 2024, the Tranche 2 Investment liability. As the Notes include a potential partial cash settlement feature, the Company recognizes an embedded derivative (the “Embedded Derivative”) which is valued at fair value each balance sheet date. A gain on change in the fair value of the Embedded Derivative of $6.8 million was recognized at June 30, 2025 representing the gain since initial recognition of the Embedded Derivative at fair value on April 1, 2025. The loss on change in fair value of the investment in GT1 of $0.4 million for YTD Q2 2025 was lower than the loss of $1.9 million for YTD Q2 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 YTD Q2 2025 of $1.8 million compared with a loss of $2.6 million for YTD Q2 2024, reflecting the overall downturn of the battery recycling market in 2024 that continued into Q2 2025. The loss on change in fair value of the Tranche 2 Investment liability of $0.01 million for YTD Q2 2024 reflects the decrease 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 Tranche 2 Investment liability was terminated on October 15, 2024.
Other income of $2.7 million for YTD Q2 2025 decreased when compared with $6.1 million for YTD Q2 2024, which was mainly due to higher balances invested in interest generating investments in YTD Q2 2024 compared with YTD Q2 2025.
The Three Months Ended June 30, 2025 compared with the Three Months Ended June 30, 2024
The following table provides a summary of the Company’s condensed consolidated results of operations for Q2 2025 compared with Q2 2024:
| Three Months Ended June 30, · Increase/ | |||
|---|---|---|---|
| (in US$ millions except for share amounts) | 2025 | 2024 | (decrease) |
| General and administrative expenses | $7.8 | $6.4 | $1.4 |
| Transaction costs | 13.3 | 1.3 | 12.0 |
| (Gain)/loss on financial instruments measured at fair value | (6.5) | 3.0 | (9.5) |
| Other income | (1.4) | (4.2) | (2.8) |
| Net loss | 13.2 | 6.6 | 6.6 |
| Net loss attributable to LAC stockholders | 12.4 | 6.6 | 5.8 |
| Net loss per share – basic and diluted attributable to common stockholders | (0.06) | (0.03) | 0.03 |
General and administrative expenses for Q2 2025 increased to $7.8 million (Q2 2024 - $6.4 million), due mainly to higher salaries, professional fees and office and administration fees in Q2 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 Q2 2025 increased to $13.3 million (Q2 2024 - $1.3 million), due mainly to third-party transaction costs associated with the Orion Investment and advisory fees due upon achieving FID for Phase 1 at Thacker Pass. Transaction costs in Q2 2024 primarily related to negotiating and advancing towards closing the DOE Loan.
The Gain/(loss) on financial instruments measured at fair value includes changes in the fair value of financial instruments, including the Embedded Derivative, the Company’s investments in GT1 and Ascend Elements, and, in Q2 2024, the Tranche 2 Investment liability. A gain on change in the fair value of the Embedded Derivative of $6.8 million represents the gain at June 30, 2025 since the Embedded Derivative was initially recognized at fair value on April 1, 2025. The loss on change in fair value of the investment in GT1 of $0.2 million for Q2 2025 was lower than the loss of $0.6 million for Q2 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 Q2 2025 of $0.1 million compared with a loss of $2.6 million for Q2 2024, reflecting the overall downturn of the battery recycling market in 2024 that continued into Q1 2025. The gain on change in fair value of the Tranche 2 Investment liability of $0.2 million for Q2 2024 reflects the decrease in the market value of the Company’s share price during that time and an increase in the volatility assumption. The Tranche 2 Investment agreement that included the Tranche 2 Investment liability was terminated on October 15, 2024.
Other income of $1.4 million for Q2 2025 decreased compared with $4.2 million for Q2 2024, which was due mainly to higher balances invested in interest generating investments in Q2 2024 compared with Q2 2025.
Selected financial position information
| (in US$ millions) | June 30, 2025 | December 31, 2024 | Increase/(decrease) |
|---|---|---|---|
| Cash and restricted cash | $509.1 | $594.2 | $(85.1) |
| Mineral properties, plant and equipment, net | 810.1 | 398.9 | 411.2 |
| Total assets | 1,339.1 | 1,044.9 | 294.2 |
| Total liabilities | 303.3 | 99.6 | 203.7 |
| Total long-term liabilities | 251.5 | 41.3 | 210.2 |
In YTD Q2 2025, total assets increased due mainly to the Orion Investment and contributions made to the JV by GM upon declaring FID at Thacker Pass, which was partially offset by payment of accrued liabilities at December 31, 2024, which related mainly to transaction costs, as well as cash used to fund operating costs in YTD Q2 2025. Mineral properties, plant and equipment increased mainly due to the capitalization of Thacker Pass construction costs and the installation of WFH units.
In YTD Q2 2025, total liabilities increased due mainly to amounts associated with the Notes and the PPA, which were both non-current at June 30, 2025.
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