Lithium Americas Q3 2026: Thacker Pass Cost Blows Past $3.8 Billion
As seen on the 24/7 Wall St. homepage on November 12, 2026.
Thacker Pass Phase 1 now costs $3.83 billion, up from $2.93 billion, on labor shortfalls, wage inflation and tariffs. That leaves a roughly $995 million funding gap to close, with mechanical completion still set for late 2027.
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Lithium Americas reported a GAAP loss of $0.05 per diluted share for Q3 2026, missing expectations. The company generated no revenue, as it remains entirely in construction mode at its Thacker Pass lithium project in Nevada.
The headline loss sits alongside a reported GAAP net income of $90.1 million for the quarter, a figure driven entirely by non-cash fair value gains on warrant, note and debenture obligations, partially offset by transaction costs tied to the Yorkville Debentures issuance.
The revised Phase 1 capital cost estimate climbed to $3.83 billion from a prior $2.93 billion, with management citing labor productivity shortfalls, wage inflation for craft workers, and tariff exposure as the primary drivers. That leaves a funding gap of approximately $995 million still to be closed through contributions to the GM joint venture and DOE loan reserve accounts.
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Mechanical completion remains targeted for late 2027, with production ramp-up extending through 2028. Peak capital spending is expected in fiscal 2026, and cumulative DOE loan advances stood at $1.448 billion as of the quarter's end.
The EPS history shows an uneven loss trajectory: the company swung to a loss of $0.25 in Q4 2025, only to narrow losses in the two quarters that followed, before widening again to $0.05 in Q3 2026. Investors will be focused on whether management can close the remaining funding gap and hold the late 2027 mechanical completion target as labor and cost pressures persist on site.
Mentioned: LAC