Lithium Americas Corp (TSX:LAC, NYSE:LAC) shares fell about 5% to less than $4 following the company’s fiscal fourth quarter 2025 earnings report, which showed a larger-than-expected loss.

The company posted a loss per share of $0.37, more than estimates of a $0.04 loss per share.

The company ended 2025 with approximately $905.6 million in total cash and restricted cash, including $412.6 million at the Thacker Pass joint venture level.

During the year, Lithium Americas capitalized $611.6 million in construction and project-related costs, bringing total capitalized costs to $982.8 million, part of the overall Phase 1 Capex estimate of $2.93 billion. By year-end, detailed engineering design at Thacker Pass was 93% complete, with procurement 60% complete.

Construction at Thacker Pass is ramping up, with approximately 950 personnel on site at the end of 2025, including 740 manual craft and 210 additional workers. Peak construction is expected in late 2026, when the workforce is projected to reach roughly 1,800.

Long-lead equipment fabricated throughout 2025 is scheduled for delivery in the first half of 2026, and more than 60% of structural steel, sourced from the UAE, is already in transit or on site.

Looking ahead, Lithium Americas guided 2026 capital expenditures of $1.3 billion to $1.6 billion, reflecting a front-loaded plan as long-lead equipment ordered in 2024 arrives.

Key milestones include the installation of pipe rack modules by mid-year, high-voltage power line commissioning in the second quarter, completion of main concrete work in the third quarter, and early plant commissioning in the fourth quarter.

Pre-commissioning is expected in late 2026, with process commissioning through 2027 and mechanical completion targeted for late 2027. Full ramp to nameplate capacity is planned for 2028.

“2025 marked a transformative year for Thacker Pass. Construction is advancing at full pace, and we are carrying that strong momentum into 2026,” Lithium Americas CEO Jonathan Evans said.

“With the second loan drawdown in February 2026, we have meaningfully de-risked the Project and reinforced our path forward.”

He added that Phase 1 remains on track for mechanical completion in late 2027, positioning the project to “play a central role in securing America’s energy and national security future.”

Wedbush maintained a ‘Neutral’ rating and $8 price target on Lithium Americas following the report, noting that 2026 is “a defining execution year” for Thacker Pass.

The firm described the project as “a national security asset” amid China’s dominance of global battery supply chains.

However, they wrote: “We remain on the sidelines despite steady progress as Thacker Pass continues construction with liquidity to fund operations through first production.”

Phase 1 is expected to produce 40,000 tons per year of battery-grade lithium carbonate, roughly seven times current US capacity, with potential expansion across five phases to 160,000 tons annually and an estimated 85-year mine life.