LITHIUM AMERICAS CORP.

Pre-revenue lithium developer with a strategically de-risked flagship asset but no earnings and short funded runway.

Strengths

• Thacker Pass materially de-risked: GM JV, DOE loan ($435M+$432M advances), Orion investment, FID declared, after-tax NPV $5.9-8.7B / ~20% IRR
• Strong near-term liquidity ($568M cash, current ratio 5.2, 84th pct); small negative returns reflect pre-production status, not distress

Risks

• No revenue; massive cash burn (FCF -$826M) and only ~2.8 quarters of funded runway (50th pct) — reliant on continued ATM/DOE financing
• Execution, permitting, tariff and DOE-covenant risk on a multi-billion, multi-phase greenfield build
• Single-asset, single-commodity exposure to volatile lithium pricing

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Cash burnNegative free cash flow (-826.3M)