Key Highlights

  • Published market data showed Lithium Americas (NYSE:LAC) up 1.33% at USD 1.90 with a one-year EPS change of 61.69%; the snapshot date and EPS basis are not shown, so both are unverified.
  • Second quarter 2026 Net Income was USD 1.7 million, with basic EPS of USD 0.01 but diluted EPS of negative USD 0.02, per the company release of August 13, 2026.
  • Cash and restricted cash were about USD 1.3 billion at June 30, 2026, including USD 530.3 million held at the Thacker Pass joint venture level.
  • Cumulative Department of Energy Loan advances reached USD 1.209 billion after a USD 342 million third advance on June 3, 2026.

Reading a 61.69% EPS Change From a Tiny Base

Lithium Americas (NYSE:LAC) is a pre-revenue developer, so Earnings Per Share are small and noisy. A ratio change from a near-zero or negative base can look large without signaling Business momentum. The company reported second quarter 2026 net income of USD 1.7 million, yet diluted EPS was negative USD 0.02, and six-month diluted EPS was negative USD 0.07. The 61.69% figure could not be matched to GAAP or adjusted results, so it is reported only as published market data, with no verified basis. The company builds the Thacker Pass lithium project in Nevada, which has not yet produced lithium, so reported earnings do not reflect lithium sales. Investors should therefore treat any EPS growth rate as a weak guide to project value, and the stated basis, GAAP or adjusted, matters.

Thacker Pass Construction and the Financing Stack

The company said more than 1,600 workers were on site, detailed engineering was over 95% complete and procurement was over 80% complete. It had capitalized USD 1.8 billion of construction and project costs, of which USD 1.6 billion counts toward the USD 2.93 billion capital estimate. Energization is targeted for the fourth quarter of 2026 and mechanical completion for late 2027. A definitive capital estimate was targeted by the end of the third quarter of 2026, and whether it was delivered could not be verified. 2026 capital spending guidance was USD 1.3 billion to USD 1.6 billion. The company said it is accelerating toward peak activity and peak labor later in 2026, with over 2,000 workers expected by year-end and more than 85% of structural steel in transit or on site.

Dilution, Convertibles and a Quote That Does Not Reconcile

The company sold 13.0 million shares under an at-the-market program at an average of USD 5.36 through June 30, 2026, raising net proceeds of USD 68.5 million. On August 5, 2026 it closed a USD 150 million initial Tranche of convertible debentures, with up to USD 175 million available. Those tools add dilution risk. The screen price of USD 1.90 sits far below the USD 5.36 average sale price, so the quote should be treated cautiously and no market Capitalization is stated. Estimated Tariff exposure of USD 80 million to USD 100 million is another cost risk, mostly falling in 2026. Lithium price direction, which the filing does not forecast, would decide project Economics once production starts.

Where Things Stand

The 61.69% EPS change is real only as a published screen number: it comes off a tiny base, its basis is unknown and the company's own quarterly diluted EPS was negative. Lithium Americas (NYSE:LAC) is better understood as a construction-stage project with large financing needs and a 1.33% daily move that carries little information. Progress on Thacker Pass energization, the definitive capital estimate and any further dilution will matter more than one EPS ratio. Quoted gains for a company at this stage can reverse quickly, and nothing here is a forecast.