Lithium Americas (LAC.TO) said Friday that its 2024 net loss surged and came in higher than analysts' forecasts.
The company posted a 2024 net loss of US$42.6 million, or US$0.21 per share, compared with a 2023 net loss of US$5.1 million, or US$0.03 per share, and the analyst consensus estimate of US$0.02 loss per share compiled by FactSet.
Lithium Americas attributed the bigger loss to higher transaction costs related to advancing and closing both its loan with the US Energy Department and joint venture over the Thacker Pass project in Nevada. The company also said it recognized a loss on the fair value of financial instruments compared to a gain in the previous year.
"2024 was a transformational year in moving Thacker Pass forward to develop a North American lithium supply chain," President and CEO Jonathan Evans said. "We successfully put in place the partnerships and capital required to develop and construct phase 1 of Thacker Pass, as well as the internal governance and structures to support the growing organization."
Lithium Americas' share price gained 0.3% at last look Friday to US$2.88 on NYSE pre-market trading.
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