0001193125-26-222727
SEC filingThacker Pass development drove $299.3M capex and negative cash flows, offset by non-cash gains delivering first GAAP net income of $4.6M; operating cash use remained stable while project investments accelerated.
Operating cash flow used $18.3 million, marginally better than $18.8 million last year, consistent with pre-production ramp-up costs. Combined with $299.3 million capex, free cash flow stood at -$317.6 million, underscoring the capital-intensive nature of lithium project buildout. These outflows reflect the company's focus on Thacker Pass, where substantial completion will trigger GM's call right on offtake terms if pricing disputes arise.