Largo Inc. (TSX: LGO) (NASDAQ: LGO) reported second-quarter 2026 revenue of $44 million, a 68.5% increase from $26.1 million in the same period last year. The company attributed the growth to higher vanadium pentoxide production, which rose 28.5% to 2,900 tonnes, and sales that increased 53.5% to 2,773 tonnes. Adjusted EBITDA improved to $2.7 million from $34,000, while Mining Operations Adjusted EBITDA grew 64.8% to $4.4 million.
Despite the revenue surge, the company recorded a net loss of $22.7 million, primarily due to noncash items and higher costs. Largo ended the quarter with $5.1 million in cash and $114.2 million in debt. The company reiterated its 2026 guidance for V2O5 equivalent production of 10,500 to 12,000 tonnes and sales of 7,500 to 9,500 tonnes.
Subsequent to the quarter, Largo secured a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials, highlighting its role in supplying critical materials for national defense. Additionally, the company received Brazilian regulatory approval to begin full-scale copper-platinum group metals (PGM) concentrate production at its Maracás Menchen Mine. Largo expects to produce approximately 300 to 380 tonnes per month of copper-PGM concentrate, with an average grade of about 15% copper and 41 grams per tonne of PGMs. This new production stream leverages existing infrastructure and adds a potential revenue source.
The company also noted stronger vanadium pricing during the quarter, with the average U.S. ferrovanadium benchmark price up 45.8% from a year earlier. This pricing improvement contributed to the revenue growth.
Largo is the world’s largest primary vanadium producer, sourcing high-quality vanadium products from its Maracás Menchen Mine in Brazil. The company serves industries including steel, aerospace, defense, chemical, and energy storage. It also holds a 37.4% ownership in Storion Energy, a joint venture with Stryten Energy focused on producing electrolyte for utility-scale vanadium flow battery long-duration energy storage in the U.S. Additionally, Largo owns 100% of the Northern Dancer Tungsten-Molybdenum property in Yukon, Canada, and the Currais Novos Tungsten Tailing Project in Brazil.
The company’s common shares trade on the Nasdaq and Toronto Stock Exchange under the symbol “LGO”. For more information, visit Largo's website.
