Largo Inc. (TSX: LGO) (NASDAQ: LGO) announced its second-quarter 2026 financial results, revealing a significant 68.5% increase in revenue to $44 million, up from $26.1 million in the same period last year. This growth was driven by a 28.5% increase in vanadium pentoxide production to 2,900 tonnes and a 53.5% rise in sales to 2,773 tonnes. Adjusted EBITDA improved to $2.7 million from $34,000, while Mining Operations Adjusted EBITDA surged 64.8% to $4.4 million. Despite a net loss of $22.7 million, which included noncash items and higher costs, the company maintained 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, underscoring the strategic importance of vanadium in defense applications. Additionally, the company received Brazilian regulatory approval to begin full-scale copper-platinum group metals (PGM) concentrate production at its Maracás Menchen Mine. This new venture is expected to produce approximately 300 to 380 tonnes per month, with an average grade of about 15% copper and 41 grams per tonne of PGMs, creating an additional revenue stream using existing infrastructure.
The company also benefited from stronger vanadium pricing during the quarter, with the average U.S. ferrovanadium benchmark price increasing 45.8% year-over-year. This pricing strength, combined with increased production and sales, positions Largo to capitalize on favorable market conditions.
Largo, the world's largest primary vanadium producer, supplies high-quality vanadium products to industries including steel, aerospace, defense, chemical, and energy storage. The company's vertical integration ensures reliable supply and quality, and it is committed to operational excellence and sustainability. Largo also holds a 37.4% ownership stake in Storion Energy, a joint venture with Stryten Energy focused on producing electrolyte for utility-scale vanadium flow batteries, which are crucial for long-duration energy storage solutions in the U.S.
Furthermore, Largo owns the Northern Dancer Tungsten-Molybdenum property in Canada's Yukon Territory and the Currais Novos Tungsten Tailing Project in Brazil, both with preliminary economic assessments completed in 2011. These assets provide additional growth opportunities.
The company's common shares trade on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol "LGO." For more information, visit Largo's website.
