Largo Inc. Reports 68.5% Revenue Growth and Higher Vanadium Production in Q2 2026, Secures U.S. Defense Order

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, driven by higher vanadium production and sales. Vanadium pentoxide production rose 28.5% to 2,900 tonnes, while sales increased 53.5% to 2,773 tonnes. Adjusted EBITDA improved to $2.7 million from $34,000, and Mining Operations Adjusted EBITDA grew 64.8% to $4.4 million. Despite these gains, the company recorded a net loss of $22.7 million, primarily due to noncash items and higher costs, and 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, underscoring the strategic importance of vanadium in national defense applications. Additionally, the company began full-scale copper-platinum group metals (PGM) concentrate production at its Maracás Menchen Mine following Brazilian regulatory approval. Largo expects to produce approximately 300 to 380 tonnes of copper-PGM concentrate per month, with an average grade of about 15% copper and 41 grams per tonne of PGMs, creating an additional potential revenue stream using existing infrastructure.

The company also benefited from stronger vanadium pricing during the quarter, including a 45.8% increase in the average U.S. ferrovanadium benchmark price from a year earlier. This pricing strength, combined with the new production streams, positions Largo to capitalize on growing demand for critical minerals.

Largo is the world’s largest primary vanadium producer and a globally recognized supplier of high-quality vanadium products, sourced from its Maracás Menchen Mine in Brazil. The company produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. Largo is also strategically invested in the clean energy storage sector through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Additionally, the company holds a 100% interest in the Northern Dancer Tungsten-Molybdenum property in Yukon, Canada, and a 100% interest in the Currais Novos Tungsten Tailing Project in Brazil.

These developments highlight Largo's commitment to operational excellence and sustainability, leveraging vertical integration to ensure reliable supply and quality. The new copper-PGM production and the U.S. defense order diversify revenue streams and enhance the company's strategic position in the critical minerals market. As global demand for vanadium and other critical materials continues to rise, Largo is well-positioned to meet the needs of various industries, from steel and aerospace to energy storage and defense.

For more information, visit Largo's website.