Largo Inc. Reports Q4 and Full Year 2025 Financial Results

Largo Inc. reported its financial and operating results for the fourth quarter and full year ended December 31, 2025. The company experienced a 40% increase in total ore mined in Q4 2025 compared to Q4 2024, with a corresponding increase in Vanadium Pentoxide production. However, sales volume decreased by 21% in Q4 2025 due to U.S. tariffs impacting high-purity vanadium sales. Revenues for Q4 2025 were $22.3 million, an 8% decrease from Q4 2024, and full-year revenues were $109.9 million, a 12% decrease. The company reported a net loss of $17.2 million for Q4 2025 and $68.7 million for the full year. Adjusted cash operating costs improved by 18% for the full year 2025. Largo ended 2025 with $9.7 million in cash and $107.1 million in debt. Subsequent events include the elimination of U.S. tariffs in February 2026, allowing Largo to restart high-purity vanadium production and increase sales in the U.S. The company also established an ATM program, generating $19.5 million in net proceeds. Further positive test results for copper and precious metals concentrate production were reported. Largo reiterated its 2026 guidance for vanadium production and sales, expecting improved operational momentum.