Largo Inc. (TSX: LGO) (NASDAQ: LGO) announced its second-quarter 2026 financial results, revealing a significant 68.5% year-over-year revenue increase to $44 million, up from $26.1 million in the same period last year. This growth was driven by a 28.5% rise in vanadium pentoxide production to 2,900 tonnes and a 53.5% increase in sales to 2,773 tonnes. The company also reported stronger vanadium pricing, with the average U.S. ferrovanadium benchmark price up 45.8% from a year earlier. Adjusted EBITDA improved to $2.7 million from $34,000, while Mining Operations Adjusted EBITDA rose 64.8% to $4.4 million.
Despite these operational gains, Largo recorded a net loss of $22.7 million, which the company attributes primarily to noncash items and higher costs. The company ended the quarter with $5.1 million in cash and $114.2 million in debt. Largo 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 significant $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials, underscoring 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 of copper-PGM concentrate per month, with an average grade of about 15% copper and 41 grams per tonne of PGMs. This new venture leverages existing infrastructure and creates an additional revenue stream, diversifying the company's product portfolio beyond vanadium.
The company's strategic investments in clean energy storage are also noteworthy. Largo holds a 37.4% ownership stake in Storion Energy, a joint venture with Stryten Energy focused on producing electrolyte for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. This positions Largo to benefit from the growing demand for energy storage technologies.
Largo is the world's largest primary vanadium producer, with operations centered at its Maracás Menchen Mine in Brazil. The company supplies critical materials to various industries, including steel, aerospace, defense, chemical, and energy storage. In addition to its vanadium operations, Largo owns the Northern Dancer Tungsten-Molybdenum property in Canada and the Currais Novos Tungsten Tailing Project in Brazil, both of which have completed preliminary economic assessments.
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.
