Largo Q2 Revenue Up 68% to $44M, Positive Adjusted EBITDA, and New Copper-PGM Production Guidance

summarizeSummary

Largo reported Q2 revenue up 68% to $44M with positive Adjusted EBITDA, but a wider net loss of $22.7M. The company provided initial copper-PGM production guidance and disclosed a tight cash position of $5.1M against $114.2M in debt.

check_boxKey Events · Earnings and Guidance · LGO

• Q2 Revenue Up 68% to $44M

  Revenue increased 68.5% to $44.0 million from $26.1 million in Q2 2025, driven by higher vanadium sales volumes and stronger realized pricing.

• Positive Adjusted EBITDA of $2.7M

  Adjusted EBITDA swung to $2.7 million from $34 thousand a year ago, while Mining Operations Adjusted EBITDA rose 64.8% to $4.4 million.

• Net Loss Widens to $22.7M

  Net loss increased to $22.7 million from $5.8 million, primarily due to non-cash write-downs of vanadium assets and deferred income tax expense.

• New Copper-PGM Production Guidance

  Initial guidance of 300-380 tonnes per month of copper-PGM concentrate at ~15% copper and 41 g/t PGM, with full-scale production started August 7, 2026.

auto_awesomeAnalysis · LGO · Energy & Transportation

Largo's Q2 results show strong operational momentum with revenue up 68.5% to $44.0 million and positive Adjusted EBITDA of $2.7 million, but the company still posted a net loss of $22.7 million due to non-cash write-downs and deferred tax expense. The new copper-PGM by-product production guidance of 300-380 tonnes per month at ~15% copper and 41 g/t PGM adds a new revenue stream using existing infrastructure, potentially improving margins. However, the cash balance of only $5.1 million against $114.2 million in debt and a $79.3 million working capital deficit underscores liquidity pressure, even as the ATM program has raised $24.8 million net this year.