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Largo (LGO) investor relations material
Largo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues totaled $26.1 million, down from $28.6 million in Q2 2024, reflecting lower vanadium and ilmenite sales amid weak market prices.
Net loss improved to $5.8 million in Q2 2025 from $14.5 million in Q2 2024, driven by significant cost reductions and operational efficiencies.
Operating costs decreased 17% year-over-year to $30.1 million, reflecting a 26% reduction in direct mine and production costs.
Adjusted cash operating costs excluding royalties per pound sold fell 24% to $3.18, highlighting the impact of cost optimization initiatives.
Production and sales volumes for vanadium and ilmenite declined year-over-year, but operational recovery rates improved.
Financial highlights
Revenues per pound sold of V205 equivalent were $6.39 in Q2 2025 versus $6.46 in Q2 2024.
Mining operations adjusted EBITDA rose to $2.7 million in Q2 2025 from $0.9 million in Q2 2024.
Basic loss per share improved to $0.09 from $0.23 year-over-year.
Cash balance at quarter-end was $5.6 million, with total debt at $95.1 million.
Foreign exchange gain of $4.7 million in Q2 2025, compared to a $4.1 million loss in Q2 2024, aided results.
Outlook and guidance
Management expects continued benefits from cost reduction and productivity initiatives in future quarters.
The company is evaluating commercial impacts and potential strategy adjustments due to new U.S. tariffs on Brazilian imports.
Liquidity is being supported by a $6 million secured loan, with further options under review to enhance financial flexibility.
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