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Largo (LGO) investor relations material
Largo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenues reached $33.3 million, up from $29.9 million in Q3 2024, with vanadium sales at $32.3 million and ilmenite sales at $1.0 million.
Net loss for Q3 2025 was $36.6 million, compared to $10.1 million in Q3 2024, mainly due to a $28.4 million non-cash derecognition of a deferred tax asset.
Production of V2O5 was 2,636 tonnes in Q3 2025, down from 3,072 tonnes in Q3 2024 but up from 2,256 tonnes in Q2 2025.
Storion Energy signed a strategic supply agreement and secured a 48 MWh battery project in Texas.
Installation of new flotation cell circuits to increase ilmenite capacity to 115,000 tonnes annually is underway, with ramp-up expected by year-end.
Financial highlights
Adjusted cash operating costs excluding royalties per pound sold improved to $3.03 in Q3 2025, down from $3.08 in Q3 2024 and $3.18 in Q2 2025.
Operating cash flows before working capital items were $11.9 million, a $13.9 million increase from negative $2.0 million in Q3 2024.
Mining operations adjusted EBITDA was $4.0 million in Q3 2025, up from $2.4 million in Q3 2024.
Basic loss per share was $0.57 in Q3 2025 versus $0.16 in Q3 2024.
Cash balance at quarter-end was $7.8 million, with debt at $106.0 million.
Outlook and guidance
Operational improvements at the Maracás Menchen Mine are on track, with focus shifting to financial position following a $23.4 million equity raise and principal deferral from Brazilian lenders.
Ilmenite production capacity expansion expected to be completed by year-end 2025.
Commitment to delivering high-purity vanadium for US and European aerospace and defense sectors amid evolving geopolitical and policy environments.
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Frequently asked questions
Largo Inc is a mining company focused on the production and supply of vanadium products used in steel manufacturing, aerospace, and energy storage applications. It operates primary mining assets in Brazil. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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