Largo (LGO) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues declined to $28.2 million from $42.2 million year-over-year, driven by lower vanadium prices and sales volumes.

• Net loss narrowed to $9.2 million in Q1 2025, including $7.0 million in non-recurring items, compared to a $13.0 million loss in Q1 2024 with $4.4 million in non-recurring items.

• Operating costs fell 15% year-over-year to $42.5 million, reflecting cost reduction initiatives and lower production.

• Completion of the Storion Energy joint venture allows renewed focus on core mining operations and liquidity management.

Financial highlights

• Revenues per pound sold were $6.04 in Q1 2025, down from $6.91 in Q1 2024.

• Adjusted cash operating costs excluding royalties per pound dropped 27% year-over-year to $3.88.

• Adjusted EBITDA was $(2.8) million in Q1 2025, compared to $(2.4) million in Q1 2024.

• Mining operations adjusted EBITDA was $(0.7) million, down from $0.25 million year-over-year.

• Ilmenite concentrate sales rose sharply to 8,647 tonnes from 513 tonnes year-over-year.

Outlook and guidance

• Maintains revised 2025 production, sales, and cost guidance, expecting normalized production levels as operational turnaround progresses.

• Near-term financing solutions are a priority to support liquidity amid ongoing market uncertainty.