Largo (LGO) Q3 2025 earnings summary

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.