Largo (LGO) Q4 2025 earnings summary

Executive summary

• Q4 2025 and full year results were impacted by U.S. tariffs, leading to lower sales and revenues, but operational improvements at the Maracás Menchen mine drove higher production and efficiency in the second half of the year.

• The company achieved its annual production and sales within guidance ranges, with a focus on cost control and operational consistency.

• Recent U.S. tariff relief and strengthening vanadium prices in early 2026 have improved the commercial outlook.

Financial highlights

• Q4 2025 revenues were $22.3 million, down 8% year-over-year; full year 2025 revenues were $109.9 million, down 12%.

• Q4 2025 net loss was $17.2 million (including a net gain of $40k in non-recurring items); full year net loss was $68.7 million (including $33.3 million in non-recurring items).

• Adjusted EBITDA for Q4 2025 was negative $6.6 million; full year adjusted EBITDA was negative $7.4 million.

• Ended 2025 with $9.7 million in cash and $107.1 million in debt.

• Basic loss per share was $0.22 in Q4 2025 and $1.01 for the full year.

Outlook and guidance

• 2026 guidance: V205 equivalent production of 10,500–12,000 tonnes, sales of 7,500–9,500 tonnes, and adjusted cash operating costs excluding royalties of $3.50–$4.50/lb.

• Guidance reflects expectations for improved mine access, higher ore availability, and continued operational enhancements.

• The company is monitoring market and geopolitical risks and may revise guidance if conditions change.