Largo Inc. (TSX: LGO) (NASDAQ: LGO) has reported a significant increase in its second-quarter 2026 financial results, with revenue climbing 68.5% year-over-year to $44 million, up from $26.1 million in the same period last year. The growth was driven by a 28.5% increase in vanadium pentoxide production to 2,900 tonnes and a 53.5% rise in sales to 2,773 tonnes. Adjusted EBITDA improved to $2.7 million from $34,000, while Mining Operations Adjusted EBITDA increased 64.8% to $4.4 million.
Despite the revenue growth, the company recorded a net loss of $22.7 million, which it attributes primarily to noncash items and higher costs. The company ended the quarter with $5.1 million in cash and $114.2 million in debt. Largo reiterated its 2026 guidance for V2O5 equivalent production of 10,500 to 12,000 tonnes and sales of 7,500 to 9,500 tonnes.
After the quarter, Largo secured a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials and began full-scale copper-platinum group metals (PGM) concentrate production at its Maracás Menchen Mine following Brazilian regulatory approval. The company expects to produce approximately 300 to 380 tonnes of copper-PGM concentrate per month, with an average grade of around 15% copper and 41 grams per tonne of PGMs. This new operation leverages existing infrastructure and creates an additional potential revenue stream.
Largo also noted stronger vanadium pricing during the quarter, with the average U.S. ferrovanadium benchmark price increasing 45.8% from a year earlier. The company's position as the world's largest primary vanadium producer and its vertical integration are expected to support its growth strategy. Additionally, Largo holds a 37.4% ownership in Storion Energy, a joint venture with Stryten Energy focused on domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S.
The company also holds 100% interests in the Northern Dancer Tungsten-Molybdenum property in Canada and the Currais Novos Tungsten Tailing Project in Brazil, both of which have preliminary economic assessments completed in 2011. Largo's shares trade on the Nasdaq and Toronto Stock Exchange under the symbol "LGO".
For more details, the full press release is available at https://ibn.fm/iui1s. More information about Largo is available at https://www.largoinc.com/.
