Largo Sees 68.5% Revenue Growth as Q2 Earnings Show Improved Performance

Largo Inc., the company behind Largo (LGO), has reported its Q2 2026 earnings, showing significant growth in revenue and a return to positive adjusted EBITDA. The company's revenue reached $44 million, representing a 68.5% increase compared to the prior year period.

This growth was driven by higher sales volumes and improved realized vanadium pricing. The company also saw an increase in vanadium production, with 2,900 tonnes of vanadium pentoxide equivalent produced, a 28.5% increase from last year. Vanadium sales also rose by 53.5%, to 2,773 tonnes.

The company's realized revenue per pound sold increased to $6.96, up from $6.39 in the prior year period and $5.80 in Q1 2026. However, cash operating costs rose to $5.10 per pound sold, reflecting higher prices for diesel, explosives, and reagents.

Largo has also secured a major delivery order with the U.S. Defense Logistics Agency (DLA) worth $60.1 million, which will supply high-purity vanadium products. The company's operational focus is shifting towards diversifying revenue through copper and platinum group metals (PGM) byproduct production.