Largo Inc. (TSX: LGO) (NASDAQ: LGO) reported second-quarter 2026 revenue of $44 million, a 68.5% increase from $26.1 million in the same period last year, driven by a 28.5% rise in vanadium pentoxide production to 2,900 tonnes and a 53.5% surge in sales to 2,773 tonnes. The company's adjusted EBITDA improved to $2.7 million from $34,000, while Mining Operations Adjusted EBITDA rose 64.8% to $4.4 million. Despite a net loss of $22.7 million, which included noncash items and higher costs, 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.
The company also announced that subsequent to the quarter, it secured a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials and commenced full-scale copper-platinum group metals (PGM) concentrate production at its Maracás Menchen Mine following Brazilian regulatory approval. Largo expects to produce approximately 300 to 380 tonnes of copper-PGM concentrate per month, with an average grade of approximately 15% copper and 41 grams per tonne of PGMs, creating an additional revenue stream using existing infrastructure. This diversification is a strategic move to leverage its operational capabilities and enhance shareholder value.
During the quarter, Largo benefited from stronger vanadium pricing, including a 45.8% increase in the average U.S. ferrovanadium benchmark price year-over-year. This pricing strength, coupled with higher production and sales volumes, underscores the company's ability to capitalize on favorable market conditions. The company ended the quarter with $5.1 million in cash and $114.2 million in debt, reflecting its investment in growth initiatives.
Largo, the world's largest primary vanadium producer, operates the Maracás Menchen Mine in Brazil, supplying high-quality vanadium products to industries such as steel, aerospace, defense, chemical, and energy storage. The company is also strategically invested in clean energy storage through its 37.4% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Additionally, Largo holds interests in tungsten properties in Canada and Brazil, with preliminary economic assessments completed in 2011.
The company's common shares trade on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol "LGO". For more information, visit Largo's website. This announcement was disseminated by InvestorWire, a specialized communications platform, and further details can be found in the full press release.
