Largo Reports Fourth Quarter and Full Year 2025 Financial Results Reflecting the Impact of U.S. Tariffs on Q4 2025 Sales; Stronger Operating Momentum with Further Positive Copper-Platinum Group Metals Flotation Test Results and Benefit from Recent U.S. Ta
Operational recovery overshadowed by persistent liquidity strain and failed byproduct monetization
The most recent news (April 1, 2026) reports Largo’s full-year 2025 financial results, revealing a significant net loss of $68.7M, an increase from the $50.6M loss in 2024. While production met guidance at 9,150 tonnes of V2O5, revenues fell 12% YoY to $109.9M. Crucially, the company has been forced to rely on an At-The-Market (ATM) program to raise $19.5M and has extended a $6M promissory note to survive. This follows the February 2026 termination of a $56M iron ore calcine sale agreement because the buyer failed to make a $2.9M initial payment. Operationally, the company is pivoting toward copper and PGM recovery to offset weak vanadium markets and punitive 50% U.S. tariffs on Brazilian high-purity vanadium.
The impact is Routine - Negative. While the production figures are "in line" with guidance, the financial health of the company is deteriorating. - Failed Monetization: The collapse of the $56M iron ore calcine deal is a major blow to the balance sheet, as this was expected to provide a non-dilutive cash cushion. - Dilution: The company is now forced to use its ATM program, issuing 13.6M shares at $1.48, which dilutes existing shareholders to cover basic working capital. - Tariff Pressure: The 50% U.S. tariff on high-purity vanadium remains a structural barrier, forcing the company to store units in bonded warehouses and wait for legal or political relief. - Deconsolidation of Storion: Reducing ownership in the Storion battery JV to 37% limits Largo's upside in the energy storage sector, though it reduces immediate funding obligations.
Largo Inc. operates the Maracás Menchen Mine in Bahia, Brazil. It is a Tier-1 asset known for having some of the highest vanadium grades globally. The mine produces approximately 4% of global vanadium supply. The company is currently attempting to transition from a pure-play vanadium producer into a multi-commodity producer by adding ilmenite (titanium), copper, and PGMs to its output to lower its "all-in" cost through byproduct credits.