Logo

LGO

Largo Inc.

LGO

Largo Inc. • NASDAQ
$0.99 ▲ 9.01% (+0.08)
Market Cap $63.53 M
52w High $2.70
52w Low $0.85
Dividend Yield 0%
P/E -1
Volume 154.93K
Outstanding Shares 64.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $33.264M ▲ $4.963M ▲ $-36.555M ▼ -109.894% ▼ $-0.56 ▼ $-1.036M ▼
Q2-2025 $26.117M ▼ $3.537M ▼ $-5.673M ▲ -21.721% ▲ $-0.09 ▲ $-81K ▲
Q1-2025 $28.235M ▲ $5.28M ▲ $-9.001M ▲ -31.879% ▲ $-0.14 ▲ $-3.987M ▲
Q4-2024 $24.268M ▼ $1.817M ▼ $-12.917M ▼ -53.226% ▼ $-0.2 ▼ $-8.721M ▼
Q3-2024 $29.906M $8.99M $-9.664M -32.315% $-0.15 $-3.87M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.221M ▲ $321.993M ▼ $185.839M ▲ $130.094M ▼
Q2-2025 $5.616M ▼ $340.479M ▲ $171.137M ▲ $163.215M ▼
Q1-2025 $8.445M ▼ $324.25M ▼ $153.913M ▼ $164.131M ▼
Q4-2024 $22.623M ▼ $330.618M ▼ $159.492M ▲ $164.72M ▼
Q3-2024 $30.45M $343.698M $143.827M $193.388M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-36.15M ▼ $-448.433K ▼ $-8.19M ▲ $10.954M ▲ $2.21M ▲ $-8.631M ▼
Q2-2025 $-5.752M ▲ $6.765M ▲ $-8.625M ▼ $-263K ▲ $-2.829M ▲ $-1.86M ▲
Q1-2025 $-9.205M ▲ $-5.612M ▼ $-7.685M ▲ $-1.33M ▲ $-13.661M ▼ $-14.297M ▼
Q4-2024 $-12.99M ▼ $7.746M ▲ $-12.332M ▼ $-3.387M ▼ $-8.344M ▼ $-4.586M ▲
Q3-2024 $-10.086M $-5.289M $-8.158M $8.093M $-5.361M $-13.447M

Five-Year Company Overview

Income Statement

Income Statement Largo’s income statement shows a business that moved from modest profitability a few years ago to clear losses more recently. Revenue grew through 2022 but has since slipped back, and profit margins that were once positive have turned negative. Operating income and EBITDA were both in the black in 2021–2022, but have been in loss territory for the last two years, with 2024 weaker than 2023. Net income follows the same pattern: small profits earlier in the period have become meaningful losses, and per-share results have deteriorated. Overall, the core operations are currently under earnings pressure and would need either higher volumes, better pricing, or tighter costs to restore profitability.

Balance Sheet

Balance Sheet The balance sheet remains asset-heavy relative to the size of the business, but its quality mix has shifted. Total assets have edged up over time, yet the cash balance has been steadily drawn down from earlier, more comfortable levels. Debt briefly stepped up and then was reduced again, so leverage is not extreme, but the cushion from cash and equity has thinned. Shareholders’ equity, which had built up during the profitable years, has now declined, reflecting recent losses. In simple terms, Largo still has a solid physical and project asset base, but its financial buffer looks slimmer than it did a few years ago, leaving less room for prolonged weak performance without additional capital or improvement in results.

Cash Flow

Cash Flow Cash flow paints a picture of a company that can often generate cash from operations but struggles to cover its investment needs. Operating cash flow has usually been positive, though not consistently strong and with a weakening trend recently. At the same time, capital spending has been steady and significant relative to the size of the business, reflecting ongoing investment in mining and downstream projects. Because of this, free cash flow has been negative in most years, turning positive only once in the last five. That means Largo has frequently needed to rely on cash on hand or external financing to fund growth and strategic initiatives. Sustaining this pace of investment will likely require either better operating cash flow or fresh funding over time.

Competitive Edge

Competitive Edge Competitively, Largo stands out through its combination of a high-grade Brazilian vanadium mine and downstream clean-energy ambitions. The Maracás Menchen deposit gives it a structural cost advantage versus many peers, since higher ore grades typically mean lower unit costs. Its well-regarded high-purity vanadium products serve demanding end markets like aerospace and specialty steels, lending credibility and customer stickiness. The company’s vertical integration into vanadium redox flow batteries, now channeled through the Storion Energy joint venture, is a key differentiator: few competitors control both the raw material and the battery technology. The vanadium leasing model further lowers upfront costs for customers, making its battery offering more flexible. On the risk side, the business is still heavily tied to a single major asset and a volatile commodity, and its energy-storage arm operates in a market that is promising but still early in its commercial rollout, so competitive advantages must be proven at scale.

Innovation and R&D

Innovation and R&D Innovation is a central theme for Largo, spanning mining, processing, and energy storage. On the mining side, the company is working to squeeze more value from its ore by reprocessing tailings and residues to recover additional vanadium and ilmenite, which both improves economics and reduces waste. Its VPURE-branded products show attention to high-purity niches where quality matters more than volume. On the clean-energy side, Largo’s VCHARGE flow battery technology and the patents acquired from VionX form a meaningful intellectual property base, focused on long-life, low-degradation storage systems. The Storion joint venture aims to industrialize this technology in North America, tying Largo’s vanadium supply to battery manufacturing. Longer term, plans for ilmenite expansion and a titanium dioxide pigment plant, as well as ongoing mine-life extensions and possible monetization of tungsten assets, illustrate an active R&D and project pipeline. The main uncertainty is execution: these initiatives are capital-intensive and complex, and their success will depend on technical delivery, market adoption, and stable funding.

Summary

Putting it all together, Largo is a resource and technology company in the middle of a strategic transition. Financially, it has shifted from modest profitability to operating losses, with shrinking margins, thinner equity, and persistent negative free cash flow, even as it continues to invest heavily. Strategically, it holds a strong industrial position in high-grade vanadium and is trying to leverage that into higher-value products such as ilmenite, titanium dioxide, and vanadium flow batteries. Its vertical integration and clean-energy focus could be meaningful strengths if markets develop as hoped and projects are executed well. At the same time, dependence on a key mine, exposure to commodity cycles, and the need to fund and commercialize ambitious growth plans create real risk. The company’s future profile will largely be determined by whether it can turn its technological and resource advantages into consistently profitable, cash-generating businesses.

NEWS

November 12, 2025 · 4:05 PM UTC

Largo Reports Third Quarter 2025 Financial Results

Read more