Largo Inc. Q1 Vanadium Output Jumps 101.7%, Net Loss Narrows to $4.7M
Largo Inc. increased V2O5 production 101.7% to 2,616 tonnes in Q1 2026, mined 852,046 tonnes and raised ilmenite output 86.8% to 11,514 tonnes, reaching the top of its 2,400–2,700 tonne guidance. Revenues fell 2.5% to $27.5 million from U.S. tariffs, net loss narrowed to $4.7 million and cash costs dropped to $4.27/lb.
1. Strong Operational Ramp-Up
In Q1 2026 Largo Inc. ramped up mine access and ore availability at its Maracás Menchen operation, boosting V2O5 production 101.7% to 2,616 tonnes and ilmenite concentrate by 86.8% to 11,514 tonnes, at the top of its 2,400–2,700 tonne quarterly guidance.
2. Tariff Influence on Sales
Sales volumes reached 2,141 tonnes of V2O5 equivalent, a 3.6% increase, but U.S. import tariffs on Brazilian products trimmed revenues despite tightening supply and a 56% rise in U.S. ferrovanadium prices.
3. Financial Outcome and Outlook
Revenues totaled $27.5 million, down 2.5% year-over-year, while net loss narrowed to $4.7 million and cash operating costs declined to $4.27/lb. The tariff reduction to 10% in February should boost Q2 sales as Largo maintains a cash balance of $11.2 million against $108.4 million debt.