Q1 results show strong operational recovery with production doubling YoY, but revenue and adjusted EBITDA remain pressured by tariff headwinds. The key catalyst is Q2 2026, where tariff relief and high-purity inventory sales should drive revenue improvement. Monitor April sales data (1,230 tonnes V2O5 equivalent) as an early indicator of the Q2 trajectory. The ATM program adds dilution risk but provides liquidity headroom.
Price Chart
Executive Summary
Largo reported Q1 2026 results with V2O5 production up 101.7% YoY to 2,616 tonnes (upper end of guidance), but revenue declined 2.5% to $27.5M due to U.S. import tariffs on Brazilian products. Net loss improved to -$4.7M from -$9.2M YoY, driven by lower operating costs and a $4.7M recovery of vanadium assets. The company reiterated full-year 2026 guidance and highlighted that tariff relief from 50% to 10% in February 2026 should benefit Q2 2026 sales, particularly in high-purity and U.S. FeV markets.
Key Facts
- V2O5 equivalent production increased 101.7% YoY to 2,616 tonnes in Q1 2026, at the upper end of quarterly guidance of 2,400-2,700 tonnes
- Revenue declined 2.5% YoY to $27.5M from $28.2M, impacted by 50% U.S. import tariff on Brazilian products (reduced to 10% mid-quarter)
- Net loss improved 48.6% YoY to -$4.7M from -$9.2M, with basic loss per share of -$0.07 vs -$0.14
- Adjusted EBITDA worsened to -$4.3M from -$2.8M YoY; Mining Operations Adjusted EBITDA was -$2.3M vs -$0.7M
- Cash balance of $11.2M and debt of $108.4M as of March 31, 2026
- Issued 13.8M common shares via ATM program for net proceeds of $19.7M at average price of $1.406/share
- Reiterated 2026 guidance: V2O5 production 10,500-12,000 tonnes, sales 7,500-9,500 tonnes, adjusted cash costs $3.50-$4.50/lb
- April 2026 production of 930 tonnes V2O5 equivalent and sales of 1,230 tonnes, indicating solid Q2 start
- Filed request with Brazilian Mining Agency to produce and sell copper, PGMs, nickel, and cobalt as by-products
Financial Impact
Revenue -$0.7M YoY (-2.5%), net loss improved +$4.5M YoY, ATM raised $19.7M in net proceeds
Risk Factors
- U.S. tariff policy on Brazilian imports remains uncertain and could revert to higher levels
- Vanadium prices showing signs of rebalancing/correcting from recent highs, particularly in U.S. FeV market
- ATM program could cause further dilution if additional shares are issued
- High debt load of $108.4M vs $11.2M cash creates financial leverage risk
- Adjusted EBITDA and Mining Operations Adjusted EBITDA both worsened YoY despite production gains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-002614 |
| Document: form6k.htm | 0001062993-26-002614 |
| Document: 0001062993-26-002614-index-headers.html | 0001062993-26-002614 |
| Document: 0001062993-26-002614-index.html | 0001062993-26-002614 |
| Document: 0001062993-26-002614.txt | 0001062993-26-002614 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $0.4600 $0.4700 | ▲ +2.17% | ▲ +1.57% | $0.3800 (−17.39%) |
Sep 28, 2026 28d ago | 6-K | $0.5232 $0.4862 | ▲ +7.07% | ▲ +6.87% | $0.3800 (+27.37%) |
Sep 28, 2026 28d ago | 424B5 | $0.5232 $0.4862 | ▲ +7.07% | ▲ +6.87% | $0.3800 (+27.37%) |
Sep 23, 2026 4w ago | 6-K | $0.7250 $0.6910 | ▼ −4.69% | ▼ −4.61% | $0.3800 (−47.59%) |
Sep 14, 2026 6w ago | 6-K | $0.6800 $0.6891 | ▲ +1.34% | ▲ +1.80% | $0.3800 (−44.12%) |
Aug 26, 2026 8w ago | 6-K | $0.7314 $0.7300 | ▼ −0.19% | ▲ +0.04% | $0.3800 (−48.04%) |
Aug 14, 2026 10w ago | 6-K | $0.6612 $0.6155 | ▲ +6.91% | ▲ +6.24% | $0.3800 (+42.53%) |
Aug 10, 2026 11w ago | 6-K | $0.7868 $0.7718 | ▼ −1.91% | ▼ −1.59% | $0.3800 (−51.70%) |
Jul 23, 2026 13w ago | 6-K | $0.6332 $0.6202 | ▼ −2.05% | ▼ −2.15% | $0.3800 (−39.99%) |
Jul 10, 2026 15w ago | 6-K | $0.7301 $0.6700 | ▲ +8.23% | ▲ +7.47% | $0.3800 (+47.95%) |
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