Revenue contraction of 3.9% year-over-year in 2026Q1 combined with a deeply negative gross margin of -26.1% highlights the company's inability to achieve profitable scale in the current commodity cycle.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 108.8M | 109.89M | 124.92M | 198.68M | 229.25M | 198.28M | 119.99M | 136.48M | 382.82M | 133.38M | 60.44M | 5.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.31K | 5.21K | 0 |
| Revenue Growth % | -1.95% | -12.03% | -37.13% | -13.33% | 15.62% | 65.25% | -12.08% | -64.35% | 187.02% | 120.69% | 1003.52% | - | - | - | - | - | - | - | - | - | - | - | -100% | 59.57% | - | - |
| Cost of Goods Sold | 124.4M | 132.64M | 145.82M | 174.76M | 169.72M | 133.01M | 88.39M | 120.69M | 99.66M | 95.75M | 84.2M | 21.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.59K | 3.85K | 0 |
| COGS % of Revenue | - | 120.71% | 116.73% | 87.96% | 74.03% | 67.08% | 73.67% | 88.43% | 26.03% | 71.79% | 139.32% | 386.54% | - | - | - | - | - | - | - | - | - | - | - | 55.21% | 73.98% | - |
| Gross Profit | -15.6M | -22.75M | -20.9M | 23.93M | 59.53M | 65.27M | 31.6M | 15.79M | 283.16M | 37.63M | -23.76M | -15.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.72K | 1.36K | 0 |
| Gross Margin % | -14.34% | -20.71% | -16.73% | 12.04% | 25.97% | 32.92% | 26.33% | 11.57% | 73.97% | 28.21% | -39.32% | -286.54% | - | - | - | - | - | - | - | - | - | - | - | 44.8% | 26.02% | - |
| Gross Profit Growth % | - | -8.88% | -187.34% | -59.81% | -8.79% | 106.57% | 100.16% | -94.43% | 652.46% | 258.36% | -51.43% | - | - | - | - | - | - | - | - | - | - | - | -100% | 174.66% | - | - |
| Operating Expenses | 22.51M | 23.31M | 25.38M | 40.2M | 43.84M | 28.56M | 31.6M | 25.32M | 15.54M | 10.79M | 9.95M | 9.16M | 19.42M | 6.75M | 4.3M | 3.2M | 2.41M | 1.11M | 6.37M | 5.25M | 3.74M | 663.99K | 658.39K | 284.08K | 84.6K | 85.99K |
| OpEx % of Revenue | - | 21.21% | 20.32% | 20.23% | 19.13% | 14.4% | 26.33% | 18.55% | 4.06% | 8.09% | 16.47% | 167.29% | - | - | - | - | - | - | - | - | - | - | - | 3418.01% | 1624.15% | - |
| Selling, General & Admin | 22.33M | 23.09M | 23.05M | 34.5M | 41.97M | 25.48M | 12.31M | 25.32M | 14.67M | 10.78M | 9.88M | 8.87M | 10.79M | 4.82M | 3.57M | 3.2M | 2.45M | 1.23M | 6.27M | 2.12M | 1.29M | 663.23K | 677.39K | 281.98K | 83.6K | 74.16K |
| SG&A % of Revenue | - | 21.02% | 18.45% | 17.36% | 18.31% | 12.85% | 10.26% | 18.55% | 3.83% | 8.08% | 16.35% | 162.04% | - | - | - | - | - | - | - | - | - | - | - | 3392.62% | 1604.99% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 172K | 216K | 2.33M | 5.71M | 1.88M | 3.07M | 19.28M | 0 | 871.49K | 10.34K | 72.91K | 287.53K | 8.63M | 1.93M | -16.08M | 0 | -41.3K | -119.15K | 98.99K | 3.12M | 2.45M | 758 | -19.01K | 2.11K | 998 | 11.83K |
| Operating Income | -38.1M | -46.06M | -46.28M | -16.28M | 15.69M | 36.71M | 0 | -9.54M | 267.62M | 26.85M | -33.71M | -24.85M | -19.42M | -7.19M | -4.3M | -3.2M | -2.46M | -1.11M | -6.86M | -5.25M | -3.74M | -663.99K | -658.39K | -280.36K | -83.24K | -85.99K |
| Operating Margin % | -35.02% | -41.92% | -37.05% | -8.19% | 6.84% | 18.52% | - | -6.99% | 69.91% | 20.13% | -55.79% | -453.83% | - | - | - | - | - | - | - | - | - | - | - | -3373.22% | -1598.13% | - |
| Operating Income Growth % | - | 0.47% | -184.33% | -203.76% | -57.27% | - | 100% | -103.56% | 896.89% | 179.62% | -35.65% | -27.98% | -170.22% | -67.01% | -34.57% | -29.79% | -121.6% | 83.8% | -30.83% | -40.34% | -462.85% | -0.85% | -134.83% | -236.81% | 3.2% | - |
| EBITDA | -14.76M | -24.07M | -17.61M | 12.97M | 38.97M | 59.23M | 26.53M | 30.41M | 290.41M | 53.27M | -8.63M | -18.83M | -19.37M | -7.16M | -4.24M | -3.19M | -2.46M | -1.11M | -6.86M | -5.24M | -3.74M | -663.23K | -657.73K | -278.25K | -82.24K | -85.99K |
| EBITDA Margin % | -13.56% | -21.9% | -14.09% | 6.53% | 17% | 29.87% | 22.11% | 22.28% | 75.86% | 39.94% | -14.28% | -343.8% | - | - | - | - | - | - | - | - | - | - | - | -3347.83% | -1578.98% | - |
| EBITDA Growth % | 40.72% | -36.72% | -235.7% | -66.71% | -34.21% | 123.25% | -12.75% | -89.53% | 445.19% | 717.1% | 54.16% | 2.79% | -170.68% | -68.74% | -32.88% | -29.66% | -122.22% | 83.84% | -30.76% | -40.34% | -463.31% | -0.84% | -136.38% | -238.33% | 4.36% | - |
| D&A (Non-Cash Add-back) | 23.35M | 22M | 28.68M | 29.25M | 23.28M | 22.51M | 17.51M | 39.94M | 22.79M | 26.42M | 25.08M | 6.03M | 50.82K | 30.99K | 62.41K | 6.47K | 2.39K | 4.2K | 6.06K | 1.92K | 1.25K | 758 | 654 | 2.11K | 998 | 0 |
| EBIT | -40.42M | -38.53M | -61.78M | -25.43M | 5.68M | 32.89M | 9.02M | -20.25M | 266.03M | 24.15M | -15.15M | -88.43M | -16.4M | -5.13M | -25.34M | -3.91M | -2.41M | -1.14M | -6.67M | -5.25M | -3.74M | -663.99K | -658.39K | -280.36K | -83.24K | 0 |
| Net Interest Income | -14.23M | -12.86M | -7.94M | -7.61M | -537K | -725K | -151K | -8.78M | -28.48M | -36.86M | -32.19M | -6.09M | 0 | 0 | 22.3K | 103.06K | -98.74K | -19.08K | -511.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 169.67K | 283K | 1.52M | 2.02M | 1.11M | 403K | 1.15M | 4.91M | 659.31K | 0 | 0 | 0 | 0 | 464.89K | 43.58K | 104.94K | 133 | 100 | 45.06K | 0 | 11.76K | 10.41K | 0 | 0 | 0 | 0 |
| Interest Expense | 14.4M | 13.14M | 9.46M | 9.63M | 1.65M | 1.13M | 1.3M | 13.69M | 29.14M | 36.86M | 32.19M | 6.09M | 174.87K | 464.89K | 21.27K | 1.87K | 98.87K | 19.18K | 556.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.27M | -5.61M | -24.96M | -18.78M | -11.65M | -4.96M | 7.72M | -20.97M | -30.73M | -34.03M | -7.67M | -68.8M | -39.84M | -6.45M | -21.04M | -608.56K | -41.25K | -70.5K | -378.64K | -51.33K | 202 | 27.53K | 14.75K | -80.51K | 0 | -11.83K |
| Pretax Income | -44.37M | -51.67M | -71.25M | -35.06M | 4.04M | 31.76M | 7.72M | -30.51M | 236.89M | -7.18M | -41.39M | -93.65M | -45.11M | -10.87M | -25.34M | -3.81M | -2.51M | -1.18M | -7.24M | -5.3M | -3.74M | -636.46K | -643.64K | -360.87K | 0 | -97.82K |
| Pretax Margin % | -40.78% | -47.03% | -57.03% | -17.64% | 1.76% | 16.02% | 6.44% | -22.35% | 61.88% | -5.39% | -68.48% | -1710% | - | - | - | - | - | - | - | - | - | - | - | -4341.84% | - | - |
| Income Tax | 19.83M | 17.06M | -20.68M | -2.7M | 6.26M | 9.19M | 962K | 4.51M | 4.92M | 1.1M | 0 | 0 | 174.87K | 0 | 0 | 1.87K | 905.31K | -380.1K | -963.02K | 0 | -1.27M | -8.97K | 6.49K | 2.07K | 8.16K | -11.71K |
| Effective Tax Rate % | -44.68% | -33.02% | 29.03% | 7.7% | 155.11% | 28.93% | 12.46% | -14.8% | 2.08% | -15.26% | 0% | 0% | -0.39% | 0% | 0% | -0.05% | -36.14% | 32.15% | 13.3% | 0% | 33.98% | 1.41% | -1.01% | -0.57% | - | 11.97% |
| Net Income | -65.71M | -68.51M | -49.83M | -30.34M | -1.45M | 22.57M | 6.76M | -35.02M | 231.97M | -8.28M | -41.39M | -93.65M | -45.11M | -10.87M | -25.34M | -3.81M | -3.41M | -802.28K | -6.28M | -5.3M | -2.47M | -627.49K | -650.13K | -362.94K | -91.4K | -86.12K |
| Net Margin % | -60.4% | -62.34% | -39.89% | -15.27% | -0.63% | 11.38% | 5.63% | -25.66% | 60.6% | -6.21% | -68.48% | -1710% | - | - | - | - | - | - | - | - | - | - | - | -4366.71% | -1754.85% | - |
| Net Income Growth % | -43.28% | -37.49% | -64.22% | -1991.18% | -106.43% | 233.84% | 119.31% | -115.1% | 2901.11% | 79.99% | 55.81% | -107.62% | -314.91% | 57.1% | -565.8% | -11.61% | -325.1% | 87.22% | -18.53% | -114.66% | -293.21% | 3.48% | -79.13% | -297.07% | -6.14% | - |
| Net Income (Continuing) | -64.2M | -68.74M | -50.56M | -32.36M | -2.23M | 22.57M | 6.76M | -35.02M | 231.97M | -8.28M | -41.39M | -93.65M | -52.62M | -11.58M | -25.34M | -3.81M | -3.41M | -802.28K | -6.28M | -5.3M | -2.47M | -627.49K | -650.13K | -362.94K | -91.4K | -86.12K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.77M | 6.18M | 6.41M | 7.11M | 9.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.73 | -1.01 | -0.78 | -0.47 | -0.03 | 0.34 | 0.12 | -0.52 | 3.61 | -0.18 | -1.07 | -5.60 | -4.47 | -1.21 | -3.78 | -0.97 | -1.34 | -0.40 | -5.00 | -5.97 | -4.50 | -2.35 | -3.39 | -3.61 | -1.41 | -1.38 |
| EPS Growth % | -32.24% | -29.49% | -65.96% | -1262.32% | -110.15% | 183.33% | 123.08% | -114.4% | 2105.56% | 83.18% | 80.89% | -25.28% | -269.42% | 67.99% | -289.69% | 27.61% | -235% | 92% | 16.25% | -32.67% | -91.49% | 30.68% | 6.09% | -156.03% | -2.17% | - |
| EPS (Basic) | - | -1.01 | -0.78 | -0.47 | -0.03 | 0.35 | 0.13 | -0.52 | 3.61 | -0.18 | -1.07 | -5.60 | -4.47 | -1.21 | -3.78 | -0.97 | -1.34 | -0.40 | -5.00 | -5.97 | -4.50 | -2.35 | -3.39 | -3.61 | -1.41 | -1.38 |
| Diluted Shares Outstanding | 89.87M | 68.06M | 64.11M | 64.04M | 64.45M | 65.05M | 61.36M | 53.5M | 64.23M | 46.8M | 38.7M | 16.71M | 10.09M | 8.96M | 6.7M | 3.91M | 2.55M | 1.98M | 1.26M | 887.56K | 548.84K | 267.06K | 191.66K | 100.57K | 65.04K | 62.29K |
| Basic Shares Outstanding | 89.87M | 68.06M | 64.11M | 64.04M | 64.45M | 64.05M | 56.4M | 53.5M | 64.23M | 46.8M | 38.7M | 16.71M | 10.09M | 8.96M | 6.7M | 3.91M | 2.55M | 1.98M | 1.26M | 887.56K | 548.84K | 267.06K | 191.66K | 100.57K | 65.04K | 62.29K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency crisis
According to recent financial filings, Largo's revenue has faced sustained downward pressure, evidenced by a 3.9% year-over-year decline in 2026Q1, reflecting the company's inability to decouple its top-line performance from the inherent volatility of global vanadium spot prices and cyclical industrial demand.
The consistent revenue decay suggests that the company's core mining operations are struggling to maintain volume or pricing power in a competitive global market. Investors should monitor whether the shift toward project-based revenue in the clean energy segment can eventually offset the structural decline in commodity-linked sales.
As reported in quarterly income statements, Largo's gross margin has remained deeply negative, reaching -26.1% in 2026Q1, which indicates that the cost of production currently exceeds the market value of the vanadium output, challenging the viability of the Maracás Menchen asset's current cost structure.
The inability to achieve positive gross margins suggests that operational inefficiencies or elevated input costs in Brazil are overwhelming the geological advantages of the mine. This margin profile implies that the company is effectively subsidizing its production, which is unsustainable without a significant recovery in vanadium pricing or a drastic reduction in processing costs.
Based on the company's reported figures, operating losses have consistently outpaced gross profit, with operating margins hitting -42.6% in 2026Q1, demonstrating a lack of scalability as fixed overheads continue to weigh heavily on the income statement despite the company's efforts to diversify into clean energy.
The persistent operating losses suggest that the company's SG&A expenses are not scaling efficiently with production levels. This indicates that the current business model lacks the necessary operating leverage to reach profitability, leaving the firm highly sensitive to even minor fluctuations in production volume or input pricing.
Financial data indicates that with cash reserves of only $9.7 million against a TTM net loss exceeding $68 million, the company faces a precarious liquidity position that may necessitate dilutive financing, as highlighted by the stark mismatch between current cash levels and ongoing operational cash burn.
While management emphasizes the long-term potential of the vanadium redox flow battery segment, the immediate financial reality suggests a potential liquidity crunch. Investors should be wary that the current capital allocation strategy may be depleting the remaining cash runway before the clean energy segment can achieve commercial-scale viability.
Quick answers to the most common questions about buying LGO stock.
For fiscal year 2025, Largo Inc. (LGO) reported total revenue of $109.9M.
Largo Inc. (LGO) reported a net loss of $68.5M for the fiscal year ending 2025.
Largo Inc. (LGO) reported an operating income of $-46.1M, resulting in an operating profit margin of -41.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Largo Inc. (LGO) generated $-22.8M in gross profit for the year, representing a gross profit margin of -20.7%. This demonstrates the company's core pricing power and production efficiency.