Largo Revenue Rises 68% as Vanadium Production Increases
The company reported a 28.5% increase in vanadium pentoxide production to 2,900 tonnes for the second quarter.
Largo Inc. (LGO), the world's largest primary vanadium producer, reported revenue growth of 68% for the second quarter ended June 30, 2026. The company attributed the result to higher vanadium prices and improved operations at the Maracás Menchen Mine, though these gains were partially offset by rising raw material input costs linked to war-related disruptions in the Middle East.
Vanadium pentoxide production rose 28.5% to 2,900 tonnes, compared with 2,256 tonnes in the second quarter of 2025. This output placed the company near the upper end of its quarterly guidance range of 2,500 to 3,000 tonnes. Higher ore availability at the mine drove a 29% increase in vanadium production, while the company's commercial team increased sales by 53%.
Largo is diversifying its revenue base through the production of copper and Platinum Group Metals (PGM) concentrates as by-products from the Maracás Menchen Mine. The company began producing these concentrates using existing infrastructure and expects to generate revenue from them starting in August 2026. Largo forecasts copper-PGM concentrate production between 300 and 380 tons per month, with an average grade of approximately 15% copper and 41 grams per tonne of PGM.
The company stated that these by-product credits will lower the effective cost of vanadium production and strengthen the economics of the Maracás Menchen operations. To further offset high fuel oil and sulfuric acid prices, Largo said it is considering additional areas for cost reductions.
Largo is preparing shipments for a $60 million order from the U.S. Defense and Logistics Agency.