EarningsQ2 2026 Earnings Report
DE:LR8 Q2 2026 EPS Results
Actual EPS-€0.19
Consensus EPS-€0.13
Beat/MissMissed by -€0.05
One Year Ago EPS-€0.08
DE:LR8 Q2 2026 Revenue Results
Actual Revenue€38.11M
Expected Revenue€34.34M
Beat/MissBeat by +€3.77M
YoY Revenue Growth+68.42%
Earnings Announcement Details
QuarterQ2 2026
Date08/14/2026
TimeAfter Close
Conference CallFriday, August 14, 2026
DE:LR8 Upcoming Earnings
Largo Resources's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed meaningful operational momentum — materially higher ore mined, production, sales, revenue growth (+68.5%) and a return to positive adjusted EBITDA — alongside strategic wins (DLA order, debt restructuring, tariff exemption for high-purity oxides, and rapid ramp of copper+PGM byproduct production). However, the company still faces material challenges: a reported net loss driven by noncash write-downs, rising unit costs (adjusted cash operating cost up vs prior year), limited cash at quarter-end, market oversupply/geopolitical supply concentration risks, and short-term trade/production trade-offs (temporary ilmenite pause). On balance, the operational improvements, commercial contracts, and the debt extension materially reduce near-term risk and create multiple value avenues, while management acknowledges remaining work on cost and cash conversion.Company Guidance
Substantial Increase in Ore Mined
Total ore mined rose 46.6% year-over-year to 712,198 tonnes, driven by better mine access and improved execution.
Strong Vanadium Production Growth
Quarterly vanadium production increased 28.5% to 2,900 tonnes (near the upper end of guidance); first-half production reached 5,516 tonnes, up 55.2% year-over-year.
Higher Vanadium and Ilmenite Sales
Vanadium sales increased 53% to 2,773 tonnes V2O5 equivalent; ilmenite concentrate sales rose 67% to 10,059 tonnes.
Improved Pricing and Realized Revenue per Pound
European V2O5 benchmark averaged $6.03/lb (up 17.5% YoY); European ferrovanadium +15.6% YoY; U.S. ferrovanadium +45.8% YoY. Realized revenue per pound sold increased to $6.96 from $6.39 a year ago (and $5.80 in Q1).
Revenue and Adjusted EBITDA Recovery
Revenue rose 68.5% to $44.0 million (including $42.0M from vanadium). Adjusted EBITDA returned to positive $2.7 million versus $34,000 a year ago; mining operations adjusted EBITDA increased 64.8% to $4.4 million.
Improved Cash Generation
Cash provided before working capital items more than tripled to $6.6 million from $2.2 million in the prior-year period.
Debt Restructuring Lowers Near-Term Refinancing Risk
Binding agreement to restructure approximately $82.2 million of commercial debt extended final maturity from September 2026 to March 2030, with a 6-month principal grace period followed by 36 months of quarterly amortization — materially improving near-term liquidity runway.
Secured U.S. Strategic Customer Order
Awarded a $60.1 million delivery order from the U.S. Defense Logistics Agency under an existing 5-year contract; initial delivery cadence 20 tonnes/week and DLA pays on net 30 terms, providing near-term contracted demand and cash flow visibility.
Tariff Outcome Favors High-Purity Oxides
U.S. trade policy exempted vanadium oxides and hydroxides (HTSUS 2825.30) from a new 25% Brazil-specific tariff, protecting Brazilian-origin V2O5 imports and supporting Largo's high-purity oxide business.
New High-Margin Copper + PGM Byproduct Stream
Brazilian regulator approved production/sale of copper and PGM byproducts; full-scale copper PGM concentrate production began Aug 7 using existing flotation infrastructure. Initial guidance: 300–380 tonnes/month with ~15% Cu, ~41 g/t PGMs+Au, ~53 g/t Ag — expected to be high-margin since costs are mostly shared with vanadium production.
Management Strengthening and Unchanged Vanadium Guidance
Jim Bannantine appointed Co-CEO; full-year vanadium production guidance maintained at 10,500–12,000 tonnes V2O5 equivalent with sales guidance 7,500–9,500 tonnes and adjusted cash operating cost guidance of $3.50–$4.50/lb.
DE:LR8 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed