Largo Inc. released its financial results for the first quarter ended March 31, 2025, reporting revenues of $28.2 million, a decrease from $42.2 million in Q1 2024. The company recorded a net loss of $9.2 million, an improvement from the $13.0 million loss in the prior year's quarter.
The Q1 results reflect the impact of lower production levels, which constrained sales volumes, combined with continued pricing pressure in the vanadium market. Largo's cash position significantly decreased to $8.4 million from $45.7 million in Q1 2024.
Despite these challenges, Largo achieved a 15% reduction in overall operating costs compared to Q1 2024, and a 27% reduction in adjusted cash operating costs excluding royalties to $3.88 per pound sold. The company is actively pursuing new working capital facilities and refinancing options to support its liquidity needs.
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