Largo Inc. reported its financial results for the full year ended December 31, 2024, with revenues decreasing by 37% to $124.9 million from $198.7 million in 2023. The company recorded a net loss of $50.6 million for the full year, compared to a $32.4 million loss in 2023.
For Q4 2024, revenues were $24.3 million, down from $44.2 million in Q4 2023, and the net loss was $13.0 million, similar to the $13.3 million loss in Q4 2023. Despite these financial challenges, Largo achieved a 30% reduction in operating costs in Q4 2024 compared to the prior year, with adjusted cash operating costs excluding royalties improving to $3.04 per pound sold.
The company announced an operational turnaround plan, including the recent appointment of Co-Chief Operating Officers, to enhance productivity and strengthen cost controls. Largo is also actively pursuing strategic and refinancing options to reinforce its liquidity position and support ongoing operations amidst a 21% decline in vanadium prices since December 31, 2023.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.