LGO

MKT CAP:$89M

Largo Inc.

Market Cap

$89M

Basic Materials·Industrial Materials·🇨🇦 Canada·NASDAQ

Materials·Industrial·🇨🇦·NASDAQ

Stock Price

$1.30+$0.25 (+24.29%)

Apr 24, 2026

Company Details

Largo Inc. engages in the development and sale of vanadium-based utility scale electrical energy storage systems in Canada. The company operates in five segments: Sales & Trading, Mine Properties, Corporate, Exploration and Evaluation Prope...

CEO

Jesús Alberto Arias López

IPO Date

Apr 26, 2010

Website

www.largoinc.com

Key Metrics TTM

Revenue

$230M

+95.4% YoY

Net Income

$15M

EPS (Diluted)

$0.23

Free Cash Flow

$2M

Revenue / Share

$3.60

Gross Margin

25.6%

Operating Margin

10.4%

Net Margin

6.5%

FCF Margin

0.9%

P/S

0.4x

P/E

5.9x

Earnings Reports

Q2 2024

May 13, 2026

PENDING

FY 2025

Apr 1, 2026

$110MEPS -$1.01

Q1 2024

Mar 31, 2024

$42MEPS -$0.20

Q2 2022

Jun 30, 2022

$84MEPS $0.28

FY 2021

Mar 16, 2022

$198MEPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$28M	$10M	$8M
Q1 18	$52M	$34M	$31M
Q2 18	$57M	$41M	$38M
Q3 18	$85M	$64M	$61M
Q4 18	$85M	$68M	$65M
Q1 19	$24M	$8M	$5M
Q2 19	$16M	-$2M	-$5M
Q3 19	$18M	$337.8K	-$3M
Q2 20	$8M	-$1M	-$2M
Q3 20	$27M	$6M	$3M
Q4 20	$42M	$11M	$5M
Q1 21	$40M	$12M	$6M
Q3 21	$54M	$22M	$15M
Q4 21	$50M	$12M	$3M
Q2 22	$84M	$33M	$22M
Q1 24	$42M	-$8M	-$15M

Valuation

Quarter	P/S	P/E
Q4 17	6.1x	—
Q1 18	4.0x	20.4x
Q2 18	4.1x	8.2x
Q3 18	7.0x	13.2x
Q4 18	3.9x	6.5x
Q1 19	3.3x	5.8x
Q2 19	3.5x	9.4x
Q3 19	4.1x	17.0x
Q2 20	5.1x	—
Q3 20	6.2x	—
Q4 20	6.9x	—
Q1 21	7.4x	132.2x
Q3 21	4.5x	32.2x
Q4 21	3.0x	26.6x
Q2 22	2.1x	14.7x
Q1 24	0.5x	7.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$22M	$20M
Q1 18	$14M	$12M
Q2 18	$39M	$36M
Q3 18	$64M	$62M
Q4 18	$71M	$68M
Q1 19	$52M	$48M
Q2 19	$12M	$2M
Q3 19	$6M	-$2M
Q2 20	-$64M	-$69M
Q3 20	$382.0K	-$4M
Q4 20	$5M	-$329.0K
Q1 21	$2M	-$7M
Q3 21	$16M	$9M
Q4 21	$3M	-$4M
Q2 22	$3M	-$8M
Q1 24	$15M	$5M

Capital Expenditures

Quarter	CapEx
Q4 17	$3M
Q1 18	$2M
Q2 18	$3M
Q3 18	$2M
Q4 18	$3M
Q1 19	$4M
Q2 19	$11M
Q3 19	$9M
Q2 20	$5M
Q3 20	$4M
Q4 20	$5M
Q1 21	$9M
Q3 21	$6M
Q4 21	$7M
Q2 22	$11M
Q1 24	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	+66.7%	+13.9%
Q1 18	+219.7%	+14.2%
Q2 18	+185.4%	+7.0%
Q3 18	+168.2%	+38.6%
Q4 18	+209.7%	+2.9%
Q1 19	-52.9%	-4.4%
Q2 19	-71.4%	+9.9%
Q3 19	-79.0%	-10.8%
Q2 20	-90.2%	-50.0%
Q3 20	+13.3%	+25.8%
Q4 20	+157.6%	+73.6%
Q1 21	+124.5%	+57.3%
Q3 21	+545.0%	+293.0%
Q4 21	+82.6%	+93.3%
Q2 22	+99.0%	+65.5%
Q1 24	+6.0%	+72.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$1.5K	0.0%
Q1 18	$2.3K	0.0%
Q2 18	$2.2K	0.0%
Q3 18	$648.2K	0.8%
Q4 18	$426.3K	0.5%
Q1 19	$834.1K	3.4%
Q2 19	$406.3K	2.5%
Q3 19	$961.7K	5.4%
Q2 20	$365.0K	4.4%
Q3 20	$409.0K	1.5%
Q4 20	$450.0K	1.1%
Q1 21	$372.0K	0.9%
Q3 21	$578.0K	1.1%
Q4 21	$1M	2.3%
Q2 22	$491.0K	0.6%
Q1 24	$290.0K	0.7%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 17	$2M	—
Q1 18	$3M	—
Q2 18	$3M	—
Q3 18	$3M	—
Q4 18	$2M	—
Q1 19	$3M	—
Q2 19	$3M	—
Q3 19	$4M	—
Q2 20	$2M	—
Q3 20	$3M	—
Q4 20	$4M	—
Q1 21	$5M	—
Q3 21	$6M	—
Q4 21	—	$9M
Q2 22	—	$11M
Q1 24	$7M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$98M	$0	$98M
Q2 22	$68M	$0	$68M
Q3 22	$63M	$0	$63M
Q4 22	$54M	$0	$54M
Q1 23	$83M	$0	$83M
Q2 23	$64M	$0	$64M
Q3 23	$40M	$0	$40M
Q4 23	$43M	$0	$43M
Q1 24	$62M	$0	$62M
Q2 24	$49M	$0	$49M
Q3 24	$30M	$0	$30M
Q4 24	$23M	$0	$23M
Q1 25	$8M	$0	$8M
Q2 25	$6M	$0	$6M
Q3 25	$8M	$0	$8M
Q4 25	$10M	$0	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	62M	+15.9%	+35.2%
Q1 18	62M	0.0%	+35.2%
Q2 18	63M	+2.9%	+37.8%
Q3 18	65M	+2.3%	+21.9%
Q4 18	53M	-18.6%	-14.4%
Q1 19	53M	0.0%	-14.4%
Q2 19	53M	+0.8%	-16.1%
Q3 19	53M	+0.2%	-17.8%
Q2 20	56M	+5.7%	+6.8%
Q3 20	63M	+12.0%	+19.6%
Q4 20	63M	+0.3%	+19.0%
Q1 21	63M	0.0%	+18.7%
Q3 21	66M	+3.9%	+16.7%
Q4 21	65M	-1.5%	+2.6%
Q2 22	65M	+0.6%	+3.0%
Q1 24	64M	-1.7%	+1.3%

Shares Outstanding