Largo Inc. (NASDAQ: LGO) reported a net loss of $17.2 million for the fourth quarter of 2025, compared to a loss of $13.0 million in the prior-year period, according to the company's financial results released April 1, 2026.

The vanadium producer's revenues declined 8% to $22.3 million in Q4 2025 from $24.3 million a year earlier, primarily due to reduced sales volumes caused by 50% U.S. import tariffs on Brazilian products that made the company's high-purity vanadium products uneconomical in the U.S. market.

Sales volumes of vanadium pentoxide fell 21% to 2,396 tonnes in Q4 2025 from 3,033 tonnes in Q4 2024. The tariffs led to order cancellations and resulted in inventory accumulation exceeding 300 tonnes in bonded warehouses in Baltimore, Maryland.

For the full year 2025, Largo posted revenues of $109.9 million, down 12% from $124.9 million in 2024. The company reported a net loss of $68.7 million for 2025 compared to a loss of $50.6 million in the previous year.

Production showed improvement with vanadium pentoxide output reaching 2,961 tonnes in Q4 2025, a 67% increase from 1,775 tonnes in Q4 2024. Full-year production of 9,150 tonnes fell within the company's guidance range of 9,000 to 11,000 tonnes.

The company ended 2025 with $9.7 million in cash and $107.1 million in debt. Largo amended its Brazilian debt facilities during 2025, deferring principal repayments until September 2026.

Following the elimination of the 50% tariffs in February 2026, Largo began selling accumulated high-purity vanadium inventory and restarted production of these specialty products. The company established an at-the-market equity program and has raised $19.5 million through share issuances as of March 27, 2026.

Largo maintains its 2026 guidance for vanadium pentoxide equivalent production of 10,500 to 12,000 tonnes and sales of 7,500 to 9,500 tonnes, with adjusted cash operating costs excluding royalties of $3.50 to $4.50 per pound sold.