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olivLaw · US equity research

Largo Inc. LGO

Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)

0.33USD+0.42% · 1 dayClose 04 Nov 2026

Largo Inc. is a Canadian company whose common shares are listed on Nasdaq and which reports under IFRS and files Form 40-F with the SEC. The available source contains no revenue or production figures, so this profile is limited to the company's structure and filed documents.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Largo Inc. (LGO) stock was 0.33 USD (+0.42% on the day), with market capitalisation 27.7 m USD, beta 1.76, 52-week range 0.33–1.87 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
27.7 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -1.01 · TTM to 31 Dec 2025
E/P (TTM)
-304.77%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.76
Volatility (1y) 84%
52-week range
0.331.87

Price history

Loading chart…

Technical reading

RSI (14)
24.7
oversold (≤ 30)
Bollinger (20, 2)
0.32 – 0.49
in the lower half of the band · %B 0.06 · band width 41.9%
SMA 50 / 200
0.55 / 0.94
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.06 / -0.06
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−31.0%−1.1%−29.9 pp—
3 months−52.7%−0.5%−52.2 pp—
6 months−73.3%+4.4%−77.7 pp—
Year to date−64.7%+12.3%−77.1 pp—
1 year−70.4%+13.5%−84.0 pp−11.5%
3 years−86.0%+76.4%−162.4 pp+29.6%
5 years−97.2%+63.7%−160.9 pp—
Max drawdown (1y)
−82.4%
11 Feb 2026 → 03 Nov 2026
Max drawdown (5y)
−97.7%
10 Mar 2022 → 03 Nov 2026
Compound annual growth (5y)
−51.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202020212022202320242025
Revenue120.0 m198.3 m229.3 m198.7 m124.9 m109.9 m
Revenue YoYunavailable+65.3%+15.6%−13.3%−37.1%−12.0%
Net income6.8 m22.6 m-1.5 m-30.3 m-49.8 m-68.5 m
Net income YoYunavailable+233.8%−106.4%unavailableunavailableunavailable
Diluted EPS0.110.35-0.03-0.51-0.78-1.01
Diluted EPS YoYunavailable+218.2%−108.6%unavailableunavailableunavailable
net %5.6%11.4%-0.6%-15.3%-39.9%-62.3%
Free cash flow-77.6 m12.4 m-38.7 m-32.3 m-31.1 m-37.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
9.7 m USD
Financial debt
107.1 m USD
Net debt
97.4 m USD
Equity
136.5 m USD
Total assets
318.8 m USD
Debt / equity
0.78x
Current ratio
0.51x
ROE
-44.5%
ROA
-21.5%
FCF margin
-34.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
198.7 m
2024
124.9 m
2025
109.9 m

SEC (XBRL)· 01 Apr 2026verified

Cost of revenue
2023
103.5 m
2024
68.5 m
2025
52.6 m

SEC (XBRL)· 01 Apr 2026verified

Gross profit
2023
95.1 m ≈
2024
56.4 m ≈
2025
57.3 m ≈

SEC (XBRL)· 01 Apr 2026derived

Research & development
2023
6.1 m
2024
3.4 m
2025
714.0 k

SEC (XBRL)· 01 Apr 2026verified

Depreciation & amortisation
2023
26.0 m
2024
26.8 m
2025
21.1 m

SEC (XBRL)· 01 Apr 2026verified

Interest expense
2023
9.6 m
2024
9.5 m
2025
13.1 m

SEC (XBRL)· 01 Apr 2026verified

Pre-tax income
2023
-35.1 m
2024
-71.2 m
2025
-51.7 m

SEC (XBRL)· 01 Apr 2026verified

Income tax
2023
-2.7 m
2024
-20.7 m
2025
17.1 m

SEC (XBRL)· 01 Apr 2026verified

Net income
2023
-30.3 m
2024
-49.8 m
2025
-68.5 m

SEC (XBRL)· 01 Apr 2026verified

Diluted EPS
2023
-0.51
2024
-0.78
2025
-1.01

SEC (XBRL)· 01 Apr 2026verified

Weighted average diluted shares
2023
64.0 m
2024
64.1 m
2025
67.8 m

SEC (XBRL)· 01 Apr 2026verified

Balance sheet · USD

Cash
2023
42.7 m
2024
22.1 m
2025
9.7 m

SEC (XBRL)· 01 Apr 2026verified

Receivables
2023
25.6 m
2024
9.7 m
2025
11.1 m

SEC (XBRL)· 01 Apr 2026verified

Inventories
2023
61.6 m
2024
47.5 m
2025
49.5 m

SEC (XBRL)· 01 Apr 2026verified

Current assets
2023
137.1 m
2024
93.3 m
2025
78.1 m

SEC (XBRL)· 01 Apr 2026verified

Property, plant & equipment, net
2023
212.2 m
2024
170.8 m
2025
191.9 m

SEC (XBRL)· 01 Apr 2026verified

Intangibles (excl. goodwill)
2023
6.2 m
2024
2.3 m
2025
1.4 m

SEC (XBRL)· 01 Apr 2026verified

Total assets
2023
381.6 m
2024
318.7 m
2025
318.8 m

SEC (XBRL)· 01 Apr 2026verified

Accounts payable
2023
31.4 m
2024
31.3 m
2025
42.5 m

SEC (XBRL)· 01 Apr 2026verified

Short-term debt
2023
0
2024
74.8 m
2025
107.1 m

SEC (XBRL)· 01 Apr 2026verified

Long-term debt
2023
75.0 m
2024
17.5 m
2025
0

SEC (XBRL)· 01 Apr 2026verified

Current liabilities
2023
42.5 m
2024
114.3 m
2025
153.9 m

SEC (XBRL)· 01 Apr 2026verified

Total liabilities
2023
125.8 m
2024
147.4 m
2025
182.2 m

SEC (XBRL)· 01 Apr 2026verified

Equity
2023
255.8 m
2024
171.2 m
2025
136.5 m

SEC (XBRL)· 01 Apr 2026verified

Shares outstanding at year end
2023
64.1 m
2024
64.1 m
2025
83.7 m

SEC (XBRL)· 01 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
21.2 m
2024
11.2 m
2025
-10.2 m

SEC (XBRL)· 01 Apr 2026verified

Capex
2023
53.5 m
2024
42.2 m
2025
27.4 m

SEC (XBRL)· 01 Apr 2026verified

Free cash flow
2023
-32.3 m ≈
2024
-31.1 m ≈
2025
-37.7 m ≈

SEC (XBRL)· 01 Apr 2026derived

Investing cash flow
2023
-62.9 m
2024
-42.2 m
2025
-26.4 m

SEC (XBRL)· 01 Apr 2026verified

Financing cash flow
2023
29.1 m
2024
12.0 m
2025
23.9 m

SEC (XBRL)· 01 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-12.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-21.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-1.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
52.2%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-62.3%
computed by olivLawFY 2025
FCF margin
-34.3%
computed by olivLawFY 2025

Returns

ROE
-46.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-21.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
97.4 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-10.2 m USD
computed by olivLawFY 2025
Capital expenditure
27.4 m USD
computed by olivLawFY 2025
Free cash flow
-37.7 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
35 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
337 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
256 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
115 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
27.7 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
125.1 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-304.8%
computed by olivLawFY 2025
P/B
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-135.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.33 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 27.7 m USD

Key indicators

Market capitalisation
27.7 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-46.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-62.3%
computed by olivLawFY 2025
Revenue growth (YoY)
-12.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 01 Apr 2026
verified 187

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-62.3%24 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-21.7%0 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.5x0 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-135.8%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial24/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Largo Inc. (LGO). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 109.9 m USD in 2025; YoY growth -12.0%; net margin -62.3%; ROE -46.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -62.3%
  • Revenue CAGR 3Y: -21.7%
  • Current ratio: 0.5x
  • FCF yield: -135.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies

Multiples and returns vs the median

P/E
—
vertical median 26.3x
EV/EBITDA
—
vertical median 17.5x
P/S
0.3x
vertical median 3.3x
below median (−92.5%)
P/B
0.2x
vertical median 2.4x
below median (−91.0%)
ROE
-46.4%
vertical median 6.3%
below median (−834.2%)
Net margin
-62.3%
vertical median 8.0%
below median (−874.5%)
EBIT margin
—
vertical median 8.2%
Revenue YoY
-12.0%
vertical median 8.6%
below median (−239.6%)
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
—
vertical median 0.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MLMMartin Marietta Materials, Inc.39.6 bn14.716.8%31.9%+8.6%−11% / +20%
VMCVulcan Materials Company38.2 bn35.212.9%13.8%+7.1%+0% / +39%
SQMChemical & Mining Co Of Chile Inc15.1 bn24.014.3%15.1%−39.4%−11% / +15%
HLHecla Mining Company10.0 bn26.714.5%21.0%+53.0%−11% / +200%
IONRIoneer Ltd7.2 bn—-4.3%—unavailable−44% / −35%
USLMUnited States Lime & Minerals Inc3.5 bn26.620.0%35.1%+17.3%+1% / +191%
KNFKnife River Corporation3.5 bn26.38.0%4.0%+8.5%−17% / +4%
TTAMTitan America SA2.6 bn14.220.8%11.1%+1.8%−12% / unavailable
UUUUEnergy Fuels Inc.1.9 bn—-14.1%-100.0%−15.6%−50% / −10%
LEUCentrus Energy Corp1.3 bn42.28.1%10.2%+1.5%−64% / +85%
CMPCompass Minerals International, Inc.976.5 m54.27.2%1.4%+11.3%+22% / −4%
GAUGaliano Gold Inc.540.4 m—-12.7%-6.5%+93.6%−14% / +220%
IPIIntrepid Potash, Inc.418.0 m17.14.8%8.0%+17.1%+24% / +52%
SNDSmart Sand, Inc.185.3 m16.94.4%2.7%+6.0%+48% / +124%
ABATAmerican Battery Technology Company183.9 m—-74.5%-337.5%+406.8%−66% / −70%
ATLXAtlas Lithium Corporation52.1 m—-103.0%-33,954.4%−86.1%−65% / −93%
LGOLargo Inc.27.7 m—-46.4%-62.3%−12.0%−70% / −86%
TECKTeck Resources Limited——5.5%13.0%+18.7%+50% / +71%
ELVRElevra Lithium Limited——-54.2%-131.8%+11.2%−40% / unavailable

1- and 3-year price returns: for LGO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (08 Oct 2026), 6-K (29 Sept 2026), 6-K (23 Sept 2026), 6-K (14 Sept 2026).

    In brief

    Largo Inc. is a Canadian company whose common shares are listed on Nasdaq and which reports under IFRS and files Form 40-F with the SEC 1. The available source contains no revenue or production figures, so this profile is limited to the company's structure and filed documents.

    SWOT

    Strengths

    • Nasdaq listing, with reporting obligations to the SEC through Form 40-F.
    • Audit performed by KPMG LLP, in place since March 2022.
    • Audit committee made up of members considered independent under Nasdaq rules.

    Weaknesses

    • Financial statements are prepared under IFRS, which makes direct comparison with US GAAP companies difficult.
    • The main document holds no operating or financial detail, which sits in separate exhibits.
    • Exposure to several currencies can complicate the interpretation of results in US dollars.

    Opportunities

    • Emerging growth status could temporarily reduce the reporting burden.
    • Activity in several jurisdictions could offer flexibility if markets develop favourably.
    • The Nasdaq listing may ease access to capital on the US market.

    Threats

    • Exchange rate swings could affect results reported in dollars.
    • Differences from US reporting standards may reduce some investors' confidence.
    • Regulatory changes in Canada or the US could alter compliance obligations.

    Risks

    • Comparability of financial statementsmedium

      Reporting under IFRS may make results hard to compare with those of companies using US GAAP, which could affect relative valuations.

    • Currency exposuremedium

      Activity and reporting in several currencies could amplify the effect of exchange rate moves on dollar results.

    • Lack of operating detail in the sourcemedium

      The available document offers no figures on production, costs or reserves, which limits the assessment of operating risk.

    • Cross-border regulationlow

      Foreign private issuer status and the application of rules in two jurisdictions could create additional compliance duties.

    • Reliance on attached documentslow

      Essential information sits in exhibits 99.1 and 99.3 rather than the main body, which could make a quick analysis harder.

    Investment thesis

    What would need to be true (bull case)

    • If activity in Brazil and Europe develops, geographic diversification could support results over the longer term.
    • The Nasdaq listing and a well-known audit firm could raise visibility and investor confidence.
    • Emerging growth status could allow a simpler reporting period.

    What would break the thesis

    • The lack of operating figures in the source makes it hard to validate any growth thesis.
    • IFRS differences from US GAAP could reduce comparability with US alternatives.
    • Currency exposure could erode reported results if local currencies weaken against the dollar.

    What to watch

    • Annual Information Form and audited financial statements, exhibits 99.1 and 99.22026
    • Movements in the CAD, BRL and EUR exchange rates against the dollar2026
    • Any change to the emerging growth company statusnext 40-F

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (08 Oct 2026), 6-K (29 Sept 2026), 6-K (23 Sept 2026), 6-K (14 Sept 2026).

    The business

    Largo Inc. is a Canadian corporation registered as a foreign private issuer under Rule 3b-4 of the Exchange Act 1. Its common shares are listed on Nasdaq 1. The company prepares its consolidated financial statements under IFRS as issued by the IASB, not US GAAP, so the figures are not directly comparable with those of US companies 1.

    The annual report for the year ended 31 December 2025 was filed with the SEC on 1 April 2026 as a Form 40-F and incorporates by reference the Annual Information Form, audited financial statements and Management's Discussion and Analysis 1. The auditor is KPMG LLP of Toronto, in place since March 2022 1.

    The source states that the company had no mines in the United States subject to MSHA regulation at 31 December 2025 1. The governance structure includes an audit committee of three members considered independent under Nasdaq rules 1. Detailed operating activity is not described in the available text, so no further statements about production or projects can be made.

    Segments

    Mining and operations (as far as the sources show)

    The available text does not detail operating segments. It only notes that the company had no US mines at the end of 2025, and the exchange rates used in the report suggest exposure to Brazil and Europe 1.

    Market context

    The source provided contains no data on market size or the company's market share. The reporting framework includes exchange rates for the Canadian dollar, the Brazilian real and the euro, which points to currency exposure across several markets 1.

    Trends

    • Currency exposuremixed

      Reporting uses exchange rates for CAD, BRL and EUR as at 31 December 2025 1. Movements in these currencies could affect results reported in US dollars if revenue or costs are generated in them.

    • Different reporting standardsheadwind

      The company reports under IFRS, and the text warns that its financial statements may not be comparable with US GAAP statements 1. This could make direct comparison with US companies in the same sector harder.

    • Emerging growth company statusmixed

      The company declares itself an emerging growth company under Rule 12b-2 1. This status may reduce certain reporting requirements for a limited period.

    Competitive position

    The source does not identify direct competitors. The company does not present a list of competitors or an analysis of its market position in the filed document 1.

    Without competition data, any comparison must be made with external documents rather than this report. The competitor list below therefore remains empty based on the sources provided.

    • Not identified in source

      The document provided does not name competitors.

    • Not identified in source

      No competing company appears in the available text.

    • Not identified in source

      The competitive analysis cannot be completed from this document.

    • Not identified in source

      Comparisons would require other sources.

    News & filings

    In the press

    The latest news item in our archive is from 06 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Largo Inc. · 01 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.