Business
Largo Reports Fourth Quarter and Full Year 2023 Financial Results; Continued Focus on Operational Improvements and Cost Reduction to Offset Depressed Vanadium Prices
All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Q4, Full Year 2023 and Other Highlights Revenues of $44.2 million in Q
About this update from Largo Inc.
[{"type":"text","content":"All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Q4, Full Year 2023 and Other Highlights Revenues of $44.2 million in Q4 2023, 7% below Q4 2022; Revenues per pound sold1 of $7.69 in Q4 2023 vs. $7.77 in Q4 2022 Operating costs of $43.2 million in Q4 2023 vs. $44.5 million in Q4 2022; Cash operating costs excluding royalties per pound1 V2O5 equivalent sold of $5.44 in Q4 2023 vs. $5.15 in Q4 2022 Net loss of $13.3 million in Q4 2023, which included $6.6 million in non-recurring items vs. net loss of $15.6 million in Q4 2022, which included $6.3 million in non-recurring items; Basic loss per share of $0.21 in Q4 2023 vs. basic loss per share of $0.24 in Q4 2022 Adjusted EBITDA2 of $1.4 million in Q4 2023 increased by 138% from that seen in Q4 2022 Revenues of $198.7 million in 2023, 13% below 2022; Revenues per pound sold1 of $8.66 in 2023 vs. $9.38 in 2022 Operating costs of $174.8 million in 2023 vs. $169.7 million in 2022, and cash operating costs excluding royalties per pound1 V2O5 equivalent sold of $5.30 in 2023 vs. $4.57 in 2022; Within revised annual cash operating costs excluding royalties1 per pound guidance for 2023 Net loss of $32.4 million in 2023, which included $10.3 million in non-recurring items vs. net loss of $2.2 million in 2022, which included $13.8 million in non-recurring items; Basic loss per share of $0.51 in 2023 vs. basic loss per share of $0.03 in 2022 Adjusted EBITDA2 of $12.1 million in 2023 vs. $41.6 million in 2022 Cash balance of $42.7 million, net working capital3 surplus of $94.7 million and debt of $75.0 million exiting 2023 V2O5 production of 2,768 tonnes in Q4 2023, a 38% increase over the 2,004 tonnes produced in Q4 2022; Annual V2O5 production of 9,681 tonnes in 2023 vs. 10,436 tonnes in 2022 and within the Company’s revised 2023 production guidance range of 9,000 – 11,000 tonnes Quarterly sales of 2,605 tonnes of V2O5 equivalent (inclusive of 139 tonnes of purchased material) in Q4 2023 vs. 2,774 tonnes in Q4 2022; Annual V2O5 equivalent sales of 10,396 (inclusive of 929 tonnes of purchased material) tonnes in 2023 vs. 11,091 tonnes in 2022 and within the Company’s revised 2023 sales guidance of 8,700 – 10,700 tonnes In Q4 2023, Largo Clean Energy’s (“LCE”) 6 megawatt-hour vanadium flow battery deployment for Enel Green Power España (“EGPE”) was vali...