{"id":25132,"date":"2022-11-14T10:39:46","date_gmt":"2022-11-14T15:39:46","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=25132"},"modified":"2022-11-14T10:39:46","modified_gmt":"2022-11-14T15:39:46","slug":"largo-3q-2022-results","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/largo-3q-2022-results\/","title":{"rendered":"Largo 3Q 2022 Earnings: Maintaining Focus on the Structural Growth Ahead\u00a0"},"content":{"rendered":"<p><span dir=\"ltr\" role=\"presentation\">Largo 3Q 2022 Earnings: Maintaining Focus on the Structural Growth Ahead <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(TSX:LGO) (NASDAQ:LGO) Largo announced earnings today that largely met <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">expectations and management reiterated they are on track to <\/span><span dir=\"ltr\" role=\"presentation\">meet<\/span><span dir=\"ltr\" role=\"presentation\">\u00a0the <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">lower range of <\/span><span dir=\"ltr\" role=\"presentation\">2022 guidance even with multiple one-time production hurdles <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">over the last six months.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Largo 3Q 2022 Earnings: Maintaining Focus on the Structural Growth Ahead\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/5NqFIQ01XvI?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">With a new mining contractor in place and major maintenance completed, <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">production <\/span><span dir=\"ltr\" role=\"presentation\">costs <\/span><span dir=\"ltr\" role=\"presentation\">should<\/span><span dir=\"ltr\" role=\"presentation\"> moderate <\/span><span dir=\"ltr\" role=\"presentation\">going <\/span><span dir=\"ltr\" role=\"presentation\">forward<\/span><span dir=\"ltr\" role=\"presentation\"> while production continues to grow<\/span><span dir=\"ltr\" role=\"presentation\">, leading to a strong potential step <\/span><span dir=\"ltr\" role=\"presentation\">change in <\/span><span dir=\"ltr\" role=\"presentation\">profitability<\/span><span dir=\"ltr\" role=\"presentation\">. <\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">Inflationary pressures continue <\/span><span dir=\"ltr\" role=\"presentation\">to impact Largo, but <\/span><span dir=\"ltr\" role=\"presentation\">this is true for most peers across the board and if inflation persists, it has historically been a bullish signal for commodity producers like Largo.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">Largo is currently going through one of those plateau periods that in the moment <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">seems difficult, but in hindsight turns out to be a truly golden opportunity for <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">investors.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">Largo is dealing with weakening demand from the steel industry and moderating <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">vanadium prices in the short term, but in only 3 quarters the catalysts will be <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">coming fast and heavy.<\/span><\/p>\n<ul>\n<li><span dir=\"ltr\" role=\"presentation\">Commissioning of the ilmenite Ti02 plant in Q2 2023 which at full capacity is <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">estimated to add $30 million or 15% growth to revenue according to the <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">company\u2019s latest technical report.<\/span><\/li>\n<li><span dir=\"ltr\" role=\"presentation\">Increase in high purity vanadium demand and production, which commands a price premium <\/span><span dir=\"ltr\" role=\"presentation\">for Largo\u2019s high quality V<\/span><span dir=\"ltr\" role=\"presentation\">2<\/span><span dir=\"ltr\" role=\"presentation\">O<\/span><span dir=\"ltr\" role=\"presentation\">5<\/span><span dir=\"ltr\" role=\"presentation\"> and V<\/span><span dir=\"ltr\" role=\"presentation\">2<\/span><span dir=\"ltr\" role=\"presentation\">O<\/span><span dir=\"ltr\" role=\"presentation\">3<\/span><span dir=\"ltr\" role=\"presentation\"> products.<\/span><\/li>\n<li><span dir=\"ltr\" role=\"presentation\">Commissioning of Largo\u2019s first Vanadium Redox Flow Battery project in Q2 <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">2023. This project with Enel will be critical to proving out the economics and <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">operational superiority of Largo\u2019s unique battery storage tech.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25142\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2.jpg\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2.jpg 1920w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-key-catalysts-2-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">Structural demand for battery metals, of which Vanadium is one, is growing <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">exponentially this decade and <\/span><span dir=\"ltr\" role=\"presentation\">should<\/span><span dir=\"ltr\" role=\"presentation\"> lead to higher prices and an entirely new <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">level of demand for the few high purity vanadium producers like Largo. Coupled <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">with Largo\u2019s potential as a battery supplier through Largo Clean Energy and Largo <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Physical Vanadium (Ticker: VAND) revolutionizing the commercial renting of long-<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">term battery solutions, Largo is poised to thrive t<\/span><span dir=\"ltr\" role=\"presentation\">h<\/span><span dir=\"ltr\" role=\"presentation\">rough the rest of this decade, <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">economic slowdown or not.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24557\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/VRFB-Deployment-by-Region.png\" alt=\"\" width=\"681\" height=\"487\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/VRFB-Deployment-by-Region.png 681w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/VRFB-Deployment-by-Region-300x215.png 300w\" sizes=\"auto, (max-width: 681px) 100vw, 681px\" \/><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">Largo is well positioned to execute on all its priorities with $83 million of cash, which<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">includes the new $20 million debt issued in October against annual investment <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">spending of $25 million net of cashflow from operations.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">The <\/span><span dir=\"ltr\" role=\"presentation\">ongoing buyback<\/span>\u00a0<span dir=\"ltr\" role=\"presentation\">of shares <\/span><span dir=\"ltr\" role=\"presentation\">is <\/span><span dir=\"ltr\" role=\"presentation\">also <\/span><span dir=\"ltr\" role=\"presentation\">a strong indicator of management\u2019s faith that the true value of Largo shares is <\/span><span dir=\"ltr\" role=\"presentation\">higher than where the stock trades today. <\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">The company bought back an estimated <\/span><span dir=\"ltr\" role=\"presentation\">2.3% of the public float in the quarter, spending $5.8 million. <\/span><span dir=\"ltr\" role=\"presentation\">2.8 million shares remain in the buyback, 8% of the public float and are expected to <\/span><span dir=\"ltr\" role=\"presentation\">be purchased over the next 7 months.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">Ernest Cleave, CFO of Largo Inc. commented on the quarter\u2019s financial results:<\/span><\/p>\n<blockquote>\n<p style=\"text-align: center;\"><span dir=\"ltr\" style=\"font-size: 14pt;\" role=\"presentation\">\u201cLooking ahead, if we consider a vanadium price of $8 per pound, our sales and <\/span><br role=\"presentation\" \/><span dir=\"ltr\" style=\"font-size: 14pt;\" role=\"presentation\">cost guidance, no LPV purchases of vanadium assets, a Brazilian to U.S. dollar <\/span><br role=\"presentation\" \/><span dir=\"ltr\" style=\"font-size: 14pt;\" role=\"presentation\">exchange rate that averages approximately 5:1 as well as the latest debt facilities, <\/span><br role=\"presentation\" \/><span dir=\"ltr\" style=\"font-size: 14pt;\" role=\"presentation\">we estimate exiting the year with a cash balance of approximately $75 million to <\/span><br role=\"presentation\" \/><span dir=\"ltr\" style=\"font-size: 14pt;\" role=\"presentation\">$80 million.\u201d<\/span><\/p>\n<\/blockquote>\n<h2>Q3 2022 Highlights<\/h2>\n<ul>\n<li>Revenues of $54.3 million vs. revenues of $53.9 million in Q3 2021; Revenues per lb sold of $8.80 vs. $9.10 in Q3 2021<\/li>\n<li>Net loss of $2.6 million vs. net income of $9.2 million in Q3 2021; Basic loss per share of $0.04 in Q3 2022; Inclusive of approximately $3.0 million in non-recurring expenditures such as legal and listing costs for Largo Physical Vanadium Corp. (&#8220;LPV&#8221;) and an increase in legal provisions<\/li>\n<li>Net cash provided by operating activities of $10.0 million vs. $15.5 million in Q3 2021<\/li>\n<li>Operating costs of $45.6 million vs. $32.1 million in Q3 2021 and cash operating costs excluding royalties per pound of V2O5 equivalent sold of $4.86 in Q3 2022 vs. $3.53 in Q3 2021<\/li>\n<li>Largo exited the quarter with $63 million of cash.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25146\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/11\/largo-q3-reults-2-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<h2>Increased Production of High Purity Material<\/h2>\n<p>V<sub>2<\/sub>O<sub>5<\/sub> equivalent production from the Marac\u00e1s Menchen Mine was a total of 2,906 tonnes produced in Q3 2022, down only 11% year over year even with significant refurbishment downtime and the transition to an entirely new mining contractor. Sales increased 4% year over year which continues the company\u2019s positive sales growth momentum from the low point in Q1 2022.<\/p>\n<p>Production in July was impacted by a refractory refurbishment in the kiln and cooler with production in September being largely impacted by a lower amount of mined material due to the transition of mining contractors, which was completed in September.<\/p>\n<p>The move to a new mining contractor was enacted due to underperformance by the last contractor and should lead to stronger output going forward.<\/p>\n<p>In Q3 2022, 351,450 tonnes of ore were mined with a grade of 1.02% of V<sub>2<\/sub>O<sub>5. <\/sub>\u00a0The lower ore mined and effective grade during the quarter was due to the mining contractor transition and will rebound.\u00a0 Largo produced 99,513 tonnes of concentrate with a V<sub>2<\/sub>O<sub>5<\/sub> grade of 3.26%.<\/p>\n<p>Largo is well positioned to capitalize on increasing demand for high purity vanadium in the aerospace and chemical industries.<\/p>\n<h2>Operational Highlights<\/h2>\n<p><span dir=\"ltr\" role=\"presentation\">Largo had operating costs of $45.6 million Q3 2022 (Q3 2021 &#8211; $32.1 million)<\/span><span dir=\"ltr\" role=\"presentation\">, which<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">include direct mine and production costs of $24.7 million (Q3 2021 &#8211; $18.<\/span><span dir=\"ltr\" role=\"presentation\">6<\/span><span dir=\"ltr\" role=\"presentation\">t<\/span><span dir=\"ltr\" role=\"presentation\"> million). <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Production costs were impacted by the kiln refurbishment and contractor transition <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">but will likely moderate in coming quarters with these one off items behind the <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">company. <\/span><\/p>\n<p>The increase in direct mine and productions costs can is primarily due to cost increases in critical consumables, including heavy fuel oil and ammonium sulfate.<\/p>\n<p>There was also increased consumption of these critical consumables and sodium carbonate.<\/p>\n<p>Higher production costs were also driven by shutdowns for the refractory refurbishment in the kiln and cooler, repairs to the cooler support bearing, maintenance of the cooler and power substation.\u00a0 Operating costs continue to be impacted by reduced de-ammoniator and kiln availability and the time between production and sales.<\/p>\n<p>The company also recognized an inventory write-down for its purchased products this quarter, which was mainly due to the decrease in average benchmark prices.<\/p>\n<p>Cash operating costs excluding royalties were $4.86 per lb sold in Q3 2022, compared with $3.53 for Q3 2021.<\/p>\n<p>The increase seen in Q3 2022 compared with Q3 2021 is largely due to the reasons noted above for operating costs and remains in line with prior 2022 guidance. Further, produced V2O5 equivalent sold decreased as compared with Q3 2021.<\/p>\n<p>The Company recorded a net loss of $2.6 million in Q3 2022, compared with a net income of $9.1 million in Q3 2021. This movement was primarily due to lower sales and an increase in operating costs, professional, consulting and management fees and other general and administrative expenses.<\/p>\n<h2>Production<\/h2>\n<p>V<sub>2<\/sub>O<sub>5<\/sub> equivalent production was a total of 2,906 tonnes produced in Q3 2022. Production in July was impacted by the refractory refurbishment in the kiln and cooler, with September impacted by lower quantities of ore mined as the Largo moved to a new mining contractor.<\/p>\n<p>August\u2019s production rate hit 1,140 tons meaning the company could easily hit production of 3,400 tons for the quarter if no operational one-off issues get in the way.<\/p>\n<p>The global recovery achieved in Q3 2022 was 80.7%, a 3.6% decrease from the 83.7% achieved in Q3 2021. The global recovery in July 2022 was 80.1%, with 81.3% achieved in August and 80.8% achieved in September.<\/p>\n<h2>Sales<\/h2>\n<p>In Q3 2022, Largo sold 2,796 tonnes of V<sub>2<\/sub>O<sub>5<\/sub>\u00a0equivalent (Q3 2021 \u2013 2,685 tonnes) up 4% over the same time last year, including 351 tonnes of purchased products (Q3 2021 \u2013 135 tonnes).<\/p>\n<p>Produced V<sub>2<\/sub>O<sub>5<\/sub>\u00a0equivalent sold decreased, with 5.4 million lbs sold in Q3 2022, as compared with 5.6 million lbs sold in Q3 2021.<\/p>\n<p>Lower Q3 2022 sales are attributable to weaker spot demand during the period as well as ongoing shipment delays.<\/p>\n<h2>Largo Clean Energy (LCE)<\/h2>\n<p>During Q3 2022, LCE made good progress on the Enel Green Power Espa\u00f1a (\u201cEGPE\u201d) contract, which remains a key focus. All high-power battery stacks have been manufactured and the company is working on factory acceptance testing. The required battery stack containers are fully assembled, and final validation and factory acceptance testing remains ongoing.<\/p>\n<p>Additionally, electrolyte storage containers are progressing through the final painting, lining and integration process. Most of the required alternating current (&#8220;AC&#8221;) components have been manufactured and factory-accepted, and shipment to the deployment site has begun. The battery deployment site is under construction and LCE expects to begin equipment installation in November 2022.<\/p>\n<p>LCE continues to experience shipping and logistical delays related to certain components for its EGPE VRFB deployment, but still expects commissioning to begin next year.<\/p>\n<p>Management is monitoring the situation closely and now expects the completion of the commissioning of the EGPE VRFB to begin in Q2 2023.<\/p>\n<p>As their clean energy division grows, Largo has been actively exploring opportunities to benefit from the recently passed inflation Reduction Act in the U.S. which includes approximately $60 billion of clean energy manufacturing tax credits and $30 billion of tax credits for state and electric utilities to adopt clean energy and clean energy storage.<\/p>\n<p>Largo believes that their U.S.-based clean energy business should qualify for some of the credits, and will provide updates on their efforts in this direction.<\/p>\n<h2>Largo Physical Vanadium<\/h2>\n<p>In Q3 2022, Largo\u2019s industry first public vanadium vehicle began trading on the TSX exchange under the ticker VAND. Largo initially contributed 200 tonnes of V<sub>2<\/sub>O<sub>5<\/sub>\u00a0equivalent and $20.0 million of the $30.2 million that LPV raised in a financing that closed in April 2022. Largo physical vanadium currently holds 523 tonnes and has a net asset value of $34 million.<\/p>\n<p>LPV was created to acquire and store vanadium units in commercial forms as well as in electrolyte solutions for VRFB applications. LPV ensures adequate supplies of Vanadium for battery customers while also dampening price volatility of vanadium in the market.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":25,"featured_media":24228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56,59],"tags":[1728,1936,1714,2104,1713,893,2052],"class_list":{"0":"post-25132","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-metals","9":"tag-largo","10":"tag-largo-physical-vanadium","11":"tag-lgo","12":"tag-nasdlgo","13":"tag-tselgo","14":"tag-vanadium","15":"tag-vand"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Largo 3Q 2022 Earnings: Maintaining Focus on the Structural Growth Ahead\u00a0 | 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