Largo (ALLGO) Q2 2024 TU earnings summary

Executive summary

• Revenue for H1 2024 surged by 84% to €15.7M compared to H1 2023, driven by strong performance in strategic sales channels.

• Commercial momentum was particularly robust in Operator, Digital, and B2B channels, reflecting the company’s strategic focus on profitability.

• Cash position stood at €5.2M as of June 30, 2024, bolstered by a €4M convertible bond issuance in June.

Financial highlights

• Q2 2024 revenue increased by 34% year-over-year to €6.3M.

• H1 2024 revenue reached €15.7M, up from €8.5M in H1 2023 (+84%).

• Operator channel contributed 46% of H1 2024 revenue, up from 2% in H1 2023.

Outlook and guidance

• Targeting over 50% revenue growth for Q3 2024, supported by strong commercial prospects.

• Focus for H2 2024 includes securing product sourcing, rigorous cost and quality management, and expanding strategic channel sales.