One metric ruins it allV2O5 revenues per pound of V2O5 sold: $8.10
FeV revenues per kg of FeV sold: $30.11
Now compare that to the average prices during the Q:
"During Q1 2022, the average benchmark price per lb of V2O5 in Europe was $10.72
"During Q1 2022, the average benchmark price per kg of FeV in Europe was $46.17
They sold FeV at 65% of market price on average! WTF are they doing? What's more, with regard to V2O5 LGO sells a mix of standard and high-purity products which should fetch a premium over the standard V2O5 price. In fact they recorded an average sales price close to 75% of the market price for standard quality V2O5.