News | November 16, 2022

BioLargo Achieves 111% Growth To A Record $1.5 Million Revenue For Third Quarter 2022

Source: BioLargo Inc

BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable cleantech technologies and full-service environmental engineering company, filed its Quarterly Report on Form 10-Q for the three months and nine months ended September 30, 2022, with the SEC yesterday (www.biolargo.com/sec-filings). Here the company has provided highlights from the quarterly report and a discussion of key business initiatives with the most potential to stimulate growth.

The company will hold an investor webcast on Wednesday, November 16, 2022, at 2:00 pm Pacific / 5:00 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/47095

BioLargo’s President and CEO Dennis P. Calvert said, “In this quarter we again broke our quarterly revenue record, and have already far surpassed 2021’s total revenues. Our strategy of growing by leveraging our core technology assets through channel partnerships is paying off, as evidenced by the growing success of our pet odor control product partnership. We also expect the commercial roll-out of our PFAS treatment system to play a big role in the future growth of our company.”

Financial highlights

  • Company-wide consolidated revenue for the three and nine months ended September 30, 2022, was $1,500,000 and $3,786,000, which is a 111% and 117% increase over the same periods in 2021; revenue this quarter was a 13% increase compared with the second quarter of 2022.
  • Revenues from ONM Environmental, the company’s odor and VOC control subsidiary, for the three and nine months ended September 30, 2022, were $1,199,000 and $2,499,000, an increase of $779,000 and $1,441,000, from the same periods in 2021. In the third quarter of 2022, this subsidiary generated operating income of $400,000, compared to an operating loss of $72,000 in the same period of 2021.
  • Revenues from third parties for BioLargo Engineering, Science & Technologies, the company’s environmental engineering subsidiary, for the three and nine months ended September 30, 2022, were $283,000 and $1,254,000, an increase of $2,000 and $699,000, from the same periods in 2021.

Commercial highlights

  • Sales of the Pooph branded pet odor control product to Ikigai have risen significantly, accounting for the bulk of the rise in revenue at ONM Environmental. Ikigai intends to continue their national advertising campaign as the product is launched in Walmart and other national retailers.
  • The company secured its first customer to engineer a comprehensive PFAS mitigation plan for a large industrial site. The project’s first phase, the development of a comprehensive PFAS treatment plan, is underway, and subsequent phases are expected to advance in the coming months.
  • The company’s plans to roll out its PFAS treatment technology across the country progressed significantly, with the securing of Product Recovery Management as a contract manufacturer, and a growing number of sales representative organizations that are expected to cover most of North America.
  • BioLargo’s engineering division completed the first phase of some large projects, including the waste-to-energy conversion plant project in South America and the fuel production system project with Ultra Safe Nuclear. Both projects are anticipated to advance to subsequent phases which are of greater scope in the coming months.
  • The company added two new board members to its team: Linda Park and Christina Bray. Both new board members have a background, education, and corporate experience that make them an ideal fit to advance BioLargo’s core organizational goals, and its vision to “make life better” through its cleantech products and services.
  • BioLargo Engineering, Science & Technologies built field units of its PFAS treatment technology the Aqueous Electrostatic Concentrator (AEC) to be used in trial projects whereby customers try out the technology, for a fee, to ensure it accomplishes their water treatment goals and assists them in meeting new water standards for PFAS. Learn more about the company’s PFAS Testing Program (the company’s piloting program) at https://www.biolargoengineering.com/biolargo-pfas-testing-program/.

Correction: an earlier version of this release incorrectly stated, under Financial Highlights, that ONM Environmental generated operating income of $400,000 in the second quarter of 2022. In this corrected version, we state that ONM Environmental generated operating income of $400,000 in the third quarter of 2022 (the quarter being reported on in today's release).

About BioLargo, Inc.

BioLargo, Inc. (OTCQB:BLGO) invents, develops, and commercializes innovative technologies in the cleantech space, including for PFAS contamination, advanced water and wastewater treatment, industrial odor and VOC control, air quality control, and infection control. With over 13 years of extensive R&D, BioLargo holds a wide array of issued patents, maintains a robust pipeline of products, and provides full-service environmental engineering. Our approach is to invent or acquire novel technologies and develop them to maturity through our operating subsidiaries. We have developed a number of key channel partnerships to support the reach of our products and services and maximize their commercial potential. With a keen emphasis on collaborations with academic, municipal, and commercial organizations and associations, BioLargo has proven itself with over 90 awarded grants and numerous pilot projects. We monetize through direct sales, recurring service contracts, licensing agreements, strategic joint venture formation and/or the sale of the IP. See our website at www.biolargo.com.

BioLargo Inc