WESTMINSTER, CA / ACCESSWIRE / April 3, 2023 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable cleantech technologies and full-service environmental engineering company, announced that its Annual Report, filed March 31, 2023, showed a 132% increase in revenues over 2021, and a 26% decrease in net loss (www.biolargo.com/sec-filings). Company management below provides a summary of the annual report's highlights, including the company's financial performance and progress of key projects.
BioLargo will hold an investor webcast today, Monday, April 3, 2023, at 1:30 pm Pacific / 4:30 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/47877
Dennis P. Calvert, the company's President and CEO, said, "2022 was our strongest year yet in terms of financial performance, and we are eager for the day when our valuation reflects the significance of our ongoing success. With Pooph revenues leading the way and other key catalysts like our PFAS treatment business just now coming online, we're confident that this year will herald even more significant growth at the company."
Company management provides highlights of the annual report below, but encourages investors to review the full report to get the most complete information about BioLargo and its growing cleantech business, including the risk factors beginning at page 12.
Key financial highlights:
Consolidated revenue for the year ended December 31, 2022, was $5,884,000, which was a 132% increase over 2021. Revenue in the fourth quarter of 2022 was $2,096,000, a 40% increase as compared with the third quarter of 2022 (quarter-over-quarter), and a 167% increase as compared with the fourth quarter of 2021.
The company no longer has any outstanding convertible debt.
The company's total net loss for the year ended December 31, 2022, was reduced by 26% as compared with the prior year, from $6,894,000 to $5,132,000. Approximately 50% of the company's net loss was due to non-cash expenses, including $2,071,000 of stock option compensation expense, and $291,000 of services paid by the issuance of our common stock. Net cash used in operations decreased 30% to negative $2,760,000.
Net stockholders' equity rose from $933,000 at the end of 2021 to $2,011,000 at the end of 2022.
The company ended the year with $3.1 million in current assets and working capital of $1.6 million.
Key commercial and developmental highlights:
Revenues from sales of the Pooph pet odor control product to Ikigai Marketing Works have escalated significantly, resulting from the ongoing success of Ikigai's national marketing campaign for the product and its rollout into Walmart stores in the US.
The company's AEC water treatment system has been tested and proven to remove per- and polyfluoroalkyl substances (PFAS) from water to below levels required by the EPA's recently proposed limitations of four parts per trillion. These so-called "forever chemicals" accumulate in the human body, are linked to multiple health issues, and are more and more the subject of government regulatory concern.
The company acquired the IP rights to a sodium-sulfur battery, a technology with unique technical features that enable it to address a need in the market for safe, affordable, long-term energy storage at grid-scale, at electric vehicle charging stations, or similar static applications. The technology is already developed, and BioLargo has formed and secured seed capital for a new subsidiary which will lead the manufacturing, scale-up, and operations for the new technology.
About BioLargo, Inc.
BioLargo, Inc. (OTCQB:BLGO) is a cleantech and life sciences innovator and engineering services solution provider. Our core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, enable energy-efficiency and safe on-site energy storage, and control infections and infectious disease. Our approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact. See our website at www.BioLargo.com.
Contact Information
Dennis P. Calvert
President and CEO, BioLargo, Inc.
888-400-2863
Safe Harbor Act
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about BioLargo's (the "Company") expectations regarding the impact of the COVID-19 pandemic; anticipated revenue; and plans for future operations. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of the COVID-19 pandemic on the Company's business, results of operations, financial condition, and stock price; the effect of regional economic conditions on the Company's business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the dependency of the Company on the performance of distributors of the Company's products. More information on these risks and other potential factors that could affect the Company's business and financial results is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
SOURCE: BioLargo, Inc.