$7.9 Million in revenue is 108% over first nine months of 2022
WESTMINSTER, CA / ACCESSWIRE / November 15, 2023 / BioLargo, Inc. (OTCQB:BLGO), a company that creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, reported $7.9 million in revenues over the nine months ended September 30, 2023, a 108% increase over the same period in 2022 in its Form 10-Q filed with the SEC, putting it on a pace to exceed $10 million in annual revenues for the first time (see www.biolargo.com/sec-filings).
BioLargo will hold an investor webcast on Monday, November 20, 2023, at 3:00 pm Pacific / 6:00 pm Eastern, at the following link, open to the public, to discuss the quarterly report: https://www.webcaster4.com/Webcast/Page/2448/49451
Dennis P. Calvert, the company's President and CEO, said, "Company-wide revenues are rising again. Through Q3, we have already surpassed last year's annual revenues by 34%, with another quarter to go. Pooph pet-odor product sales are climbing steadily as our partners continue to expand retail presence around the country."
He continued, "Over the summer, our PFAS team has been approached by a broad base of prospective customers in diverse industries, including municipalities, government agencies, drinking water systems, firefighting foam projects, wastewater entities, and industrial facilities. The excitement about our PFAS collection and destruction solution has been highly validating to our value proposition to the marketplace. Our engineers have commenced work on a project to remove PFAS from a municipal drinking water supply in New Jersey, and we look forward to sharing more details as they come available."
On the topic of the company's new safe, long-lasting battery technology, Mr. Calvert said, "Finally, I'm happy to report that substantial progress has been made in the construction of our Oak Ridge, Tennessee manufacturing facility for the prototypes of our safe, longer-lasting long duration energy storage (LDES) battery technology. We hope to have batteries built and being tested by year's end."
The following are some highlights from BioLargo's quarterly report filed November 14, 2023, and are not a substitute for the details in the 10-Q, which can be found here: https://www.biolargo.com/sec-filings. All interested parties are encouraged to review the full quarterly report filed with the SEC to get the most complete information about BioLargo and its growing cleantech business.
Consolidated revenues for the three months ended September 30, 2023, were $2,672,000, a 78% increase over the same period in 2022, and an 85% increase over the three months ended June 30, 2023.
As of September 30, 2023, year-to-date revenues were $7,860,000, a 108% increase over the same period of 2022, and 34% increase over the entirety of 2022, with one quarter still remaining in 2023.
Net loss for the three months ended September 30, 2023, was $1,508,000, compared to $847,000 in the same period of 2022, and $1,626,000 for the three months ended June 30, 2023, with a notable increase in R&D to $694,000 associated with Clyra and the building of the company's prototype manufacturing line for its sodium sulfur battery technology.
ONM Environmental, Inc., BioLargo's odor and VOC control subsidiary, generated $2,513,000 of revenue, of which $529,000 resulted from a record-breaking quarter of sales of the company's odor and VOC control product CupriDyne® Clean and related services to industrial and solid waste customers.
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. Learn more about the company's PFAS treatment solutions at www.bestpfastreatment.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 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 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.