WESTMINSTER, CA/ACCESSWIRE/May 17, 2022/ BioLargo, Inc. (OTCQB: BLGO), a sustainable cleantech developer and full-service environmental engineering firm, yesterday filed its Quarterly Report on Form 10-Q for the period ended March 31, 2022 with the SEC (www.biolargo.com/sec-filings). Here, the company has provided report highlights along with commentary on the company’s growth strategy.
“BioLargo is at a turning point,” said company president and CEO Dennis P. Calvert. “After investing years and millions of dollars in R&D for our innovative technologies, this quarter we generated record revenues, our subsidiary ONM Environmental achieved an operating profit and our engineering subsidiary completed the quarter just short of profitability.While we have cemented our reputation as a reliable and credible provider of clean technology solutions through our commitment to creating the best sustainable technologies and our growing list of talented engineers and scientists, we still need to work hard to continue to achieve these long-term results and capitalize on these assets in a way that we believe will create significant value for our business and our shareholders.”
The Company is hosting an investor webcast on Thursday, May 19, 2022 at 1:00 p.m. Pacific / 4:00 p.m. Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/45648
Company-wide revenue for the three months ended March 31, 2022 reached a record $965,000, up 69% from the same period in 2021.
BioLargo subsidiary ONM Environmental’s revenue was $598,000, an increase of 87% over the same period in 2021, and operating profit was $13 $000, which is its very first profitable quarter.
BioLargo Engineering, Science & Technologies generated $355,000 in revenue, an increase of 177% over the same period in 2021. This subsidiary recorded an operating loss of $35,000 for the quarter, compared to a loss of $183,000 in the same period in 2021.
Please see management’s discussion and analysis of the company’s results of operations in its most recent Form 10-Q filed with the SEC on May 16, 2022, and the Risk Factors section in Form 10-K of the company filed with the SEC on March 31. 2022, for more information.
Business and Development Highlights
PFAS – the AEC: the company has successfully completed internal pilot testing of its sustainable low-waste solution (the AEC) for the treatment of water contaminated with per- and polyfluoroalkyl substances (PFAS), called “permanent chemicals” linked to cancer, birth defects and various health problems. Based on these results and the demonstration of AEC’s long-lasting performance without significant deterioration, the company is preparing a plan for a commercial on-site trial with a large municipal agency in Southern California. The company is also in talks with potential industrial customers who it believes can safely rely on AEC performance evidence obtained at its water lab in Oak Ridge, TN rather than requiring pilots. field demonstration. Through the company’s initial and limited marketing efforts, it has established a pipeline of potential customers whose value could exceed $90 million over time, subject to the company’s ability to build that level. of growth. Although the management is strongly encouraged and strives to convert these potential customers into customers, they are only at the beginning of the business process for each of them. In addition, the company is negotiating three distribution partnership agreements for the AEC.
Private Label Growth: BioLargo’s private label pet odor control product partnership with Ikigai Marketing Works, LLC is progressing steadily after the product was well received in its television marketing test campaign. Initial sales have exceeded expectations, and Ikigai is preparing to launch the product at multiple outlets.
Distribution Partner – Garratt-Callahan: The “minimal liquid discharge” water treatment system, invented by the over 100-year-old water treatment company Garratt-Callahan and manufactured by BioLargo, has passed factory acceptance testing. The two companies are now working closely to organize the commercial deployment of the equipment to Garratt-Callahan’s first customers, and believe that the proof of claim work already completed is sufficient for commercial sales activity to begin. .
Waste-to-energy plant project: BioLargo’s engineering subsidiary has been engaged to complete a full feasibility plan for a waste-to-energy plant project in South America. The proposed plant would process more than two million tons of municipal solid waste per year, and the cost of the project is expected to exceed $500 million in total, with the engineering design portion expected to account for 10% of this amount. So far, BioLargo has been contracted for the first phase of the project (i.e. the feasibility study) and, although not guaranteed, expects to be involved in the following phases. if the project is progressing as planned.
BioLargo CEO Dennis P. Calvert added, “In many ways, the hardest work is done: inventing, developing and commercially validating our innovations. Now, we have already entered into partnerships with multiple channels and are executing them as planned to drive further revenue growth. We believe that as this strategy matures and develops, our commercial business units will have the potential to generate positive cash flow on a segment basis and ultimately positive cash flow for the company as a whole. commercial and our PFAS solution begins its first projects. The market response has been extremely rewarding for these two projects.
About BioLargo, Inc.
BioLargo, Inc. (OTCQB: BLGO) invents, develops and markets innovative cleantech technologies, including PFAS contamination, advanced water and wastewater treatment, odor and industrial VOCs, 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 product portfolio, and provides full-service environmental engineering. Our approach is to invent or acquire new technologies and develop them to maturity via our operating subsidiaries. We have developed a number of key distribution partnerships to support the reach of our products and services and maximize their market potential. With a focus on collaborations with academic, municipal and commercial organizations and associations, BioLargo has a proven track record with over 80 grants awarded and numerous pilot projects. We monetize through direct sales, recurring service contracts, licensing agreements, forming a strategic joint venture and/or selling intellectual property. Visit our website at www.BioLargo.com.
Dennis P. Calvert
President and CEO, BioLargo, Inc.
Safe Harbor Act
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, those regarding BioLargo’s (the “Company”) expectations regarding expected revenues and plans for future operations, and can be identified by words such as “we believe”. These statements involve risks and uncertainties, and actual results may differ materially from future results expressed or implied by the forward-looking statements. Risks and uncertainties include, but are not limited to: the effect of the COVID-19 pandemic on the Company’s business, results of operations, financial condition and stock price; the effect of global and regional economic conditions on the Company’s business, including effects on consumer and business purchasing decisions; the Company’s ability to compete in highly competitive markets subject to rapid technological change; the Company’s ability to manage frequent product and service introductions and transitions, including delivering to market and driving customer demand for new products, services and technology innovations on a timely basis; the Company’s dependence on the performance of distributors of the Company’s products. Further information about these risks and other potential factors that could affect the Company’s business and financial results are included in the Company’s filings with the SEC, including in the sections “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the most recent periodic reports filed by the Company on Forms 10-K and 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.
THE SOURCE: BioLargo, Inc.
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https://www.accesswire.com/701694/BioLargos-First-Quarterly-Report-of-2022-Highlights-Record-Company-wide-Revenues-Subsidiaries-Achieving-and-Approaching-Profitability-and-Progress-of- Key Growth Catalysts