WESTMINSTER, CA / ACCESSWIRE / August 17, 2021 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable cleantech technologies and full-service environmental engineering company, filed its latest Quarterly Report on Form 10-Q with the SEC yesterday (www.biolargo.com/sec-filings). The company has summarized some of the most important points from the report below.
The company is holding an investor webcast on Tuesday, August 17, 2021, at 8:00 am Pacific / 11:00 am Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/42482
Dennis P. Calvert, President and CEO of BioLargo said, "In the past quarter we made significant advances in the commercialization of our PFAS treatment technology, secured new engineering service contracts, and advanced multiple new high-value business opportunities that have the potential to accelerate our company's growth in the coming year."
Financial highlights from the 10-Q:
- Consolidated revenue for the three months ended June 30, 2021 was $464,000, an 11% increase compared to the second quarter of 2020.
- Continued to reduce debt obligations, including the payoff of $406,000 in convertible debt due in August 2021 through the payment of cash and equity, as reported on Form 8-K filed May 19, 2021. Since December 31, 2019, the company has reduced its debt by over $4 million.
- Other than debt owed by its partially owned subsidiary Clyra Medical Technologies, Inc., only Small Business Association and Paycheck Protection Program (PPP) loans totaling $464,000 ($314,000 of which has been applied for forgiveness), and $50,000 of fixed-price convertible debt (due in 2023) remain on BioLargo's balance sheet.
- Decreased net loss by 28% compared to the second quarter of 2020.
Commercial, operational, and R&D highlights:
- BioLargo Engineering, Science & Technologies (BLEST) was notified of several important contract awards with the potential to increase the company's operating cash flow and support the subsidiary's role of commercializing BioLargo's patented technologies. Together, the new contracts are worth more than $1.2 million in revenue, most of which will be earned over the next six months.
- Began processing potential-client water with the company's proprietary PFAS-removal water treatment system (called the "BioLargo AEC") for a major municipality in Southern California and a federal government agency, with sights set on on-site pilots in the near future.
- Peer-reviewed paper published about the safety of water treated by BioLargo's energy-efficient water treatment technology, the AOS. The paper concluded that the levels of disinfection by-products generated by the AOS were comparable to those found in ordinary tap water, bolstering the company's claims that the AOS is a safe, effective water treatment system.
- Advanced a series of commercial opportunities that include product distribution, partnerships, and projects that company management believes could each generate significant revenue. In each case the company is engaged in contract negotiations and will report more details in the future.
About BioLargo, Inc.
BioLargo, Inc. (OTCQB:BLGO) invents, develops, and commercializes innovative platform technologies to solve challenging environmental problems like 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 peer-reviewed scientific approach allows us to invent or acquire novel technologies and develop them to maturity through our operating subsidiaries. With a keen emphasis on collaborations with academic, municipal, and commercial organizations and associations, BioLargo has proven itself with over 80 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.
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. 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.