Quarterly Report highlighted by profitable operating subsidiaries, growth of white-label odor product sales, and large engineering projects
WESTMINSTER, CA / ACCESSWIRE / August 16, 2022 / 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 period ended June 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, August 17, 2022, at 1:00 pm Pacific / 4:00 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/46358
BioLargo's President and CEO Dennis P. Calvert said, "We are proud of the entire BioLargo team working together and executing on all fronts as we continue growing the business through bigger and better projects. It has been incredible to watch our team land and expand into new client projects through great service and deliverables. PFAS is a major opportunity for us, and we are on the forefront of real environmental impact, working with channel partners to solve some of today's toughest environmental challenges."
Financial highlights
- Company-wide consolidated revenue for the three and six months ended June 30, 2022, was $1,323,000 and $2,287,000, which is a 185% and 121% increase over the same periods in 2021; revenue this quarter was a 37% increase compared with the first quarter of 2022.
- Revenues from ONM Environmental, the company's odor and VOC control subsidiary, for the three and six months ended June 30, 2022, were $700,000 and $1,300,000, an increase of $344,000 and $658,000, from the same periods in 2021. In the second quarter of 2022, this subsidiary generated a net operating income of $11,000, compared to a net operating loss of $107,000 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 six months ended June 30, 2022, were $617,000 and $972,000, an increase of $434,000 and $698,000, from the same periods in 2021. In the second quarter of 2022, this subsidiary generated a net operating income of $56,000, compared to a net operating loss of $190,000 in the same period of 2021.
Commercial and developmental highlights
- First PFAS customer - the company recently secured its first PFAS customer. As part of this project, BioLargo will engineer a comprehensive PFAS mitigation plan for an industrial site, and has signed an agreement with a new channel partner to sell the company's PFAS treatment equipment and engineering services.
- Ikigai's POOPH - The company's white-label pet odor control product partnership with Ikigai is advancing well and generating increasing revenues both from manufacturing the product and from license royalties. Sales thus far have exceeded early expectations, and the company's partners at Ikigai are confident that growth will continue, especially as they push to get the product onto shelves at major retailers.
- Garratt-Callahan partnership - The company expects first sales of the "minimal liquid discharge" (MLD) wastewater treatment equipment developed in partnership with Garratt-Callahan to begin soon, following discussions with an expanding list of Garratt-Callahan customers.
- Larger engineering projects - In this quarter, BioLargo Engineering, Science & Technologies executed engineering projects for new customers, including its project to develop prototypes with Ultra Safe Nuclear, and the waste-to-energy plant project in South America. With both of these projects, early phase work is nearly done, and management anticipates that additional phases will soon begin, with the scope of work and level of engagement expanding.
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.
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, and may be identified by words such as "we believe". 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 global and 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.