Company's revenues grew 288% compared to the same period last year, and grew 78% compared to the fourth quarter of 2022. The company's net loss dropped by 68% from the same period last year.
WESTMINSTER, CA / ACCESSWIRE / May 17, 2023 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable cleantech technologies and full-service environmental engineering company, yesterday filed its Quarterly Report for the three months ended March 31, 2023 (www.biolargo.com/sec-filings). Company management below provides a summary of the quarterly report's highlights.
BioLargo will hold an investor webcast on Thursday, May 18, 2023, at 1:30 pm Pacific / 4:30 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/48436
Dennis P. Calvert, the company's President and CEO, said, "We're confident that the long-term success of our pet odor control product partnership - Pooph - bolstered by the rollout of key water treatment technologies, will drive our company to our goal of profitability and beyond."
Company management provides highlights of the quarterly report below, but encourages investors to review the full report to get the most complete information about BioLargo and its growing cleantech business.
Highlights:
- Consolidated revenue for the three months ended March 31, 2023, was $3,742,000, which was a 288% increase over the same period in 2022, and a 78% increase over the previous quarter (Q4 of 2022).
- The company's net loss was reduced by 68% compared to the same period in 2022, to $494,000.
- Net stockholders' equity rose to $3,552,000 from $2,011,000 in the fourth quarter of 2022.
- The company ended the quarter with $3,264,000 in cash, compared to $1,851,000 at December 31, 2022.
- A standout performer in BioLargo's portfolio was ONM Environmental, the company's odor and VOC control subsidiary, whose revenues grew 491% compared to the same period of 2022, to $3,543,000. ONM Environmental's operating income also grew 10,569% from the same period of 2022, to $1,387,000. The subsidiary's significant growth in revenue is largely attributed to the growing success of the pet odor control product Pooph, sold by the company's partners at Ikigai Marketing Works, LLC, which comprised 90% of its revenues (and 86% of BioLargo company-wide revenues).
- Revenues at BioLargo Engineering, Science & Technologies, LLC decreased by 45% to $193,000, as compared to the same period in 2022, and its operating loss increased to $368,000, as compared to $35,000 in the same period in 2022.
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 tanticipated 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.
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