WESTMINSTER, CA / ACCESSWIRE / November 16, 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 Wednesday, November 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/2448/43712
Dennis P. Calvert, President and CEO of BioLargo said, "In this quarter, our engineering group broke its all-time revenue record. We began the first step of the multi-phase commercial launch of our PFAS treatment technology and confirmed the technology works with real client-provided water, achieving results that meet government standards. Our work at the Montreal wastewater treatment plant proved that our other water treatment technology, the AOS, is highly effective at removing pharmaceuticals from wastewater compared to existing technologies. Our consolidated revenue grew, and we shrank our net loss."
He continued, "The hard work we've done to prepare to launch products with Garratt-Callahan is paying off. We will be doing commercial testing with water from multiple prospective Garratt-Callahan customers in the coming weeks. We're on track to secure first customer orders for this product in the first quarter of 2022."
Financial highlights from the 10-Q:
- Consolidated revenue for the three months ended September 30, 2021, was $712,000, a 7% increase compared to the prior year's period. Revenue generated by BioLargo's engineering division increased by 73% compared to last year's period, and 92% as compared with the second quarter of 2021.
- The company's net loss during the quarter was reduced to $1.3 million, down from $2.1 million in the same period of the prior year. The improvement in the company's net loss is due in large part to a significant reduction in interest expenses due to retired debt over the past year.
Commercial, operational, and R&D highlights:
- First PFAS testing successful - testing of water provided by the company's first prospective PFAS treatment client, a large municipality in southern California, has confirmed that BioLargo's PFAS treatment technology can remove all PFAS compounds of regulatory interest to below State and Federal standards. Additional testing to optimize the AEC underway. Testing with our second prospective client's water is slated to begin next week.
- Garratt-Callahan prototype unit completed - as part of BioLargo's partnership with the water treatment company Garratt-Callahan, BioLargo has just finished building a full-scale prototype unit of their patented "minimal liquid discharge" system for testing on client-provided water. The technology is designed to reduce industrial wastewater discharge and fees associated with discharge. BioLargo engineers will be testing the system's performance soon, and management targets first sales in the early 2022.
- Engineers break revenue record - BioLargo's engineering group's quarter-over-quarter revenue grew by 92% in Q3, having completed over half the work for the $1.2 million worth of engineering projects announced in June of 2021, the remainder of which is expected to complete in the next six months.
- 3-year exclusive chemistry supply contract - BioLargo's subsidiary ONM Environmental secured an exclusive three-year CupriDyne Clean supply contract with a large municipality in Southern California.
- TV test marketing shows promising results - a quote from Ikigai Holdings President Jane Pak on the new pet odor product based on BioLargo's technology: "The Ikigai team is pleased to see the product get a positive response early in the market testing period. The next three weeks of media placement will be critical to predicting probability of volume and velocity, but in our first week of placement we are already seeing some very promising results."
- AOS pilot confirms performance - the pilot project in Montreal, Quebec, has confirmed that the AOS is highly effective at removing pharmaceutical micropollutants from municipal wastewater in a real-world setting, faster and using less electricity than major incumbent technologies, making it an attractive product for municipal wastewater treatment customers. A video about this pilot is available here: https://biolargo.blogspot.com/2021/09/biolargo-aos-water-treatment-technology.html
- Peer-reviewed paper confirms AOS breakthrough - a peer-reviewed scientific paper was published confirming that the AOS generates highly energetic iodine molecules, helping explain why the AOS is a powerful, efficient, and novel water treatment technology. The article, and a summary thereof, can be accessed here: https://biolargo.blogspot.com/2021/09/peer-reviewed-paper-explains.html
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.
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 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.
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