Westminster, CA – April 2, 2024 – BioLargo, Inc. (OTCQB:BLGO), a company that creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, announced that its Annual Report, filed April 1, 2024, showed the company’s annual revenues increased by 108% year-over-year compared to 2022 (www.biolargo.com/sec-filings).
BioLargo will hold an investor webcast on Tuesday, April 2,
2024, at 2:00 pm Pacific / 5:00 pm Eastern, at the following link, open to the
public: https://www.webcaster4.com/Webcast/Page/2448/50271
Dennis P. Calvert, the company’s President and CEO,
commented, “Rising odor control product sales continue to push our business forward.
We are confident that our PFAS solutions will find additional traction in 2024
and believe they will eventually contribute significantly to our overall growth
trajectory. Almost cash-flow positive in the fourth quarter of 2023, we
continue to focus our business on leveraging our intellectual property and partnering
with great companies to scale up sales and distribution while preserving
capital and human resources.”
The
following are select highlights from BioLargo’s annual report filed April 1,
2024, and are not a substitute for the details in the 10-K, which can be found here
(https://www.biolargo.com/sec-filings). All interested
parties are encouraged to review the full report filed with the SEC, including
the risk factors at page 9, to get the most complete information about BioLargo
and its growing cleantech business.
Financial highlights from the annual report:
- Revenues for the year ended December 31, 2023, were $12,230,000, a 108% increase over 2022.
- Revenues in the fourth quarter of 2023 were $4,370,000, a 64% increase as compared with the third quarter of 2023 (quarter-over-quarter), and a 108% increase as compared with the fourth quarter of 2022.
- Cash flow from operations for the year was negative $2,365,000.
- The company’s net loss for the year ended December 31, 2023, was reduced by 9% as compared with the prior year, from $5,132,000 to $4,648,000. More than 60% of the company’s net loss was due to non-cash expenses, including $2,124,000 of stock option compensation expense, and $384,000 of services paid by the issuance of our common stock.
- 21% of the company’s total operating expenses in 2023 were from research and development, up from 16% in 2022, as we built out a facility to manufacture and test our first batteries.
- Total stockholders’ equity more than doubled - from $2,011,000 at December 31, 2022, to $4,202,000 at December 31, 2023.
- Total assets as of December 31, 2023 were $8,205,000, against total liabilities of $4,003,000.
- The company ended the year with working capital of $3,652,000.
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 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 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.
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