BioLargo’s President and CEO Dennis P. Calvert commented,
“It is remarkable that we were able to improve on Q2’s record-breaking results,
and that because of our Q3 performance we have also locked in a record growth
rate for the entire year. We are proud of these accomplishments, but not yet satisfied
because we believe that we have still just scratched the surface of the
commercial opportunities ahead. We intend to continue this trend of meaningful
growth, and we are already off to a good start in Q4.”
The company has several key projects that management believes will stimulate accelerated growth through 2023. These are:
- The expected launch in major retailers of the POOPH pet odor control product by the company’s consumer packaged goods partners at Ikigai, which is expected to start in Q4.
- Our first PFAS removal project at a large industrial site (announced in August), currently in the initial phase of a multi-phase process, which we expect to continue advancing as we engineer a comprehensive PFAS mitigation plan.
- Expanded commercial roll-out of the company’s PFAS treatment technology through its growing network of sales rep organizations.
- Garratt-Callahan’s launch of the jointly developed minimal liquid discharge wastewater treatment product.
- Further work on larger engineering projects, including the waste-to-energy conversion plant project in South America, and the company’s work with Ultra Safe Nuclear.
BioLargo generated approximately $1.5 million in
company-wide revenue during the third quarter of 2022, representing a 13%
increase compared with the second quarter of 2022, and a 111% increase compared
with the third quarter of 2021, led by a significant increase in sales of the
POOPH pet odor product. Note, however, that these revenue figures are preliminary,
and are subject to change pending review by the company's independent
registered public accounting firm. The company will include its full results of
operations in its quarterly report for the period ended September 30, 2022, due
to be filed with the SEC by November 14, 2022. The company also intends to hold
an investor webcast and conference call shortly after the filing of its
quarterly report to discuss its financial results, and will provide details for
participating in this event as soon as they are available.
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.
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