BioLargo Breaks Revenue Records in Third Quarter of 2020

Rhea-AI Summary

BioLargo, Inc. (OTCQB:BLGO) announced record revenues of approximately $650,000 for Q3 2020, a 60% increase from the previous quarter, and about $1.6 million for the nine months ended September 30, 2020, reflecting a 20% year-over-year growth. The company is expanding its supply chain for the Clyraguard product launch, aiming for a capacity of 1,000,000 units monthly. Significant progress in projects related to PFAS treatment is underway, along with new contracts expected to generate substantial revenues. BioLargo's financial health shows improvement with $3.55 million of debt converted to equity.

Positive

• Record revenue of approximately $650,000 for Q3 2020, a 60% increase from Q2 2020.
• Year-to-date revenue of about $1.6 million, a 20% increase from the same period in 2019.
• Capacity for Clyraguard production set at 1,000,000 units per month.
• Secured contracts in BioLargo Engineering expected to generate $1 million in revenue through 2021.

Negative

• None.

Clyraguard manufacturing and distribution through national partners begins

WESTMINSTER, CA / ACCESSWIRE / October 8, 2020 / BioLargo, Inc. (OTCQB:BLGO), developer of sustainable technologies and full-service environmental engineering company, today provided highlights of its results and activities from the third quarter of 2020.

BioLargo President & CEO Dennis P. Calvert commented, "With our subsidiary Clyra Medical Technologies having successfully executed the first phase of the Clyraguard product launch, this quarter set new records for BioLargo, and we expect the next quarter to be even stronger for the company and Clyraguard. We have made a significant investment in building our supply chain capabilities, organizing our marketing team, and dedicated business development efforts, and we expect future periods to continue to improve."

Financial highlights:

• BioLargo achieved record company-wide revenue. Revenues for the period ended September 30, 2020 were approximately $650,000, representing about a 60% increase compared to the $418,000 generated in the second quarter of 2020. Revenues for the nine months ended September 30, 2020 were approximately $1,600,000, about a 20% increase compared to the $1,324,000 generated in the nine months ended September 30, 2019.
• Substantial improvements to the company's balance sheet, with $3,553,000 of debt being converted to equity by the company since December 31, 2019.

Highlights for BioLargo's subsidiaries:

Clyra Medical Technologies

• Clyra is executing on its comprehensive roll out plan for Clyraguard Personal Protective Spray, having overcome early challenges developing a robust manufacturing and supply chain during Covid. New manufacturing relationships support capacity of up to 1,000,000 Clyraguard units per month, and ample supply has been placed with distributors across the country.
• Sales channels launching now include the largest distributors to the healthcare and restaurant industries, Amazon.com, a revamped Clyraguard website (www.Clyraguard.com), and multiple online resellers, with a retail unit price of $25 per bottle.
• The Clyraguard launch is supported by new company additions - Shawn Dougherty (Mophie founder), Johnny Sirpilla (former President of Camping World), and new agreements with a national marketing and public relations firm, and national sales organization, to be announced soon.

BioLargo Engineering, Science & Technologies

• Multiple projects are being finalized with two major municipal public water agencies for the company's PFAS treatment technology (the BioLargo AEC).

• Developed a proprietary and patent-pending process to extract valuable mineral resources from a large industrial waste site. As a consequence of this new process, a client is planning a substantial long-term project expected to generate over $1B in revenues for the project. As the client's engineering services provider, and developer of the technology, BioLargo Engineering is in discussions with the client to secure its role as the project manager and/or lead engineer.
• Secured a client contract for a project to use regenerative thermal oxidation for air quality control (a particular expertise of some of our engineers), which is expected to generate $500,000 in revenue for BioLargo Engineering through 2021.
• BioLargo Engineering now has contracts in place for approximately $1,000,000 in revenue, which is expected to be realized between now through the end of 2021.

ONM Environmental

• Revenues in the third quarter of 2020 began to rebound from their pandemic-related dip to approximately $350,000.
• With nearly $400,000 in construction business already secured for the fourth quarter of 2020, management expects the fourth quarter 2020 to be a new high record for revenue at ONM Environmental.
• Cannabusters (ONM Environmental's white label partner for the cannabis industry) is gaining traction in the market, resulting in 12 equipment installations for ONM Environmental so far, with another three contracted for the fourth quarter 2020.

BioLargo Water

• BioLargo Water's first commercial project for its AOS water treatment technology, wherein the first for-profit installation of an AOS will take place at a poultry farm, is moving forward as planned, and which is expected to generate more than $500,000 in revenue over the next year.
• Our engineers are building the AOS unit to be installed at the wastewater treatment facility near Montreal, Quebec, for the demonstration pilot to be run in partnership with acclaimed water experts at the Centre des Technologies de L'Eau (CTE).
• BioLargo Water secured Health Canada approval for two hand sanitizer product formulations and a license to manufacture and sell these products (one of which incorporates CupriDyne technology), to serve its local community.
• Developed and executed crucial EPA-approved protocols to produce data to support the efficacy of a CupriDyne technology-related disinfectant in preparation for an EPA application for a hard-surface disinfectant and sanitizer, in support of BioLargo's efforts to secure EPA registration.

About BioLargo, Inc.

BioLargo, Inc. is an innovator of technology-based products and environmental engineering solutions provider driven by a mission to "make life better". We feature unique disruptive solutions to deliver clean air, clean water and a clean, safe environment (www.biolargo.com). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial odor control division, ONM Environmental, Inc. (www.onmenvironmental.com) features CupriDyne Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing compounds and VOCs rather than masking them, and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System "AOS," a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. We are a minority stockholder of and technology licensor to our subsidiary Clyra Medical which features its breakthrough product Clyraguard ( www.clyramedical.com/clyraguard), an FDA Registered, hospital grade disinfectant for personal protective equipment including facemasks, proven 99.999% effective and safe for skin, as well as its other products offering gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.

Contact Information
Dennis P. Calvert
President and CEO, BioLargo, Inc.
888-400-2863

Safe Harbor Act

During the course of the stockholder presentation, BioLargo may make "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, regarding future events or the future financial performance of the company that are subject to change. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

SOURCE: BioLargo, Inc.

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FAQ

What were BioLargo's revenues for the third quarter of 2020?

BioLargo reported revenues of approximately $650,000 for Q3 2020, marking a 60% increase from Q2 2020.

How does BioLargo's YTD revenue compare to last year?

For the nine months ended September 30, 2020, BioLargo achieved approximately $1.6 million in revenue, a 20% increase compared to $1.324 million in the same period of 2019.

What is the production capacity for Clyraguard?

Clyraguard's production capacity is set at 1,000,000 units per month.

What financial improvements has BioLargo made?

BioLargo converted approximately $3.55 million of debt to equity since December 31, 2019.

What new projects is BioLargo working on?

BioLargo is finalizing multiple projects with municipal water agencies for PFAS treatment and has secured contracts expected to generate significant revenue in its engineering division.