Following extraordinary Q1, quarter-over-quarter sales were down as company supported inventory build-up for national retailers; six month revenue ($5.2 million) was 88% of last year's total revenue ($5.9 million)
WESTMINSTER, CA / ACCESSWIRE / August 15, 2023 / BioLargo, Inc. (OTCQB:BLGO), a company that creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, yesterday filed its Quarterly Report (www.biolargo.com/sec-filings). Company management below provides a summary of the report's highlights.
BioLargo will hold an investor webcast on Wednesday, August 16, 2023, at 3:00 pm Pacific / 6:00 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/48925
Dennis P. Calvert, BioLargo's President and CEO, said, "2023 is shaping up to be a great year. We are especially excited as the Pooph team continues its national advertising campaign and successfully adds more retailers to carry the product. They aim to secure contracts for more than 20,000 retail stores to carry the product and those efforts are underway. We have witnessed first-hand how the team at Pooph executes with precision and will continue to support these ambitious goals."
Financial highlights from the quarterly report are as follows - all interested parties are encouraged to review the full quarterly report filed with the SEC to get the most complete information about BioLargo and its growing cleantech business.
- Consolidated revenues for the three months ended June 30, 2023, were $1,446,000, a 9% increase over the same period in 2022, and a 61% decrease over the three months ended March 31, 2023.
- The company's revenues through June 30, 2023 were $5,188,000, a 127% increase over the same period of 2022.
- Net loss for the three months ended June 30, 2023, was $1,626,000, compared to $1,333,000 in the same period in 2022, and $425,000 for the three months ended March 31, 2023.
- Net stockholders' equity at June 30, 2023, rose to $4,120,000 from $3,550,000 at March 31, 2023.
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.
Dennis P. Calvert
President and CEO, BioLargo, Inc.
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.
SOURCE: BioLargo, Inc.
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