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BioLargo Achieved 108% Year-Over-Year Revenue Growth in 2023

2024-04-02 08:03 ET - News Release

WESTMINSTER, CA / ACCESSWIRE / 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.

SOURCE: BioLargo, Inc.



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