Revenue grew 93% compared with third quarter 2018
Revenue grew 53% compared with nine-months 2018
Quarter over quarter revenues averaging a 25% increase for the past 3 years
New PFAS solution confirms efficacy
Westminster, CA, Nov. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BioLargo, Inc. (OTCQB:BLGO) (“the Company”), developer of sustainable products and a full-service environmental engineering company, today announced the filing of its 10-Q quarterly report for the third quarter of 2019. Company management encourages its stockholders to review the quarterly report at www.biolargo.com/sec-filings.
Highlights from the Quarterly Report:
- Combined revenues from BioLargo’s operating units during the third quarter of 2019 grew 93% over the third quarter of 2018 to $534,000.
- Combined revenues from BioLargo’s operating units during the nine months of 2019 grew 53% over 2018 to $1,324,000.
- Revenues represent more than 25% average quarter-over-quarter growth over last 3 years.
- Engineering division showed operating profit in third quarter for first time since inception in 2017.
Highlights for Subsidiaries
Odor-No-More
- Revenues for the nine months ended September 30, 2019 increased $227,000 (29%) from the same period in 2018. Revenue for the three months ended September 30, 2019, increased $150,000 (61%) compared to the same period in 2018.
- Signed a Memorandum of Understanding with BKT Co. Ltd, a major wastewater treatment solutions provider in South Korea and its US-based subsidiary Tomorrow Water. The MOU represents the formation of a strategic alliance aimed at exploring opportunities for our technologies in the water and wastewater industry of South Korea, with an initial focus on opportunities for CupriDyne® Clean.
- Secured first customers in the cannabis and hemp industry and sales are ramping up through our distributor.
BioLargo Engineering
- BLEST’s revenues grew 385% in the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2019.
- BLEST’s revenues grew 284% in the three months ended September 30, 2019 as compared to the third quarter of 2018.
- In Q3, BLEST showed an operating profit for the first time since its inception two years ago.
- BLEST developed an innovative technology with support from an EPA grant that eliminates per- and poly-fluoroalkyl substances (PFAS) from water.
- Now serving seven US Air Force bases as part of “Teaming Agreements” with Bhate Environmental Associates with 8 additional bids in various stages of process for potentially 25 additional bases.
Clyra Medical Technologies
- FDA 510(k) pre-market clearance received September 2019 for Clyra’s Wound Irrigation Solution, designed for cleansing, irrigating, and debriding dermal wounds and burns, in addition to moistening absorbent wound dressings.
- Formed a “Medical Advisory Board” of more than 30 physicians, surgeons and key opinion leaders.
BioLargo Water
- Poultry farm pre-commercial field pilot was successful, and has led to a request by the client for a full-scale commercial trial for BioLargo’s patented AOS water treatment platform.
- Stormwater treatment AOS pilot was officially launched at facility in Southern California.
President and CEO Dennis P. Calvert commented, “We achieved record sales and improved our cash and debt position. We secured FDA 510(k) clearance for our first Clyra medical product and executed successful demonstration pilots for our AOS clean water technology. We watched BioLargo Engineering, with the support from an EPA grant, obtain proof-of-claim evidence for what we believe will become a low cost and high-performance solution to the PFAS water contamination crisis that industry and government are desperate to solve. Our mission is to combine powerful technology with unparalleled talent to create and deliver complete solutions to some of the toughest issues that affect the world, and in this quarter we had significant success in advancing this mission.”
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology developer and environmental engineering company driven by a mission to "make life better" by delivering robust, sustainable solutions for a broad range of industries and applications, with a focus on clean water, clean air, and advanced wound care. We develop and commercialize disruptive technologies by providing the capital, support, and expertise to expedite them from "cradle" to "maturity" (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, Odor-No-More (www.odornomore.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. Our subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
Contact Information
Dennis Calvert President and CEO BioLargo, Inc. 888-400-2863
Safe Harbor Act
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. 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.