Clean Tech Co. Continues to See Rising Revenues

Clean technology company BioLargo Inc. (BLGO:OTCQX) announced preliminary financial results for the second quarter ending June 30, 2024.

The company said its revenue of US$5 million for the quarter was a 247% increase over the second quarter of 2023 and a 5% increase from Q1 2024.

"We had another quarter of record revenues, and we continue to strengthen our balance sheet," said President and Chief Executive Officer Dennis P. Calvert. "We are in a strong position to continue advancing the commercialization of our multiple cleantech products and services."

In addition, BioLargo said revenues for the first six months of 2024 increased 88% over the year before.

BioLargo did register a net loss for the quarter of US$780,000, which included about US$540,000 in non-cash stock option compensation expenses.

The company is still working to finalize the quarterly report, which it plans to file on or before the August 14 deadline. It noted revenue estimates are preliminary and subject to change.

BioLargo said it plans to hold an earnings conference call and webcast on Aug. 14 to discuss the results.

A 'Family of Companies'

BioLargo is made up of several subsidiaries that work in different sectors, a "family of companies," including ONM Environmental, BioLargo Engineering, BioLargo Water, BioLargo Energy Technologies, Clyra Medical Technologies, and the new BioLargo Equipment Solutions & Technologies Inc. (BEST) subsidiary.

Standout products have included ONM Environmental's pet odor control product, Pooph; BEST's solution to treat water contaminated with the so-called "forever chemicals" that have been getting more attention from environmental regulators; and a new long-last battery that the company said is safer than lithium-ion batteries.

The safe and eco-friendly Pooph products are being sold through retailers like Amazon, Walmart, and Chewy. Calvert said the company continues to see 20% quarter-over-quarter growth, which is roughly 100% year-over-year.

Technology Removes 99% of Forever Chemicals

Forever chemicals, or per- and polyfluoroalkyl substances (PFAS), are a group of thousands of synthetic chemicals used in everything from the linings of fast-food boxes and non-stick cookware to fire-fighting foams and other purposes. High concentrations of some PFAS may lead to adverse health risks such as cancer, hormonal disruption, and reduced immune system effectiveness, although research is still being conducted. They are called "forever chemicals" because they break down very slowly.

"Things are continuing to go very well for the various divisions of the company's businesses," Technical Analyst Clive Maund said.

The U.S. Environmental Protection Agency recently finalized standards for protecting communities from PFAS and designated two widely PFAS substances as hazardous under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), also known as the Superfund.

BioLargo's Aqueous Electrostatic Concentrator (AEC) technology removes more than 99% of PFAS chemicals from water, the company said.

"We're looking smarter and smarter" for developing the technology, Calvert said. "This has been almost four years of work."

At least 70 million people are exposed to PFAS in U.S. drinking water, but that testing has only checked about one-third of the nation's public water systems, the EPA said. The agency said it is on pace to find over 200 million people exposed, or at least 60% of Americans, not including those who use private wells. There's even a map of PFAS detections across the country.

More than 15,000 PFAS claims have been filed nationwide against major manufacturers of the substances in the U.S., Time reported. So far, settlements have totaled nearly US$11.5 billion in damages.

New Battery Cells Safer, Perform Better

BioLargo's liquid sodium prototype battery cells, or Cellinity™ cells, have no runaway fires or risk of explosion, don't decrease in performance over thousands of uses, and store more energy per unit of weight than lithium batteries, the company noted.

The company also said the battery is not self-discharging and does not have outgassing or parasitic load for cooling, and all of the materials in it can be sourced in North America without the need for rare earth elements.

The batteries involve a unique chemistry involving molten salt electrolytes that "imparts substantial benefits over lithium-ion chemistry," the company noted.

"The world needs a reliable, safe, and eco-friendly alternative to lithium batteries, and we believe our Cellinity battery will meet these needs," Calvert said.

Things Going 'Very Well' For Co., Analyst Says

Last month, Technical Analyst Clive Maund noted that according to the company's chart, "a range of facts strongly suggest that it will now embark on another upleg."

"Amongst the bullish factors to observe here is the increase in upside volume in recent weeks, with the Accumulation line showing remarkable strength and advancing to new

highs, indicating that the stock has continued to be accumulated even as it

has corrected back in a downtrend from its February peak," he wrote. "With the price believed to be at the second low of a small Double Bottom at support just above the rising 200-day moving average, this looks like an excellent point to buy the stock or add to positions." 

Also, "things are continuing to go very well for the various divisions of the company's businesses," Maund said.

Ownership and Share Structure

About 14.6% of BioLargo is owned by insiders and management, according to Yahoo! Finance. They include Chief Science Officer Kenneth Code with 8.44%, CEO Calvert with 3.32%, and Director Jack Strommen with 1.64%, Reuters reported.

About 0.04% is held by the institution First American Trust, Reuters said.

The rest, about 85%, is retail.

Its market cap is US$75.69 million, with about 296.84 million shares outstanding and about 254.71 million free-floating. It trades in a 52-week range of US$0.45 and US$0.15.

Important Disclosures:

1. BioLargo Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of BioLargo Inc.,  BioLargo Energy Technologies, and Clyra Medical Technologies.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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