Tech Innovator Achieves Breakthrough Multi-Market Success

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Thanks in part to a banner year for its consumer pet odor line, Pooph, clean technology company BioLargo Inc. (BLGO:OTCQX) announced it had a "widely successful" and "transformative" 2024 and is looking forward to more revenue growth in 2025.

In November, the company had announced that its 2024 revenues through September 30 were 80% greater than in the same period the year before, and its third-quarter 2024 revenue of US$4.4 million increased 63% as compared to the Q3 2023.

"Pooph . . .  is a great example of our core business model to invent a technology, prove it out, then partner with an expert that has the resources to properly monetize resulting

products," said President and Chief Executive Officer Dennis P. Calvert. "Here, we partnered with award-winning consumer product experts to capitalize on our odor control technology. We receive a manufacturer's margin, royalty on sales, and 20% participation in any eventual sale of the brand. Pooph proved to be a significant contributor of revenue in

2024, having ramped to eight unique products, with more than fifteen SKUs available at retailers such as Amazon, Walmart, Target, The Home Depot, Petsmart, Chewy, PetCo and more."

In taking stock of the past year and looking forward to the new one, the company pointed to more successes, like appreciation in its stock performance from US$0.17 per share at the end of 2023 to a high of US$0.45 in 2024 (the price at time of writing is about US$0.30), increasing its cash balance from US$3.5 million at the end of 2023 to USA$3.9 million at the end of 3Q 2024, and shareholders' equity increasing from US$4.2 million at the end of 2023 to US$6 million at the end of that third quarter of 2024.

BioLargo also uplisted from the OTCQB exchange to the "OTCQX Best Market," the OTC Markets highest market level.

The company said in its release that it also had "less reliance on investor capital in the second half of 2024 due to increases in gross profits from operations, with no sales of common stock in the second half of 2024."

A Family of Companies

BioLargo is made up of 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.

In a slide on a video call with shareholders and analysts about earnings last fall, the company detailed just how much it expects to grow, with estimated values or exit values for each portfolio company based on management modeling.

"BioLargo is yet another of our story 'story stocks' you should be doubling down on at current prices," Chris Temple of The National Investor wrote.

ONM Environmental, which includes Pooph, is targeted at more than US$100 million, the company said. Clyra Medical Technologies, which includes its copper-iodine wound irrigation solution, Bioclynse, is targeted to grow to more than US$1 billion, as is BEST, which has developed technology to remove "forever chemicals" from water to non-detectable chemicals. BioLargo Energy has developed a new long-lasting battery that the company said is safer than lithium-ion batteries and is targeted to grow to more than US$2.5 billion as the energy transition kicks into full gear.

"Pooph was not our only success in 2024, as great strides were also made in our medical, equipment and energy divisions," Calvert said in this week's release. "In medical, our subsidiary Clyra Medical focused its efforts on preparation of its Bioclynse wound irrigation solution for launch for surgical applications, spending countless hours and more than US$2 million readying the product for at-scale manufacturing at an FDA-compliant

manufacturing partner."

Some advantages of Bioclynse include that its copper and iodine technology is non-cytotoxic, non-sensitizing, and does not damage tissue. It is non-staining with no rinse-out required, effective against biofilms, and has sustained efficacy for multiple days.

Chris Temple of The National Investor wrote on January 7 that the process of getting Clyra's production lines capable of "cranking out 1 million product units at inception" is about complete, and "Q1 will see things crank up."

"BioLargo is yet another of our story 'story stocks' you should be doubling down on at current prices," Temple wrote.

Leading the Way Fighting 'Forever Chemicals'

BEST's Aqueous Electrostatic Concentrator (AEC) technology removes more than 99% of per- and polyfluoroalkyl substances (PFAS), also known as "forever chemicals," from water, the company has said.

"Our innovative water treatment technologies made progress in 2024, securing the first commercial PFAS-treatment project, a project which we expect to be installed and running in early 2025," Calvert noted. "Our team at BioLargo Equipment Solutions & Technologies is highly encouraged by the pending completion of the first installation, and believes that project will springboard additional customers, which we hope will solidify our technology as a leader in economical, low-waste treatment of water contaminated with these ‘forever chemicals.'"

Richard Ryan wrote for Oak Ridge Financial noted in a recent research note that BioLargo's AEC municipal project in Stockholm, N.J., has a targeted installation of November and "the pipeline of opportunities is large and growing."

"The large emerging market for PFAS removal and BLGO's growing validation in this opportunity should not be overlooked," the analyst wrote, rating the stock a Buy with a base case target price of US$0.38 per share. "Modeling expectations are difficult to time, but we endeavored to incrementally include PFAS-related revenues and developed a bull case Price Target of $0.50."

Creating New Energy Storage

BioLargo Energy recently announced it had completed internal testing to validate key performance metrics for its Cellinity battery technology, which is designed to address long-duration energy storage needs. The company said it confirmed the stability, reliability, and efficiency of Cellinity's chemistry, showing its ability to hold a charge without self-discharging and to charge and discharge quickly at high voltage.

"Our battery technology subsidiary completed its pilot manufacturing facility and successfully produced and tested prototype cells revalidating key data that came with the initial acquisition," Calvert said.

"Our liquid-sodium battery doesn't have the drawbacks of lithium cells — no runaway fires, no toxic or hard-to-source chemicals or minerals — and provides a better option for energy storage, empowering grid stability and storage of renewable energy. It's safer, more sustainable, more durable and more cost-efficient than other batteries."

Calvert said the company was working hard in 2025 to scale up cells and battery packs, complete third-party validation testing, and secure manufacturing licensing partnerships around the world."

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 8.34%, CEO Calvert with 3.27%, and Director Jack Strommen with 1.62%, 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$89.75 million, with about 301.18 million shares outstanding and about 258.99 million free-floating. It trades in a 52-week range of US$0.45 and US$0.16.