Clean Tech Co. Achieves Record-Breaking Revenue for Exceptional Growth

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Clean technology company BioLargo Inc. (BLGO:OTCQX) announced in its annual report that in 2024 it saw record revenues and an increase of 45% over the year before with help from its successful pet odor products in its Pooph line.

"We're proud to report the 10th year in a row of record revenues," said President and Chief Executive Officer Dennis P. Calvert. "With over US$5 million cash generated by our odor control products, we were able to reduce our reliance on equity financing. But we're most excited about our emerging products, such as the Clyra surgical products, our water treatment solution for the global PFAS contamination crisis, and our safe, long-lasting battery energy storage technology we call Cellinity."

Revenues for the year ended December 31, 2024, were US$17,779,000, a 45% increase over 2023, which represents the 10th consecutive year of revenue growth, the company said.

The company said its net loss for 2024 was US$4.35 million, a 6% decrease from the previous year. Of that, US$3.49 million was from Clyra Medical's operations, although Clyra continues to make progress towards a national rollout of its surgical irrigation products, recently successfully concluding a joint formal inspection of manufacturing capabilities with its distribution partner, BioLargo noted.

A 'Story Stock' to Double Down On

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.

ONM Environmental includes Pooph, the company's wildly successful consumer pet odor line; Clyra Medical Technologies includes its copper-iodine wound irrigation solution, Bioclynse; and BioLargo Energy has developed a new long-lasting battery that the company said is safer than lithium-ion batteries.

"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.

"Pooph was not our only success in 2024, as great strides were also made in our medical, equipment, and energy divisions," Calvert has said. "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.

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

Major 'Unseen Value' in Companies

As part of its annual report, BioLargo also announced that 57% of the net loss was due to non-cash expenses (issuance of stock and stock options) of US$2.48 million.

The company said it was also less reliant on equity financing in 2024, issuing 42% fewer shares of stock in 2024 as compared with 2023. On December 31, 2024, stockholders' equity was US$6 million, assets were US$10.5 million, liabilities were US$4.46 million, and the company had US$4.5 million in working capital and US$3.5 million in cash and cash equivalents.

However, in a webcast presentation with shareholders, Calvert noted the "unseen value" of the company's portfolio, with targeted minimum future values for the subsidiaries based on management modeling, including more than US$100 million for ONM Environmental, more than US$1 billion for both Clyra and BEST and more than US$2.5 billion for its energy division. (see chart)

"A number of big projects are in the wings that we think will move the needle for the company," Calvert said.

He called BioLargo "an economic engine that we've built, and now we get to watch the fruit of that."

'Pipeline of Opportunities' Is Growing

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

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. Tens of millions of people have been exposed.

BioLargo's AEC technology has been shown in pilot studies to meet the EPA's tough new specifications for PFAS in drinking water, the company said. Last year, the company also secured its first commercial PFAS-treatment project.

Richard Ryan wrote for Oak Ridge Financial noted in a research note that "the pipeline of opportunities is large and growing" for BioLargo's AEC.

"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."

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%, Refinitiv reported.

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

The rest, about 85%, is retail.

Its market cap is US$83.28 million, with about 301.18 million shares outstanding and about 258.99 million free-floating. It trades in a 52-week range of US$0.37 and US$0.16.