BioLargo Inc (OTCQB:BLGO) revealed that its first-quarter 2023 revenue has already surpassed its previous record quarterly revenue set last quarter.
The Westminster, California-based company said the revenue growth is driven primarily by sales of the Pooph branded pet-odor control product sold by Ikigai Marketing Works LLC.
The full-service engineering and cleantech solution company’s management said it expects that quarter-over-quarter revenue in 1Q 2023 will surpass a 50% growth rate over 4Q 2022. “It will represent the seventh consecutive quarterly period of revenue growth, and that first quarter revenues will be more than four times 2022's first quarter topline revenue,” noted the company.
Read: BioLargo's 2022 revenue doubles up 2021 in new preliminary results
In a statement, BioLargo CEO Dennis P Calvert said: "The lion's share of the recent revenue increases is due to the ongoing growth of Pooph sales led by our partners at Ikigai Marketing Works, whom we applaud for their success in expanding the product's adoption in retail outlets across the country."
"We have many products and solutions in early stages of commercialization that we believe will contribute to revenue growth in future periods, such as our PFAS treatment solution, Clyra Medical's Bioclynse, and Garratt-Callahan's ‘minimal liquid discharge' industrial wastewater treatment system.”
PFAS or per- and polyfluoroalkyl substances are man-made persistent chemicals, resistant to breaking down in the environment. Some have been linked to cancers, liver damage, low birth weight and other health problems, according to reports.
BioLargo’s engineering subsidiary, BioLargo Engineering, Science & Technologies Inc (BLEST), offers PFAS mitigation services — including field testing, engineering design, and system installation — as well as water treatment systems, including its own PFAS treatment technology the Aqueous Electrostatic Concentrator.
“Each of these initiatives continues to advance and we look forward to sharing more information as they each expand. We believe there is still plenty of opportunity for market penetration for the Pooph branded pet-odor control product, as well as the company's other products and services," said Calvert.
On January 9, 2023, the company announced a year-over-year growth rate of at least 125% for 2022 versus 2021, which represents the eighth consecutive year of revenue growth. While the company is not yet profitable, its net losses are trending downward as revenues have increased.
BioLargo is currently concluding the audit of its 2022 financial statements and intends to file its annual report with the SEC at the end of March. The revenue estimates for 2022 and the first quarter of 2023 are preliminary and subject to change pending review and audit by the company's independent registered public accounting firm.
BioLargo plans to hold an earnings conference call and webcast on April 3, 2023, at 1:30 pm Pacific Time.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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