BioLargo Inc (OTCQB:BLGO) told investors that its 2022 annual report, filed March 31, 2023, revealed a 132% increase in revenues over 2021, and a 26% decrease in its net loss.
Dennis Calvert, the company's president and CEO, commented: "2022 was our strongest year yet in terms of financial performance, and we are eager for the day when our valuation reflects the significance of our ongoing success. With Pooph revenues leading the way and other key catalysts like our PFAS treatment business just now coming online, we're confident that this year will herald even more significant growth at the company.”
Key financial highlights include:
- Consolidated revenue for the year ended December 31, 2022, was $5,884,000, a 132% increase over 2021. Revenue in the fourth quarter of 2022 was $2,096,000, a 40% quarter-over-quarter increase and a 167% increase over 4Q 2021;
- The company no longer has any outstanding convertible debt.
- The company's total net loss declined by 26%, from $6,894,000 to $5,132,000. Approximately 50% of the company's net loss was due to non-cash expenses, including $2,071,000 of stock option compensation expense, and $291,000 of services paid by the issuance of its common stock. Net cash used in operations decreased 30% to negative $2,760,000;
- Net stockholders' equity rose from $933,000 at the end of 2021 to $2,011,000 at the end of 2022; and
- The company ended the year with $3.1 million in current assets and working capital of $1.6 million.
Key commercial and developmental highlights:
- Revenues from sales of the Pooph pet odor control product to Ikigai Marketing Works have escalated significantly, resulting from the ongoing success of Ikigai's national marketing campaign for the product and its rollout into Walmart stores in the US;
- The company's AEC water treatment system has been tested and proven to remove per- and polyfluoroalkyl substances (PFAS) from water to below levels required by the EPA's recently proposed limitations of four parts per trillion. These so-called ‘forever chemicals' accumulate in the human body, are linked to multiple health issues, and are more and more the subject of government regulatory concern;
- The company acquired the IP rights to a sodium-sulfur battery, a technology with unique technical features that enable it to address a need in the market for safe, affordable, long-term energy storage at grid-scale, at electric vehicle charging stations, or similar static applications. The technology is already developed, and BioLargo has formed and secured seed capital for a new subsidiary which will lead the manufacturing, scale-up, and operations for the new technology.
The full annual report can be accessed here.
The company said it will hold an investor webcast today, Monday, April 3, 2023, at 1:30pm Pacific Time (4:30 pm ET) at this link, open to the public:
BioLargo is a cleantech and life sciences innovator and engineering services solution provider. Its core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, and control infections and infectious diseases.
The company’s approach is to invent or acquire novel technologies, develop them into product offerings, and extend its commercial reach through licensing and channel partnerships to maximize their impact.
Contact the author at stephen.gunnion@proactiveinvestors.com