BioLargo Inc (OTCQB:BLGO) reported first-quarter financial results that saw the full-service engineering and cleantech solution company’s revenue soar 288% year-over-year to $3.74 million on the back of the Pooph branded pet-odor remover.
For the period ended March 31, 2023, the Westminster, California-based company’s net loss dropped by 68% to $494,000.
Biolargo wrapped up the strong quarter with $3.26 million in cash, compared to $1.85 million at the end of December 2022.
Investors reacted to the news, keeping BioLargo shares in the green at $0.20.
In a statement accompanying the numbers, BioLargo CEO Dennis P Calvert said: "We're confident that the long-term success of our pet odor control product partnership - Pooph - bolstered by the rollout of key water treatment technologies, will drive our company to our goal of profitability and beyond."
Biolargo noted that a “standout performer” in its portfolio was ONM Environmental, the company's odor and volatile organic compounds (VOC) control subsidiary, whose revenues grew to $3.54 million, a 491% increase from the comparable quarter in 2022.
ONM Environmental's operating income also exploded 10,569% to $1.39 million from the same quarter a year earlier largely due to the growing success of the pet odor control product Pooph, sold by the company's partners at Ikigai Marketing Works LLC, which comprised 90% of its revenue, and 86% of BioLargo’s company-wide revenue pie.
Meanwhile, revenue from BioLargo Engineering, Science & Technologies (BLEST), the company’s engineering division disappointed by decreasing by 45% to $193,000, compared to the same period in 2022.
Still, there is strong long-term demand for engineering subsidiary BLEST’s services which include 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.
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 will hold an investor webcast on May 18, 2023, at 4:30 pm ET.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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