BioLargo Inc (OTCQB:BLGO) told investors that 2023 is “shaping up to be a great year” as it reported a more than doubling in first-half revenues, helped by sales of its Pooph branded pet-odor remover.
The company, which creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, reported a 9% year-over-year increase in second-quarter revenues to $1.47 million.
While revenues were down 61% from the previous three months, the company described the first quarter as “extraordinary” and said the decline came as it supported inventory build-up for national retailers.
For the first six months of 2023, it achieved revenue of $5.19 million, up 127% from 1H 2022.
“We are especially excited as the Pooph team continues its national advertising campaign and successfully adds more retailers to carry the product,” president and CEO Dennis Calvert said in a statement.
“They aim to secure contracts for more than 20,000 retail stores to carry the product and those efforts are underway. We have witnessed first-hand how the team at Pooph executes with precision and will continue to support these ambitious goals."
Its 2Q net loss was $1.63 million, compared to $1.33 million in 2Q 2022 and $425,000 in 1Q 2023.
Net stockholders' equity at June 30, 2023, rose to $4.12 million from $3.55 million at March 31, 2023.
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