BioLargo Inc (OTCQB:BLGO) said it more than doubled revenues for the first nine months of 2023, putting it on pace to exceed $10 million in annual revenues for the first time.
For the nine months ended September 30, 2023, the company, which creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, reported revenues of $7.9 million, a 108% increase over the same period in 2022.
That followed a strong third quarter, which saw revenues rise 78% to $2.67 million.
"Company-wide revenues are rising again. Through Q3, we have already surpassed last year's annual revenues by 34%, with another quarter to go,” BioLargo president and CEO Dennis Calvert commented in a statement.
“Pooph pet-odor product sales are climbing steadily as our partners continue to expand retail presence around the country.”
Calvert also noted that BioLargo’s PFAS team was approached by a broad base of prospective customers in diverse industries, including municipalities, government agencies, drinking water systems, firefighting foam projects, wastewater entities, and industrial facilities.
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.
“The excitement about our PFAS collection and destruction solution has been highly validating to our value proposition to the marketplace,” Calvert said.
“Our engineers have commenced work on a project to remove PFAS from a municipal drinking water supply in New Jersey, and we look forward to sharing more details as they come available.”
On the topic of its new safe, long-lasting battery technology, Calvert said the company hopes to have batteries built and being tested by year's end.
“I'm happy to report that substantial progress has been made in the construction of our Oak Ridge, Tennessee manufacturing facility for the prototypes of our safe, longer-lasting long-duration energy storage (LDES) battery technology,” he added.
BioLargo reported a 3Q net loss of $1.51 million, compared to $847,000 in the same period of 2022, as R&D spending increased to $694,000 associated with its Clyra Medical Technologies subsidiary and the building of the company's prototype manufacturing line for its sodium-sulfur battery technology.
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