BioLargo Inc (OTCQB:BLGO) reported record unaudited revenue on Monday for the year ended December 31, 2020, that saw its full-year revenue climb 31% year-over-year to approximately $2.4 million.
For its fourth quarter ended December 31, 2020 the Westminster, California-based full-service environmental engineering company, reported revenue of $900,000, a 36% jump, compared to the same quarter in 2019.
In addition to setting revenue records, during 2020 BioLargo also reduced its debt obligations by converting approximately $3.7 million in notes payable to equity.
Investors responded well, sending shares nearly 19.7% higher to $0.21 in morning trade.
READ: BioLargo seeks 'to make life better' when it comes to clean water, clean air, and health
“2020 was a great year of important accomplishments - increased revenue, product breakthroughs and reduction of debt to manageable levels.” BioLargo CEO Dennis Calvert said in a statement.
He added: "We fully expect that revenue will continue growing, and we will continue concentrating on improving our balance sheet.”
“Of our remaining debt, over $1 million is owed solely by Clyra Medical, over $500,000 is SBA loans, some of which will be forgiven, and $1.1 million may be converted to equity by the investors.”
BioLargo also announced that its CEO Dennis Calvert will be discussing the company's recent growth and its plans to accelerate its revenues with new water technology product launches in an investor presentation hosted by Proactive Investors on January 26, 2021, at 10:00 AM PST / 1:00 PM EST.
Highlights will include the commercial pilot project where the AOS water treatment system will turn poultry processing wastewater into reusable water, the municipal wastewater treatment pilot featuring the AOS and BioLargo's new water technology, the AEC, which can effectively remove PFAS chemicals from water, and the progress on the company's operational subsidiaries’ efforts at profitability.
Registration for the free event can be done here: https://www.proactiveinvestors.com/register/event_details/316
BioLargo is an environmental engineering company, which has developed several innovative and patented products targeted at three markets: water and wastewater treatment, industrial odor and volatile organic compounds (VOC) elimination, and advanced wound care.
The company operates four subsidiaries: Odor-No-More Inc, BioLargo Water Inc, BioLargo Engineering, Science & Technologies Inc (BLEST) and Clyra Medical Technologies Inc.
Contact Sean at sean@proactiveinvestors.com