BioLargo, Inc, a water treatment and environmental technology company has released its 2Q 2021 financial results.
The fiscal overview noted an 11% increase in consolidated revenue which rose to $464,000, compared to the second quarter of 2020.
The firm said it continued to reduce debt obligations over the quarter, including a $406,000 reduction in convertible debt due in August 2021 through the payment of cash and equity.
READ: BioLargo praises US Government’s PFAS action plan; enters deal to treat contaminated water in Southern California
"In the past quarter we made significant advances in the commercialization of our PFAS treatment technology, secured new engineering service contracts, and advanced multiple new high-value business opportunities that have the potential to accelerate our company's growth in the coming year," Dennis P Calvert, president and CEO of BioLargo said in the results statement.
“Other than debt owed by its partially owned subsidiary Clyra Medical Technologies, Inc., only Small Business Association and Paycheck Protection Program (PPP) loans totaling $464,000 ($314,000 of which has been applied for forgiveness), and $50,000 of fixed-price convertible debt (due in 2023) remain on BioLargo's balance sheet,” the company noted.
Its BioLargo Engineering, Science & Technologies division is currently in the process of finalizing new contracts worth more than $1.2 million in revenue, most of which will be earned over the next six months, the company said.
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