BioLargo Inc said it saw a jump in consolidated revenue during its third quarter.
For the three months ended September 30, 2021, the company said it generated $712,000, a 7% year-over-year increase.
BioLargo said revenue for its engineering division increased by 73% year-over-year and 92% month-over-month.
In addition, the company noted that its net loss during the quarter was reduced to $1.3 million, down from $2.1 million in the year-ago period.
READ: BioLargo says peer-reviewed paper confirms “unprecedented performance” of its AOS water treatment technology
The improvement in the company’s net loss stems in large part from a significant reduction in interest expenses due to retired debt over the past year.
“In this quarter, our engineering group broke its all-time revenue record,” said BioLargo CEO Dennis Calvert in a statement.
“We began the first step of the multi-phase commercial launch of our PFAS treatment technology and confirmed the technology works with real client-provided water, achieving results that meet government standards. Our work at the Montreal wastewater treatment plant proved that our other water treatment technology, the AOS, is highly effective at removing pharmaceuticals from wastewater compared to existing technologies. Our consolidated revenue grew, and we shrank our net loss.”
He continued, “The hard work we’ve done to prepare to launch products with Garratt-Callahan is paying off. We will be doing commercial testing with water from multiple prospective Garratt-Callahan customers in the coming weeks. We’re on track to secure first customer orders for this product in the first quarter of 2022.”
Meanwhile, the company is holding an investor webcast on November 17, 2021, at 8 am PT open to the public at the following link: https://www.webcaster4.com/Webcast/Page/2448/43712
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