BioLargo Inc (OTCQB:BLGO) has reported record revenue in its first quarter results as the company solidifies its reputation as a trusted and credible provider of cleantech solutions.
For the three months ending March 31, 2022, the company reported company-wide revenue of $965,000, up 69% from revenue of $571,000 for the same quarter in 2021.
The company’s subsidiary ONM Environmental reported its first-ever profitable quarter with operating income of $13,000 and revenue of $598,000.
READ: BioLargo sees preliminary 1Q revenue jump by 60% thanks to ONM Environmental and its engineering division
BioLargo CEO Dennis Calvert said the company was at a turning point.
“After investing years and millions of dollars into R&D for our innovative technologies, in this quarter we generated record revenues, our subsidiary ONM Environmental turned an operating profit, and our engineering subsidiary ended the quarter just shy of profitability,” Calvert said.
“Although we have solidified our reputation as a trusted and credible cleantech solutions provider thanks to our commitment to creating best-in-class sustainable technologies and our growing roster of talented engineers and scientists, we still must work hard to continue to achieve these results in the long term.”
“Now we are capitalizing on these assets in a way we believe will create significant value for our company and stockholders."
He said, in many ways, the company’s hardest work was done: inventing, developing, and commercially validating its innovations.
“We have multiple channel partnerships already contracted and executing as planned to foster expanded revenue growth,” Calvert said.
During 1Q, BioLargo narrowed its net loss to $1.5 million compared to a net loss of $1.9 million for the same period last year.
BioLargo invents, develops, and commercializes innovative platform technologies to solve challenging environmental problems like PFAS contamination, advanced water and wastewater treatment, industrial odor, and VOC control, air quality control, and infection control.
Contact Emily at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie