BioLargo Inc (OTCQB:BLGO) posted second-quarter results that saw its revenue jump 185% year-over-year on the back of strong contributions from its engineering and environmental divisions.
For the period ended June 30, 2022, the Westminster, California-based engineering and cleantech solution company, reported consolidated revenue of $1.32 million.
During the quarter, the company said ONM Environmental, its odor and volatile organic compound (VOC) control subsidiary, logged $700,000 in revenue, compared to a net operating loss of $107,000 in 2Q 2021.
READ: BioLargo secures first PFAS mitigation customer and inks new channel partner for remediation
Meanwhile, BioLargo Engineering, Science & Technologies (BLEST), the company’s environmental engineering subsidiary, contributed $617,000 in revenue for the quarter.
Company-wide revenue for the six months of 2022 came in at $2.29 million, BioLargo added.
In statement, accompanying the numbers, BioLargo CEO Dennis Calvert said: “We are proud of the entire BioLargo team working together and executing on all fronts as we continue growing the business through bigger and better projects.”
He added: “It has been incredible to watch our team land and expand into new client projects through great service and deliverables. PFAS (per- and polyfluoroalkyl substances) is a major opportunity for us, and we are on the forefront of real environmental impact, working with channel partners to solve some of today’s toughest environmental challenges.”
In a nutshell, the man-made persistent chemicals, resistant to breaking down in the environment, are known as per- and polyfluoroalkyl substances, or PFAS. Some have been linked to cancers, liver damage, low birth weight and other health problems, according to reports.
BioLargo offers PFAS mitigation services — including field testing, engineering design, system installation — as well as water treatment systems, including BLEST’s own PFAS treatment technology the Aqueous Electrostatic Concentrator (AEC). The company recently secured its first PFAS customer.
As part of this project, BioLargo will engineer a comprehensive PFAS mitigation plan for an industrial site. It has also roped in a new channel partner to sell the company’s PFAS treatment equipment and engineering services.
Commercial highlights
In other commercial highlights, BioLargo said its white-label pet odor control product partnership with Ikigai is generating increasing revenue both from manufacturing the product and from license royalties. “Sales thus far have exceeded early expectations,” noted BioLargo.
In addition, BioLargo expects first sales of the “minimal liquid discharge” (MLD) wastewater treatment equipment developed in partnership with Garratt-Callahan to begin, following discussions with an expanding list of Garratt-Callahan customers.
Finally, BLEST also executed engineering projects for new customers. It has been hired by Seattle-based energy innovation firm Ultra Safe Nuclear to help produce the first prototype fuel production systems for its new Micro Modular Reactor (MMR). It was also retained by a California-based sustainable energy services company planning to build a waste-to-energy conversion plant in South America.
Early work is almost done on both projects and management expects the scope of work and level of engagement to expand.
BioLargo said it will hold an investor webcast on August 17, 2022, at 1:00 pm Pacific time. Investors can use the registration link here.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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