BioLargo Inc (OTCQB:BLGO) told investors it reckons it is just scratching the surface of commercial opportunities ahead as the company revealed it had set a new revenue record in the third quarter.
The cleantech group said it generated about $1.5 million in the three months to September 30 - a 13% increase compared to Q2 this year, and a 111% increase on Q3, 2021.
It noted that these figures were preliminary and could change pending review by its independent registered public accounting firm.
"It is remarkable that we were able to improve on Q2's record-breaking results, and that because of our Q3 performance we have also locked in a record growth rate for the entire year," said BioLargo CEO Dennis P. Calvert in a statement.
"We are proud of these accomplishments, but not yet satisfied because we believe that we have still just scratched the surface of the commercial opportunities ahead. We intend to continue this trend of meaningful growth, and we are already off to a good start in Q4," he added.
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In 2023, the company said it had "several" key projects to potentially accelerate growth, including the anticipated launch in major retailers of the POOPH pet odor control product, expected to begin in the fourth quarter.
Its first PFAS removal project at a large industrial site is currently in the initial phase and is expected to continue advancing as the company engineers a comprehensive PFAS mitigation plan. The company also expects to expand the commercial roll-out of its PFAS treatment technology
It also anticipates further work on larger engineering projects, including the waste-to-energy conversion plant project in South America, and the company's work with Ultra Safe Nuclear.
BioLargo is additionally eyeing water treatment firm Garratt-Callahan's launch of the jointly developed minimal liquid discharge wastewater treatment product.
BioLargo invents, develops, and commercializes innovative technologies in the cleantech space, including for PFAS contamination, advanced water, and wastewater treatment, industrial odor and VOC control, air quality control, and infection control.
Contact the author at giles@proactiveinvestors.com