BioLargo Inc (OTCQB:BLGO) said it achieved revenue of a record US$1.5 million for third quarter 2022 and $3.7 million for the nine months ended September 30, 2022, increases of 111% and 117% respectively over the same periods in 2021.
The full-service environmental engineering company said third-quarter revenue was 13% ahead of the second quarter of 2022.
BioLargo CEO Dennis P Calvert said in a statement: "Our strategy of growing by leveraging our core technology assets through channel partnerships is paying off, as evidenced by the growing success of our pet odour control product partnership. We also expect the commercial roll-out of our PFAS treatment system to play a big role in the future growth of our company."
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Revenues from ONM Environmental, the company's odour and VOC control subsidiary, for the three and nine months ended September 30, 2022, were $1.2 million and $2.5 million, up $779,000 and $1.4 million respectively from the same periods in 2021. In the second quarter of 2022, this subsidiary generated operating income of $400,000, compared to an operating loss of $72,000 in the same period of 2021, according to BioLargo.
Revenues from third parties for BioLargo Engineering, Science & Technologies – the Westminster, California-based company's environmental engineering subsidiary – for the three and nine months ended September 30, 2022, were $283,000 and $1.2 million, representing increases of $2,000 and $699,000 respectively from the same periods in 2021, the company said.
BioLargo said sales of the Pooph brand pet odour control product to Ikigai have risen significantly, accounting for the bulk of the rise in revenue at ONM Environmental. Ikigai intends to continue its national advertising campaign as the product is launched in Walmart and other US retailers.
The company said it secured its first customer to engineer a comprehensive PFAS mitigation plan for a large industrial site. The project's first phase, the development of a comprehensive PFAS treatment plan, is underway, and subsequent phases are expected in the coming months.
The company said its plans to roll out its PFAS treatment technology across the US progressed significantly, with the securing of Product Recovery Management as a contract manufacturer, and a growing number of sales representative organizations that are expected to cover most of North America.
BioLargo also said its engineering division completed the first phase of other large projects, including the waste-to-energy conversion plant project in South America and the fuel production system project with Ultra Safe Nuclear. Both projects are anticipated to advance to subsequent phases, which are of greater scope.
The company said it added two new board members to its team: Linda Park and Christina Bray. Both women have a background, education, and corporate experience that make them an ideal fit for BioLargo's core organizational goals, and its vision to "make life better" through its cleantech products and services.
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