BioLargo, Inc. (OTCQX:BLGO), a company that creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, is pleased to provide a recap of its successful 2024, and provide a corporate and business outlook for 2025.
"Thanks to the support of our shareholders, business partners, operating teams, and board, BioLargo had a widely successful 2024 spanning our business segments, financials, and stock performance. This past year was transformative for our company and was a testament to our evolution as a cleantech innovator and solutions provider. Our mission to create new cleantech technologies to solve tough problems advanced across all our operating segments," stated Dennis P. Calvert, President and CEO of BioLargo, Inc.
"Pooph, our consumer pet odor product line, is a great example of our core business model to invent a technology, prove it out, then partner with an expert that has the resources to properly monetize resulting products," continued Mr. Calvert. "Here, we partnered with award-winning consumer product experts to capitalize on our odor control technology. We receive a manufacturer's margin, royalty on sales, and 20% participation in any eventual sale of the brand. Pooph proved to be a significant contributor of revenue in 2024, having ramped to eight unique products, with more than fifteen SKUs available at retailers such as Amazon, Walmart, Target, The Home Depot, Petsmart, Chewy, PetCo and more."
Mr. Calvert continued, "Pooph was not our only success in 2024, as great strides were also made in our medical, equipment and energy divisions. In medical, our subsidiary Clyra Medical focused its efforts on preparation of its Bioclynse wound irrigation solution for launch for surgical applications, spending countless hours and more than $2 million readying the product for at-scale manufacturing at an FDA-compliant manufacturing partner."
"Our battery technology subsidiary completed its pilot manufacturing facility and successfully produced and tested prototype cells revalidating key data that came with the initial acquisition," stated Mr. Calvert. "Our liquid-sodium battery doesn't have the drawbacks of lithium cells - no runaway fires, no toxic or hard-to-source chemicals or minerals - and provides a better option for energy storage, empowering grid stability and storage of renewable energy. It's safer, more sustainable, more durable and more cost-efficient than other batteries. In 2025, we are working hard to scale up cells and battery packs, complete third-party validation testing, and secure manufacturing licensing partnerships around the world."
"Our innovative water treatment technologies made progress in 2024, securing the first commercial PFAS-treatment project, a project which we expect to be installed and running in early 2025. Our team at BioLargo Equipment Solutions & Technologies is highly encouraged by the pending completion of the first installation, and believes that project will springboard additional customers, which we hope will solidify our technology as a leader in economical, low-waste treatment of water contaminated with these ‘forever chemicals'", said Calvert.
He concluded by saying, "By maintaining a strong focus on financial responsibility and operational efficiency, we aim to maximize shareholder value while advancing our mission to drive innovation and expand our commercialization and product portfolio in 2025 and beyond."
2024 Corporate and Financial Review Highlights
Stock performance appreciation from $0.17 at the end of 2023 to a high of $0.45 in 2024, and currently at $0.30
Cash balance of $3.9 million at the end of the third quarter 2024; from $3.5 million at December 31, 2023
Shareholders' equity reached $6.0 million at the end of the third quarter 2024; from $4.2 million at December 31, 2023
Uplist from the OTCQB to the "OTCQX Best Market", the OTC Markets highest market level for established, investor-focused U.S. and international companies that meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws and remain current in their disclosure
Less reliance on investor capital in the second half of 2024 due to increases in gross profits from operations, with no sales of common stock in the 2nd half of 2024
2025 Corporate Outlook
Having expanded the company's strong foundation and achieved impressive revenue growth in 2024, BioLargo is now looking ahead to broaden the commercial traction of its operating segments and products even further in 2025. Each of BioLargo's subsidiaries have potential to transform their respective markets and improve lives around the world. Based on the company's track record of growth and adoption in new business segments underway, management believes 2025 could shape up to be another record year.
BioLargo management has identified its key goals for the coming year:
Uplist to a national stock exchange such as NASDAQ or the NYSE
Grow top line revenues and continue historical revenue growth performance
Complete the years-long effort to launch the Bioclynse wound irrigation solution for use during surgery through an industry-leading distribution partner
For PFAS, complete system installation in New Jersey, collect data from its operations, and sell more treatment systems
For the battery company, complete development of the commercial-sized Cellinity battery cell and packs, validate performance claims through third-party experts, and secure partners for its franchise business model to build factories around the world
Support the expanding growth of the Pooph pet odor control product line
2024 in Review Highlights
Here the company has provided headlines and links to some of the key press releases from 2024:
BioLargo, Inc. CEO Dennis P. Calvert Appointed to U.S. Department of Commerce Environmental Technologies Trade Advisory Committee (ETTAC)
BioLargo, Inc. (OTCQX:BLGO) is a cleantech and life sciences innovator and engineering services solution provider. Our core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, enable energy-efficiency and safe on-site energy storage, and control infections and infectious disease. Our approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact. See our website at https://www.biolargo.com
Contact Information
Dennis P. Calvert President and CEO, BioLargo, Inc. 888-400-2863
Safe Harbor Act
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about BioLargo's (the "Company") expectations regarding anticipated revenue; and plans for future operations. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of regional economic conditions on the Company's business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the dependency of the Company on the performance of distributors of the Company's products. More information on these risks and other potential factors that could affect the Company's business and financial results is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
