BioLargo Tops $1M in Annual Revenues for First Time
WESTMINSTER, CA / ACCESSWIRE / November 19, 2018 / BioLargo, Inc. (OTCQB: BLGO), developer of sustainable science and technologies and a full-service environmental engineering company, today announced that it had passed an important milestone – $1,000,000 in annual revenues (year-to-date in 2018).
BioLargo president Dennis P. Calvert commented, “Sales of our odor control products have doubled each of the last four years. A recent order took us over the $1 million in sales mark for the year. Congratulations to Joe Provenzano and his team.”
Odor-No-More, Inc. President Joseph Provenzano commented on the milestone, “We are repeatedly told by our customers we have the best odor-control product in the market. We are leveraging that momentum by becoming a one-stop solution for industrial odor problems. We are focused on hiring additional sales people and plan to continue expanding our revenues in 2019.”
The company also reported in its recently filed 10-Q that its engineering subsidiary’s (BLEST) monthly revenues exceeded expenses for the first time in October. It’s important to note that while BLEST is growing its external services revenues, BioLargo also leans heavily on this division for development of its AOS water treatment system, support for the odor division, and implementation of AOS pilot projects.
BioLargo President and CEO Dennis Calvert said of the news, “Our success this year is an example of how great technology-based products and services can turn into disruptive commercial initiatives. We have only scratched the surface for both Odor-No-More and BLEST as they are heading toward profitability as stand-alone business units. Odor-No-More has evolved to become a total solutions provider for its customers, leveraging its considerable competitive advantages that make it a standout winner with a total addressable market that exceeds $1.3 billion in the USA alone (FN1). We are also excited about BioLargo Water and Clyra Medical Technologies, both of which are preparing to go commercial with their disruptive and sustainable products in 2019. While the costs of maintaining a public company also add to the overall company break even mark, we believe that continued growth in revenues for our two already commercial business units, Odor-No-More and BLEST, alone will achieve a level of performance capable of funding our company’s entire operating budget and more. They each broke monthly performance records in October, with Odor-No-More generating gross revenues of $133,000, and BLEST $89,000, for a combined total gross revenue of $222,000 (unaudited). While it may be too early to say we are at the inflection point of hockey stick growth, which we all know requires dedicated capital, we are preparing for another record-breaking year ahead.”
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology developer and environmental engineering company driven by a mission to “make life better” by delivering robust, sustainable solutions for a broad range of industries and applications, with a focus on clean water, clean air, and advanced wound care. We develop and commercialize disruptive technologies by providing the capital, support, and expertise to expedite them from “cradle” to “maturity” (www.biolargo.com). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial odor control division, Odor-No-More (www.odornomore.com) features CupriDyne Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing compounds and VOCs rather than masking them and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System “AOS,” a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. Our subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
FN1 – Total addressable market assumes 100% market penetration at the landfills, transfer stations, and wastewater treatment plants located in the United States, and is based on average per-location revenue assumptions management believes to be reasonable.
Dennis Calvert President and CEO BioLargo, Inc. 949-643-9540 x2
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SOURCE: BioLargo, Inc.