Q2 2024 revenues grew 247% compared to same three months last year
WESTMINSTER, CA / ACCESSWIRE / August 6, 2024 / BioLargo, Inc. (OTCQX:BLGO), a company that creates and commercializes sustainable technologies to solve tough environmental and cleantech challenges, announced preliminary results for its second quarter ended June 30, 2024:
Companywide revenue ($5.0 million) for the quarter increased 247% compared with the second quarter of 2023 and increased 5% compared to the first quarter of 2024 (revenues for the six months ended June 30, 2024, increased 88% over the first six months of 2023).
The company had a net loss for the quarter of $780,000, which included approximately $540,000 in non-cash stock option compensation expense.
At June 30, 2024, the company had $4.8 million in cash and cash equivalents, and $10.1 million total assets.
The company's total stockholder's equity increased to $5.9 million as of June 30, 2024.
BioLargo's President and CEO Dennis P. Calvert said of the results, "We had another quarter of record revenues, and we continue to strengthen our balance sheet. We are in a strong position to continue advancing the commercialization of our multiple cleantech products and services."
The company is still working to finalize its quarterly report on Form 10-Q for the period ended June 30, 2024, which it intends to file on or before the August 14, 2024 deadline. The revenue estimates described here are preliminary and subject to change pending the review process.
The company plans to hold an earnings conference call and webcast on August 14, 2024, to discuss its results, and will provide more information about this event soon.
About BioLargo, Inc.
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 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.
SOURCE: BioLargo, Inc.
View the original press release on accesswire.com
