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BioLargo boosts revenue, cuts loss in 2Q

The company also brought in revenue of $426,000, a 30% jump from the second-quarter of 2018

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BioLargo brought in revenue of $426,000 in 2Q, a 30% jump from the same period a year ago

BioLargo Inc (OTCMKTS:BLGO), an environmental science and technology company, posted second-quarter results Thursday marked by growing revenue and slimming losses. 

The company brought in revenue of $426,000, a 30% jump from the same period a year ago. In particular, sales of CupriDyne Clean, BioLargo’s industrial odor eliminator, increased 31% year-over-year. 

Its net loss came in at $1.9 million, cutting its 2018 second-quarter net loss nearly in half, to $3.6 million. 

Also in the quarter, BioLargo secured $2.6 million in new capital and refinanced more than $1.3 million in liabilities.

READ: BioLargo taps Mitch Noto as director of corporate development

Its subsidiary, BioLargo Engineering, Science & Technologies (BLEST), was awarded multi-year contracts from the US Air Force to provide air quality services at seven bases. 

Odor-No-More Inc, which makes CupriDyne, added 27-year waste handling industry veteran Mitch Noto to its team. 

“We are often complimented that it is rare to see a company with so many important and financially significant opportunities all breaking through at the same time,” said BioLargo CEO Dennis Calvert. 

“Both our engineering team at BLEST and our Odor-No-More team are heading into more predictable growth cycles. The new contracts for BLEST to serve the USAF are significant, and we expect to win more soon. The addition of Mitch Noto to our team will help us organize to grow and serve the largest companies in the waste handling industry with the #1 product and services.”

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: BioLargo

Price: 0.28 USD

OTCMKTS:BLGO
Market: OTCMKTS
Market Cap: $44.07 m
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Full interview: BioLargo reaches 'critical mass' and reports record-breaking...

BioLargo Inc (OTCMKTS:BLGO) CEO Dennis Calvert tells Proactive Investors the California-based technology developer and environmental engineering company has achieved record-breaking quarterly revenue, disclosed in a release ahead of its 3Q earnings report. Calvert says the growth was driven...

on 10/10/2019

2 min read