The company reported third-quarter revenue of about $500,000, up nearly 90% year-over-year and 23% quarter-over-quarter. Its total for 2019 has reached roughly $1.3 million, the company said.
Specifically, revenue from Odor-No-More — the company’s line of pet and sports odor-fighting products — jumped 61% from the third quarter of 2018 and 25% over the last quarter. Meanwhile, its engineering division saw revenue quadruple compared to the third quarter of 2018 and 15% over last quarter.
READ: BioLargo inks pact with BKT Company and South Korea's City of Daegu to explore water technologies
“We are now seeing the fruits of our investments in infrastructure and staffing,” Odor-No-More President Joseph Provenzano said in a statement. “In just the first week of October, we also have orders in process over $130,000.”
“We intend to further expand our sales and customer support staff to capitalize on our growing success in this market,” added Provenzano. “Notably, we have also secured the first two accounts for our odor and VOC control product in the cannabis and hemp market through our distributor Cannabusters, and we believe sales will expand substantially in that emerging segment.”
In addition, BioLargo announced that it eliminated its variable priced debt. The company shed $730,000 in principal through the payment of $630,000 in cash and the conversion to stock of $220,000. The company said it also paid $302,928 in other debt instruments and added that another $210,000 in convertible debt will convert to stock in the coming weeks, bringing its total debt reduction to about $1.25 million.
“We believe reducing the variable-rate convertible debt will put less short-term selling pressure on our stock and highlights our long-term commitment to building lasting shareholder value,” CEO Dennis Calvert said in a statement. “And importantly, business has never been better, as we’ve recently hit several critical commercial milestones.”
The company noted milestones including BioLargo Engineering winning seven United States Air Force base contracts, the signing of a memorandum of understanding to serve the South Korean wastewater industry and securing an Environmental Protection Agency grant to help fight PFAS contamination. In addition, its subsidiary Clyra Medical Technologies earned Food and Drug Administration clearance to sell its first wound care product.
“Our investments in infrastructure and personnel are paying off and we are seeing good results from several of our operations,” Calvert said. “We fully expect the returns on these investments to continue for years to come. We are thankful for the continued support of our long-term investors as we continue to improve our financial condition and build a world-class clean tech company.”
Shares of BioLargo increased 4% Wednesday to $0.29.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel