BioLargo Inc (OTCMKTS:BLGO) announced Monday that it has set new quarterly and annual revenue records for 2019, thanks in part to growth in the company’s Odor-No-More subsidiary.
In addition, CEO Dennis Calvert said the California-based environmental engineering company plans to tap more markets and customers heading into 2020, predicting at least a doubling of quarterly revenue.
“We have only scratched the surface of our future potential,” he said in a statement.
BioLargo said it pulled in more than $560,000 in revenue in the fourth quarter ended December 31, illustrating how the company has been steadily increasing its revenue figures. In the 3Q, the company brought in $534,000 -- a 93% year-over-year increase.
Moreover, the company said revenue for the calendar year grew 37% year-over-year to more than $1.8 million, noting that it increased revenues over the past two years by 10% per quarter and generated positive cash flow for the Odor-No-More unit.
BioLargo also said it had retired all but $259,000 in variable-priced convertible debt and raised about $2.6 million in mandatorily convertible debt in the summer of 2019.
“During 2019, we accomplished both commercial and technical breakthroughs in every operating unit, closing out the year by being named ‘Cleantech Company of the Year’ for Southern California by Sustain Southern California," said Calvert.
"Our award-winning technologies are validated and marching ahead to commercial adoption. While we are proud of our accomplishments, we are certainly not satisfied because we believe our innovations will continue to grow and find large commercial markets around the world. We have only scratched the surface of our future potential.”
As for boosting revenue, Calvert continued: “We expect the upward trends in revenue to continue. With appropriate growth capital and continued sales increases from our distributors, we believe we can grow our monthly revenue from $175k+ per month to over $350k+ a month by the end of the year, representing a 2X growth rate or more.”
BioLargo operates four subsidiaries: Odor-No-More, BioLargo Water Inc, BioLargo Engineering, Science & Technologies Inc (BLEST), and Clyra Medical Technologies Inc.
Shares recently rose 9.2% to $0.23 in New York.
-ADDS stock price--
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham