leadf
logo-loader
viewBioLargo, Inc.

BioLargo Inc clocked record revenue in 2019 driven by new channel partnerships, commercial milestones

For the year ended December 31, 2019, the environmental engineering company posted a 37% rise in revenue to more than $1.8 million

BioLargo, Inc. - BioLargo Inc clocked record revenue in 2019 driven by new channel partnerships, commercial milestones
BioLargo said it quickly realized that its CupriDyne Clean products featuring its novel iodine chemistry may be a 'powerful tool' to help protect people during the coronavirus crisis

BioLargo Inc ((OTCQB:BLGO) CEO Dennis P Calvert said Tuesday that the company would “strive to maintain revenue” despite the coronavirus (COVID-19) pandemic, after it clocked a 37% jump in full-year 2019 revenue driven by new channel partnerships and commercial milestones.

In a letter to shareholders accompanying the Westminster, California-based company’s annual report, Calvert said: “This is a time in our shaken world when we believe that our commitment and unique tools to deliver solutions to some of the pressing issues of our time will allow our company to shine at its brightest.”

He added: “When the COVID-19 crisis hit, our DNA kicked in. Our team is fired up to work together to see how we might provide solutions to aspects of the COVID crisis…Our science team in Alberta, Canada is highly suited to formulate a hand sanitizer to assist in the crisis, and we are assembling the assets to produce those.”

READ: BioLargo sets up JV with South Korea’s BKT and Tomorrow Water for CupriDyne Clean products

Calvert explained that in the early days of BioLargo, the company in essence, was an iodine-focused tech shop that came up with innovative ideas to solve environmental and medical problems. In recent years the company has evolved into a full environmental engineering solutions provider and cleantech product company.

“Still – in our very DNA – we are a company that delivers creative scientific solutions to tough emerging problems,” Calvert pointed out.

“We also quickly realized that our CupriDyne Clean products featuring our novel iodine chemistry may be a powerful tool to help protect people during the crisis.  We are actively exploring all potential uses and applicable regulatory pathways that would apply to our products in these important uses,” he added. 

BioLargo’s Odor-No-More division’s main product is CupriDyne Clean Industrial Odor and VOC Eliminator, which is aimed at the solid waste/landfill/compost, wastewater and oil & gas industries. The non-toxic, eco-friendly, non-pesticide product eliminates odor-causing compounds rather than masking them.

The BioLargo boss said that both it's California and Tennessee based operations were evaluating their resources to begin development and production of solutions to help fight the coronavirus crisis.

For the year ended December 31, 2019, the environmental engineering company posted a 37% rise in revenue to more than $1.8 million.

Key highlights from the group's 2019 annual report include:

  • New $10 million equity line of credit with an initial $250,000 investment from Lincoln Park Capital
  • A $350,000 investment from South Korean leading wastewater treatment company BKT Tech Co Ltd in conjunction with the formation of its first international joint venture to manufacture and distribute CupriDyne Clean based products in South Korea and the region
  • For the fourth quarter ended December 31, 2019, the company posted revenue of more than $560,000
  • Senior management continued to forego cash salaries by taking stock in the company as a sign of support in BioLargo’s long-term success

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Quick facts: BioLargo, Inc.

Price: 0.14175 USD

OTCMKTS:BLGO
Market: OTCQB
Market Cap: $31.52 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of BioLargo, Inc. named herein, including the promotion by the Company of BioLargo, Inc. in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

BioLargo installs CupriDyne Clean air quality control systems for clients in...

BioLargo Inc (OTCQB:BLGO) CEO Dennis Calvert tells Proactive the group's subsidiary ONM Environmental Inc recently installed several large and financially significant CupriDyne Clean air quality control systems at public and private landfills. Calvert says these projects will lead to breaking...

2 days, 7 hours ago

3 min read