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Biolargo Inc (BLGO+3.80%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $4,351,000 for the quarter, a 63% increase from the same period in 2023, primarily driven by sales of the Pooph-branded pet odor control product.
ONM Environmental, a Biolargo subsidiary, contributed significantly to revenue with $3,853,000 in sales, largely from Pooph-branded products.
Cost of goods sold for ONM Environmental was 55% of revenue, reflecting an increase due to new product lines.
Biolargo's engineering segment, BLEST, reported revenues of $824,000, with a focus on water treatment equipment sales.
Clyra Medical, another subsidiary, is preparing for the national rollout of its Bioclynse surgical wound irrigation product but has not yet generated significant revenue.
BioLargo Energy Technologies, Inc. (BETI) is focused on developing its Cellinity battery technology and has not yet generated revenue.
Overall, Biolargo reported a net loss of $1,060,000 for the quarter, an improvement from the $1,508,000 loss in the same period in 2023.
The company continues to invest in research and development, particularly in its battery and water treatment technologies, totaling $690,000 for the quarter.
Biolargo raised $2,858,000 from financing activities during the nine months ended September 30, 2024, to support its operations and development efforts.
The company acknowledges the need for further investment to fund its business plans and address its capital resource limitations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biolargo Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.