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Biolargo Inc (BLGO+4.65%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a 45% increase in revenue to $17,779,000 compared to the previous year. This growth was primarily driven by a 46% increase in product sales, notably from the Pooph branded pet-odor product.
ONM Environmental, a wholly-owned subsidiary, reported revenues of $15,597,000, a 36% increase from the prior year. The increase was attributed to higher sales volume of private label odor-control products.
BLEST, the company's engineering division, generated $2,182,000 in revenue from third parties, reflecting a 183% increase. The growth was due to new contracts and the sale of AEC water treatment equipment.
Clyra Medical, a partially owned subsidiary, did not generate significant revenue and reported an operating loss of $3,324,000, which included $827,000 in research and development expenses.
Biolargo Energy Technologies, Inc. (BETI) focused on developing the Cellinity battery technology, reported an operating loss of $642,000.
The company incurred $2,882,000 in research and development expenses, a 26% increase from the previous year, driven by activities related to Bioclynse, AEC water filtration, and battery products.
Biolargo's net loss for the year was $4,347,000, a slight improvement from the $4,648,000 loss reported in the prior year. The improvement was due to increased gross margin from higher revenues.
The company raised funds through sales of stock to Lincoln Park Capital Fund, LLC, and other private investors, generating $2,005,000 from Clyra Medical stock sales and $50,000 from BETI stock sales.
Biolargo's management acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flow from operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biolargo Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.