BioLargo, Inc. reported significant financial improvements in its latest 10-Q filing for the three and nine months ended September 30, 2024. Total revenue for the third quarter reached $4,351,000, a 63% increase from $2,672,000 in the same period of 2023. For the nine months, revenue surged to $14,122,000, up 80% from $7,860,000 year-over-year. This growth was primarily driven by strong sales of the pet odor control product "Pooph," which accounted for 76% of quarterly revenue and 78% of revenue for the nine-month period.
Gross profit for the third quarter was $1,722,000, compared to $1,435,000 in the prior year. The operating loss narrowed to $(1,061,000) from $(1,537,000) in Q3 2023, while the net loss decreased to $(1,060,000) from $(1,508,000). For the nine months, the net loss was $(2,615,000), down from $(3,628,000) in 2023. The loss per share improved to $(0.002) from $(0.004) in the third quarter of the previous year.
The company’s ONM Environmental segment also showed robust performance, with revenues increasing 53% to $3,853,000 for the third quarter and 69% to $12,437,000 for the nine months. Operating income for this segment rose to $1,382,000 for Q3, compared to $969,000 in 2023.
BioLargo's cash position improved, with cash and cash equivalents at $3,882,000 as of September 30, 2024, up from $3,042,000 a year earlier. The company reported net cash used in operating activities of $(1,290,000) for the nine months, a decrease from $(2,363,000) in 2023. Financing activities generated $2,858,000 during the same period, although proceeds from stock sales decreased to $609,000 from $1,497,000 in the prior year.
Strategically, BioLargo has focused on expanding its product offerings and market reach. The company’s BioLargo Equipment Solutions & Technologies, Inc. (BEST) segment, which specializes in water treatment solutions, reported a 243% revenue increase for Q3, attributed to the sale of water treatment equipment. Additionally, the company is advancing its Cellinity battery technology through its BioLargo Energy Technologies, Inc. (BETI) subsidiary, although no revenue has been generated from this segment yet.
Overall, BioLargo's financial results reflect a positive trajectory, with increased revenues and reduced losses, alongside strategic developments aimed at enhancing its market position in environmental technologies.
About BIOLARGO, INC.
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