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BioLargo Inc (BLGO)
OTHER OTC:BLGO
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BioLargo
(OTC:BLGO)
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Rating:47Neutral
Price Target:
$0.18
▼(-7.37% Downside)
Action:ReiteratedDate:03/05/26
The score is held back primarily by weak financial performance (widening losses and accelerating cash burn alongside a 2025 revenue decline). Technicals are only modestly supportive with mixed trend signals, and valuation is constrained by negative earnings and no dividend. Earnings-call commentary adds some upside optionality from 2026 catalysts, but near-term financial and partner/legal risks remain significant.
Positive Factors
Diversified subsidiary stakes & royalty model
BioLargo’s structure of owning significant equity in multiple operating platforms plus a 6% royalty creates a portfolio-style exposure to commercialization outcomes. This reduces single-product dependency, preserves upside from successful subsidiaries, and provides a recurring revenue/earnings channel as deployments scale.
Clyra FDA-cleared commercial rollout
FDA 510(k) clearance plus an exclusive distribution agreement and initial paid orders materially de-risks market entry for Clyra. The commercial launch backed by recent capital infusion supports sustainable medical sales and potential repeat consumable demand, giving durable revenue growth potential if adoption continues.
AEC PFAS field validation with EPA monitoring
A municipal deployment under a formal EPA/NJDEP monitoring program represents regulatory validation for the AEC PFAS solution. Successful validation can unlock larger municipal and industrial procurement pipelines given rising regulatory mandates on PFAS, creating a multi‑year structural market opportunity for the technology.
Negative Factors
Persistent negative cash generation
Consistent negative operating and free cash flow indicates the business consumes capital rather than generates it, raising reliance on external financing or dilutive equity. Accelerated cash burn in 2025 limits runway for commercialization investments and increases execution risk for planned 2026 rollouts without new funding.
Revenue decline and widening losses in 2025
A sharp 2025 revenue drop alongside a materially wider net loss highlights fragile top‑line stability and a cost base that isn’t scaling efficiently. The deterioration reduced shareholder equity and shows that achieving sustainable profitability will require durable revenue recovery or meaningful structural cost changes.
Partner/license termination and credit loss
Loss of a licensed partner and a booked credit loss materially reduced revenue and reveals partner concentration and contract execution risk. Ongoing litigation and recovery uncertainty impair near-term cash predictability and complicate converting pilot/partner wins into dependable, long‑term revenue streams.
BioLargo (BLGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$54.06M
Dividend YieldN/A
Average Volume (3M)570.01K
Price to Earnings (P/E)―
Beta (1Y)-0.29
Revenue Growth-41.57%
EPS Growth-345.83%
CountryUS
Employees40
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-0.01
Shares Outstanding319,750,850
10 Day Avg. Volume632,227
30 Day Avg. Volume570,010
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)14.00
Price to Sales (P/S)7.29
P/FCF Ratio-6.78
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue6.91
Enterprise Value/Gross Profit15.76
Enterprise Value/Ebitda-3.69
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$4.90M
BioLargo Business Overview & Revenue Model
Company DescriptionBioLargo, Inc. invents, develops, and commercializes various platform technologies. The company's technologies solve challenging environmental problems comprising per- and polyfluoroalkyl substances contamination, advanced water and wastewater treatment, industrial odor and VOC control, air quality control, and infection control. It holds various issued patents, maintains a pipeline of products, and provides full-service environmental engineering services. The company's products include Advanced Oxidation system, a water treatment device that generates a series of oxidative and energetic species of iodine and other molecules; Aqueous Electrostatic Concentrator, a water treatment system that removes per- and poly-fluoroalkyl substances from water; CupriDyne Clean industrial products, which reduce and eliminate tough odors and volatile organic compounds in various industrial settings; and advanced wound care products. BioLargo, Inc. was incorporated in 1991 and is based in Westminster, California.
How the Company Makes MoneyBioLargo generates revenue through multiple streams, primarily from the sale of its proprietary environmental technologies and products. Key revenue sources include direct sales of its AOS system and related services to industrial and municipal clients, as well as licensing agreements with partners for the use of its technologies. The company also engages in research and development contracts, providing tailored solutions that meet specific client needs. Strategic partnerships with organizations and governmental agencies enhance its market reach and credibility, contributing to its potential earnings. Additionally, BioLargo explores opportunities for joint ventures and collaborations that can further expand its product offerings and customer base.
BioLargo Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The call balanced notable commercialization and validation milestones (Clyra launch and clinical data, AEC municipal install with EPA monitoring, Cellinity MOUs and technology validation, service revenue doubling, and preserved cash) against material near-term financial challenges (2025 revenue decline to $7.8M, $15.2M net loss, a booked credit loss, Pooph license termination and litigation, and diminished shareholders' equity). Management emphasizes transition from development to commercialization and several near-term catalysts for 2026, but the significant 2025 financial deterioration and ongoing legal/partner risks temper the outlook.Q4-2025 Updates
Positive Updates
Clyra Medical Commercial Launch and Clinical Validation
ViaCLYR (Clyra Medical) is now in commercial stage with FDA 510(k) clearance, an exclusive distribution agreement with Advanced Solution, and the first commercial stocking order shipped and paid. Strong clinical data was presented at the 48th Annual Boswick Symposium. Recent capital infusion of $1.7M (received in the last few weeks) positions Clyra for revenue growth; direct investments into Clyra over the past ~14 months total about $7.5M, with BioLargo contributing ~ $1.7M over the last 2 years and insiders (CEO and Chairman) contributing ~ $320k.
AEC PFAS Technology Field Validation and Regulatory Engagement
First municipal deployment of the AEC system installed at Lake Stockholm, NJ, now under a 12-month monitoring program with the U.S. EPA and New Jersey Department of Environmental Protection. Company reports AEC treats long-, short- and ultra-short-chain PFAS with minimal waste; EPA engagement signals regulatory validation and potential broader adoption.
Cellinity Battery Progress and Market Opportunity
Cellinity liquid-sodium battery technology described as technically de-risked with third-party validation and 4 signed MOUs; actively negotiating joint-venture gigafactory partnerships. Management projects each gigafactory could generate approximately $80M–$90M annual net operating income on an estimated ~$170M capital investment. Key technology attributes: 20-year life, no thermal runaway risk, and use of earth-abundant materials.
Service Revenue Growth and Maintained Liquidity
Service revenues roughly doubled year-over-year from $1.0M to approximately $2.0M (≈+100%), demonstrating organic growth in engineering and services. The company maintained liquidity throughout 2025, ending the year with $3.9M in cash and access to capital markets without issuing 'toxic debt'.
Corporate Model and Recurring Revenue Potential
BioLargo holds significant equity stakes (49%–100%) across four platforms and earns a 6% royalty on subsidiary sales, creating a diversified investment structure intended to de-risk the corporate balance sheet while preserving upside from multiple commercialization catalysts across medical, water treatment, battery and environmental product businesses.
Negative Updates
Significant Financial Loss and Revenue Decline
Reported 2025 revenue declined to $7.8M and the company recorded a net loss of $15.2M. Management noted a material reduction in revenue (~$3.9M) that materially contributed to the year-over-year decline.
Pooph License Termination and Resulting Impact
ONM Environmental revoked the Pooph license in September 2025 after the licensee failed to pay $3.85M owed. The termination was cited as the primary driver of the majority of the revenue decline and contributed heavily to the increased loss; BioLargo filed a federal lawsuit in November for patent infringement, false advertising and breach of contract.
Credit Loss Recognized
Management disclosed a booked credit loss that further reduced revenue (noted as on top of the ~$3.9M revenue reduction), worsening the income statement and contributing to the 2025 net loss.
Weakened Equity Position and Balance Sheet Pressure
Stockholders' equity declined to $1.5M by year-end, signaling balance sheet pressure. While cash was maintained at $3.9M, the low equity base indicates limited cushion against further adverse events.
Increased Operating Spend for Clyra Ahead of Launch
Clyra increased staffing and development costs in preparation for national commercial rollout; while that spend supports near-term commercialization, it increased group-level operating expenses during a year with declining revenues.
Company Guidance
Management guided that 2026 should be an inflection/“transformative” year with multiple catalysts converging: an accelerated national commercial rollout for Clyra Medical’s FDA 510(k)-cleared ViaCLYR (exclusive distributor access to thousands of hospitals, first stocking order shipped and paid), critical validation data expected from the AEC Lake Stockholm municipal installation under a 12‑month EPA/NJDEP monitoring program, Cellinity moving MOUs toward a first definitive joint‑venture to build gigafactories, and ONM pursuing new partnerships. They gave many metrics: Clyra received a $1.7M capital infusion (about $7.5M total direct Clyra investments over the past 14 months; BioLargo contributed ≈$1.7M over two years and Dennis/CEO Steve Harrison personally invested ≈$320k), BioLargo retains 49%–100% ownership in subsidiaries and a 6% royalty on sales, Cellinity targets a ~$1 trillion energy storage market projected to grow 6×–7× over 15 years and forecasts ~ $80–90M annual net operating income per gigafactory on ≈$170M capex, and project sizes discussed ranged from ~$0.5M–$2.5M up to $5M–$10M and now bidding in the $20M–$25M+ range. On corporate financials they reiterated 2025 results (revenues down to $7.8M, net loss $15.2M, stockholders’ equity $1.5M, cash $3.9M), service revenues roughly doubled (≈$1M to ≈$2M), they booked a ~$3.9M credit loss tied to the Pooph situation (Pooph owed $3.85M and was revoked; Pooph had >60,000 Amazon reviews), the Lincoln Park ATM expired with no renewal planned though management intends to pursue a similar facility, and they emphasized maintaining liquidity and avoiding toxic debt.BioLargo Financial Statement Overview
Summary
Financials are dominated by persistent losses and accelerating cash burn (negative operating cash flow and free cash flow every year, worse in 2025). 2025 revenue fell ~28% and losses widened materially, though gross margin stability in the mid‑40% range and relatively modest leverage provide some offset.Income Statement
Revenue growth has been volatile: strong expansion from 2022–2024, followed by a sharp decline in 2025 (down ~28%). Gross margin has held relatively steady in the mid-40% range, which is a clear positive for a company at this scale. However, profitability remains the key issue—operating losses are persistent and widened materially in 2025, with net margin deteriorating to deeply negative levels, indicating the cost structure is not yet scaling with revenue.24
Negative
Balance Sheet
Leverage appears manageable, with debt-to-equity staying relatively low across the period (roughly 0.25–0.35 in recent years), which reduces near-term balance sheet stress. That said, equity and total assets declined in 2025 versus 2024, and returns on equity are consistently and materially negative, reflecting ongoing losses that can pressure the capital base over time if not reversed.48
Neutral
Cash Flow
Cash generation is weak: operating cash flow and free cash flow are negative every year provided, indicating the business is consuming cash rather than producing it. The cash burn accelerated significantly in 2025 versus 2024, aligning with the jump in losses and raising financing dependence risk. While free cash flow moves broadly in line with net income, the overall trajectory remains unfavorable given the scale and persistence of outflows.18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.76M | 17.78M | 12.23M | 5.88M | 2.53M |
| Gross Profit | 3.41M | 7.85M | 6.15M | 2.86M | 1.10M |
| EBITDA | -14.55M | -4.06M | -4.19M | -5.10M | -6.70M |
| Net Income | -11.78M | -2.40M | -3.50M | -4.50M | -7.38M |
Balance Sheet | |||||
| Total Assets | 8.31M | 10.51M | 8.21M | 4.86M | 3.02M |
| Cash, Cash Equivalents and Short-Term Investments | 3.88M | 3.55M | 3.54M | 1.85M | 962.00K |
| Total Debt | 3.51M | 2.55M | 1.70M | 1.47M | 1.13M |
| Total Liabilities | 6.79M | 4.46M | 4.00M | 2.85M | 2.09M |
| Stockholders Equity | 4.04M | 8.85M | 6.84M | 4.88M | 4.65M |
Cash Flow | |||||
| Free Cash Flow | -8.34M | -4.44M | -2.84M | -3.03M | -3.97M |
| Operating Cash Flow | -8.30M | -3.21M | -2.37M | -2.76M | -3.94M |
| Investing Cash Flow | 435.00K | -1.32M | -478.00K | -271.00K | -34.00K |
| Financing Cash Flow | 8.22M | 4.44M | 4.66M | 3.96M | 4.23M |
BioLargo Technical Analysis
Negative
0.19
Price Trends
0.18
Negative
0.17
Negative
0.18
Negative
Market Momentum
>-0.01
Positive
46.00
Neutral
51.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLGO, the sentiment is Negative. The current price of 0.19 is above the 20-day moving average (MA) of 0.17, above the 50-day MA of 0.18, and above the 200-day MA of 0.18, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.00 is Neutral, neither overbought nor oversold. The STOCH value of 51.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BLGO.
BioLargo Risk Analysis
BioLargo disclosed 44 risk factors in its most recent earnings report. BioLargo reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioLargo Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $545.52M | 9.44 | 6.06% | 3.81% | -5.05% | 35.01% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | $767.21M | -0.94 | -99.73% | ― | -9.75% | -386.63% | |
51 Neutral | $1.06B | -1.41 | -29.85% | 8.27% | -7.81% | -334.15% | |
50 Neutral | $187.04M | -4.56 | -18.66% | 7.12% | -49.82% | -195.74% | |
47 Neutral | $54.06M | -4.80 | -174.59% | ― | -41.57% | -345.83% | |
40 Underperform | $18.38M | -1.18 | -21.95% | ― | -28.47% | 16.83% |
* Basic Materials Sector Average
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BioLargo Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
BioLargo Issues Investor Presentation Under Regulation FD Disclosure
Neutral
Mar 5, 2026
On March 5, 2026, BioLargo, Inc. planned to present investor slide materials at a webcast conference at 9:00 a.m. Pacific Time and also published a press release the same day. The company emphasized that these materials and the related Form 8-K disclosure are being furnished rather than filed, limiting associated securities law liabilities and clarifying that the information will not be automatically incorporated into other SEC filings, though BioLargo may update it through future public disclosures.
BioLargo further noted it has no obligation to revise or update the furnished information, underscoring that any updates would be made at management’s discretion through subsequent reports or communications. The release also directed readers to safe harbor language in its exhibits, highlighting the presence of forward-looking information and the company’s effort to manage legal and regulatory risk around its investor communications.
The most recent analyst rating on (BLGO) stock is a Sell with a $0.17 price target. To see the full list of analyst forecasts on BioLargo stock, see the BLGO Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.