BioLargo reports improving balance sheet as it plans first commercial pilots for its PFAS-treatment technology

BioLargo Inc (OTCQB:BLGO), a developer of sustainable cleantech technologies, says its balance sheet is improving. In addition, the California-based company also said that it is working with prospective partners to plan and schedule as soon as possible the first commercial pilots for its AEC technology -- which is at the heart of BioLargo’s platform to remove toxic polyfluoroalkyl substances (PFAS) from water.  BioLargo also said its engineering-project backlog grew to a value of over $2 million that will be executed over the next 12-18 months. READ: BioLargo says PFAS toxic chemicals solution hits major technical milestone, paving way for commercial trials "We are now in a strong cash position, have reliable financing resources, and have retired all but $456,000 of our convertible debt,” said CEO Dennis Calvert in a statement. “With our financial condition continuing to improve, our team of highly qualified engineers, scientists, and business professionals are uniquely positioned to commercialize our expanding portfolio of innovative environmental technologies, like our AEC system that removes PFAS chemicals from drinking water." According to Environmental Business International, the market for PFAS treatment, which BioLargo's new AEC technology aims to address, will grow to be an $80-plus billion market in the US over the next few years, and that there are more than 200 contaminated military sites which urgently require PFAS remediation.  Calvert added: "Our hard work to develop and commercialize an economical and eco-conscious solution to this huge problem puts us ahead of the curve to address this burgeoning market. Our PFAS remediation technology represents a massive and timely commercial opportunity, with its first commercial pilots starting soon." Higher revenues Also helping the company’s finances are higher revenues. For the three months ended March 31, BioLargo said it generated consolidated revenue of $571,000, a 30% increase compared to the prior-year period. Moreover, due in large part to an almost 90% decrease in interest expense as a result of payment and conversion of debt instruments, the company said its net loss for those three months decreased by 28% as compared to the prior 2020 period. BioLargo said that in 2021 so far, it has retired $650,000 in debt and since December 31, 2019, the company has reduced its debt by over $3.6 million.  Other than the debt owed by its partially owned subsidiary Clyra Medical, only SBA/PPP loans and fixed-price convertible debt now remain on BioLargo's balance sheet, the company said.  “Of the fixed price convertible debt, we are currently negotiating the payoff and partial conversion of the $406,000 due in August 2021, and $50,000 is due in two years,” BioLargo added. As a result of the company's improved balance sheet, its total stockholder equity is now about $772,000. Management expects that this trend will be critical to the company as it continues to evaluate the opportunity to uplist to a national stock exchange. Meanwhile, BioLargo announced that an open investor webcast will be held May 19 at 1:30pm PST at the following link: https://www.webcaster4.com/Webcast/Page/2448/41343. Company investors are also encouraged to attend the company's online-only Annual Meeting of Stockholders on June 15, 2021, the details of which can be found at www.biolargoreport.com. Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham