BioLargo Annual Report Highlights 132% Annual Revenue Increase, Reduced Net Loss

WESTMINSTER, CA / ACCESSWIRE / April 3, 2023 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable cleantech technologies and full-service environmental engineering company, announced that its Annual Report, filed March 31, 2023, showed a 132% increase in revenues over 2021, and a 26% decrease in net loss (www.biolargo.com/sec-filings). Company management below provides a summary of the annual report's highlights, including the company's financial performance and progress of key projects.

BioLargo will hold an investor webcast today, Monday, April 3, 2023, at 1:30 pm Pacific / 4:30 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/47877

Dennis P. Calvert, the company's President and CEO, said, "2022 was our strongest year yet in terms of financial performance, and we are eager for the day when our valuation reflects the significance of our ongoing success. With Pooph revenues leading the way and other key catalysts like our PFAS treatment business just now coming online, we're confident that this year will herald even more significant growth at the company."

Company management provides highlights of the annual report below, but encourages investors to review the full report to get the most complete information about BioLargo and its growing cleantech business, including the risk factors beginning at page 12.

Key financial highlights:

• Consolidated revenue for the year ended December 31, 2022, was $5,884,000, which was a 132% increase over 2021. Revenue in the fourth quarter of 2022 was $2,096,000, a 40% increase as compared with the third quarter of 2022 (quarter-over-quarter), and a 167% increase as compared with the fourth quarter of 2021.
• The company no longer has any outstanding convertible debt.
• The company's total net loss for the year ended December 31, 2022, was reduced by 26% as compared with the prior year, from $6,894,000 to $5,132,000. Approximately 50% of the company's net loss was due to non-cash expenses, including $2,071,000 of stock option compensation expense, and $291,000 of services paid by the issuance of our common stock. Net cash used in operations decreased 30% to negative $2,760,000.
• Net stockholders' equity rose from $933,000 at the end of 2021 to $2,011,000 at the end of 2022.
• The company ended the year with $3.1 million in current assets and working capital of $1.6 million.

Key commercial and developmental highlights: