BioLargo Inc (OTC: BLGO) is a cleantech company that invents, develops, and commercializes technologies targeting air quality, water treatment, environmental engineering, battery energy storage, and antimicrobial medical devices. Revenue is generated through product and service sales from purpose-built operating subsidiaries, supplemented by equity raises from private placements and stock sales to institutional buyers including Lincoln Park Capital Fund. BioLargo operates through a multi-subsidiary structure, with PFAS and water treatment commercialized under BioLargo Environmental Solutions and Technologies (BEST), medical devices under Clyra Medical, and battery technology under BioLargo Energy Technologies Inc (BETI). For FY2025, the company reported revenues of $7,765,000 and a net loss of $15,189,000, with cash used in operations of $8,297,000. As of December 31, 2025, cash and cash equivalents totaled $3,883,000 and total debt was $2,079,000, of which $1,814,000 was held by Clyra Medical. The company carries a going-concern qualification and funds operations primarily through equity issuances rather than operating cash flow.

Revenue model

Revenue comes from subsidiary product and service sales across water treatment, environmental services, and medical devices, combined with planned royalty and component-supply arrangements for battery joint ventures. The company supplements operating revenue with ongoing private equity raises, including sales to Lincoln Park Capital Fund and accredited investors. In FY2025, BioLargo sold $2,122,000 of common stock to Lincoln Park and $215,000 of common stock and warrants to accredited investors, while Clyra Medical raised $2,339,000 in common stock and $2,145,000 in Series B Preferred Stock.

Products and services

BioLargo's products and services include PFAS water treatment systems, pharmaceutical and micropollutant water treatment, volatile organic compound (VOC) air treatment, odor control technologies, antimicrobial medical device platforms under the Clyra Medical subsidiary, and the Cellinity solid-state battery technology under BETI. The Cellinity battery is designed for no rare-earth elements, a domestic supply chain, and a useful life expectancy of at least 10 years and up to 20 years.

Customers and end markets

End markets include municipal drinking water and wastewater utilities, industrial facilities with PFAS or micropollutant contamination, medical device markets for antimicrobial applications, and the battery energy storage market. Municipal water customers involve lengthy sales cycles requiring feasibility studies, pilot projects, regulatory approvals, and budget cycles that can span multiple years.

Value-chain role

BioLargo operates as an IP developer and technology commercializer. It invents and patents technologies, proves them through subsidiary operations, then pursues commercialization through direct subsidiary sales, strategic partnerships, or IP licensing and sales. For battery technology, the planned model includes minority equity positions in third-party-financed manufacturing joint ventures, proprietary component sales to those joint ventures at a profit, and royalties on joint venture revenues.

Geographic exposure

BioLargo has an investment in a South Korean joint venture, as noted on its December 31, 2025 balance sheet. Primary operations are based in the United States. Filing references a foreign translation adjustment, indicating some non-US activity, but no specific revenue breakdown by geography is disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-04

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