BioLargo Inc. (BLGO:OTCQX) presented highlights of its Q2/25 news and achievements in a letter to shareholders on July 23, reported Oak Ridge Financial Analyst Richard Ryan in a research note on the same date.
"BioLargo's business model approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact," Ryan explained.
This cleantech and life sciences innovator, the analyst noted, has several core products, which individually address PFAS (per/polyfluoroalkyl substances) contamination, achieve advanced water and wastewater treatment, control odor and volatile organic compounds, improve air quality, enable energy efficiency and safe onsite energy storage, and control infections and infectious disease.
94% Return Implied
Ryan reiterated Oak Ridge's US$0.35 per share price target on BioLargo, noting the figure excludes estimates for potential PFAS removal or advanced oxidation system water treatment projects or any valuation of the company's sodium-sulfur battery technology (Cellinity).
At the time of his report, BioLargo was trading at about US$0.18 per share. From this price, the return to target is 94%.
Accounting for PFAS-related revenues, Oak Ridge's bull case price target is US$0.44 per share. This reflects about 144% upside from current levels.
BioLargo remains a Buy.
Other BLGO data, Ryan reported, at the time of his report included 306.1 million outstanding shares, a market cap of US$56.6 million (US$56.6M) and a 52-week range of US$0.16–0.32 per share.
Q2/25 News Summary
Ryan presented the news items BioLargo mentioned in its shareholder letter:
PFAS: BioLargo joined forces with Verralize Inc., developer of next-generation water testing technologies. With Verralize's water test kit, users may find out in real time and onsite if water contains PFAS. This product, ideal for water treatment operators, is user friendly, low cost and able to distinguish between different PFAS molecules.
Cellinity: U.S. BESS Corp., provider of advanced energy storage solutions for critical infrastructure, validated BioLargo's Cellinity after a thorough examination, inspection and data review. U.S. BESS concluded that the Cellinity cell performs as observed without auxiliary systems and that performance aligns with the cell's demonstrated behavior. The third party also concluded it is reasonable to expect the cell will not experience thermal runway, the cell components are fully recyclable, parts are commonly available and can be domestically sourced and the cells lack any rare earth elements.
Q2/25 Milestones Recap
Recent company developments, as outlined in the shareholder letter, are as follows, Ryan reported:
PFAS: BioLargo began working with a large, international water treatment technology company on a specific client project. This could be a new sales channel for BioLargo's PFAS treatment technologies.
Cellinity: BioLargo signed four memoranda of understanding on July 22 with possible joint venture partners interested in building and operating Cellinity battery factories. This development is consistent with BioLargo's strategy to sell battery factories rather than the batteries themselves.
Clyra: BioLargo's life sciences subsidiary Clyra Medical Technologies Inc. entered into several sales and distribution agreements covering the U.S. and international markets. With these, Clyra's products should be available for purchase by 6,100 hospitals, 6,300 ambulatory surgery centers 2,200 specialty wound care clinics, all in just the U.S.
Pooph: BioLargo established a payment arrangement, including the charge of interest, for outstanding Pooph-related accounts receivable. BioLargo management believes most of the credit risk going forward has been mitigated through careful inventory management and cooperation by Pooph Inc.
Q2/25 Earnings Estimates
Ryan noted that BioLargo will report its Q2/25 in mid-August. The analyst pointed out that sales of Pooph products, the company's only income generating product, have been slower than expected in the past two quarters, thereby impacting BioLargo's overall financial results.
As such, BioLargo management anticipates Q2/25 results to be "flattish on the topline" but believes Pooph ultimately will be successful, Ryan relayed. He added that it is difficult to forecast future Pooph results given the lack of visibility into the business and the short time (three years) its products have been on the market.
Regardless, Oak Ridge shared its Q2/25 forecasts for BioLargo. The financial services firm expects revenue of US$3.5M, which compares to US$3.3M in Q1/25 and US$5M a year earlier.
Oak Ridge estimates Q2/25 adjusted earnings per share of (US$0.01), the same as the prior quarter but versus US$0.00 last year.
Oak Ridge forecasts Q2/25 adjusted EBITDA to be US$1.3M versus US$1.2M in Q1/25 and US$73,000 in Q2/24.
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Important Disclosures:
- BioLargo Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of BioLargo Inc.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Oak Ridge Financial, BioLargo Inc., July 24, 2025
I, Richard Ryan, certify that the views expressed in this research report accurately reflect my personal views about the subject companies and its securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation related to the specific recommendations expressed in this report. The Following Important Disclosures Pertain To All Aforementioned Companies: The analyst or a member of his/her household does not hold a long or short position, options, warrants, rights or futures of these securities in their personal account(s). As of the end of the month preceding the date of publication of this report, Oak Ridge Financial did not beneficially own 1% or more of any class of common equity securities of the subject companies. There is not any actual material conflict of interest that either the analyst or Oak Ridge Financial is aware of. The analyst has not received any compensation for any investment banking business with the companies in the past twelve months and does not expect to receive any in the next three months. Oak Ridge Financial has been engaged in investment banking or advisory services with the subject companies during the past twelve months and does anticipate receiving compensation for such services in the next three months. Oak Ridge Financial has not served as a broker, either as agent or principal, buying back stock for the subject companies’ account as part of the companies’ authorized stock buy-back program in the last twelve months. No director, officer or employee of Oak Ridge Financial serves as a director, officer or advisory board member to the subject companies. Oak Ridge Financial Rating System: Oak Ridge Financial utilizes a two-tier rating system for potential total returns over the next 12 months. Buy: The stock is expected to have total return potential of at least 15%. Catalysts exist to generate higher valuations and positions should be initiated at current levels. Investors requiring time to build positions may consider current levels attractive. Hold: The stock is expected to have total return potential of less than 15%. Fundamental events are not present to make it a Buy. The stock may be an acceptable longer-term holding.
Ratings Distribution for Oak Ridge Financial Rating Number of Stocks Percent of Total Number of Stocks Percent of Total Buy 6 100.0% 6 100.0% Hold 0 0.0% 0 0.0% 6 100.0% 6 100.0% Investment Banking The above represents our ratings distribution on the stocks covered by Oak Ridge Financial, together with the number (and percentage of) each category for which Oak Ridge Financial provided investment banking services in the previous twelve months.
Oak Ridge Financial does not make a market in the subject securities at the date of publication of this report. Other Disclosures: The information contained in this report is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made as of this date and are subject to change without notice. This report has been prepared solely for informative purposes and is not a solicitation or an offer to buy or sell any security. The securities described may not be qualified for purchase in all jurisdictions. Because of individual requirements, advice regarding securities mentioned in this report should not be construed as suitable for all accounts. This report does not take into account the investment objectives, financial situation and needs of any particular client of Oak Ridge Financial. Some securities mentioned herein relate to small speculative companies that may not be suitable for some accounts. Oak Ridge Financial suggests that prior to acting on any of the recommendations herein, the recipient should consider whether such a recommendation is appropriate given their investment objectives and current financial circumstances. Past performance does not guarantee future results. Additional information is available upon request.
