BioLargo Inc.'s (BLGO:OTCQX) Q2/25 was notable for further development progress on its various technologies but also decreased sales of its Pooph pet odor elimination products, reported Richard Ryan, analyst with Oak Ridge Financial, in an Aug. 19 research note. Oak Ridge, to reflect its full-year 2026 estimates on the cleantech and life sciences innovator now that H1/25 is over, shared a target price on BioLargo of US$0.32 per share.
"BioLargo's top line continues to experience softness due to lower Pooph sales, which have come off a very strong year-ago period," Ryan wrote. "While the current level of Pooph sales is below expectations, management remains hopeful in its eventual success despite the lack of visibility into Pooph's business."
Along with Pooph, BioLargo has several core products in development, 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.
78% Return Potential
Oak Ridge's new target on BioLargo, US$0.32 per share, 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), wrote Ryan.
At the time of his report, BioLargo's share price was US$0.18. From this price, the return to the new target is 78%.
The company is rated Buy.
As of Aug. 12, BioLargo had 308.9 million shares outstanding. It generated US$823,000 (US$823K) from the sale of 4,077,285 common stock shares to Lincoln Park during H1/25 and yielded US$427,203 from the sale of 2,083,136 common stock shares to Lincoln Park after June 30.
The company's market cap is US$55.6 million (US$55.6M). Its 52-week range is US$0.16–0.32 per share.
Takeaways From Financials
Ryan reviewed the main elements of BioLargo's Q2/25 financial results. Revenue was US$2.78M, down from US$5.1M in Q2/24 and down from US$3.3M in Q1/25. Pooph sales accounted for US$1.6M, or 57%, of total revenue. This amount is less than half of total revenue a year earlier, and less than Q1/25 revenue of US$2.6M. However, ONM Environmental, the manufacturer and owner of the technology behind Pooph products, generated US$823 in operating profit.
Total operating expenses in Q2/25 were US$3.2M, up from US$3M year over year. The sales, general and administrative expense specifically was US$2.69M compared to US$2.4M a year earlier.
BioLargo reported a net loss in Q2/25 of US$1.88M, greater than its net loss in Q2/24 of US$780K.
As for the balance sheet, it remained solid at quarter's end with US$3.5M of cash, US$2.3M of debt and US$6.1M of shareholder equity. During H1/25, cash usage in operations was US$3.9M compared to a positive cash flow from operations of US$330K a year ago. An outstanding balance owed to ONM Environmental, was resolved via conversion of the US$3.76M in accounts receivable into a note receivable to BioLargo.
Steady Forward Movement
Operationally, BioLargo made progress in its other divisions, Ryan noted and presented them. Developments included the following:
Clyra: BioLargo's 52%-owned subsidiary, Clyra Medical Technologies, secured a series of sales and distribution agreements covering both U.S. and international markets. These are expected to make Clyra's products available to 6,100 hospitals, 6,300 ambulatory surgery centers and 2,200 specialty wound care clinics in the U.S. alone. To support the commercialization ramp-up of its wound cleansing products, Clyra added seven full-time employees. The market opportunity with Clyra's products, in orthopedics and wound and burn care, is about US$1 billion (US$1B), Ryan wrote.
PFAS: As for BioLargo's municipal drinking water project in New Jersey, the shipment was completed and delivered in Q2/25, Ryan reported. Unrelated, the company completed a case study for leachate, water that comes out of the bottom of landfills. It concluded that BioLargo's solution is more cost effective over its life span than traditional solutions but remains hampered by being an early-adopter solution that must prove commercial scalability. The company's engineering segment has seen an uptick in service-related sales due to industrial polluters inquiring about PFAS remediation solutions. BioLargo continues developing sales and channel partners with known global entities.
BioLargo estimates PFAS contamination to be a US$17 trillion problem globally. The existing market opportunity for BioLargo's Aqueous Electrostatic Concentrator is US$1B-plus, and additional markets are emerging.
Cellinity: Cellinity, the subsidiary behind BioLargo's revolutionary battery technology, signed, during Q2/25, four memoranda of understanding with prospective joint venture partners interested in building and operating Cellinity battery factories. The market opportunity for this factory model is about US$2.5B-plus.
New FY25 Estimates
Ryan included in his research report some of Oak Ridge's full-year 2025 (FY25) estimates for BioLargo. Its revised revenue forecast is US$11.9M, down from US$16M previously.
Its new FY25 gross margin projection is about 48%, up slightly from 46% before.
Its estimate of FY25 operating expenses is US$13M.
Multiple Shots on Goal
Ryan discussed the potential for more than one success story for BioLargo. As for its pet odor elimination business, it competes with several large conglomerates that control the market, including Procter & Gamble, Church & Dwight and S.C. Johnson, plus a few smaller companies, like Angry Orange and Pourri. This is about a US$7–9B market.
Other end markets in odor elimination, such as sports, air freshener, agriculture and all-purpose use, are opportunities for expansion for ONM, each of which could stand on its own. Pursuing these other markets requires capital, however, and that could mean additional BioLargo share dilution and slower-than-expected advancement. The market opportunity here for BioLargo is more than US$100M plus 20% of any future exit.
"Perhaps Pooph is the rising tide that lifts other initiatives toward commercialization, and potentially a strategic exit," Ryan wrote. "BLGO is not tied to needing one success story."
With noticeable progress happening with the other in-development products in the company's diverse portfolio of solutions, BioLargo has many shots on goal, added Ryan, "a testament to its science/technologies."
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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., August 19, 2025
Analyst Certification: I, Richard Ryan, certify that the views expressed in this research report accurately reflect my personal views about the subject company 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. Important Disclosures: The analyst or a member of his/her household does not hold a long or short position, options, warrants, rights or futures of this security 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 company. 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 this company in the past twelve months and does not expect to receive any in the next three months. Oak Ridge Financial has been engaged for investment banking or advisory services with the subject company 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 company’s account as part of the company’s 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 company. 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. Valuation and Price Target Methodology: Based on our estimates, we believe that the projected success of Pooph, alongside the current valuation of Clyra Medical, provides investors with underlying support and a conservative degree of upside, while the diverse array of technologies within BLGO’s portfolio offer investors an interesting “call option”, if you will. We are reaffirming a Buy rating and are lowering our Price Target to $0.32 (previously $0.35). Our PT is based on a FY26 Revenue multiple of 5.0x, which is in line with historical industry valuations and transactions, and an independent valuation of Clyra Medical based on recent equity valuations. When considering our “bull case” scenario, we believe the PFAS technology has enough commercial interest to support 2026 revenues of $10M. Based on a FY26 Revenue multiple of 3.5x, which is in line with historical valuations within the water filtration industry, we believe the AEC can support a bull case PT of $0.41 (previously $0.44).
Oak Ridge Financial does not make a market in the subject security 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.
