BioLargo, Inc.

What they do

BioLargo commercializes advanced iodine chemistry and related environmental technologies, with a subsidiary structure that includes Clyra Medical, which carries its own debt and payables on the consolidated balance sheet. Revenue comes from selling products (chemical and medical-related goods) and providing services (engineering and water treatment). The company is headquartered in Westminster, California, and its core iodine technology traces to the April 2007 acquisition of IOWC, founded by current Chief Science Officer and largest stockholder Kenneth R. Code.

Revenue drivers

• Product revenue — Sales of physical goods, including iodine-based and medical products. It was $999 thousand in the six months ended June 30, 2026, down sharply from $4.8 million in the prior-year period, and fell to $421 thousand in Q2 2026 from $2.0 million in Q2 2025.
• Service revenue — Engineering and water-treatment-related services. It is the smaller but steadier line: $827 thousand in Q2 2026 versus $771 thousand in Q2 2025, and $1.36 million in the first half of 2026 versus $1.24 million a year earlier.
• Full-year 2025 product and service mix — Total annual revenue was $7.8 million in 2025, down from $17.8 million in 2024, ending a run of growth from $2.5 million in 2021 to $17.8 million in 2024. The company does not break out revenue by subsidiary name in the excerpts provided.

Recent performance

Q2 2026 revenue was $1.25 million, down from $2.78 million in Q2 2025, because product revenue collapsed to $421 thousand from $2.0 million while service revenue rose slightly. Gross profit fell to $675 thousand from $1.42 million. Operating expenses rose to $4.40 million from $3.22 million, driven by higher selling, general and administrative costs ($3.32 million versus $2.69 million) and research and development ($1.09 million versus $535 thousand). Net loss widened to $4.00 million from $1.88 million. For the six months ended June 30, 2026, the net loss was $7.41 million on $2.36 million of revenue.

Strategy

The company continues to invest in its core iodine disinfection and water-treatment technologies, with research and development spending nearly doubling year over year in Q2 2026 to $1.09 million. It is funding operations partly through equity issuance, with shares outstanding rising to 325,231,362 at June 30, 2026 from 317,377,777 at December 31, 2025, and it filed an unregistered sale of equity in March 2026. Subsidiary Clyra Medical carries separately disclosed debt, payables and accrued expenses on the consolidated balance sheet. Management's stated direction in the excerpts is limited; the 10-K/A is a Part III amendment that adds governance disclosure and does not update the financial statements or reflect events after the original 10-K filing date.

Risks

• Revenue decline and product concentration — Product revenue fell to $421 thousand in Q2 2026 from $2.0 million a year earlier, and full-year 2025 revenue of $7.8 million was less than half the $17.8 million reported in 2024.
• Negative equity and accumulated deficit — Total stockholders' equity was negative $2.73 million at June 30, 2026, with an accumulated deficit of $166.3 million and total liabilities of $9.4 million exceeding total assets of $6.7 million.
• Cash burn and going-concern pressure — Operating cash flow was negative $8.3 million in 2025, and cash and equivalents fell to $2.19 million at June 30, 2026 from $3.88 million at December 31, 2025.
• Subsidiary debt obligations — Clyra Medical debt obligations totaled approximately $4.85 million at June 30, 2026, with $1.33 million classified as current, alongside $1.63 million of Clyra Medical accounts payable and accrued expenses.

Outlook

The excerpts provided do not contain specific forward guidance from management. Reported trends show widening losses, declining product revenue and negative equity as of June 30, 2026, while service revenue has grown modestly. The company has continued to raise equity and fund research and development, and its subsidiary Clyra Medical has added long-term debt.