BioLargo, Inc. reported its third‑quarter 2025 results on 2025‑11‑14, showing a sharp decline in revenue to $1.103 million, down 75% from $4.351 million in the same quarter a year earlier. The company’s net loss widened to $7.244 million, a dramatic increase from the $1.060 million loss reported in Q3 2024. The loss was largely driven by a $3.849 million credit‑loss expense tied to a major customer default and related litigation, which also contributed to a drop in sales of the Pooph product line.
The company’s gross profit for the quarter was $372,000, giving a gross margin of 33.7%, a noticeable compression from prior periods. Management attributed the margin squeeze to the loss of high‑margin Pooph revenue and the need to absorb the credit‑loss expense. CEO Dennis Calvert noted that the company is “95% awesome, 5% pretty much kicking our butt,” acknowledging the impact of the default while emphasizing the company’s ability to operate on limited capital. Calvert also highlighted ongoing progress in its PFAS remediation technology, describing it as “finding its way to market in a very, very significant way.”
Analysts had expected revenue of $4.1 million and EPS of –$0.01 for the quarter. BioLargo’s results fell short of both metrics, with revenue a full $2.997 million below consensus and the net loss exceeding expectations by more than $6 million. The company did not provide forward guidance for the next quarter, but it issued a “substantial doubt” warning regarding its ability to continue as a going concern without additional revenue or financing. This warning, combined with the large credit‑loss expense, underscored the company’s liquidity challenges.
The market reacted negatively to the earnings announcement, reflecting concerns about the company’s financial health and the concentration risk posed by its single large customer. Investors were also wary of the company’s ongoing litigation with Pooph Inc. and the broader uncertainty surrounding its commercialization pipeline, which includes PFAS remediation, battery technology, and medical products. The negative reaction highlights the importance of the company’s ability to diversify its customer base and secure additional funding to sustain operations.
BioLargo’s Q3 2025 results illustrate a company facing significant headwinds: a severe revenue decline driven by customer default, a large one‑time credit‑loss expense, and a lack of forward guidance. The company’s management remains focused on its core technologies and is seeking strategic partnerships and additional financing to address its liquidity concerns. The results signal a critical juncture for BioLargo, as it must navigate the immediate financial challenges while continuing to develop its innovative solutions.
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