Note 11 - Business Segment Information

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 11. Business Segment Information

BioLargo has six operating business segments, plus its corporate entity which is responsible for general corporate operations, including administrative functions, finance, human resources, marketing, legal, etc. The operational business segments are:

1. ONM Environmental -- which sells odor and volatile organic control products and services, located in Westminster, California;

2. Clyra Medical Technologies (“Clyra Medical”) -- which develops and sells medical products based on our technologies, located in Tampa, Florida;

3. BioLargo Engineering (BLEST) -- which provides professional engineering services on a time and materials basis for outside clients and supports our internal operations as needed, located in Oak Ridge, Tennessee;

4. BioLargo Canada, Inc. (“Canada”) – the main hub of our scientists researching and developing our technologies, operating out of the University of Alberta, Edmonton, Canada;

5. BioLargo Energy Technologies, Inc. (“BETI”) – which is developing our proprietary battery technology; and

6. BioLargo Equipment Solutions & Technologies, Inc. (“BEST”) – which manages the sales and distribution of our water treatment products and related services.

Other than ONM Environmental, none of our operating business units have operated at a profit, and therefore have required additional cash to meet its monthly expenses, except for Clyra Medical primarily funded through BioLargo’s sales of debt or equity, research grants, and tax credits. BETI and Clyra Medical have also been funded by third party investors who invest directly in exchange for equity ownership in that entity.

The segment information for the three and nine months ended September 30, 2025, and 2024, is as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue
ONM Environmental	$	776		$	3,853		$	5,583		$	12,437
BLEST		450			824			2,080			2,439
BioLargo Canada		37			—			46			—
Intersegment revenue		(160	)		(326	)		(561	)		(754	)
Total	$	1,103		$	4,351		$	7,148		$	14,122
Stock option expense
BioLargo corporate	$	(651	)	$	(194	)	$	(1,352	)	$	(1,099	)
Clyra Medical		(193	)		(43	)		(599	)		(165	)
Total	$	(844	)	$	(237	)	$	(1,951	)	$	(1,264	)
Depreciation expense
BioLargo corporate	$	(9	)	$	(9	)	$	(28	)	$	(28	)
ONM Environmental		(11	)		(10	)		(34	)		(27	)
BLEST		(9	)		(17	)		(37	)		(53	)
Clyra Medical		(3	)		(3	)		(7	)		(7	)
BETI		(2	)		—			(6	)		—
Total	$	(34	)	$	(39	)	$	(112	)	$	(115	)
Research and development expense
BioLargo corporate	$	(175	)	$	(301	)	$	(642	)	$	(838	)
BLEST		(222	)		(157	)		(541	)		(845	)
BETI		(47	)		(133	)		(161	)		(346	)
BioLargo Canada		(100	)		(134	)		(356	)		(311	)
Clyra Medical		(231	)		(291	)		(795	)		(512	)
Intersegment R&D		160			326			561			754
Total	$	(615	)	$	(690	)	$	(1,934	)	$	(2,098	)
Operating income (loss)
BioLargo corporate	$	(1,172	)	$	(798	)	$	(3,034	)	$	(3,165	)
ONM Environmental		(3,807	)		1,382			(2,026	)		4,668
BLEST		(403	)		(375	)		(763	)		(1,067	)
BETI		(128	)		(194	)		(346	)		(575	)
BEST		(83	)		(59	)		(208	)		(174	)
BioLargo Canada		(104	)		(160	)		(404	)		(383	)
Clyra Medical		(1,483	)		(857	)		(4,063	)		(2,019	)
Total	$	(7,180	)	$	(1,061	)	$	(10,844	)	$	(2,715	)
Interest income (expense)
BioLargo corporate	$	(5	)	$	(3	)	$	(14	)	$	(6	)
ONM Environmental		(1	)		—			(4	)		(4	)
BLEST		—			—			—			—
Clyra Medical		(138	)		(9	)		(334	)		(22	)
Total	$	(144	)	$	(12	)	$	(352	)	$	(32	)

As of September 30, 2025	BioLargo		ONM		BLEST		CLYRA		BETI		BEST		BioLargo Canada		Elimination			Total
Tangible assets	$	678	$	2,565	$	850	$	3,659	$	87	$	—	$	1	$	(203	)	$	7,637
Operating lease right-of use		268		—		627		175		—		—		—		—			1,070
Finance lease right-of-use		—		—		—		400		—		—		—		—			400
Investment in South Korean joint venture		23		—		—		—		—		—		—		—			23
Total	$	969	$	2,565	$	1,477	$	4,234	$	87	$	—	$	1	$	(203	)	$	9,130

As of December 31, 2024	BioLargo		ONM		BLEST		CLYRA		BETI		BEST		BioLargo Canada		Elimination			Total
Tangible assets	$	775	$	5,879	$	790	$	1,696	$	46	$	—	$	104	$	(234	)	$	9,056
Operating lease right-of use		333		—		659		—		—		—		—		—			992
Finance lease right-of-use		—		—		—		451		—		—		—		—			451
Investment in South Korean joint venture		14		—		—		—		—		—		—		—			14
Total	$	1,122	$	5,879	$	1,449	$	2,147	$	46	$	—	$	104	$	(234	)	$	10,513