Note 11 - Business Segment Information

3 Months Ended

Mar. 31, 2024

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; and

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

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 each required additional cash to meet its monthly expenses, 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 months ended March 31, 2024, and 2023, is as follows (in thousands):

	Three Months Ended March 31,
	2024			2023
Revenue
ONM Environmental	$	4,575		$	3,543
BLEST		356			363
Clyra Medical		—			6
Intersegment revenue		(171	)		(170	)
Total	$	4,760		$	3,742
Stock option expense
BioLargo corporate	$	(429	)	$	(195	)
Clyra Medical		(59	)		(61	)
Total	$	(488	)	$	(256	)
Depreciation expense
BioLargo corporate	$	(10	)	$	(6	)
ONM Environmental		(5	)		(4	)
BLEST		(19	)		(2	)
Clyra Medical		(2	)		(10	)
Total	$	(36	)	$	(22	)
Research and development expense
BioLargo corporate	$	(314	)	$	(189	)
ONM Environmental		—			—
BLEST		(352	)		(245	)
BETI		(80	)		(32	)
BioLargo Canada		(80	)		(135	)
Clyra Medical		(121	)		(134	)
Intersegment R&D		163			170
Total	$	(784	)	$	(565	)
Operating income (loss)
BioLargo corporate	$	(1,244	)	$	(799	)
ONM Environmental		1,798			1,387
BLEST		(445	)		(368	)
BETI		(155	)		(87	)
BEST		(66	)		—
BioLargo Canada		(105	)		(184	)
Clyra Medical		(546	)		(426	)
Total	$	(763	)	$	(477	)
Interest expense
BioLargo corporate	$	(3	)	$	(36	)
ONM Environmental		(2	)		(2	)
Clyra Medical		(7	)		(10	)
Total	$	(12	)	$	(48	)

As of March 31, 2024	BioLargo		ONM		BLEST		CLYRA		BETI		BEST		Canada		Elimination		Total
Tangible assets	$	1,079	$	5,870	$	734	$	949	$	65	$	—	$	38	$	—	$	8,735
Right of use operating lease		380		—		688		—		—		—		—		—		1,068
Investment in South Korean joint venture		18		—		—		—		—		—		—		—		18
Total	$	1,477	$	5,870	$	1,422	$	949	$	65	$	—	$	38	$	—	$	9,821

As of December 31, 2023	BioLargo		ONM		BLEST		CLYRA		BETI		BEST		Canada		Elimination			Total
Tangible assets	$	942	$	4,624	$	1,083	$	432	$	4	$	—	$	50	$	(41	)	$	7,094
Right of use operating lease		394		—		698		—		—		—		—		—			1,092
Investment in South Korean joint venture		19		—		—		—		—		—		—		—			19
Total	$	1,355	$	4,624	$	1,781	$	432	$	4	$	—	$	50	$	(41	)	$	8,205