Cleantech Co. Wins PFAS Deal, Engineering Pact, Ships Clyra
Research Report

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Disclosures for Oak Ridge Financial Research, BioLargo Inc., May 19, 2026

Analyst Certification: Each authoring analyst of Oak Ridge Financial, whose name appears on the front page of this investment research, certifies that the views expressed in this report accurately reflect the authoring analyst’s personal views about the subject company and its securities. The authoring analysts also certify that they have not been, are not, and will not be receiving direct or indirect compensation related to the specific recommendations expressed in this report. Important Disclosures: The analysts 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 analysts or Oak Ridge Financial is aware of. The analysts have 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: Clyra Medical and the Company’s PFAS technology provides investors with underlying support, while BLGO’s biggest “unseen value” opportunity offers investors an interesting “call option”, if you will. We are reaffirming a Buy rating and a $0.32 PT. 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 and the Company’s PFAS technology. When considering our bull-case scenario, we believe Cellinity has proven itself as a viable technology based on 3rd-party validation. Recent valuations estimate Cellinity to be $44M which, at a 96% ownership to BLGO, would value the battery technology at $0.13 on a per share basis. We incrementally add this to our valuation, which results in a bull-case PT of $0.45.

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On May 19, 2026, Richard Ryan and Sam Dufault, CFA of Oak Ridge Financial Research reiterated a Buy rating and a US$0.32 price target on BioLargo Inc. (BLGO:OTCQX), implying approximately 167% upside from the May 19, 2026 closing price of US$0.12, following 1Q26 results that included the first stocking order from Clyra Medical and several announcements demonstrating strategic positioning across the company's technology portfolio.

For 1Q26, BLGO reported revenues of US$1.1 million, compared with US$637,000 in 4Q25 and US$3.3 million in the year-ago quarter. The results continue to reflect the absence of any Pooph sales, with the brand still in litigation. The quarter included the first stocking order to Advanced Solutions within the Clyra Medical segment. Services revenues were US$538,000, up from US$466,000 a year ago, while product sales decreased 79% to US$577,000, almost entirely due to the decline in volume to private-label odor-control customer Pooph Inc. Total operating expenses were US$3.7 million versus US$3.4 million a year ago, with the operating loss widening to US$3.2 million from US$1.9 million on a ramp in Clyra-related expenses ahead of commercial launch. The net loss was US$3.4 million, or US$0.01 per share, compared with a net loss of US$1.9 million, or US$0.00 per share, a year ago. BLGO ended the quarter with US$4.1 million in cash and US$4.3 million in total debt, with cash usage from operations of US$2.9 million versus US$1.8 million a year ago. The analysts believe BLGO will continue to need additional capital.

During the quarter, Clyra issued guaranteed promissory notes totaling US$2.4 million bearing interest at 15% per annum and maturing February 28, 2029, guaranteed by BioLargo. BLGO sold 555,556 shares of common stock for US$100,000 in gross and net proceeds to one accredited investor, BETI sold 124,867 shares at US$3.70 per share to seven accredited investors for US$462,000, and BLGO sold 984,188 shares to Lincoln Park for US$171,000. As of May 14, 2026, BLGO had 320.9 million common shares outstanding.

On the strategic front, the engineering segment was awarded a US$1.2 million contract to design a pilot-scale minerals processing facility supporting remediation and beneficial reuse of a legacy mineral waste deposit, with potential for a multi-year remedial project. Clyra delivered on its first stocking order to Advanced Solutions and signed an exclusive distribution agreement with Al-Hikma FZCO covering the Gulf Cooperation Council, the Levant, North Africa, and select adjacent markets to commercialize ViaCLYR. Clyra's sales and distribution agreements are expected to make its products available to 6,100 hospitals, 6,300 ambulatory surgery centers, and 2,200 specialty wound care clinics in the U.S. alone. BLGO also signed a memorandum of understanding with Aquatech to advance integration and commercialization of BioLargo's proprietary Aqueous Electrostatic Concentrator (AEC) for PFAS treatment, establishing a non-exclusive framework for collaboration on PFAS treatment projects worldwide. BLGO's PFAS solution has a municipal drinking water project live in Stockholm, N.J., and the company recently announced the ability to remove ultrashort chain molecules to non-detect status while lowering energy usage for large-scale PFAS treatment. Separately, U.S. BESS Corporation's independent evaluation confirmed the breakthrough performance of BLGO's Cellinity battery technology for grid-scale energy storage; BLGO's strategy is to sell factories, not batteries, positioning it to receive a roughly 6% royalty and carried interest on projects.

The analysts highlighted several risks, including a lack of profitability with net losses since inception, significant ongoing cash requirements, potential going concern issues, revenue concentration in Pooph-branded products sold to Ikigai, regulatory approval timing, competition from better-resourced players, limited liquidity due to the OTC Markets listing, the potential for substantial future dilution, and reliance on third parties for commercialization.

The analysts described BLGO's diversified portfolio as giving the company "many shots on goal" and noted that "BLGO's reputation is rising." For 2026, they estimate revenues, EPS, and adjusted EBITDA of US$5.3 million, US$(0.04), and US$(11.3 million), versus prior estimates of US$3.6 million, US$(0.05), and US$(14.1 million). The US$0.32 base case price target is built on a FY26 sum-of-the-parts valuation using a 5.0x revenue multiple along with independent valuations of Clyra Medical (estimated at US$88 million, with BLGO's 48% ownership contributing US$0.13 per share) and the PFAS segment (a 3.5x revenue multiple on management's US$10 million 2026 revenue potential, yielding US$35 million or US$0.11 per share). The bull case adds US$0.13 per share from Cellinity, valued at US$44 million with BLGO's 96% ownership, resulting in a US$0.45 bull-case price target.