BioLargo, Inc. ($BLGO)

[Audio Gap] Scalable, it's turnkey, that's reliable. So that's what we're doing. The work is well underway, and we're actually working with customers throughout the world to now engage together the solution to bear, which will incorporate both their technology and our technology, plus whatever resources we can muscle up to support that kind of resource. It's a pretty dramatic thing. And I think we just got a couple of texts in the last hour. We've already got some articles that are being featured in the industry. So there will be a press cycle on this. The press cycle will occur because our technology is really good, right? It's really special. And now we're partnered with one of the top players in the world. I just want to make sure you really soak it in. That's what we're doing. And partner is a funny word. Business guys use the word partnership loosely. I don't mean it to be a legal word. It's a strategic relationship in which we're going to serve customers together. That's what it means, okay? And there'll be multilayers of business dealings to square away. In the engineering field, it's pretty common to team up, if you will, and find a customer and work together. Everybody knows everyone has to make money and the customer has to get and receive products, services, solutions that actually work and are affordable. And so we've got to do that to fit our system into the market, combined resources. The other thing about that is the market for PFAS is really shifting very dramatically. The way we say it is all regulatory events that are currently happening in the marketplace point towards us, towards our thesis, towards our value, towards our thinking about how we serve that market. It's really good. And the first really notable thing I just want to mention is that the first wave of capital that was deployed was out of sort of an emergency relief. And under the Biden administration, they released capital under the Clean Water Act. And if you think about that, that's the people that had drinking water, serving PFAS polluted contaminated water to citizens, they wanted to move quickly. So what do they do? The government gave them the money. That's how it works. So the municipal clients deployed as a public service to make sure their constituents, their customers had clean water. Why is that important? When public agencies move, they go with the safest bet possible, regardless sometimes in the long-term economic implication. We're now watching the cycle shift because the predictions we made 3 years ago are now coming true. Well, if you got your CapEx funded by the federal government, the district is now responsible for what's called the OpEx. That's the operating expense. And all of a sudden, guess what, you got to replace carbon. You got to clean carbon. You've got to handle the collection and disposal. And carbon is a collector. It's not a destroyer. Now what are you going to do? So the downstream costs are now well understood, and there's a dynamic occurring in the marketplace where customers that even installed carbon or ion exchange as the go-to solution are now realizing they need a better solution. And that entire market is now available. I shouldn't say entire. Theoretically, right, rhetorically, the entire market is available for attack as a new solution provider. Some will do it, some won't. But we're already experiencing pretty sophisticated customers looking at the OpEx and the regulatory compliance and realizing that downstream the short -- the ultra-short -- the short chain, the long chain, the regulatory news, the handling of waste streams under CERCLA and RCRA will continue to tighten and the ability to handle ultra short chain molecules, which is not even regulated yet. Everyone knows it will be one day. And so while there's money under settlements, which that's the second wave, if they can actually upgrade their solution to have a future compliance and save OpEx, they want to know about us. And here's the beauty. They want to know about us with our new strategic relationship, Aquatech. It's a really significant timing in the world, and this -- the whole industry is publishing. Okay. Next. Engineering group less, right? In many ways, we could argue that they may be one of the most valuable components of the company. Really, you might say, right, really, well, they're the backbone of the engine. The engine is continuing to run, that innovation engine, right? And the market cap when you just consider Clyra is giving the most visibility for immediate significance, that's basically what everyone thinks, that's fine, I get it, they're not giving any value to the fundamental infrastructure that we've developed that allows us to innovate across multiple markets. They just got a $1.2 million contract, which is the design phase of a milestone gated multiyear program tied to our patents focus on mineral extraction, okay? That's a private client. So what's up with that? How does that work? Well, this is the first of a 3-phase process. It starts out with a $1.2 million contract, and we're a vendor. We're not a partner. We're a vendor. And in that situation, we deliver a service. It's a high-value service, but it leverages our intellectual property. So what we're doing, right, is we're advancing to serve our customer who is capitalizing the journey, which is not cheap, okay? And of course, it's their land and it's their minerals. So that's it. That's how it works. And we say we'd love to be a partner. So that partnership, that equity stake, the profit share, that's TBD, to be determined. It is what it is. The next phase is probably in the approximate range of about $10 million. That's a pilot, that's a commercial pilot, and that's design, build and function, the processing of these minerals into product that can be sold in the market. There's a significant derisking that happens in that stage. And then beyond that, assuming successful, you'd head into the build stage. That build stage could easily top $40 million, okay? So I want to make sure everybody has a perspective. This is a project that's been coming a long time, a long time. In fact, we got a lot of criticism for even mentioning it, and we get it. We really do. What we've been able to do, though, is to maintain a relationship in which we focus on serving our customer, serve our customer, help them help themselves. And by so doing, we can earn a position. And that's what we've done. It's awesome. It's the -- in fact, from a leverage perspective, it's the most leverage in the portfolio. We didn't have to capitalize it. We took our brain power, our intellectual property, our know-how, frankly, our engineers' know-how, the team that's worked all over the world at the highest level. And we leverage that into an opportunity to create a solution that has direct and significant value that far exceeds the CapEx risk. So the wise partner and the wise vendor, that would be us, they march together to make sure that, that technology becomes derisked and the opportunity naturally unfolds and the capital becomes increasingly available to our partner who's well to do and certainly capable of carrying the ball all the way into the end zone. It's awesome. It's a great example of how our company is leveraging its infrastructure as a core competency, intellectual property know-how and a solution mindset to help solve the problem for a customer. Okay? Next, ONM Environmental. That's our odor and VOC. CupriDyne, right, the CupriDyne technology. Okay. CupriDyne is awesome. I mean everybody knows that, right? Talk about hard to get to market. So ONM Environmental is in a repositioning phase, right? And the industrial odor control revenue base is pretty much unaffected, right, by the Pooph license dispute that hit our financials in 2025. So it peaked -- during that journey, it peaked out at $6 million in free cash flow and $14 million in sales. It's a big number. We missed it, by the way. Make no mistake about that. That's a painful hit. And we don't like it, okay? Obviously, filed litigation. We believe that in the normal course, that litigation is going to find a solution, okay? We're confident in our case. We're confident in our legal position. The problem is, basically, we're worried that we're probably not going to collect money from that company, okay? So that brings up a whole another strategy question. I don't want to go into the details about it, but why do the fight? That's the rhetorical question. The answer is really simple. We need -- we must protect our intellectual property and protect the integrity of the claims that are associated with our technology that, frankly, was the meat on the bone that made their product successful, and we believe it will reemerge with a brighter and better future, a brighter and better future. So that dealmaking is going on as we speak. And so stand by, right? That's what we got for it. Stand by, as that shakes loose, we'll be coming out with some additional information about how we're going to reposition. The way I would say it is really simple. We'll reposition with the assets that we control, partners that really can help capital that comes to the venture, okay? Those are awesome. We've got to do all that. That's in motion. And maybe a chance to pick up the old brand. I don't know for sure. If we do, great. If we don't, we've got a winning formula that we know how to win. Either way, we're going to reposition that asset for significance. Standby. Okay? Cellinity, sodium battery. It's our pre-commercial subsidiary. There's some R&D still going on, as everybody knows. We're scaling up design, we're working on engineering work for scale manufacturing. Cellinity is a strategic infrastructure opportunity for national security of the United States of America. No matter saying it more clearly. This is opportunity to refashion the future. Remember my role with Secretary of Commerce's office as an adviser on ETTAC, just had a chance to really ingrain myself into the circles that have conversation about global strategy for the United States. And make no mistake about it. Energy storage is one of the top 10 in the category. So what's up? Well, there's 2 things that are up. I'm going to point them out to you real quick. The first is the Achilles' heel of battery technologies, #1, degradation. All the technologies that have gone to scale a significant degradation issue. I just want to point out one simple claim. We make the claim that we believe we can support. It's a 20-year battery with no discernible, no perceptible, no measurable internal degradation on a cell. We believe it's a 20-year battery. We believe we can warranty a 20-year battery. Why is that important? Most batteries are 6, 7 years. They deplete over time. They degrade. They use rare earth elements. Even if you took the advancement in the field of sodium ion, it's not going to compete with the technical claims that we're making and it has a huge degradation issue. So #1 is degradation. #2 is what? Geopolitical, hot potato, where are these batteries coming from. If the United States wants to reposition itself in the future of energy, which, by the way, energy storage will grow 6 to 7x over 15 years. Energy is going to double in the next 15 years, energy demand, the demand for infrastructure to produce energy and wherever you're producing energy, you must include storage. It's the way it works. Storage is one of the hottest trillion-dollar markets in the world, and we have a significant asset. So what are we doing? We're advancing it in the national interest. As you know, we've got partnerships with economic development, workforce development, high-impact investors. We're basically at that stage where you got a capital stack challenge, okay? How do you break it apart? How do you build a stool is one of the analogies, how do you build a 3-legged stool that can be sturdy and last for the next round? That's where we're at. We're working on that stool, whether it's capital, whether it's partners, whether it's offtake, whether it's the government, all of that is in motion. We've got a number of great projects that really become the template for architecting that, and we believe we've got a shot to pull it off. It's a JV, joint venture, SPVs, special purpose vehicle financing structure, which allows the parent to leverage its core competency, just like we've done in everything else we've ever done, leverage our core competency to build out that capital and that incentive stack to be able to come to the marketplace with a turnkey financing solution. We're in active discussions now with capital funders, including the government. Okay. Next, capital efficiency. I want to spend a minute on the topic that nobody really talks about. We should talk about it. Across the entire history of our platform, we spent roughly invested capital directly into BioLargo roughly $25 million. About $20 million outside capital also came into Clyra. There's about $5 million or so that's come into Cellinity. Remember, on ONM, we own 100%, right? And on the PFAS solution under equipment, we own 100%. So those are financed by the parent, right, the development cycle. $50 million built the entire company, 5 operating subsidiaries, 2 commercial, with a national distribution partner preparing to launch and one in active discussions with funders. Most pre-commercial clean tech companies, we would argue, burn that much getting into 1 product in the door. We have 5 in each of the platform. Each one is a platform. Multiple products spin out of this. That's what capital efficiency looks like. And the operational efficiency should be just as obvious, limited corporate overhead, shared science, shared engineering across all platforms. We carry no toxic debt. We have about $3.8 million in cash as of the end of '25, plus we brought in another $1.7 million in Clyra. Clyra is spending money faster during Q1 that was disclosed, and we'll have our Q coming out soon. So how do the parent company participate? That's one more thing on structural. I'll talk about real quick. There's basically 4 channels, right? First is equity. We own these ventures. We own a lot of these ventures. Have direct stakes in subsidiaries. 48% is the lowest. Well, it's also required the most money. That money came in the form of about $20 million from outside investors, $5 million from BioLargo, total invested capital of about $25 million. BLEST, we own 100%. Cellinity, we mentioned before, around 95% and 100% we own in ONM. Then there's a royalty that's equity. Then there's a royalty stream, 6% on gross assets. The wound care market is measured in billions. This is a meaningful license. Don't sell it short, okay? Then service revenue, sure, our engineering group, they can earn those -- the cash flows as they grow. They're growing so fast, they're using a lot of working capital, but it's awesome. It's exactly what we want. The 98% year-over-year, and we expect that trend to continue. Even this $1.2 million for the design work on the minerals contract is a live example of the channel finding its way not only with services, but with intellectual property. That's our vision, right, is to create replication and margin. So how do we make money? Equities, royalty, adjacent rights, service revenue, all the above. That's the beauty in the model. Okay. What did 2025 numbers reflect? Well, we got beat up pretty good on this Pooph thing. Revenue was way down, right? And the Pooph revenue was the #1. We had a big net loss because of a compounding effect that, that occurs, but we also had some dilution impact. We had to shore up our capital resources. It helps describe why the stock got hit the way it did. We still think it's way undervalued, especially given the diversity of our portfolio. And now we're sitting at the point where Clyra is ready for commercial launch. It's looking at the launch pad that's coming in. As those events are completed behind us, right, we believe the Pooph dispute will be resolved in its normal course. We've already mentioned we doubt we're going to collect the money. First stocking order shipped in February, second distributor just signed and the big kahuna coming. Okay. So what's to watch for? Well, these are targets, right? So Clyra, we'd like to get this major distributor, the big kahuna launched. Of course, we're doing everything in our power to move as fast as possible. Clyra, I believe, now has about 12 or 13 full-time staff. They're very well compensated, highly trained professionals in their field, and it's intense. It's super intense to prepare to make sure that, that product is pristine as it gets ready for the launch into a global market with a global partner. We've got [Audio Gap]. We're bidding contracts. So what do we want to see happen? We want to see this partnership, not legal partnership, this relationship, the strategic relationship with Aquatech blossom into a venture that both parties can win and profit and do great services for our customers, and we think we've got a good shot at that. We're already in the bidding process. It's important to note. We're already there. We're already into the minutia, the fine detail of our opportunities being refined, plus the integration of not only engineering, but the various resources that they can provide to us and vice versa. We have services we can offer to them. Environmental, ONM Environmental, well, we just said it. We're going to have a new commercial venture established. We believe that venture can be financed by itself without BioLargo becoming the funder of that venture, right? So we're going to try and get that done. And then the minerals, well, we know about that. We've got about a 6 or so months, 6- to 9-month process with the design phase. Then we'll head into a pilot process, assuming successful in the design. And then once that's complete, we'll head into the idea of then a full-scale deployment, okay? Okay. All right. Here we go. I think that's it. A lot. Yes.

Very nice, Dennis. Thank you for the very detailed remarks. So we would love to move over now to the questions. The first one is, Dennis, you have talked about having over $200 million in the pipeline for the AEC for an extended time. Are we losing business to other technologies? And if so, what are they? Are there challenges or new innovations we need to be aware of with the AEC?

Yes. Thank you. It's a good question. So the pipeline represents total dollar value of opportunities we're actively pursuing. So actively pursuing means comprehensive bidding process. It's a mix, too. It's both industrial and municipal, municipal is drinking water typically, right? Also industrial opportunities. Also, [Audio Gap] a destruction concentrated location center. Those are all awesome, okay? They move on the time lines that they decide. And a lot of times, they're waiting for money. I mean, I can just tell you, whether it's a corporation watching the world turn, waiting for a budget allocation or it's a municipal client waiting for the funding from the litigation. If they can spend the CapEx with other people's money, that's what they'll do. So that's the #1 thing, a lot of waiting. A lot of sales cycles can take 12 to 36 months. It's kind of true for all credible technology that's looking for adoption. Do we lose deals? Sure. Some fall on and off. But what's happened, as you know, already is that we've advanced our proof of claim with the installation of a commercial unit. We now have data from a live installation, right? So the data from a live installation, here we go. I got a note to talk louder. I hope that's helpful. I'll speak up. Anyway, all that's moving forward to increase our credibility. And now, right, now with the addition of the relationship with Aquatech, we're even in a better position to compete head on with the ability to provide confidence in our scalability and our infrastructure to support much larger installations, okay? So the signaling is worth watching. Pilot to deployment, deployment to scale, we talk about that constantly, and we'll keep you posted. We think there's -- and by the way, with the new regulatory enforcement and the settlements that have now funded, the scope of opportunities are expanding, not decreasing. Okay. Next question.

Next question. [ Snake ] wants to know, I'm curious about dental products from Clyra. Are there any updates with regards to that product?

There's not a lot to talk about there. The ViaCLYR is the primary focus and the preparation for our big kahuna, okay? And we're kind of tapped just so you know. It's full up. Everybody is running pretty hard just to make sure we fulfill that duty. The good news is that the dental applications can leverage off the current regulatory approvals and the data and the experience. And so that is something that makes for a meaningful new platform for dental. We do expect to pursue it. We've had some indications of interest. It's not without some investment. It's not free. You have to recertify to the dental standards, all very doable. We think a great opportunity, but it's not on the priority list as of today, and we'll revisit when we've got a little more bandwidth and probably a little more success under our belt on the revenue side.

Okay. And then next question is, do you have any report on the progress on the ViaCLYR sales and updates from the European market?

Yes. So most of that, I think with this addition of the Al-Hikma, that's the most meaningful. That will serve, I think, 26 -- don't hold me to the number. I think there's about 18 direct and some indirect. All of that requires some CE Mark. The work with Advanced Solution, everyone is very satisfied. It's sort of the front-end grunt work, if you will, to work with clinicians to see -- to see the clinicians work with the product, do some trial and error with clinical experience, and that's all happening, and we believe we've partnered with the right company in that case. And so we hope to have new news soon about reorders and where we're at in that process. But as of now, everything is just in motion. That's our report.

Got it. The King of Penny Stocks wants to know, does Clyra have a signed distribution agreement with a major known medical distributor? We just covered that a little bit. But is there any -- the big kahuna, do you have any expectancy when you will be able to announce it? Does it depend on them completely?

That's a good question. It's like the million-dollar question of the call, okay? So here's the thing. It's almost a no win. I just can't win, okay? It's like no matter what, no matter what we say, we don't win. So here's what needs to happen. The final package needs to go to the FDA. That puts us about 100 days out, okay? Maybe shorter, but not really. By the time with what's going on with the FDA with all regulatory changes and politics, it's going to take what it takes. We hope that we can get all that done in the fall season, okay, so that we can launch the product. Everybody really wants to launch the product. And so again, from our perspective, there's no lack of capital. We've secured that. We're executing on that. There's no barrier between us and that launch pad. And we're just -- and just like we talked about, we just did the study with quantified usability, right? There's a whole bunch of checklists like that, and we're checking them off. And in each of those cases, we're relying on a third party to deliver. And so a little bit of hurting cash, but we're getting to it. So other than that, we'd love to see this product launch as fast as possible. Okay, Julian. We can hear you taping. Next.

Got it. Next is why would a customer or partner not want to allow BioLargo to make a contract public? Some have called it sketchy.

Yes. Sketchy is a funny word, right? I think that implies sort of deception, which is absolutely not the case. So let's start with that. And the other is, I think to expect a big company to cater to the disclosure requirements of a small penny stock company is not real. It's naive. In fact, some companies won't even do business with a company like ours. because of that. They'll say, no, I don't want everybody knowing what I'm doing. It's -- this is a shark-infested world for everyone. I don't care how big you are, right? You've got a moat between you and the competition. You want to keep it, okay? So there's nothing sketchy about it. Large companies do this all the time. In fact, I've experienced it for 30 years, and I have story after story after story, okay? So they have their own legal, communications, competitive governance, disclosure, whether they're public, not public. People don't want their business heard out in public, okay? So when it's a highly competitive market with a transformative tech, I'm not surprised at all that people say, don't say anything until the product launches. We should expect it. It's hard for us. I don't like it, but it's the way it is. And so sketchy, no, I reject that completely. It's not sketchy at all, okay? So keep executing, and you can trust me on one thing. For me personally, I want to make as much disclosure as I possibly can. That's where I come from, right? What does that mean? It means we live in a glass house. We're all in. We're executing. We want people to understand it because when you understand it, you're going to want to own it for God's sake. That's not the barometer. It's not do I want to? It's can I? Am I able to? And until people kind of lock in on that, sketchy, no. Don't buy it. Next question, please.

Then regarding the newly announced Aquatech MOU, from the outset, this looks like a major step towards broad real-world and commercialization of the AEC PFAS technology. Can you help us understand where this relationship actually sits on the spectrum from early exploration to active deployment planning and whether there is any preliminary time line or expectations for when Aquatech projects might start incorporating AEC systems?

Yes. Yes. So we've covered a lot of this in the introduction. So let's just highlight real quick. We're very active. It's very demanding time and energy, and it's awesome. We're very, very pleased to work with this great company. And we're thankful that our technology is so attractive that they want to leverage it for their customers and vice versa. The way to think about it is we built a pipeline. They have an extraordinary customer base. It's getting publication already. I think an article just showed up in a trade magazine featuring this dynamic thing that's going on with Aquatech because why? Well, because if you're in the business, you know who Aquatech is. And all of a sudden, they've got a tool in their toolkit that, frankly, no one except us has. That's what we got, right? And the tool is a powerful tool, okay? So yes, it's now, it's active. We're working very closely together, primarily technical. It's all engineering, right? And so there's a scale up. So you want to go big, so you can really handle the bigger accounts. You want to streamline the manufacturing process, they are professional manufacturers. You want to focus on whether or not the supply, for example, of membranes, makes sense. They have a membrane manufacturing company. They're in the membrane business, okay? That's a big deal. So can they manufacture to our spec? We're working through that. That's not an overnight question. We got to kind of work through it. Is it competitive, right? All that. Can we protect intellectual property associated with what we're doing? All that's going to come to bear. Contracts, yes, we're in the business now of delivering contract proposals around the world. And so it's awesome, and it's going to expand really fast. What's the time line? I have no idea. I mean, really. I don't know how to answer it. I know that we've armed ourselves fully equipped with the credibility, the infrastructure, the long-term serviceability, the scale and manufacturing. All of this is in motion as we speak. And so I think our job is just now advance that relationship, find the customer, serve them with a great solution and then come to market as we benchmark those successful points. Now here's the thing. We'll keep everyone posted on the progress because it's meaningful on its own right. And then as that translates to business opportunities of concrete nature with Aquatech, we'll keep you posted. So only hesitance would be to start forecasting time lines, again that's basically going to kick my butt, okay? So we're going to pause on that one. Next?

So realistic, you can give any insights on realistic AEC contract dollar -- AEC contract dollar values? Is it still in the $5 million to $50 million range?

Well, there's a bunch of them going up. So what's happened is that's a really great question because the scope of big municipal accounts, we've seen in the marketplace as high as $30 million, $40 million. We've seen projects that can easily go towards north of $100 million. And as a small company, when you say, yes, we can do that, the market really looks at you and says, well, if you -- yes, maybe, right? I mean it's just they don't see the infrastructure in place to really be able to do that at scale. So now with Aquatech, they do see it. It's it. It's that simple. When somebody says, well, gosh, can you -- how can you support a $100 million project? You go, well, I need you to meet my best friend over here, Mr. Aquatech, okay? And that's how it works. And that's pretty normal in the engineering field. That's what happens. Technology companies -- we said it from day 1, prove it right, demonstrate it, find the gap, fill the gap, partner it out. Okay, here we go. This is a beautiful moment in the business plan development to confirm what we've been saying since we started. And again, everybody knows we've had bumps along the way. You got to get the right partner at the right time and the right -- with the right toolkit and with the ambition. I would say from a corporation advancement perspective, this is a really great moment because we're in bed with one of the best in the world. I mean that's it. They are. And we've told them that. We'd love to have a long, long, long fruitful relationship. So that's what we're heading towards. I think it will work. And yes, we're seeing much larger projects. We've seen projects come in now that are top of over $100 million. No, I wouldn't go spend that money yet. But can we compete at $100 million CapEx installation on a PFAS full-blown treatment for massive scale municipalsized drinking water? Absolutely, we can. Next.

Awesome. And when does BioLargo expect fully executed contracts that turn into big sales? [ BioLargo ] wise and MOUs are first steps.

Yes. So this is an interesting question because I think there's -- it needs a little bit of clarification. It wouldn't surprise me that we operate under an MOU for quite some time, okay? Now just think about that. Why? Well, because the MOU is the definition of an agreement, an agreement says we have a memorandum of understanding, how are we going to do business. I'm going to tell you the principle behind it. I have -- we have intellectual property. They have intellectual property. We're going to cooperate together, respect each other's intellectual property, and we're going to serve some customers to do a great service for them that makes money for everybody. That's our memorandum of understanding. I mean -- right? So do you need a different agreement to execute? No. No. Will there be additional agreements? Of course, what happens is the further we journey, the more intimate it becomes, who's on first, how are you going to work together? All that requires agreements. What I'm hoping we can do is advance to the point where we have customer wins forces us, if you will, to specify in each project how we're going to work together. For example, are they going to manufacture the skid? Are they going to manufacture the membrane? Do we need to purchase the membrane from an existing supply chain partner? Those are choices that will be made on the fly as we go into the execution mode with customers. In the long run, they all work themselves out. That's the nature of a relationship. So I think it's awesome. So I hope that answers the question. I think it did. So let's go to the next one.

Insiders have invested millions in the past 12 months. Why hasn't the open market shown the same confidence? And what will change that?

I think there's a whole bunch of challenges going on for the company on that topic. I think if you really -- if you just really cut to the chase, we've had extraordinarily high expectations on getting Clyra to market sooner. And I think it just has worn everybody out, okay? When you compound that with what's transpired with Pooph, it's like, geez, you got to be kidding me. And so the one-two punch, if you will, right? The good news is that we've managed both to what we believe will be successful, especially in the Clyra case and ultimately in the repositioning of the products with Pooph, okay? So that's the negative, right? That's what we're facing, okay? On the positive sense, you say, how does the market not recognize it? Well, it's not uncommon to see a disconnect in this kind of structure because people look at it and they say, I don't know, how do I know? I need a 30-second sound byte. If I can't understand the tech and I can't evaluate tech, I need to evaluate it based on revenue targets and multiples of earnings and traditional financial performance. I get it. I mean that's it. That's so -- and then you're dealing with a micro cap, a market segment that's not as robust. Then you're dealing with overhang. The overhang is this idea that we've established a basis for the stock in the low of 15 and the high of probably 35. And so that creates overhang as you start to climb out of the bucket, right? You're escaping, but it's hard to get through the market. So how do you do that? Well a bunch of things, you got to execute. Number one, you got to execute. No question. Number two, you have to allow investors to know more about the journey. And I think we need to tighten up on that. And again, we'll take some criticism. That's fine. We're sort of bound with all this NDA and the disclosure with -- if we were the average $0.15 company stock, we'd probably be tuning our horn everywhere. But you know what, we're not. We're not. We are dealing at the highest level of industry and government. That's what we're doing. And so we have to play really according to their rules. And that means less information and a little more secret, but ultimately, we believe the diversity of the portfolio pays. And so we're really bullish on that. But we are -- we've actually reached out for a potential engagement with a new investor relations firm, which is more robust is the way to say it, really skilled, great track record. And so we're going to do that, too. We also are really looking hard at how we message the sharing of the journey with our investors. I think we need to do more. I get a lot of pushback and push and pull with legal. And as you can imagine, with the NDAs from our subsidiary, here's the way it works, right? Cut to chase. I don't call up and say, "Hey, Mr. Steve Harrison, we're going to tell everybody about all your stuff. It's not the way it works. I go, "Hey, Steve, how sensitive are we? How can we protect our NDA? How can we protect our stealth mode on commercialization and still answer the call to share information with investors that are anxious." And that is a constant push and pull, especially at this stage of our business. And so my pledge really is to just do all I can do to do better. And the good news is, as evidenced even in the last 5 weeks, the fruit is bearing out, right? We say it's time to get some of the harvest. Okay, let's do that. So I hope that answers again, but I'm very empathetic to the struggle. And I get an earful once in a while. So I got it. I got the message, okay? Next.

From Deepwater, given the long time line from development to market, are any of our medical products and IP at risk of losing exclusivity?

That's a great question. What you're really saying is if it takes you 15 years to get a technology to market, did you lose your IP, right? Well, it's another way of saying the same question, think. And so an exclusivity is a fun word, too. But here's the thing. We're still at the IP game. So for us, the way we think about it is we're constantly looking for new IP, and we're also constantly delaying the filing of IP until the last possible minute if we can do so. So you say, well, but aren't you worried that somebody else is going to like discover it on their own? It's like, well, I don't know. I mean this -- Cellinity is a good example. The Cellinity technology is 15 years. And as far as we know, there's nothing in the marketplace that matches its technical performance metrics. And we believe we've got a good clean shot at future IP and what's IP now? Well, it's trade secrets. We just don't tell you. And so that's the game, right? And okay, that's one. The second is we're always improving. So the way to think of it, and this is also why you use capital, right? If you say, I got one thing, it's really cool, and I'm never going to improve it, then you get an expected life, your net present value, your cash flow model on a license and you say, thank you very much and you drop it. We're not doing that. We're expanding the IP, and we're doing the same -- even CupriDyne. We're expanding the IP in CupriDyne. We've learned a lot about this journey that allows us to really hang on to that asset for another 15, 20 years, we believe. And so that's the answer. The answer is no. I don't think so. And again, notwithstanding the need to move quicker. But in the field of innovation, this is a very common problem. It is really hard to get new -- new, right, new novel -- novel, never been done before. That's the thing that's missed. It's like, no, it's all one of a kind. There's only one. There's only one. It's ours. And so it's hard. So the beauty is then if you have the wherewithal, which we do, to continue reinvesting in that infrastructure, that toolkit, refine it, make it better, faster, smarter, cheaper, make new discovery about how it can be used. That's an evolution that requires an infrastructure and a commitment to expanding R&D, which we've done and we'll continue to do. So long answer. Go ahead.

Can you provide us a sense of the relationship health with Clyra growth partner? Are they backing away? Are they solidly behind Clyra? Are they expressing concerns with the delays? Are they causing the delays?

Yes. It's a great question. The simple answer is no. No, they're not causing delay. They've been great, a wonderful partner to work with. And I can say they're big. And so responses for big companies are a lot different than ours. We move really fast when we have to make strategic decisions, I think, not perfectly, but we move really quick. So that's always an issue, but that's not a reason for delay. The reason really has been the technical things that we've -- when you go through the process to prepare for this filing and everything is the first time it's ever been done because that's what it is. Every step is the first time it's ever been done. And you say, well, how can that be? Well, it's a copper iron complex for God's sake, how many have gone before us? Zero -- that's the point. It's one. There's only one. We own it. And so it just has all the nuance. And I don't go into detail because I think it gives away IP, but there's a lot of nuance to that, that are unique sizing and put up and interference with other -- I mean, there's a whole bunch, right? How do you sterilize it? How do you package it? How do you make sure it doesn't degrade? How do you make sure it's sterile. It's going to last. It's going to go where it's supposed to go in the medical system and be qualified. I mean, on and on it goes, okay? And so we've been marching through that. Now the relationship. We believe the relationship is a solid one. We practice transparency. We practice integrity, and we believe we bring an extraordinary value to our partner. And by the way, so do they. So we're not naive, okay? We absolutely understand it. So I think from this idea of a transformative technology now positioned with a great partner with a great backbone of our company, which we've earned our keep. Don't miss it. We earned it. Nobody gave it to us. We had to go do it, and we're still doing it, right? And so it's our intellectual property, it's our product, it's our design. It's remarkable. We were using words constantly now. We believe it has a chance to be the new standard of care. Okay. So let me ask you a rhetorical, right? Would your partner like a new standard of care to be well within their exclusive rights for commercialization? Yes, okay? So we're bringing something of extraordinary value to the marketplace. And of course, we absolutely love our partners. I mean we just do anything we can to make sure it's got integrity and transparency. So we're not in any sort of harm's way there. And yes, they love the product tomorrow. So nobody is happy, but dissatisfied, therefore, disgruntled. No. In fact, if anybody has been in the med device business taking product to market like this, the delays and the things you face because they're the first time you face it, they are what they are. Now here's the beauty. We think the mysteries of derisking all those assets as we get into the execution phase, they're behind us. We're now into check the boxes, check the boxes, check the boxes. Let's go. I hope that answers.

Dennis, are you good for 2 more questions?

I'm good for whatever everybody wants. We can stay longer if you want. I mean, really, I'm happy to go another 15 minutes if we want to go over. If you can clarify the remaining questions. I'm good. Let's go.

[Audio Gap] want us to drop one sheet because we have not done that yet. Do you want that to share?

No, we've got one pager. We're going to share here. We're also going to post it on our website. We'll attach it to the 8-K. The one pager is a one-page synopsis of the business proposition. So yes, drop it in.

Okay. Awesome. We'll do that while you answer. Okay. Next question. The EPA recently designated Pharmaceuticals and microplastic as priority contaminants. Is the AOS hypothetically commercially ready for deployment on both of those fronts? Or would more R&D be needed?

That's a great -- we're doing a deep dive. So I think I'm going to give you the shortest answer of all the questions already. To be determined. We're in the process of evaluating. Micropollutants, I think, largely are removable by conventional technologies that primarily focus on physical separation like filtration. There are some nuance about ultrafine micro pollutants, microplastics. And whether our system is a potential destroyer or not or an advanced collector, we'll see. So we don't have a good answer yet, but rest assured, we're on it. Next.

I was just dropping the file. So I've sent that now in the chat box on the right for everyone. This is the 1-pager coming from. Fantastic 1 second. In December 2025 interview, we were told ViaCLYR packaging was being redesigned and the changes submitted to the FDA for review. Are we still waiting for FDA approval on the submitted change?

Yes. I think maybe we have a language breakdown. So if that's our fault, I'm sorry. We certainly didn't intend to. So the final -- there was an evolution in process. I'm going to sort of cut to the chase. And based on our regulatory council's advice, they suggested that we make sure that we make filing applications that are 100%, no rolling submission, okay? So we've not made the final application at this moment. It is now in sight, and we're benchmarking to try and get that done ASAP. The packaging issues that we've dealt with were out for certifications by third parties to meet qualified spec that's part of an application. So that's how it works, right? And that's normal. That's the normal process. You don't send it to them to say, do you like my package. You send them a complete file that says, we meet the code under the regs. That's how you do it. So that's a little bit off. It maybe it's a context issue on our prior disclosure, but I'm happy to tighten it up, and I hope that's a clarification.

Now a question regarding the AEC unit at Lake Stockholm. Any plans to release data on smaller increments, 3 months, 6 months results? Or will there just be one report after EPA and NJDEP review highlight AEC effectiveness?

Well, okay. So the data -- the delivery of data is -- I'm not even sure how I answer the question. So I'm going to -- let me do this. I think I should not answer that question because I'm not sure I know the answer. And so in that situation, I know that there's a continual report -- what's called continuous reporting. And there's a rhyme to the reason. So every -- whatever it is, week, 10 days, I'm not sure. The reporting cycle happens and it goes into -- and what they're monitoring is the continual performance, okay? So that's constant. Whether that's disclosed publicly or not, I'm not even sure. But here's what I want to say. We don't want to be silent. We work through the bumps and scrapes to get the technology in there, the local contractors and the designers and all that. All that's been worked through, thank God, because it was a lot of work and not easy for everybody. It's hard, right? Lots of moving parts. It's done. And now we're in a great relationship with the client and the regulators to execute and perform, refine also, right, constantly refining, but we're executing, right? We're doing it now. So what we promised to do is to share more like get up there because we've got demonstration partners coming in. Our client has given us access to the facility and said, thank you. anytime you want to bring your prospective target partners or customers to see, you're welcome, and thank you. And by the way, we don't -- they don't give us that because they like us. They give us that because we earn it. And so we have earned a position there, and it's really good. And so I think it's -- anyway, and then the takeaway on how much data, I don't know. I have to get with Tonya, and we'll advance the communications in a better way. That's what I want to try and accomplish.

With how many European governments is BLGO in talks to install Cellinity? Do you expect the first battery factory to begin in May?

In May. No. I wish. I wish it was May. So European -- so we had the stuff in Norway, that's for sure. That's fine. We're facing a capital stack and incentive stack dilemma. I'm going to just verbalize it real quick. So the way we think about it is there's a lot of money for this sort of thing, okay? And so projects, right, build a project, build a factory, hire a bunch of people, make batteries, cell batteries, do microgrid development, all the things that we do, right? So that's a big vision. Everybody knows we've got this relationship with 22nd Century by Design. If you don't, look them up. That's 2-2-n-d, 22ndcenturybydesign. Look them up. Okay. That's a development partner, okay? Why does that work? Well, because our model is to bring partners in. So they're really active, and they've got projects all over the world now. It's amazing. And they're all at different stages, and they cast this really wonderful vision of impact and the impact is hiring people and training people and combination technologies and centered around this show piece of build a factory and make commerce, right? Okay. That's a great plan, okay? In that model, there's -- if you will, think about a real estate development project or an industrial site. There's -- think about a mortgage, let's do it that way. You got a mortgage, you want to buy a house. You got a first mortgage, you got a second mortgage, you got a primary mortgage. You got a subordinate second, you got this -- what's called the capital stack, the capital stack. When you got a project that's $170 million, it's usually not financed by one person with $170 million. There's these different levels that go into it, right? So who's the first money in? That's the question. Who's the equity sponsor, okay? So it may be 22nd Century and their backers. It may be private equity. It may be an energy partner. It may be the government, okay? So I was with an institutional investor last week and he says, so are you going to get government money, grant money, incentive money or impact money? I said, yes, the answer is yes. What am I saying? I'm saying the capital stack requires that this risk component be squared away in the structure. The beautiful thing is this. These projects can qualify for roughly 50% of the CapEx in nondilutable financing. I just want to make sure you got that, right? 50%. Now out of $170 million project, you probably got $30 million to $40 million, which could be structured into the real estate. Well, that's a lease. That means a real estate venture can finance the factory. That's a dual use. It's got underlying value. It's got real property assets. It's got a comparable. That's a real estate deal. That's not us. We can finance it too or we can leverage it with the economic development of a real estate project, okay? Then it's got equipment. Well, that can be equipment finance. When you peel all those pieces away, you end up with this conversation that says, who's the equity sponsor? Who's the equity sponsor, okay? And that's what we're working to solve. The beautiful thing is that as it falls into the national interest, and again, we said it earlier, the articles I published them on LinkedIn, and we're going to do more, but we published this last week. that was on the role of degradation is published by the battery storage -- what's it called? -- Energy-Storage.News, okay? It's a great little rat. That's an industry publication. The Achilles' heel of all systems is degradation. So you go, okay, so what do we got? Well, we've got a technology that's got proven technical claims. It scaled at some level and now it's facing the daunting task of building out a capital stack and incentive stack to go commercial. And so the way I think about it is it's a matter of time before we find that capital stack in good form with sponsorship that wants to fund "a major risk component" in exchange for a yield that justifies it, that's where we're at, okay? It might be a government. It might be the United States of government, okay? We're not there yet. But there's so much interest that we can rest assured we're not wasting our time nor are we spending our balance sheet in an unreasonable way. That's the trick. We're playing at an extraordinarily high level with a meager financial resource and without dilution because we really believe that if we took on that task, now you're talking about $50 million to $100 million minimum play the game. Most energy companies that have played in the battery space have spent $250 million to $400 million to get through the scaling challenge. We believe we can do it for a fraction of that if we get the right partnership. There you go.

Is the Clyra Executive Board top heavy with no meaningful revenue yet and only product trying to -- one product and trying to penetrate the crowded wound care market, how do you justify a 20-plus person executive Board?

Yes, that's a good -- well, I think there's a breakdown on that question of facts, okay? So the Board at Clyra is a 5-man Board. and no one has paid any cash, including me. So -- just so we're clear. So it's -- yes, and so we've got a couple of key executives there, but it's only 5 people, and they're all in an option -- in an option pool that's dilutive at the subsidiary level. So I'm not sure where that comes from. It's probably the construction of the website maybe makes it unclear. So we'll take a note of that. Then there's this other board, which is called key opinion leaders. That's a professional board. And the way those work across the industry, so this is not novel to us is to the extent they're doing project-oriented work, there's a compensation that's well understood, a compensation level and a program that becomes documented, it's well understood in the industry. You don't pay them to hang out. You pay them when they actually do a specific task that you've agreed upon on a budget. In the meantime, they sign up as key opinion leaders because they've taken a personal interest in your technology and they care about advancing science for the good of the patients which is where most of their hearts lie. And so -- so that's it. So I don't -- so I think the 20-person leadership Board, so the answer is no. We're not top heavy. We're not spending money there, and we've got great people pulling in the same direction.

Awesome. And then now regarding the Clyra Medical, Al-Hikma exclusive distribution agreement for ViaCLYR across MENA and adjacent market, where do you stand with the regulatory progress for each territory? And what is the realistic time line for a market launch?

Yes. So once again, it's such a complicated question. I think Al-Hikma takes the laboring over, okay? And then we come behind it, right? So we work that together. And so I believe out of the portfolio, there's 5 or 6 where we've already got some sort of waiver of CE Mark compliance because of their treaties with the United States. This also goes back to my role at ETTAC I mentioned. And we've actually reached out and said, hey, can we get any help on this? The odds are we won't get much help on that, by the way. So I don't want to mislead you because the CE Mark is a way of unifying safety protocols for these foreign countries, and they figure the CE Mark is how they get their safety compliance checked off with the rigors of compliance. That's all it is. None of them are super expensive. They're not free, but they're not like ridiculous amounts of money. It's regulatory filing. The paperwork that we've submitted may require some custom application forms, but it's not rocket science and it's not -- it's just administrative. And then you have to deal with whatever is going on in their market. For example, in some of these countries, there's been a war going on. And so we did face some delay with that for sure, and the implications we've had to deal with. But -- so again, I don't know how to tell you the time lines yet with confidence. So what I'd rather do is not respond and see if I can come back with more information as it unfolds and start updating as we benchmark it, okay?

Okay. Awesome. There's one more that was put in the live question chat. With BioLargo on the piece of commercialization through multiple channels, can we expect a reverse split in 2026 in order to qualify for the NASDAQ and BLGO's OTC status is returned to potential investors.

Yes. No, that's -- this is the question we've been talking about for years. And remember, in the past and what we've done most recently is we've secured stockholder approval to give the Board authority to make the decision when and if a reverse split is required to accomplish our agenda, our goal. And so it goes back to this really simple thesis. We want to do anything like that, we want to consider when the wind is in our sails. What does that mean? Wind in our sales. It means revenue climbing, enthusiasm climbing, valuation on the uptick, confidence about our financial stability strong. Anything that we would do in that regard needs to wait until that is squarely in our camp. And we don't intend on doing a recap. Now I think many CEOs would say, damn do it because dealing with the microcap market is a problem. And it's a detriment. It's thinly traded. It's got a much smaller audience. We're probably relegated less than 1% of the investing dollars in the world are eligible to invest in our portfolio. That's a problem. You got to get in the big game, okay? That's the negative. You know what the positive is, we better be ready to deal with the big exchange when we go. And so it's a different game. You know what the difference is? You need to forecast and you need to hit your numbers. So you say, well, we should do that anyway. Well, really, it's the first of kind. What we need is to get adoption. And then as we build a model out that we can rely upon, it gives us the ability to forecast with confidence. We're not afraid of it. We just need the tools to do so. And as a microcap company, I'll give you a security tutorial real quick. They use words like this for a microcap company to forecast is inherently misleading. What? Yes. You know why? Because you don't have the historical evidence to make your case. What you have is the best efforts. You've got the best you can do with variables that you -- I get criticism for it that you can't control. Well, you got to control them all. You can't control them all. That's the problem. So what happens is, especially if you're talking about transformative technology, one of a kind, first of kind, transformative for a market, okay? Now, we can beat that business model up easy, and I don't mind it. I'm not sure we're going to spend an hour on it, but I'll give you the punchline. If you want to do that, that's a little different than what we're doing. That's a go vertical strategy that will require massive amounts of capital and extraordinary risk taking. We chose the diversified route, leveraging partnerships so that we could come to a company like Aquatech and present them a cherry ripe for the picking. That's what we present to them. They have every tool in their arsenal to execute, and we bring a game-changing technology and a pipeline that is robust and significant with highly qualified people to support that deal. That's what we -- same thing for Clyra. I mean, imagine, well, we'll go compete with the big gorilla. Really? Do have any idea what that means? The answer is no. That's not what you do. You know what you do? You carve out a segment of a platform with a high value proposition and you partner and you do everything in your power to love that partner like they've never been loved before. And then you hope they don't screw you, okay? I mean that's really. And then you -- if they are going to screw, you protect yourself. That's what you got. And that's what we did with Pooph, by the way. And here we are. We paid a price for it. You know what it did? It validated the technology's ability to generate about $60 million a year in revenue. That's coming back, folks. You mark my words. We're going to come back on it. It's going to come back. It's too good. We're not going to let that thing deter us from now really taking care of customers and taking care of animals with the safe and clean, right, all that stuff, safe for people pest and the planet. We've been saying that for 12 years. It's time to get that work done and get the interference out of the way. So anyway.

Awesome, Dennis.

Yes.

Yes. Awesome. Thank you so much for...

We're going to close now?

Taking the time to speak directly with us. I think -- like please close out like and then I would wrap up this call.

Just 1 minute. Okay. You are ready. Thank you, everybody. We're going to publish an 8-K. So the transcript of this will be in an 8-K, so you'll be able to pull the transcript that will be on file before the market opened in the morning. We'll also do some cleanup work to come back to our website and get some of this disclosure there, okay? Also, we are working towards some of the messaging that will help us really focus on this extraordinary high-value moment. We believe this is an extraordinary bargain moment in the company. And we're entering into what we call the harvesting phase of our journey. And as we always say, I'm sorry, it's taken so long. I just can't even express it. If you told me what we had to do to get here, I'm not sure I would have done it. But we have stayed the course and for what we believe is really a worthy calling, worthy of a career, worthy of investment. And listen, there's going to be a moment. I'm going to make a prediction real quick. There's going to be a moment at which the stock market is going to respond in a favorable way that's going to notch up. And when it notches up, it will never be -- come back again. And so that's our goal, and I hope that you're an investor and a stockholder in that moment. And we're going to stay the course, okay? Thank you very much.

Thank you, Dennis, very much again for taking the time to speak directly with our shareholders and for answering so many questions. As a reminder, the session has been recorded and the transcript will be filed on Form 8-K with the SEC. We share links on the Discord once those materials are available, so you can review anything you missed or want to revisit. If you're new to the server, we'd love for you to stay connected in the BioLargo shareholder Discord. This is where we share information discussing all things BioLargo and coordinate future town halls and community events. On behalf of the moderator team and the BioLargo shareholder community, thank you again for joining us and for your engagement tonight. Have a great evening, and we look forward to seeing you at the next town hall. Thank you, everyone.

Thanks, everybody.