Available, it's turnkey, it's reliable. 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, bring 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. 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. There'll be a press cycle on this. The press cycle will occur because our technology is really good. It's really special. Now we're partnered with one of the top players in the world. I wanna make sure you really soak it in. That's what we're doing. Partner is a funny word.
B usiness 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 gonna serve customers together. That's what it means, okay? There'll be multi layers 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 product, services, solutions that actually work and are affordable. We've got to do that to fit our system into the market. Combine 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. The first really notable thing I just want to mention is that the first wave of capital that was deployed was out of a sort of an emergency relief. Under the Biden administration, they released capital under the Clean Water Act. If you think about that's the people that had drinking water, serving PFAS polluted contaminated water to citizens. They wanted to move quickly. What did they do? The government gave them the money. That's how it works. 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 three years ago are now coming true. What's that? 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. All of a sudden, guess what? You got to replace carbon, you got to clean carbon, you got to handle the collection and disposal. Carbon is a collector, it's not a destroyer. Now what are you gonna do? 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.
That entire market is now available, I shouldn't say entire. Theoretically, right? Rhetorically, the entire market's available for attack as a new solution provider. Some will do it, some won't. We're already experiencing pretty sophisticated customers looking at the OpEx and the regulatory compliance and realizing that downstream, the ultra short, the short chain, the long chain, the regulatory noose, the handling of waste streams under CERCLA and RCRA will continue to tighten. The ability to handle ultra short chain molecules, which is not even regulated yet, everyone knows it will be 1 day. 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 wanna know about us. Here's the beauty. They wanna know about us with our new strategic relationship, Aquatech.
It's a really significant timing in the world, and the whole industry is publishing it. Next. Engineering group. Last, 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? The market cap, when you just consider Clyra as given 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 multi-year program tied to our patents focus on mineral extraction. Okay? That's a private client.
What's up with that? How does that work? This is the first of a three-phase process. It starts out with a $1.2 million contract, we're a vendor. We're not a partner, we're a vendor. In that situation, we deliver a service. It's a high-value service, it leverages our intellectual property. What we're doing, right, is we're advancing to serve our customer, who is capitalizing the journey, which is not cheap. Of course, it's their land and it's their minerals. That's it. That's how it works. We say we'd love to be a partner. 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 de-risking that happens in that stage. Beyond that, assuming successful, you'd head into the build stage. That build stage could easily top $40 million. Okay. I want to make sure everybody has perspective. This is a project that's been coming a long time. A long time. In fact, we got a lot of criticism for it, 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. By so doing, we can earn a position, and that's what we've done. It's awesome. It's the epitome.
In fact, from a leverage perspective, it's the most leverage in the portfolio. We didn't have to capitalize it. We took our brainpower, our intellectual property, our know-how, frankly, our engineers' know-how, you know, the team that's worked all over the world at the highest level. We leveraged that into an opportunity to create a solution that has direct and significant value that far exceeds the CapEx risk. The wise partner and the wise vendor, that would be us, they march together to make sure that that technology becomes de-risked 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 of intellectual property know-how and a solution mindset to help solve a problem for a customer. ONM Environmental. That's our odor and VOC. CupriDyne, right? The CupriDyne technology. CupriDyne's awesome. I mean, everybody knows that, right? Talk about hard to get to market. ONM Environmental is in a repositioning phase, right? The industrial odor control revenue base is pretty much unaffected, right, by the Pooph license dispute that hit our financials in 2025. During that journey, it peaked out at $6 million free cash flow on $14 million in sales. It's a big number. We miss it, by the way. Make no mistake about that. That's a painful hit, and we don't like it. Obviously, we 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. That brings up a whole another strategy question. I don't want to go into the details about it, why do the fight? That's the rhetorical question. The answer is really simple. 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. We believe it will reemerge with a brighter and better future, a brighter and better future. That deal-making is going on as we speak. Stand by, right?
That's what we got for you. 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 got to do all that. That's in motion. Maybe a chance to pick up the old brand. I don't know for sure. If we do, great, i f 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. Stand by. 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, working on engineering work for scale manufacturing.
Cellinity is a strategic infrastructure opportunity for national security of the United States of America. Don't know how to say any more clearly. This is an opportunity to refashion the future. Remember my role with Secretary of Commerce's office as an advisor on ETAC? Just had a chance to really ingrain myself into the circles that have conversation about global strategy for the United States. Make no mistake about it, energy storage is one of the top 10 in the category. What's up? Well, there's two things that are up, I'm going to point them out to you real quick. The first is, the Achilles heel of battery technologies n umber one, degradation, a ll the technologies that have gone to scale, a significant degradation issue. 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 terminal degradation on a cell. I believe it's a 20-year battery. We believe we can warranty a 20-year battery. Why is that important? Most batteries are six, seven years, t hey deplete over time, t hey degrade, and t hey 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. Number one is degradation. Number two 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. 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 three-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, right, joint venture, SPVs, a 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 your 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 Celinity. Remember, on O&M, we own 100%, right? On the PFAS solution under BioLargo Equipment, we own 100%. Those are financed by the parent, right? The development cycle, $50 million built the entire company, five operating subsidiaries, two commercial, one 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 one product in the door. We have five in each of the platform. Each one is a platform. Multiple products spin out of this. That's what capital efficiency looks like. 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 2025, p lus we brought in another $1.7 million in Clyra. Clyra's spending money faster during Q1. That was close. We'll have our Q coming out soon. How does the parent company participate? That's one more thing on structure I'll talk about real quick. There's basically four channels, right? First is equity, w e own these ventures. We own a lot of these ventures. The direct stakes in subsidiaries, 48% is the lowest. Well, it also requires the most money. That money came in the form of about $20 million from outside investors, $5 million from BioLargo. Total invested capital, about $25 million. Invest is we own 100%. Celinity, we mentioned before, around 95%. 100% we own in ONM.
There's a role of set equity. There's a royalty stream, 6% on gross assets. Hey, the wound care market is measured in billions. This is a meaningful license, d on't sell it short. Okay, 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. They 98% year-over-year, we expect that trend to continue, e ven 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. How do we make money? Equities, royalty, adjacent rights, service revenue, all the above.
It's the beauty in the model. Okay, what do the 2025 numbers reflect? Well, we got beat up pretty good on this Pooph thing. Revenue was way down, right? The Pooph revenue was the number one. We had a big net loss because of a compounding effect that occurs. 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. Now we're sitting at the point where Clyra is ready for commercial launch, i t's looking at the launch pad, and it'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. What's to watch for? Well, these are targets, right? Clyra, we'd like to get this major distributor, the big kahuna launch. 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're bidding contracts. What do we want to see happen?
We want to see this partnership, and not a legal partnership, this relationship, this 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 know we're already there. We're already into the minutiae, the fine detail of our, 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. What we need environmental. Well, we just said it, w e'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? We're going to try and get that done.
Then the minerals. Well, we know about that. We've got about a six or so month, six or nine month process with the design phase. Then we'll head into a pilot process, assuming successful in the design. 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. It's a lot. Okay, Randy.
Yeah.
Very nice. Dennis, thank you for the detailed remarks. We would love then 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? If so, what are they? Are there challenges or new innovations we need to be aware of the AEC?
Yes. Thank you. It's a good question. The pipeline represents total dollar value of opportunities we're actively pursuing. Actively pursuing means comprehensive bidding process. It's a mix, too. It's both industrial and municipal, m unicipal is drinking water, typically, right? Also industrial opportunities. Also, there's a PFOS as a destruction concentrated location center. Those are all awesome. Okay. They move on the timelines 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. That's the number one thing, a lot of waiting. A lot of sales cycles can take 12-36 months.
It's kind of true for all credible technology that's looking for adoption. Do we lose deals? Sure. Some fall off, on and off. What's happened is, 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? 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 n ow, 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, the signaling is worth watching. Pilot to deployment to scale.
We talk about that constantly, and we'll keep you posted. 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. We're kind of tapped, just so you know. It's full up. Everybody's 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. 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 re-recertify to the dental standards. All very doable. We think a great opportunity, but it's not on the priority list as of today.
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. Next question is, do you have any report on the progress on the ViaClyr sales and updates from the European market?
Most of that, I think with this addition of the Al-Hikma FZCO, that's the most meaningful. That'll serve, I think 26, d on't hold me to the number. I think there's about 18 direct and some indirect. All that requires some CE mark. The work with Advanced Solutions, everyone's very satisfied. It's sort of the front-end grunt work, if you will, to work with clinicians to see the clinicians work with the product, do some trial and error with clinical experience, that's all happening. We believe we've partnered with the right company in that case. We hope to have new news soon about reorders and where we're at in that process. 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. Is there any the big kahuna, do we have any expectancy when you will be able to announce it? Does it depend on them completely?
It, that's a good question. It's the, it's like the million-dollar question of the call, okay? 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. Here's what needs to happen. The final packaging needs to go into the FDA. That puts us about 100 days out. Okay? Maybe shorter, but not really. By the time with what's going on at 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? That we can launch the product. Everybody really wants to launch the product. 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. Just like we talked about, we just did this study with a quantified usability, right? Like, there's a whole bunch of checklists like that, and we're checking them off. In each of those cases, we're relying on a third party to deliver. A little bit of herding cats, but we're getting through it. Other than that, we'd love to see this product launch as quickly, as fast as possible. Okay, Julian, we can hit and cap it. 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.
Yeah. Sketchy is a funny word, right? I think that implies sort of deception, which is absolutely not the case. Let's start with that. 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, you know, I don't, I don't want everybody knowing what I'm doing." It's a , 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 wanna keep it, okay? 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, they have their own legal, communications, competitive governance, disclosure, whether they're public, not public. People don't want their business aired out in public, okay? 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, so s ketchy, no, I reject that completely. It's not sketchy at all, okay? 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? That 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? Until people kind of lock in on that, you know, sketchy, no. Don't buy it. Next question.
Regarding the newly announced Aquatech MOU, from the outside, this looks like a major step towards broad real-world 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? Whether there is any preliminary timeline or expectations for when Aquatech projects might start incorporating AEC systems.
Yeah. Yes. W e've covered a lot of this in the introduction, so l et'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. We're thankful that our technology is so attractive that they wanna leverage it for their customers and vice versa. The way to think about it is we built a pipeline, t hey 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. 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?
The tool is a powerful tool, okay. Yeah, it's now. It's active. We're working very closely together, primarily technical. It's all engineering, right. There's scale up, so you wanna go big, so you can really handle the bigger accounts. You wanna streamline the manufacturing process, t hey're professional manufacturers, y ou wanna 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 c an they manufacture to our spec? We're working through that. That's not an overnight question. Gotta kinda work through it. Is it competitive, right. All that. Can we protect the intellectual property associated with what we're doing? All that's gonna come to bear. Contracts, yeah. We're in the business now of delivering contract proposals around the world.
It's awesome, and it's gonna expand really fast. What's the timeline? 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 service ability, the scale in manufacturing. All of this is in motion as we speak. I think, our job is just now advance that relationship, find the customers, 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 in to its own right. As that translates to business opportunities of concrete nature with Aquatech, we'll keep you posted.
The only hesitancy I would be to start forecasting timelines again, that's basically gonna kick my butt, okay? We're gonna pause on that one. Next.
Realistic, can you give any insights on realistic AEC contract dollar, AEC, contract dollar values? Is it still in the $5 million-$15 million range?
Well, there's a bunch of them going up. 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 toward north of $100 million. As a small company, when you say, "Yeah, we can do that," the market really looks at you and says, "Well, if you Yeah, maybe." Right? I mean, it's just they don't, you know, they don't see the infrastructure in place to really be able to do that at scale. Now with Aquatech, they do see it. That's it. It's that simple. Like when somebody says, "Well, gosh, how can you support a $100 million project?" You go, "Well, I need you to meet my best friend over here, Mr. AquaSafe." Okay?
That's how it works. That's pretty normal in the engineering field. That's what happens, t echnology companies, we said it from day one, 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. Again, everybody knows we've had bumps along the way. You got to get the right partner at the right time 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. We've told them that. We'd love to have a long, fruitful relationship.
That's what we're heading towards. I think it'll work. Yes, we're seeing much larger projects. We've seen projects come in now that are top of over $100 million. You know, I wouldn't go spend that money yet. Can we compete at a $100 million CapEx installation on a PFAS full-blown treatment for massive scale, municipal sized drinking water? Absolutely, we can. Okay, next.
Awesome. When does BioLargo expect fully executed contracts that turn into big sales?
Yeah.
Development-wise, we'll use first steps.
Yeah. This is an interesting question, because I think it needs a little bit of clarification. I t wouldn't surprise me that we operate under an MOU for quite some time. Okay? Just think about that. Why? 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. 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? 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 you're 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. I think it's awesome. I hope that answers the question. I think it did. 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?
T here'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. 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, 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 reposition of the products with Pooph. Okay. 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?
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 soundbite. 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. Then you're dealing with a microcap, a market segment that's not as robust. You're dealing with overhang. The overhang is this idea that we've established a basis for this stock in the below of 15 and the high of probably 35. 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. How do you do that?
Well, a bunch of things y ou got to execute, n umber one, you got to execute, n o question. Number two, you have to allow investors to know more about the journey, and I think we need to tighten up on that. You know, if, again, we'll take some criticism. That's fine. We're sort of bound with all this NDA and disclosure with Listen, if we were the average $0.15 company stock, we'd probably be tooting our horn everywhere. 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. We have to play really according to their rules. That means less information and a little more secret. Ultimately, we believe the diversity of the portfolio pays. We're really bullish on that.
We've actually reached out for potential engagement with a new investor relations firm, which more robust is the way to say it. Really skilled, great track record. We're gonna 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 See, here's the way it works, right? Cut to the chase. I don't call up and say, "Hey, Mr. Steve Harrison, we're going to tell everybody about all your stuff." That'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? That is a constant push and pull, especially at this stage of our business, and so m y pledge really is to just do all I can do to do better. The good news is, as evidenced even in the last five weeks, the fruit is bearing out, right? We say, "It's time to get some of the harvest." Okay, let's do that. I hope that answers again, but I'm very empathetic to the struggle, and I get an earful once in a while. I got it. I got the message. Okay. Next.
From Deepwater. Given the long timeline from development to market, are any of our medical products and IP at risk of losing exclusivity?
That's a great question. You know, 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, I think. Exclusivity is a funny word too, but here's the thing. We're still with the IP game. For us, the way we think about it is we're constantly looking for new IP, we're also constantly delaying the filing of IP until the last possible minute, if we can do so. You say, "Well, but aren't you worried that someone else is gonna 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 like 15 years.
As far as we know, there's nothing in the marketplace that matches its technical performance metrics. We believe we've got a good, clean shot at future IP. What's IP now? Well, it's trade secrets. We just don't tell you, s o that's the game, right? Okay, that's one. The second is, we're always improving. So the way to think of it, and this is, you know, this is also why you use capital, right? If you say, "I got one thing, it's really cool, and I'm never gonna improve it," then you get an expected life. You know, you net present value your cash flow model on a license. 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. That's the answer. The answer is no, I don't think so. Again, not withstanding the need to move quicker, in the field of innovation, this is a very common problem. It is really hard to get new, right? New, novel, never been done before, that's the thing that is missed. It's like, no, it's all one of a kind. There's only one. There's only one. It's ours. It's hard. 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 will continue to do so. Long answer. Go ahead.
Can you provide us a sense of the relationship health with Clyra Gorilla Partner? Are they backing away? Are they solidly behind Clyra? Are they expressing concerns with the delays? Are they causing the delays?
Yeah. It's a great question. The simple answer is no. No, they're not causing delays. They've been great. A wonderful partner to work with, and I can say they're big, 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. That's always an issue, but that's not a reason for delay. The reason really has been the technical things. When you go through the process to prepare for this filing and everything's the first time it's ever been done, 'cause that's what it is, every step is the first time it's ever been done. You say, "Well, how can that be?" Well, it's a copper ion 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. It just has all this nuance. I don't wanna go into the detail because I think it gives away IP, but there's a lot of nuance to that. These 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 gonna last. It's gonna go where it's supposed to go in the medical system and be qualified. I mean, on and on it goes, okay. 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 extraordinary value to our partner. By the way, so do they. We're not naive, okay? We absolutely understand it. 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, n obody gave it to us, w e had to go do it, and we're still doing it, right? It's our intellectual property, it's our product, it's our design. It's remarkable. We've been using words constantly now. We believe it has a chance to be the new standard of care. Okay, 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? Yeah. Okay?
We're bringing something of extraordinary value to the marketplace. Of course, we absolutely love our partners. I mean, we just do anything we can to make sure it's got integrity and transparency. We're not in any sort of harm's way there. Yes, they love the product tomorrow. Nobody's happy, but, dissatisfied, therefore disgruntled? No. In fact, if anybody's been in the med device business taking products to market like this, the delays and the things you face because they're the first time you faced it, they are what they are. Here's the beauty. We think the mysteries of de-risking 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.
Good. Dennis, are you good for two 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 wanna go over. If you can fire up the remaining questions.
I would love that.
I'm good. Let's go.
Hey, Dennis.
Yes.
Do you want us to drop the one-sheet? We have not done that yet. Do you want that to share?
We've got the one-pager we're gonna shoot over here. We're also gonna 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. 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, I think I'm gonna give you the shortest answer of all the questions. You ready? 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, ultra fine micro pollutants, micro plastics. Whether our system is a potential destroyer or not or an advanced collector, we'll see. We don't have a good answer yet, but rest assured we're on it.
Excellent. Copy. I was just dropping the file, so I sent that now in the chat box on the right for everyone. This is the one-pager coming from Fantastic. One second.
Sure.
In a December 2025 interview, we were told ViaClyr packaging was being redesigned and the changes submitted to the FDA for re-review. Are we still waiting for FDA approval on the submitted change?
M aybe we have a language breakdown, so i f that's our fault, I'm sorry. We certainly didn't intend to. There was an evolution in process, I'm going to sort of cut to the chase. Based on our regulatory counsel's advice, they suggested that we make filing applications that are 100% complete. No rolling submission. Okay? We've not actually made the final application at this moment, but 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. That's how it works, right? 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. That's a little bit off. Maybe it's a context issue on our prior disclosure, but I'm happy to tighten it up, and I hope that's clarification. Okay.
Now a question regarding the AEC unit at Stockton Lake. Any plans to release data on smaller increments, three months, six months results, or will there just be one report after EPA and NJDEP review highlight AEC effectiveness?
Well, okay. The data, the delivery of data is, I'm not even sure how I answer the question. Let me do this. I think I should not answer that question because I'm not sure I know the answer. In that situation, I know that there's a continual report, i t was called continuous reporting. There's a rhyme to the reason, so e very whatever it is, week, 10 days, I'm not sure. That reporting cycle happens, and it goes into reg, and w hat they're monitoring is the continual performance. Okay, that's constant. Whether that's disclosed publicly or not, I'm not even sure. Here's what I wanna say. We don't wanna be silent.
You know, we've worked 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, it was a lot of work and not easy for everybody. It's hard, right? Lots of moving parts. It's done. Now we're in great relationship with the client and the regulators to execute and perform, refine also, right? Constantly refining. We're executing, right? We're doing it now. What we promise to do is to share more, like get up there 'cause we've got demonstration partners coming in. Our client has given us access to the facility and said, "Thank you. Anytime you wanna bring your prospective target partners or customers to see, you're welcome. Thank you."
They don't give us that 'cause they like us. They give us that 'cause we earn it. We have earned a position there, and it's really good. I think it's 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 wanna try and accomplish. Okay.
With how many European governments is BioLargo 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. European, w e had the stuff in Norway, that's for sure. That's fine. We're facing a capital stack and an incentive stack dilemma. I'm gonna just verbalize it real quick. The way we think about it is there's a lot of money for this sort of thing, okay? Projects, right? Build a project, build a factory, hire a bunch of people, make batteries, sell batteries, do you know, microgrid development, all the things that we do. All right? That's a, that's a big vision. Everybody knows we've got this relationship with 22nd Century Design. If you don't, look them up. That's 22nd, twentysecondcentury.design. Look them up. Okay. That's a development partner. Okay? Why does that work? Well, 'cause our model is to bring partners in.
They're really active, and they've got projects all over the world now. It's amazing. They're all at different stages, and they cast this really wonderful vision of impact. The impact is hiring people and training people and combination technologies and centered around this showpiece of build a factory and make commerce, right? Okay. That's a great plan. Okay. In that model, think about a real estate development project or an industrial site. 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 a 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? That's the question. Who's the equity sponsor? Okay. 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. I was with an institutional investor last week, and he says, "Are you gonna get government money, grant money, incentive money, or impact money?" I said, "Yeah." The answer is yes. Okay, 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, t hese projects can qualify for roughly 50% of the CapEx in non-dilutable financing. Just wanna make sure you got that, right? 50%. Out of a $170 million project, you probably got $30 million-$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? 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?
That's what we're working to solve. The beautiful thing is that as it falls into the national interest, again, we said it earlier, the articles, I published them on my LinkedIn, and we're gonna do more, but we published this last week. That was on the role of degradation as published by the battery energy storage, what's it called? Energy Storage News. Okay. It's a great little read. That's an industry publication. The Achilles heel of all systems is degradation. Okay. You go, "Okay, what do we got?" Well, we got a technology that's got proven technical claims. It's scaled at some level, and it now is facing the daunting task of building out a capital stack and incentive stack to go commercial.
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, quote, "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 to 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 one product trying to penetrate the crowded wound care market? How do you justify a 20+ person executive board?
Well, I think there's a breakdown on that question of facts. Okay? The board at Clyra is a five-man board, and no one's paid any cash, including me. Just so we're clear. It's, yeah. We've got a couple of key executives there, but it's only five people, and they're all in an option. They're in an option pool that's diluted at the subsidiary level. I'm not sure where that comes from. It's probably the construction of the website maybe makes it unclear. We'll take a note of that. There's this other board which is called Key Opinion Leaders. That's a professional board.
The way those work across the industry, 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 and is 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. That's it. I think the 20-person leadership board. The answer is no.
We're not top-heavy, we're not spending money there, and we've got great people, you know, pulling in the same direction.
Awesome. Now regarding the Clyra Medical and Al-Hikma FZCO, 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 timeline for market launch?
Yeah. Once again, it's such a complicated question. I think Al-Hikma FZCO takes the laboring oar. Okay. Then we come behind it, right? We work that together. I believe out of the portfolio, there's five or six where we've already got some sort of a waiver of CE mark compliance because of their treaties with the U.S. This also goes back to my role at ETAC, as I mentioned, and we've actually reached out and said, "Hey, you know, can we get any help on this?" The odds are we won't get much help on that, by the way. I don't wanna mislead you.
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 just administrative. You have to deal with whatever's going on in their, in their market. For example, in some of these countries, there's been a war going on. We did face some delay with that for sure. The implications, you know, we've had to deal with.
Again, I don't know how to tell you the timelines yet with confidence. 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 precipice of the commercialization through multiple channels, can we expect a reverse split in 2026 in order to qualify for the Nasdaq? Should BioLargo's OTC status is deterrent to potential investors?
Yeah. Yeah, no, that's You know, this is the question we've been talking about for years. 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. It goes back to this really simple thesis. We wanna do anything like that, we wanna consider when the wind is in our sails. What does that mean, wind in our sails? It means revenue climbing, enthusiasm climbing, valuation on the uptick, confidence about our financial stability is strong. Anything that we would do in that regard needs to wait until that is squarely in our camp. We don't intend on doing a recap.
Now, I think many CEOs would say, you know, "Be damned, do it." Dealing with the micro-cap market is a problem, and it's a detriment. It's thinly traded. It's got a much smaller audience. You know, we're probably relegated to less than 1% of the in-investing dollars in the world are eligible to invest in our portfolio. That's a problem. You know, you gotta 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. It's a different game. You know what the difference is? You need to forecast and you need to hit your numbers. You say, "Well, we should do that anyway." Well, really? It's the first of kind. What we need is to get adoption.
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. As a micro-cap company, I'll give you a securities, tutorial real quick. They use words like this. For a micro-cap company to forecast is inherently misleading. What? What? Yeah. 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. You know, I get criticism for it, that you can't control. You gotta control them all. You can't control them all. That's the problem.
What happens is, especially if you're talking about transformative technology, you know, one of a kind, first of kind, transformative for a market. We can beat that business model up easy. I don't mind it. I'm not sure we're going to spend an hour on it. I'll give you the punchline. If you want to do 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. 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. Same thing for Clyra. I mean, imagine, well, we'll go compete with the big gorilla. Really? Do you 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. Then you hope they don't screw you. Okay? I mean, that's really. Then if they are gonna screw you, protect yourself. That's what you got. 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. It's coming back, folks.
You mark my words, we're gonna come back on it. It's gonna come back. It's too good. We're not gonna let that thing deter us from out really taking care of customers and taking care of the animals. With the safe and clean, right? All that stuff. Safe for people, pets, and the planets. We've been saying that for 12 years. It's time to get that work done and get the interference out of the way. Anyway.
Awesome, Dennis.
Yeah.
Yeah. Awesome. Thank you so much, you know.
We gonna close out?
Taking the time to speak directly with us. I think, like, please close out, like, and then I will wrap up.
One minute. Less than 1 minute.
Okay. You ready?
Thank you, everybody. We're gonna publish an 8-K. The transcript of this will be in an 8-K. You'll be able to pull the transcript. That'll be on file before the market open in the morning. We'll also do some cleanup work to come back to our website and hit some of this disclosure there, okay. 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, we're entering into what we call the harvesting phase of our journey. 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've done it. We have stayed the course and for what we believe is a really worthy calling, worthy of a career, worthy of investment. Listen, there's gonna be a moment. I'm gonna make a prediction real quick. There's gonna be a moment at which the stock market is gonna respond in a favorable way that's gonna notch up. When it notches up, it will never come back again. That's our goal, and I hope that you're an investor and a stockholder in that moment. We're gonna stay the course, okay? Thank you very much.
Thank you, Dennis, very much again for taking the time to speak directly with us shareholders and for answering so many questions. As a reminder, this session has been recorded, and the transcript will be filed on Form 8-K with the SEC. We'll 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. We look forward to seeing you at the next town hall. Thank you, everyone.
Thanks, everybody.