Unless otherwise expressly stated herein, all statements, including forward-looking statements, set forth in this Form 10-Q are as of June 30, 2022, unless expressly stated otherwise, and we undertake no duty to update this information.

The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and the related notes to the consolidated financial statements included elsewhere in this report.

Our Business - Innovator and Solution Provider

We believe we have three dominant catalysts for near-term monetization of our core technologies and engineering services:

Additionally, our engineering services division began work to complete the initial phase which is now expected to be completed in Q3, of a large capital project in the cleantech and environmental technologies space - a waste-to-energy conversion plant in South America (see Waste-to-Energy Conversion Plant Project below).

BioLargo's commercial efforts are expanding for a number of reasons.

Formula for Success: Technology, Talent and Purpose

o Removal of per- and poly-fluoroalkyl substances (PFAS) from drinking and

We have grown our team to 31 team members and numerous other part-time consultants, including highly qualified PhDs, engineers, MDs and medical professionals, construction professionals, field service technicians, innovators, sales marketing specialists, entrepreneurial and executive leadership.

Combating the PFAS Forever-Chemical Crisis - the AEC

ONM Environmental - Industrial Odor and VOC Solutions

Our subsidiary BioLargo Engineering, Science & Technologies, LLC ("BLEST") offers full service environmental engineering to third parties and provides engineering support services to our internal teams to accelerate the commercialization of our technologies. Its website is found at www.BioLargoEngineering.com.

BLEST focuses its efforts in three areas:

? advancing their own technical innovations such as the AEC PFAS treatment

BioLargo Water and the Advanced Oxidation System - AOS

Municipal Wastewater Treatment Pilot - Montreal

Our company generated approximately $1.3 million in company-wide revenue,

? representing a 37% increase compared with the first quarter of 2022, and a

? Our company continued to demonstrate the commercial viability of our cleantech

products and services through organic growth leading to increased revenue

? We improved our financial condition by through increasing cash flow from

? We advanced the commercialization of our technology assets in target markets

through channel partnerships that are either already in place and executing,

We operate our business in distinct business segments:

? ONM Environmental, which manufactures and sells our odor and VOC control

? BLEST, our professional engineering services division supporting our internal

business units and serving outside clients on a fee for service and/or project

? BioLargo Water, our Canadian division that has been historically pure research

and development, and is now transitioning to focus on commercializing our AOS

? Clyra Medical, our partially owned subsidiary focused on the medical device

? Our corporate operations, which support the operating segments with legal,

Cost of Goods Sold (ONM Environmental)

Operating Income (Loss) (ONM Environmental)

Cost of Goods (Services) Sold (BLEST)

Selling, General and Administrative Expense - consolidated

The net income (loss) per business segment is as follows (in thousands):

Critical Accounting Policies and Estimates

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