Good morning and welcome to the Noble Capital Markets Virtual Equity Conference. I am Joe Gomes, Managing Director and Senior Analyst at Noble Capital. Today, I have the pleasure of introducing BioLargo. Following the presentation, we'll have some time for Q&A. BioLargo invents, develops, and commercializes innovative platform technologies to solve challenging environmental problems. With us today from the company is Dennis Calvert, Chief Executive Officer. With that, I'm going to turn it over to the company. The floor is yours, Dennis. Thank you, Joe. Thanks, everyone, for joining. At BioLargo, we aim really high. We say, "We make life better." And we've been innovating now for over 16 years, and we've got a series of technologies that are finding their way to market. Got a couple of wins under our belt and some big ones coming. It is a very exciting time to take a deep dive into BioLargo. I want to remind everyone to look at the—remember, we're talking about forward-looking statements. Be sure and check the safe harbor regs and the disclosures in our K and our Q about all the risks. There is risk everywhere. Of course, we've demonstrated some ability to overcome those risks and manage them very carefully. In fact, we think of ourselves as risk managers, how to execute such a bold vision and preserve capital and execute in a commercially successful way. We'll talk about that. That's part of the key story of our company. Who are we? Innovators, science, entrepreneurs, passionate about making an impact for sustainability and for human health. Clean environment, healthy people, and making money is a great combination. That's what we focus on. We're driven by this big calling, "Make life better." We focus on best-in-class solutions, best-in-class. Everything we're going to talk about, we believe, has a chance to be best-in-class, the number one in its market, transformative technology. We insert our skills and our tools and our passion and our money in things that don't have good answers. We look for solutions to fill the gap. Ultimately, as we get that proof of claim, confidence in the inventions that we've done and their place in the market, we focus on conserving capital and leveraging those through partnerships and licensing ventures. There are four key commercial platforms in the portfolio. At the parent company, of course, we have finance, accounting, legal, all the things that pull the glue together, plus engineering. Our engineering team has been together as a team for well over 25 years, hails from a massive international, global multinational company, Chicago Bridge and Iron and Shaw Environmental. Brought the team, all the team in at once in 2017, and they've become a cornerstone of the invention and support cycle for getting these technologies to market. We have a team of about 50 people, something like 30 engineers and 12 or 13 PhDs. It's a smart group of people. They know what they're doing in these technology innovations, and they know how to sell them into the market and support the scale-up of the technologies. They have, as I said, become a cornerstone of not just the innovation, but the selling and the support to see these technologies find their way to market. We also have an R&D team in Edmonton, Canada. Been up there about 14 years, received over 100 and something, 130 grants over time. They have been a key part of the journey as well. In the platform, these are all different platforms that are finding their way to market. Some are mature, some are early. We'll talk about that as we get into the detail. In the energy company, BioLargo Energy, we're talking about long-duration energy storage. In the medical, it's a med-device technology. Products now going to market. We've got some serious news that we've announced recently. We'll talk about that in a few minutes. That's a 14-year journey, invested $20 million to get those products to market. It's an incredibly difficult journey. We believe transformative for infection control and surgical suite and wound and burn healing. There's probably seven vertical markets. We've secured partnerships, really preparing for significant launch, invested very heavily. In fact, in our net loss last year, it was about 85% of our net loss. We're investing in the R&D component to launch product at scale in a global market. O&M Environmental is air quality and odor control. It's our most mature. It also has generated historically the largest revenue component in the company. Last year, generating net cash flow for the total operation of about $6 million on revenues of about $14 million. That asset has provided a cornerstone. We are going to talk about that in detail too. In the equipment group, we are focused on water innovation, water treatment, water cleanup. PFAS is the number one asset. There is a whole series of technologies there as a solution provider. We are finding our way to market there as well with first wins, right in line with the regulatory scheme. Extraordinarily difficult cycle to get to market. It is one that takes a long time, but once you get in, you also get to enjoy the barrier that you put behind you for the competition. It is a pretty special technology. One of the challenges for our company is there is so much that lies beneath the surface, right? If you take a deep dive and you really study the business, you're going to see methodical strategy and these four principles in the upper left part of the screen. Number one, unmatched technologies. We believe, and we can support a healthy debate about the fact that these technologies have a transformative potential in their respective market. If we didn't think they had a chance to be number one, we wouldn't do it. Okay, now that's an argument. Requires analysis and defense. We understand. We pursue capital-conserving strategies, right? Once you get through the adoption cycle, invent it, prove it, and partner, the idea is to leverage other partners' resources, whether that's distribution, balance sheets, capital, infrastructure, go-to-market, vertical, all these things that these different markets have to offer to us. We are essentially arbitraging the cost of production with the distribution and working on that middle. That is the business model. It's a great business model if you can survive long enough to get it done, which we've done. That's the key. What we're witnessing now is the harvesting, the planting seeds for literally over a decade. Now the harvest is coming in, and we're going to talk about that in great detail. Highly qualified people, we cover that. Of course, purpose. Purpose keeps you going when the chips are down and you're struggling to get these technologies adopted in the market. Each of these has an underlying value. That value, we believe, is an exit value of significance or more. Of course, you got to execute. This is not forecasting. This is the underlying value of these assets in the marketplace, whether it's through a monetization event, whether a spinout or a joint venture or a sale. All of these have been built to invent, prove, partner to significant commercial success, and exit. Very, very important to understand that because exits, you do not realize until you exit. The underlying value proposition is pretty significant. Now, we had a great year last year. You will notice that our first quarter, we had a dip in revenue, still got a nice strong stockholder equity position. Additional capital is coming into our medical company for sure. Now, historically, we have not had to rely upon raising capital for the last year and a half or so at the parent company. We have had a nice cash flow position. This first quarter, we did lean on some of our resources to bring some capital in to shore up because we also have watched our receivables climb with our customers. As a result of our receivables climbing, our cash position has decreased slightly over the first quarter. We are shoring up our resources really as we work through those situations with our customers to make sure we collect our money and continue to advance our business. We are diligent. We are watching very carefully, and we have disclosed that in our most recent earnings call. I urge you to study that. Happy to talk about it, but we are managing our business carefully. As we said before, we are really good at risk management. The evidence of that is here we are after over a 16-year journey with a complete portfolio, adoption and cycle, significant assets, a company that is intact, and really extraordinarily low levels of debt. Most of the financing that's come in has actually focused on the equipment finance side for the Clyra Medical Technologies company that's preparing for such a significant launch. We think the crown jewel, they're all good. They're all important. The crown jewel of significant size and magnitude of scalability is our salinity battery technology. And we're going to highlight that real quick at a super high level. Let me check our clock, make sure we're on schedule. This is an article that was published about five months ago. Clean energy is the next trillion-dollar business. That's long-duration energy storage. Long duration is the idea that you can pull energy from a battery cell for an extended period of time. Not how long the battery survives. That's important too, but how long you can actually draw on it so that you can fill the gap when the grid is in trouble, right? Brownouts, okay? That's in blackouts. There's a gap in the market that's really not going to be filled by lithium. Lithium has a bunch of problems, okay? The number one problem when we go international, now we've got business developing all over the world now. It's just fascinating. And we're going to describe that business model. We always said the explosive nature of lithium is number one, this idea of thermal runaway fire risk. One cell lights another cell, lights another cell. Lithium is highly volatile when pressured under heat. You can't get it hot. That's why they take your lithium batteries when you get on the plane, right? It's pretty obvious. Lithium, though, has a place in the market. Really, of course, Tesla built the market. It's incredible. We're thankful for that. The filling that void in the long duration, being able to draw for an extended period with a battery that can last 20 years, there's a massive gap in the market. Now, some people are racing to fill it, we can talk about competition as well. We believe we have a technical advantage in our design that really gives us a place in that marketplace. The biggest issue, though, is this global supply chain risk. Just pick up the news and watch what's going on today. Global supply chain risk for critical minerals, infrastructure, resiliency, resiliency for the grid, made in America. All of these dynamics are coming to really bring some of this manufacturing and resource capability back to the United States. The timing for this for us is actually incredibly excellent. What do we got? We've got a battery that's safer, sustainable, durable, and more efficient. We can defend all those claims. I'm going to break them down for you real quick. This is a great comparison. I put this in the deck, not that we go through every word here. It's too much. You can come back and look at it later, right? We compared ourselves to the competition of other science-based technologies in the battery space. Here's the simple punchline. When you compare it to a lithium, we're 2.9 times the energy density. It's an astonishing claim. In fact, in the battery industry, that's the one I get the most skepticism on. People look at me and they go, "Well, that can't be." Yeah, it is. There's a journey story here, and that's the inventors originally came from the University of Tennessee. They invested over eight years in R&D to advance these technologies to a commercial readiness state. At prototype stage, two of the founders passed away. It was just such a sad story. The son saved the technology, ended up bringing it to us. We looked at this and we said, "Oh my gosh, it's such a significant, timely opportunity for the world." We decided to make a business deal, acquire the technology, and then advance it and replicate the data. Now, this is really important. We had to replicate the data that was accomplished by the original inventors. We thought that'd take us about a year, right? Guess what? It took two years and four months, and it was a little more expensive than we thought. It took some time, but we've done that. We're now in a position where we have proof of claim. We're now advancing to a scaled-up version of a larger cell. We've designed a business model that allows us to build factories all over the world. This is a hot salt battery, a hot salt battery that operates at 220 degrees Celsius. You have to change your thinking about it. It's a fixed-site grid scale, fixed-site grid scale. This is the competitive put-up. EOS is a great example of a comparable. It took them 10 years. They had massive investment, massive investment. They just brought in $260 million. The market cap's about $100 million, excuse me, a little over $1.2 billion. Big competitors in this space, okay? The technologies are the differentiator. We've got a technical advantage, we believe, against all of these propositions. The question, of course, is how you're going to scale. That goes to our business model. Here's where we're at in the journey. We developed a business model that we call a franchise model, right? Don't sell batteries, sell battery factories. Why can we do that? Well, because we have a technology that leads the way, number one. Number two, we have the skill and the expertise to actually build those factories with our talent from our engineering group that's worked all over the world and built $200 million, $300 million, and $400 million projects over their career. This is a perfect situation in our wheelhouse for execution of our core competency. Of course, leveraging the balance sheet. The idea behind a franchise model is pretty simple. Give more than you take. It's just real simple. Give more than you take. Why is that so important? Because it allows us to actually record revenue as we enter into the build phase. We participate in the equity that's created and the cash flow that's created post-build as a minority equity holder and a royalty for the license of the execution of that franchise. We're at this middle of the deck here. Complete the third-party validation. It's underway now. It'll report soon. When we run the analysis on a seven-factory build, which is pretty light, these are about $150 million a piece. Those factories will generate about $500 million a year in revenue. The profit margin expected is north of 16% after debt service and after royalty. 16% on $500 million, right? Okay. It's an astonishing business opportunity. The net present value puts us in at about $1.5 billion today. Of course, we have to justify that, right? That requires execution. That's what we're doing. We're raising money at a small valuation to get through some of this high-risk stage to continue to scale up and validate. The next stage will then be in the execution mode. We've got a series of MOUs scattered around the world. A couple of parties want to do multiple factories. As you can imagine, there's financing available. There's credits available. There's economic incentives for workforce development. All sorts of incentives to see the creation of these local investments. We're not selling batteries. We're selling battery factories. It's a great business model for a global scale and rollout. We talked about the medical. We just got a few minutes. We talked about the medical. The medical products are, again, we think transformative for the nature. We announced about 30-40 days ago that we'd secured a number of strategic relationships for distribution. As we mentioned before, we've invested heavily with a company called Keystone Industries out of New Jersey to build a scaled manufacturing capable of producing approximately a million units each times two. A million units each times two. That's the scale of the manufacturing required to support the partnerships that are now preparing to go to market. We are under NDA. We've been obligated to not mention the name until the products are ready to start shipping. We believe that's something like three to eight months away. We're hoping to get that accomplished for a launch before the end of the year. This asset, we've invested $20 million. Okay. The business model is very important. In this asset, we've had co-investors with our company. The investments have come directly into the subsidiary. We have secured and own 52% currently of the equity. We will face some dilution, and we own a 6% royalty on sales. This is an extension of the core technical assets of our company and a wonderful example of the business model and how long, difficult road it takes to get these situated for significance in the marketplace. When they go, they go really big. They go really big. This is worth it. I just want to make sure we're clear. Transformative technology for healing. This is going to be all over the world. We believe it's going to be the gold standard for advanced wound care and infection control. We have a product, Pooph. We mentioned that, right? Pooph is an extension of our industrial products. Again, we're going to run out of time. How much time do we have, Mr. Joe? Couple more minutes. Okay. We are going to wrap these up real quick. Great extension. We went vertical in the industrial space, found a partner, a marketing group to launch the product. It is in about 40,000 stores. Last year was the most important revenue piece of the company. We are diversifying that revenue base, of course. The first quarter, we are seeing some settling in and retrenching. That is fine. We also are focused aggressively on making sure that our receivables are intact and supporting them as they continue to regroup and push forward. Watching closely and making sure that we can support them in their success. 40,000 retail outlets, often called the fastest growing pet product in the market. We have a business deal that says we are the supply chain. We make a little money on the manufacturing. We get a little royalty. Here's the underlying value. On exit, we own 20% of the brand. Don't forget it. You do not get to see it until there is an exit, but it is a big number. This is a dominant brand and has a chance to really create a significant exit. The last, of course, is this PFAS. I am not going to spend a lot of time on it, but it is a strategic interest for the United States of America. PFAS is the forever chemicals that are associated with non-stick coatings. We have been working on this almost five years. We have got our first adoption. We have got a pipeline that is so significant. We have got two global partners now coming to the table who want to partner on supply chain as well as distribution. We have one engineering firm that's actually specified our technical solution in 26 projects. Twenty-six projects. There has been some slowdown at the regulatory front. As the Trump administration has come in, he gives a lot of signaling, right? A lot of signaling that we're going to make sure commerce is flowing. There is a lot of ambiguity in the regulatory framework. Because of our involvement in this, I was actually recruited to join the Environmental Technology Trade Advisory Committee under the Secretary of Commerce. It's been a fascinating opportunity for me to actually sit on the front line with the teams that are looking at 40 people that serve on that committee to look at policy, regulatory frameworks, and incentives to see these emerging technologies. I was also named as the chairman of the subcommittee on enabling innovative technologies in the space, which, of course, we know because we've been doing it for now almost pushing 20 years, right? Fascinating journey. We believe this will, over time, slow adoption cycle, very difficult to enter. As we solidify our position in the marketplace, this is a significant asset. The projects in the early stage of commercial validation, commercial trials, generally in the $1 million-$2 million range. The full-scale projects, $3 million-$25 million. This is big business, okay? We're in it to win it. Anyway, the key claim is the waste stream. It's ours on the left. That's the competition on the right. 140,000 at the waste stream, right? Anyway, we've got great results and economics that are really compelling in that market. We'll see some adoption in that as we continue forward. All right, over to you, Joe. Thanks, Dennis. Great insightful presentation. Let's start off with this one. You talked a little about Pooph is making some revenues, but if you look at the group of technologies that you have, what are the closest to significant commercial scale-up or revenue inflection? Yeah. The most mature, of course, is the Clyra assets because we've invested so heavily in the preparation of a launch with significant partners. We believe it's going to go big, and we believe it's going to happen really over a relatively short cycle. The launch is probably, like I said, somewhere between three and maybe eight months away, something like that. There's a lot of detail that goes into the preparation of a launch at the scale that we're talking about. Patience required. Once it launches, we believe it becomes transformative. The claims set associated with that product are so unique. Safety, up to three-day antimicrobial activity. It has evidence to support biofilm activity, which means advanced work that goes on in the healing and the protection of the body. Of course, no sensitivity and no systemic toxicity. When you put all those claims together, there is no product in the market that has that set. These are not hopeful claims. These are validated claims. This is as cleared under a 510(k) with the FDA. Now, once you get that in place, you have to do two things. You have to build scaled manufacturing. In order to get scaled manufacturing, you have to have scaled demand. Scaled demand is required to get the asset position for scaled manufacturing. We have done both. We're in a situation now where we're going to watch dramatic growth occur as that goes to market. It also creates an incredible opportunity for a potential exit. We think that's an IPO spinout for the company. We'd like to do that in somewhere around a year and a half or so. A year and a half to two years is probably the maturity point at which we can really realize the value. We think we can get that IPO somewhere north of $500,000,000. That creates a liquidity event for our stockholders. This is why you want to be a stockholder in the company. You want to be there when these happen. As they mature, of course, we believe the valuation will continue to rise. So buying early is a wise thing, especially when you understand the exit potential and the underlying value that's unseen. That's our thesis. You got to do the homework, though. You got to do the homework. Right. Now, in addition, the battery technology appears to hold significant upside potential. Can you talk a little bit more about the timeline for commercialization of this product? Yeah. So again, in this model, the commercialization happens when a partner says, "I want to be your franchisee." This is really important, right? Now, the build of factory is going to take some time, especially to scale. We're talking about 200,000 sq ft buildings, all the equipment, all the automation, the high-tech designs that are required for automation. There is a lot of work to do. The business model is such that when a partner says, "I want a franchise," money starts to flow, and we get paid, generating revenue and smaller margins as we build the infrastructure to support that franchisee. This is really critical. What does it take to get a franchisee signed up? That's the question, right? Are we ready to do that? Is that soon? We think so, right? What happens is technical people who do a deep dive with us as potential partners, they come out of this situation. They say, "Look, I need third-party validation." That's happening now. I need to understand that you're credible. Fine. We are who we are. Take a deep dive. Let's dig in for that. Did you have the skills and the wherewithal to support the building of this kind of factory rollout? We have the talent to do so. What happens is, the technical people do that deep dive. They typically come out and they say, "This is doable. This is doable." It does not mean you have done it all. The engineering work alone to do the entire design work on a 200,000 sq ft factory and then replicate that six or seven times. This is a lot of work, okay? Again, the revenue happens when you start the project because we are the design, build, and then handover, turnover, licensor, the franchisor, right? The business model is incredibly powerful. If you look at the strategic interests of the United States, we check all the boxes: resiliency, energy, employment, workforce development, microgrid, opportunity for microgrid development, big data, resiliency for strategic infrastructure. We click all the boxes, okay? We think this is a time for this business model and for this asset to shine in a global way. We've got a number of MOUs already signed. We're working through the financing opportunities to see if we can pull those into go mode. We're hopeful. It's hard to predict the exact timeframe. It starts with credibility. It starts with third-party validation on the battery tech. That's underway. Stay tuned. We're pushing hard. Okay. You mentioned the PFAS technology. Two-part question. What's kind of the biggest technical or regulatory challenge you're currently facing in commercializing this project? I believe you had talked about putting together a project in New Jersey for that. Can you talk a little bit about that also? Oh, yeah, sure. It's been a long slugfest, right? The regulatory frameworks have ebbed and flowed. Here's the thing. The laws have been passed, okay? In fact, I don't know if you noticed there was a major settlement just about two weeks ago in New Jersey for close to $500,000,000 by one of the polluters, right? Here's what happens. While the regulatory framework might pause, okay, the litigation doesn't. Okay? These are chemistries that have been put into the environment for over 50 years, and they were linked to birth defects and cancer, and nobody's happy about it, okay? That's the punchline, right? No matter what the Fed does, the states are not going to allow this to happen. Litigation is going to continue. Solutions need to be found. Now, there's a different hierarchy of priorities. Drinking water, of course, is for human safety. All the industrial players, they got to get this stuff out of their discharge water. They've got to do it. Many of them are under EPA consent decree. By the way, there are seven or eight different markets in the PFAS cleanup arena: firefighting foam, groundwater, drinking water, industrial wastewater, municipal wastewater. Each of those is a different channel. The good news is we can play in all of them. We've made decisions strategically to position ourselves for success by not relying upon the politically driven municipal drinking water business as a platform for our company. Now, we can do it, but what happens is those decision-makers are fearful to make the wrong choice. They wait for the adoption cycle to get through the early adopter phase, and we're definitely in the early adopter phase. The New Jersey project was delayed about nine months. I can't even remember exactly how long, primarily because we were waiting for the general contractor to build the building. Now that's reported to be done. We've had the unit sitting in our warehouse for about six months. We're ready to put it in and make it work. The other thing that's important is the US EPA federal and state office has agreed to use this as a demonstration site for their validation purposes for our solution. Remember that we were recruited to join the Secretary of Commerce's advisory committee because of this technology. It is gaining momentum and credibility. The backlog of business is a varied portfolio. We believe we've got a couple of nice industrial wins that will go into pre-commercial piloting, which is awesome because we get paid. Those are significant for us and our company, they're significant. A million, million five, $2 million accounts, and they're pre-commercial. What are you doing? You're laying the groundwork to be the player for the commercial installation. At that point, those installations go probably to the $5 million-$7 million, $8 million range. This is big business, okay? Patience is required. We believe that we're at the apex of value in the collection and destruction of PFAS for the industry. We believe our toolkit, as we get that adoption cycle evened out, will become valuable for the supply chain to adopt to support the rollout across the marketplace. That's our business model. It's very difficult. Don't miss it. Read the risk factors, okay? It is meaty and it is real, and we're in it to win it again. This is a significant asset. It's just a lot of slugfest to get it situated in the market. We're plugging away. Great. Dennis, this is just a fascinating story, but unfortunately, we've come to the end of our allotted time. Suggest investors take a deeper dive. I know we didn't have enough time to cover everything, but we did cover a lot of ground today. Got significant insight into what BioLargo does, its markets, opportunities. We appreciate you taking the time to participate in our conference, and we wish you and the company the best in the future. Dennis, thanks again. Joe, thank you. Thank you, everyone, for your attention.