$BLGO Locked‑up insider shares + profitable engineering = huge price/value disconnect

**NEWS: BIOLARGO, INC.** President and director Dennis P. Calvert reported two stock awards that increased his direct holdings of common stock. On **June 30, 2026** he acquired **699,569** shares at **$0.1135** per share, and on **July 1, 2026** he acquired **219,914** shares at **$0.113** per share, both classified as grants or awards rather than open-market purchases.

The shares were issued by the company in exchange for reducing amounts it owed him for salary and unreimbursed business expenses. The awarded shares are subject to a **Lock-Up Agreement**, restricting sales until the company reports at least **$40 million** in consolidated gross revenue for any reported period, or its market capitalization exceeds **$300 million**, or there is a change in control. After these transactions, he directly owns **11,058,108** shares, which include **1,528,695** shares held indirectly through a limited liability company he owns and controls.

**Ticker: $BLGO**

**Share Price: .11**

**Market Cap: below $40 Million**

* BioLargo executives are receiving stock **instead of cash** for unpaid salary and expenses, and those shares are bound by a Lock‑Up Agreement: no sale until BioLargo reports at least **$40M** in gross revenue in any period, hits a **$300M** market cap, or there’s a change in control.
* At current levels that lock‑up effectively requires around **10x higher revenue** or roughly **7x higher market cap** before these insider shares can become liquid.
* Recent Form 4 and lock‑up disclosures show executives converting six‑figure sums of salary and business‑expense IOUs into common shares that are fully subject to this $40M / $300M lock‑up, tying their compensation directly to long‑term business scale.
* This isn’t just one person: multiple insiders (including senior leadership and science/engineering leadership) now hold very large, locked‑up positions, with ownership measured in **tens of millions of shares**, all structurally rewarded **only if BioLargo becomes a much bigger company.**
* On the operating side, engineering services revenues from third‑party customers almost **doubled** in 2025, increasing from **$1,017,000 to $1,998,000**, even while total company revenue dropped due to the Pooph license termination.
* Management has repeatedly highlighted **BLEST (BioLargo Engineering, Science & Technologies)** as a **growth engine: a profitable, cash‑generating subsidiary** that both supports technology commercialization and drives independent service revenue.
* In 2026, BLEST has already secured more than **$1.4M** in U.S. Air Force environmental contract renewals over 12 months, building a durable base of recurring federal work
* BLEST also won a **$1.2M** contract to design a pilot‑scale minerals processing facility that converts legacy mineral waste into valuable commercial products, with a **2–3 year** roadmap to a full commercial plant **(dozens of $ million)** if the pilot succeeds.
* BioLargo has **engaged Darrow Associates (DarrowIR), an award‑winning micro/small‑cap IR firm** with about 250 years of combined Wall Street and IR experience, to help put this under‑followed execution story in front of more institutional and retail investors.
* **Put it together: After these insider lock‑ups and a string of value‑generating milestones (AEC municipal PFAS install, ViaCLYR stocking order, Al‑Hikma MENA deal, minerals contract, Aquatech MOU, Air Force renewals), a sub‑$40M valuation looks more like a price/value disconnect than a fair reflection of the underlying business.**

**On top of that, revenues are rebounding from last year’s lows, including an \~81% quarter‑over‑quarter revenue jump in Q1 2026 as the business pivots from Pooph dependence to engineering, PFAS, and Clyra‑driven growth.**

**I continue to take advantage of the Price/Value disconnect.**

**Do your own DD.**