Business
Brownie’s Marine Group Announces 107.5% Increase in Revenues for Q1-2022 vs. Q1-2021
Brownie’s Marine Group Announces 107.5% Increase in Revenues for Q1-2022 vs. Q1-2021.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, May 31, 2022 (GLOBE NEWSWIRE) -- Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment and high-pressure air and industrial compressors in the marine industry, today announced results for the first fiscal quarter ending March 31st, 2022. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “We continue to grow across all business segments and are pleased so far with our Q1-2022 results in comparison to where we were a year ago. Our growth continues to be supercharged by our Blu3 division, so much so, that we decided to front load into Q1 the investments necessary to continue that pace of growth throughout the rest of the year.” Mr. Constable continued, “making those aggressive expenditures in expanding brand recognition this quarter swung us towards a small loss, but we think it’s well worth it to facilitate the pace of growth that we are having in that division in particular.” Fiscal Q1-2022 Highlights vs. Q1-2021 Total Net Revenues increased 107.5% to $1.97 million for Q1-2022 vs. $950.7 thousand in Q1-2021;Brownie’s Third Lung revenue increased 24.7% to $581.1 thousand for Q1-2022 vs. $466.0 thousand in Q1-2021;LW Americas revenue increased 84.4% to $276.8 thousand for Q1-2022 vs. $150.1 thousand in Q1-2021;BLU3, Inc. revenue increased 137.5% to $792.1 thousand for Q1-2022 vs. $334.6 thousand in Q1-2021;The Net loss remained flat for Q1-2022 vs.Q1-2021;The Adjusted Net Income (loss) increased to $178.6 thousand for Q1-2022 vs. $97.5 thousand in Q1-2021; Select Financial Metrics: Three Months Ended March 31st, 2022, Comparisons (in thousands) Q1-22  Q1-21  Change Total Net Revenues $1,975.0  $950.7   107.7%Legacy SSA Products – Brownies Third Lung $581.1  $466.0   24.7%High Pressure Gas Systems – LW America’s $276.8  $150.1   84.4%Ultra-Portable Tankless Dive Systems – Blu3 $794.6  $334.6   137.5%Ultra-Portable Tankless Dive Systems – Submersible Systems $322.5  $0.0   NM Operating Income (loss) $(433.9) $(447.2)  -3.0%Net Income (loss) $(444.1)...