Business
Brownie’s Marine Group Announces 49.8% Increase in Revenues for Q1-2021 vs. Q1-2020
Brownie’s Marine Group Announces 49.8% Increase in Revenues for Q1-2021 vs. Q1-2020.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, May 17, 2021 (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 fiscal first quarter and three months ending March 31, 2021. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “Brownie’s Marine Group continued its strong performance in the first quarter with revenue increasing 49.8% year over year. Our company and subsidiaries are well positioned as we head into the summer months. Historically, because of the seasonality of our business, we have a tendency to lose money in Q4 and Q1 and have a much stronger financial performance in Q2 and Q3. As our revenues increase, we believe we can be much stronger in the seasonally less robust quarters, as evidenced by our much stronger Q1 this year versus last. The team has executed well at expanding our reach across our distribution channels, as well as seeking out new markets for our products. Brownie’s Third Lung division continues to show offseason improvement with year over year growth during the first quarter of 58%. BLU3 continues to grow as well, increasing 134% during that same period. The company has recently focused on reaching the consumer directly, and those efforts have yielded a 162% increase in direct-to-consumer sales with Brownie’s Third Lung, as well as a 154% increase in direct-to-consumer revenues for BLU3, across both Amazon.com and the BLU3 website for first quarter 2021 as compared to the same quarter in 2020. We are also seeing improvements in Dealer revenue with a 25% increase for Brownie’s Third Lung and a 127% increase for BLU3.” 1st Fiscal Quarter and YTD Highlights Net Revenues increased 49.8% to $0.95 million versus $0.63 million last year;Adjusted Net loss for Q1-2021 was reduced by 50.7% as compared to the same quarter last year; andAt the close of the first quarter, cash and cash equivalents totaled $343,900, and the Company had a working capital surplus of $733,700. Select Financial Metrics: Fiscal 1st Quarter and Three Months Ended March 31, 2021 Comparisons (in thousands) Q1-21  Q1-20  Change Total Net Revenues $950.8  $634.80  &...