Business
Brownie’s Marine Group Announces 70.2% Increase in Revenues for the YTD-2022 vs. YTD-2021
Brownie’s Marine Group Announces 70.2% Increase in Revenues for the YTD-2022 vs. YTD-2021.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment, high-pressure air and industrial compressors and dive retailer in the marine industry, today announced results for the third fiscal quarter ending September 30st, 2022. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “We are very pleased with the continued growth of the Company through the third quarter, and we’re focused on closing out the balance of the year with a rigorous effort for year over year quarterly growth. Our third quarter focus was to make the most of our typical seasonal peak, supporting our customers with product and sales support to ensure a successful end to the summer season. We look for Q4 to show the normal seasonal adjustment to revenue and we continue to monitor the economic indicators, and the strength of the US dollar to adjust our operating plan, as necessary.” Mr. Constable continued, “I’ve had some investors comment to me that all of our press releases are starting to sound the same, continued quarterly growth, etc., and I can appreciate that. One of the things that I want to point out is that in Q3-2019 we had revenues of $841 thousand and have grown revenues 330% through Q3-2022. We have been continuously expanding our markets, and carefully acquiring complimentary pieces, and I am very proud of our team for the operational success we have been having.” Key Fiscal Q3-2022 Highlights vs. Q3-2021  ■Total Net Revenues increased 80.2% to $2.81 million for Q3-2022 vs. $1.56 million in Q3-2021. ■LW Americas sales increased 193.9% to $350.8 thousand for Q3-2022 vs. $119.4 thousand for Q3-2021. ■BLU3, Inc. revenue increased 187.2% to $980.2 thousand for Q3-2022 vs. $341.3 thousand for Q3-2021. ■The Adjusted Net Income increased to $141.9 thousand for Q3-2022 vs. -$126.6 thousand in Q3-2021. Key Fiscal YTD-2022 Highlights vs. YTD-2021  ■YTD-2022 Revenue increased 70.2% to $7.19 million as compared to $4.22 million for the YTD-2021. ■LW Americas sales increased 52.9% to $897.9 thousand for YTD-2022 vs. $477.1 thousand for YTD-2021. ■BLU3, Inc. revenue increased 120.8% to $2.66 million for YTD-2022 ...