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Brownie’s Marine Group Announces Financial Results for Q1-2023
Brownie’s Marine Group Announces Financial Results for Q1-2023.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, May 15, 2023 (GLOBE NEWSWIRE) -- Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment, redundant high pressure air rescue tanks and high-pressure air and industrial compressors in the marine industry, today announced results for the first fiscal quarter ending March 31st, 2023. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “As expected the first quarter 2023 was challenging from a revenue standpoint. The BLU3 team made great progress on recall repairs, and began shipping new Nomads during the quarter, but their results were impacted. Additionally, when looking at Q1-2023 vs Q1-2022, economic uncertainty clearly had an impact on the Brownie’s Third Lung results. Submersible Systems had an improved Q1-2023 as compared to Q1-2022, as they continue to see momentum in their newest HEED3 model to hit the market. As we move into Q2-2023 and head into our traditional busy season, for the first time in 2 years, we have full-line of products available, and have added the Nomad Mini to the product portfolio. Based on early indicators, we are looking forward to an exciting summer season.” Mr. Constable continued, “given the lower level of revenues, the company was able to reduce overall operating expenses by 34.3% for Q1-2013 as compared to Q1-2022. We will continue to monitor the changes to revenue and make adjustments as necessary.” Select Financial Metrics: Three Months Ended March 31st, 2023, Comparisons (in thousands) Q1-23  Q1-22  Change Total Net Revenues $1,639.06  $1,974.98   (17.01)%Legacy SSA Products – Brownies Third Lung $455.38  $581.11   (21.64)%High Pressure Gas Systems – LW Anerica’s $234.88  $276.82   (15.15)%Ultra-Portable Tankless Dive Systems – Blu3 $476.92  $794.59   (39.98)%Redundant Air Tank Systems – Submersible Systems $392.98  $322.46   21.87%Guided Tour/Retail - Live Blue $78.90   -   NM Operating Income (loss) ($312.70) ($443.90)  (29.56)%Net Income (loss) ($327.90) ($444.10)  (26.17...