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Brownie’s Marine Group Announces 64.3% Increase in Revenues for the H1-2022 vs. H1-2021
Press Release | 08/22/2022
Pompano Beach, FL, Aug. 22, 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 second fiscal quarter ending June 30st, 2022.
Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “The Company continues its strong growth path, and we’re very pleased with our trajectory through the second quarter. The BLU3 division continues to be our fastest area of growth and would have likely shown additional growth had it not been for some supply chain issues in June that created some back-orders.” Mr. Constable continued, “We are excited about the addition of Live Blue to our roster of companies, and we expect this division to capitalize on the popularity of the BLU3 product line and change the way that people enter the water and comfortably explore the underwater world.”
Fiscal Q2-2022 Highlights vs. Q2-2021
Net Revenues increased 40.2% to $2.40 million for Q2-2022 vs. $1.71 million in Q2-2021;
The Adjusted Net Income(1) increased 109.1% to $89.5 thousand for Q2-2022 vs. $42.8 thousand in Q2-2021;
H1-2022 Revenue increased 64.3% to $4.37 million as compared to $2.66 million for H1-2021
BLU3, Inc. revenue increased 94.5% to $1.68 million for H1-2022 vs. $863.0 thousand for H1-2021;
LW Americas revenue increased 52.9% to $547.0 thousand for H1-2022 vs. $357.7 thousand for H1-2021;
Select Financial Metrics: Three Months and Year to Date Ended June 30th, 2022, Comparisons
(in thousands) Q2-22 Q2-21 Change H1-22 H1-f21 Change
Total Net Revenues $ 2,401.24 $ 1,712.92 40.18 % $ 4,376.20 $ 2,663.70 64.29 %
Legacy SSA Products – Brownies Third Lung $ 797.02 $ 976.97 -18.42 % $ 1,378.10 $ 1,443.01 -4.50 %
High Pressure Gas Systems – LW Anerica’s $ 270.20 $ 207.57 30.17 % $ 547.01 $ 357.69 52.93 %
Ultra-Portable Tankless Dive Systems – Blu3 $ 884.27 $ 528.38 67.35 % $ 1,678.90 $ 862.98 94.55 %
Ultra-Portable Tankless Dive Systems – Submersible Systems $ 399.48 - NM $ 721.90 - NM
Guided Tour/Retail - Live Blue $ 50.27 - NM $ 50.27 - NM
Operating loss $ (319.14 ) $ (247.61 ) 28.89 % $ (753.04 ) $ (694.78 ) 8.39 %
Net loss $ (328.66 ) $ (89.80 ) 265.99 % $ (772.75 ) $ (530.79 ) 45.58 %
Adjusted Net Income (loss)(1) $ 89.53 $ 42.85 108.96 % $ 3.02 $ (34.53 ) 108.74 %
NM = not measurable/meaningful
Operational Highlights
May 2022 – BWMG closed on the acquisition of the assets of Gold Coast Scuba, Inc. and launched its new subsidiary, Live Blue, Inc.
Non-GAAP Financial Measures
This press release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). We report adjusted net income (loss) to measure our overall results because we believe it better reflects our net results by excluding the impact of non-cash equity-based compensation. We believe the presentation of adjusted net income (loss) enhances our investors’ overall understanding of the financial performance of our business.
We believe that investors should have access to the same set of tools that we use in analyzing our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
Unaudited reconciliation of adjusted net income (loss) for the periods presented(1) Six Months Ended June 30,
2022 2021
Net income (loss) $ (772,754 ) $ (530,786 )
plus:
Depreciation & Amortization $ 173,423 $ 64,977
Shares issued for Interest $ 23,048 -
Stock issued for services $ 47,501 $ 125,000
Stock-based compensation incentive bonus shares issued to CEO and employees $ 11,060 -
Stock-based compensation – options $ 520,739 $ 475,875
Loan Forgiveness – PPP and other - $ (169,600 )
Adjusted net income (loss) $ 3,017 $ (34,534 )
Unaudited reconciliation of adjusted net income (loss) for the periods presented(1) Three Months Ended June 30,
2022 2021
Net income (loss) (328,662 ) (89,805 )
plus:
Depreciation & Amortization 81,375 34,880
Shares issued for Interest 23,048 -
Stock issued for services 12,001 -
Stock-based compensation incentive bonus shares issued to CEO and employees 11,060 -
Stock-based compensation – options 290,705 257,370
Loan Forgiveness - (159,600 )
Adjusted net income (loss) 89,527 42,845
About Brownie’s Marine Group
Brownie’s Marine Group, Inc., owns and operates a portfolio of companies with a concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has five subsidiaries focused on various sub-sectors of our industry, including Brownie’s Third Lung, Inc. in Surface Supplied Air, BLU3, Inc. in Ultra-Portable Tankless Dive Systems, LW Americas in High Pressure Gas Systems and Submersible Systems, Inc. in Redundant Air Tank Systems, and Live Blue, Inc. The Company’s wholly owned subsidiaries do business under their respective trade names on both a wholesale and retail basis from our headquarters and manufacturing facility in Pompano Beach, Florida, and a manufacturing facility in Huntington Beach, California.
For more information, visit: www.BrowniesMarineGroup.com.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on April 22,2022, and our other periodic and quarterly filings with the SEC.
Source: Brownie’s Marine Group, Inc.
Contact Information: (954) 462-5570
investors@browniesmarinegroup.com
I agree never saw an 8k like that
But it looks we get a nice bid and now it's getting chewed on
Hopefully 2nd quarter causes some ask buying
Z
An 8-K is out today. Never seen an 8-K like this before (10-Q is a wee bit late, but the NT-10-Q was filed on time) Looks like they have reported that if you back out deprecation, stock share expense(?) stuff, they not only had a gross profit, but slightly profitable "ADJUSTED" PROFIT.
Solid growth in revenue.
This is not the final 10-Q, it is listed as an 8-K related to a PR. I have not seen the PR yet. Here is a PDF copy of the BWMG 8-K filed today
$BWMG 8-K filed 8-22-2022
Was downloaded from OTC Markets the BWMG SEC filing.
Stockmule, and scubaboard.com looks like a great place for BWMG to advertise their products. Hopefully, they are on it already.
Does anyone know if the 10q will be out tomorrow?
When other resorts start to use the system then I believe the stock goes up. Due to 'Then, they will meet up with their dive guide to go over lessons, skills and drills before heading off to explore.' makes it more difficult unless one is already scuba certified. Look at the scubaboard.com there is a snorkeling ad for Hawaii shows 3 people on a hookah set up but doesn't look like nemo, maybe browines 3rd lung which is advertised. Different ads at different times: Checking that ad it only shows various snorkel options at various Islands but not equipment options.
Since Brownies started expanding, they have been late filing, No big deal, IMO. Picked up a few at .029 today. Best of luck to ya.
BWMG!
Someone came in today with a nice 1 million share purchase, maybe the first of many large buys, earnings due next week?
Blu3 is posting some excellent content on their instagram page. They're clearly gaining a lot of traction in the diving community. We know sales are doing very well based on latest updates. I'm surprised the stock still sits here.
I'm not sure what it will take to get it moving, but there is a lot of executional progress being made by the company, that I am sure of.
Make sure you're following them on instagram if you're not already!
https://www.instagram.com/diveblu3/?hl=e
Agree with that, but we've had numerous acquisitions increasing revenues and upgraded exchange to OTCQB and for the most part pathetic trade volume to coincide.
Just feel that by now we'd be seeing better trading
4 bidders which are weak
8 on the Ask
Maybe 2nd qtr numbers will give her a jolt
Just opining
Z
Scams get pump and dump ad funding. Real companies like $BWMG do ads on the products they make and sell.
Most OTC volume is daytraders, and they they want to see volume from others so they can scalp. The good news is there are no flippers playing games here. Just a long investors float lock
Gotta say bid looks pretty weak
I'm still scratching my head as to why this is not attracting more investors
They keep putting out great videos about their products
And yet the slow drift down continues ??
Z
Good to see they are trying to expand the exposure of their Nemo products would love to see it on some TV shows like Under Deck, or some in use on some yachts where they can expose it to 1000's of viewers. At least they are starting to spread the word on Nemo.
GLTA!!!
BWMG-subsidiary-Live-Blue-Inc-Launches-Guided-Tours-Featuring-Tankless-Diving
Pompano Beach, Fla., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Brownie’s Marine Group Inc’s (OTCQB: BWMG) wholly owned subsidiary, Live Blue, Inc. is launching a unique underwater experience this summer with guided tours featuring their sister company BLU3’s tankless diving system, Nemo.
Divers who participate in the underwater experience will use BLU3's Nemo dive system, which is a battery-powered, custom-designed compressor designed to float right behind and above divers. Tankless scuba diving combines the simplicity of snorkeling and the thrill of scuba diving.
The guided tour is a diving experience designed for those who have previously snorkeled. Participants will have the opportunity to adventure alongside an authorized Live Blue dive guide. The guide will provide hands-on training and guidance so newcomers can learn to comfortably dive at 10 feet for 45 minutes. The tour serves as an excellent introduction to diving while bridging the gap between snorkeling and diving. During the tour, divers will be able to immerse themselves in the underwater world without the hassle and weight of heavy scuba gear/equipment.
Participants will watch a 15-minute introductory video either before arriving or upon arrival at the guided tour location. Then, they will meet up with their dive guide to go over lessons, skills and drills before heading off to explore. Participants will then follow their dive guide through a thrilling underwater adventure.
Divers who participate in a guided tour will have the chance to be introduced to the Nemo product and the underwater world that awaits without having to purchase the system. However, divers can put some of the guided tour fee toward the purchase of a Nemo system.
"The Live Blue experience is the culmination of what we have been working toward at Brownie’s Marine Group." said Chris Constable, CEO of Brownie’s Marine Group. "Live Blue gives customers the opportunity to enjoy the underwater world with a qualified guide. Our differentiator from other tourist type dive experiences is that the customer is given an opportunity to purchase one of our units right after finishing their tankless dive adventure, bring value to the tour operator and to the manufacturer, BLU3"
The guided tour location in Lauderdale-by-the-Sea is just the first of what will be many similar locations around the world. More Florida locations are expected to open soon with more announcements coming in the near future.
With this pilot program, Live Blue also is inviting new tour operators to come and learn their processes and guidelines. If you are interested in becoming a Live Blue Dive Guide, visit goliveblue.com to apply.
About Brownie’s Marine Group
Brownie’s Marine Group, Inc., owns and operates a portfolio of companies with a concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has five subsidiaries: Brownie’s Third Lung; BLU3, Inc.; LW Americas; Submersible Systems, Inc.; and Live Blue, Inc. The Company is headquartered in Pompano Beach, Florida.
For more information, visit: www.BrowniesMarineGroup.com.
Source: Brownie’s Marine Group, Inc.
Contact Information: (954) 462-5570
investors@browniesmarinegroup.com
https://www.globenewswire.com/news-release/2022/08/01/2489495/0/en/Brownies-Marine-Group-Inc-OTCQB-BWMG-subsidiary-Live-Blue-Inc-Launches-Guided-Tours-Featuring-Tankless-Diving.html
When is out next quarterly due, the 1st or 15th of August?
Baby whales, and the ask has thinned out $BWMG
Are whales starting to surface?
BWMG: .043
Volume: 225,306
Its the thought that counts.
3(?) weeks out from hearing $BWMG Q-2 revenue and profits
All we need is one tweet from Elon Musk diving into the $BWMG Nemo diving gear looking for Bruce to wake this stock up and run it to a $1 with tiny float..
Since he has back off buying Twitter, maybe he will take the dive and buy $BWMG
It's a good product just don't see one going into every garage near water yet. Rising inflation is hitting households hard. I chose to go into evfm at .35 may buy the rig after I sell out.lol. gl
I saw a million share bid this past week that got zero love.
Time for it walk the walk up...
With some help O.5 today at least!!! Lets Go BWMG FANS
Give me some help 0. 10 today up BWMG
That is a common trick to try and flush out ask walls into lowering their ask walls before an assault on the ask..
Definitely need more bidders, level 2 looks blah
Z
All we need is school of hungry whales feeding on BWMG in search of Nemo to got ballistic here. Tic toc...
All we need is one! With great products and a great management team, it will happen.
$BWMG
Some times there just are not enough whales
Sometimes there are.
Time for a whale sighting on BWMG again I think...
BWMG is starting to look like the nicest house on the block! Holding up so well compared to the rest of the market, let alone other OTC.
I look in my portfolio and hardly see any green except for BWMG!
BWMG is a hidden gem waiting to be discovered.
BWMG can literally move on air. Didn't take a ton of volume to move it to .0479!
BWMG!!!!!
Have some buying coming in this morning.
BWMG is about the only stock in my account not sinking today. All the big boys are doing terribly.
BWMG!!!!
Inflation increase is kicking everyone's tail. Choices have to be made, eat or dive. I prefer diving and could do some spear fishing but most won't.
With this heat wave, and pandemic exhaustion, I would think outdoor water sports / diving would go nuts this summer, and explode $BWMG diving hard sales.
No better way to stay cool, and get some anti-covid19 battling, Vit D-3 forming sun rays....
Even the egg heads on the sidewalks in the South USA have had enough.
EcoMike, that's a great article with graphics on the potential of the dive market, next problem is how to reach the masses with the options they have available to them. Once BWMG figures this out it will be golden, I think they are on their way with their new acquisitions.
It would be nice if they could get their products in stores like Dick's Sporting Goods or Target. This is a great product with a lot of potential too!
Alrighty then, there are only 10K shares on the ask before we gap up to test just shy 5 cents.
Time for the rest of the whales to surface here.
$BWMG Update #1
This talks about the amount of potential users of BWMG products in the US alone, and their ability to convert the snorkeler to a diver using our unique brand of surface supplied air products.
The picture illustrates the potential market size, and why BWMG is and should be a public company.
The link below is simply a back up of the information contained in the slide.
https://medium.com/scubanomics/the-socio-demographic-profile-of-a-snorkeler-snorkeling-participation-rate-4b302fa14cff
Snorkeling Participation Rate & Socio-Demographic Profile of a Snorkeler
Who are the snorkelers? How do they differ from scuba divers? Why aren’t they scuba diving?
Three key rigs on multiple sites, that BWMG manufactures and sells including online at Amazon, sell for $1000, $2000 and $3000 each. Do the math from the slide below folks:
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Nemo by $BWMG
Like snorkeling, but better.
$BWMG is disrupting the $25 billion per year scuba diving industry.
$BWMG owns The Nemo, the world's smallest, portable, battery operated dive system. Nemo is $BWMG's fastest growing product.
Nemo is available on Amazon ($AMZN) and has been rated 5 stars by consumers!
Watch Nemo in action!
Nemo has an aesthetically pleasing Instagram with a growing following. And they've recently joined Tik-Tok as well:
Nemo is driving serious revenue growth at $BWMG, as evidenced by their
quarterly report in November and management commentary:
They introduced a brand new product to the market and generated over $1 million in sales through Q3. How many OTC stocks can say that?!?!
Judging by reviews on Amazon, and their own commentary from Q3, sales trends are clearly going in the right direction!
As the above financial snapshot shows, $BWMG has other products too. Their "Third Lung" product contributed over $2 million in sales through Q3 2020.
That is a 24% improvement compared to the same period in 2019. $BWMG has direct exposure to the boating industry through their diving products.
The boating industry is BOOMING thanks to Covid-fueled trends! Just see headlines like these:
What's good for the boating industry is good for the recreational diving industry as well. All of this directly benefits $BWMG!
$BWMG recently uplisted to the OTCQB, showing management is serious about adding value to shareholders.
Insiders own 75% of the outstanding shares leaving only 77 million shares in the float:
Of those 77 million shares, more than 50% are owned by members of this iHub board who are committed shareholders and big believers in $BWMG!
The bottom line on $BMWG
The company has REAL sales from REAL products. That alone puts it ahead of 99.9% other OTC stocks.
We're waiting on the next sales figures (expected on March 31st, 2021) and when the rest of the OTC world wakes up and
sees the success $BWMG is having, the stock will likely trade much, much higher!
Can you imagine how many Nemo's they're going to sell as the economy opens back up and everyone hits the beach???
Forward looking events to be excited about $BMWG
1) Q4 Financials are due out by March 31, 2021. We're expecting to see more sales growth!
2) The Reopening of the economy will bring a ramp up in travel and tourism which should benefit the recreational diving industry and $BWMG!
3) Nemo's next generation product, Nomad, is slated for release this summer! Nomad can go 20-30 FT deep!
Below are links to other important info for $BWMG:
Link to otcmarkets.com profile
Link to all Press Releases
More info on Nemo
Info on the Third Lung
Info on the Sea Lion
Latest quarterly report
Summary DD post
BWMG Contact Info
Brownie's Marine Group, Inc.
3001 NW 25th Ave. Suite 1, Pompano Beach, FL 33069
Phone: 954-462-5570
Fax: 954-462-6115
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