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The Coolest Futuristic Scuba Products at DEMA 2022
Joe Oceanside
Guess who made the list twice a little company called Brownies.
Go BWMG!!! and thanks, Joe!
From the 10Q just filed for Q3
"Management has leveraged and will continue to leverage experienced consultants to assist with ongoing GAAP and SEC compliance requirements. We intend to expand our finance department through the hiring of a certified public accountant to strengthen the segregation of duties, internal controls and enhance our current staff."
https://www.sec.gov/ix?doc=/Archives/edgar/data/1166708/000149315222030931/form10-q.htm
Perhaps my interpretation wasn't correct... First read of that statement makes it sound like consultants ( non-employees ) are engaged to prepare the SEC reports and a CPA is expected on board to handle that in the future.
Just a slight clarification, the Company has been managing SEC reporting internally since the new CEO was brought in. The accounting change was a result of the retirement of its prior auditors from its PCAOB audit practice.
Very good report! I’ve seen many times when BWMG has gotten delayed positive reactions to good news. Looks like that will be the case this time. I am looking for upswing soon. JMO.
No volume, but the good report will win out! Also hard market today. But I've seen many times through the years where a delayed positive reaction comes after good news for BWMG. Look for upward movement in the next few days. JMO.
No volume, but the good report will win out! Also hard market today. But I've seen many times through the years where a delayed positive reaction comes after good news for BWMG. Look for upward movement in the next few days. JMO.
Another very good report
2022 Q3 +80.2%
2022 Q2 +41%
2022 Q1 +108%
2021 Q4 +37% Y/Y
2021 Q3 -7%
2021 Q2 +31%
2021 Q1 +56%
2020 Q4 +54% Y/Y
Some notable items in the report...
Gross margin improved. This comes with an increase in sales and is a very important metric because improved gross margins makes more money available for taking care of operating expenses.
They will be hiring a CPA that will take care of all the SEC and IRS stuff. Currently the SEC reports are sourced out so I expect this will result in improved financial reporting. Also, a CPA will be able to take on additional duties.
Q4 is a seasonal slower quarter so we should expect sales to be lower sequentially. But should be an increase over last year.
So... these guys seem to be doing all the right stuff. I am optimistic re the future of the business and continue to hold all my shares.
Brownie’s Marine Group Announces 70.2% Increase in Revenues for the YTD-2022 vs. YTD-2021
Nov. 08, 2022 3:35 PM ET
Brownie's Marine Group, Inc. (BWMG)
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 vs. $1.20 million for YTD-2021.
¦ The Adjusted Net Income increased to $144.9 thousand for YTD-2022 vs. -$161.2 thousand in YTD-2021.
Select Financial Metrics: Three Months and Year to Date Ended Sept 30th, 2022, Comparisons
(In thousands) Q3-22 Q3-21 Change YTD22 YTD21 Change
Total Net Revenues $ 2,808.80 $ 1,558.71 80.20 % $ 7,185.02 $ 4,222.40 70.16 %
Legacy SSA Products – Brownies Third Lung $ 913.78 $ 976.90 -6.46 % $ 2,291.92 $ 2,419.90 -5.29 %
High Pressure Gas Systems – LW Americas $ 350.84 $ 119.39 193.86 % $ 897.85 $ 477.10 88.19 %
Ultra-Portable Tankless Dive Systems – Blu3 $ 980.17 $ 341.29 187.20 % $ 2,659.03 $ 1,204.30 120.79 %
Redundant Air Tank Systems – Submersible Systems $ 471.05 $ 121.13 NM $ 1,192.99 $ 121.10 NM
Guided Tour/Retail - Live Blue $ 92.96 - NM $ 143.23 - NM
Operating Income (loss) $ (272.60 ) $ (247.61 ) 10.09 % $ (1,025.68 ) $ (1,229.34 ) -16.57 %
Net Income (loss) $ (284.19 ) $ (89.80 ) 216.47 % $ (1,056.94 ) $ (1,071.47 ) -1.36 %
Adjusted Net Income (loss) $ 141.91 $ (126.64 ) 212.05 % $ 144.92 (161,178 ) 100.09 %
NM = not measurable/meaningful
Operational Highlights
¦ July 2022 – LW Americas added a new distribution partner in Mexico
¦ August 2022 – BLU3, Inc Shipped its 5,000th unit, as well as recorded it 1,000th shipment of the Nomad system.
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.
The following is an unaudited reconciliation of adjusted net income (loss) to net income (loss) for the periods presented (YTD and Q3-2022 vs. YTD and Q3-2021):
Nine Months and Year to Date Ended September 30,
2022 2021
Net income (loss) (1,056,944 ) (1,071,465 )
plus:
Depreciation & Amortization 277,366 119,111
Shares issued for Interest 30,049 -
Stock issued for services 47,501 180,952
Stock-based compensation issued to CEO and employees 11,060 -
Stock-based compensation – options 835,892 779,824
Loan Forgiveness - (169,600 )
Adjusted net income (loss) 144,924 (161,178 )
Three Months Ended September 30,
2022 2021
Net income (loss) (284,190 ) (540,679 )
plus:
Depreciation & Amortization 103,943 54,134
Shares issued for Interest 7,001 -
Stock issued for services - 55,952
Stock-based compensation issued to CEO and employees - -
Stock-based compensation – options 315,153 303,949
Loan Forgiveness - -
Adjusted net income (loss) 141,907 (126,644 )
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
https://www.globenewswire.com/newsroom/ti?nf=ODY5MjMxMiM1MjUyMDkzIzUwMDAyNTU5OA==
https://ml.globenewswire.com/media/YWIwNjJmMzAtZTY1My00MmY1LTlmMWMtOGI1YmI2OTVjYWRjLTUwMDAyNTU5OA==/tiny/Brownie-s-Marine-Group-Inc-.png
https://ml.globenewswire.com/media/523b847b-8625-4ae3-bb7d-dda652519616/small/logo-png.png
Source: Brownie's Marine Group, Inc. (BWMG) 2022 GlobeNewswire, Inc.
https://seekingalpha.com/pr/19011823-brownie-s-marine-group-announces-70_2-percent-increase-in-revenues-for-ytdminus-2022-vs
Brownie's Marine Group reports Q3 results
Nov. 08, 2022 11:54 PM
Brownie's Marine Group press release (OTCQB:BWMG): Q3 adj net income of $141.9K
Revenue of $2.81M (+80.1% Y/Y).
The numbers are looking good! A nice PR could get this going!!!
The time to buy is now!
GLTA!!!
Looking good! Tomorrow should be good, as well.
BWMG!!!!!!
Check out the BWMG I-Box intro here folks. Lots to like...
https://www.youtube.com/watch?v=0sHTKU4BuwY
$BWMG owns five subsidiaries focused on various sub-sectors:
? Brownie’s Third Lung - Surface Supplied Air (“SSA”)
? BLU3, Inc. - Ultra-Portable Tankless Dive Systems
? LW Americas - High Pressure Gas Systems
? Submersible Systems, Inc. - Redundant Air Tank Systems
? Live Blue, Inc. – Guided Tours and Retail
Our 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, a manufacturing facility in Huntington Beach, California, and a retail facility in Lauderdale-By-The-Sea, Florida.
The Company, through its wholly owned subsidiaries, designs, tests, and manufactures tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus (“SCUBA”) air compressor and nitrox generation fill systems and acts as the exclusive distributor for North and South America for Lenhardt & Wagner GmbH (“L&W”) compressors in the high-pressure breathing air and industrial gas markets. The Company is also building a guided tour operation that also include dive retail. Lastly, The Company is the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, doing business as Bright Weights (“Bright Weights”), of a dive ballast system produced in South Africa.
Load em up peeps, this $BWMG train is leaving the station. 10-Q is out, massive busy doc of data and no doubt a PR will push the highlights and they are awesome bullish people. Solid revenue and gross profit growth.
https://ih.advfn.com/stock-market/USOTC/brownies-marine-qb-BWMG/stock-news/89498457/quarterly-report-10-q
$BWMG it's alive, and resurfacing up 9%
Lets go folks... Rally hat time
The 8K dated 9-12 disclosed that the company sold stock to an accredited investor for $205,000.
The 8K dated 10-12 disclosed a lease obligation, a change in their accountant and also a stock sale in a private placement for $66,793
Neither of the 8Ks are good news because BWMG is selling stock to raise money for working capital. Or to say it a different way... They still are not cash flow positive enough to be able to cover operating expenses.
Look at any 10K and you will see that BWMG has been selling stock to raise money to operate the business since the beginning of time. Thats why there are over 410 million shares outstanding.
The next 10Q might have some clues about the current sales rate and perhaps something about new products. I don't feel very optimistic regarding new products because that would likely have already been disclosed. The gross sales level, gross margin and operating expenses should give us an idea of the current direction of the business.
BWMG will need to sell more stuff with a gross margin so that there is enough to cover "working capital" requirements. This higher sales level can only come from selling more of the current product lines or adding new offerings. They have been doing a good job re new products so I'm hopeful that the trend continues.
DickMilde, any thoughts on new 8k,s. Thanks
So nobody mentioned the 8k’s posted this month and last
Man i logged in this morning just to randomly look at the horror that is my portfolio.... i was like HOLY CRAP LETS GO! lol.
I was trying to distract myself and just assume they are OK at BWMG, too far from the storm... Stock prices sure acts like it.
Nice block and one hell of an awesome page for BWMG:
https://www.diveblu3.com/top-5-reasons-to-use-a-mini-scuba-system?
Be nice to see some large blocks hitting the ask one day.
Z
Nice Blog for BWMG!!!
Let's hope they weathered the storm safely, looks like they did, this blog post was posted today.
https://www.diveblu3.com/top-5-reasons-to-use-a-mini-scuba-system?utm_source=BLU3+Monthly&utm_campaign=fe302dbc2a-EMAIL_CAMPAIGN_2022_09_28_06_48&utm_medium=email&utm_term=0_06374ef09d-fe302dbc2a-75020115&goal=0_06374ef09d-fe302dbc2a-75020115&mc_cid=fe302dbc2a&mc_eid=e9b92c010d
Like stealing candy from a baby down there. This market has lost its marbles right now.
Haven't checked in for a while, but I'm still extremely confident in BWMG and bought more today at .023.
One of the things I like about owning $BWMG shares is no one jumps out the top floor windows when the market hits the sell everything button.
Entire market is having a very very very bad hair day, and the claimed to be worse scam of last year is up 200% today LOLOL.
So much for the efficient market theories...
It does look very promising!
BWMG!!!!!
In case no one has noticed the Nano Float on BWNG is trading at market cap of about 2 Million dollars based on recent retail prices.
The restricted shares are locked up until this beast is uplisted to NYSE or NASDAQ, because the restricted shareholders own too many shares...
Revenue is see massive steady growth...
Only a matter of time, and the float is 99% locked up all the way past .05/share
One PR and this makes a moon run again IMO.
Last years high was 8.8 cents/share
Not a bad idea. I think I’ll win the lottery this weekend. Lol. All jokes aside, it would be fun to see where 10 million shares bought at the ask would take BWMG. I’m thinking it could, at least be double digits. I’ve got a bunch, have bought a couple more 50k lots in the last week or so, but am still open to buy more. I think this is a unique company with much upside. Got some growing pains but I’m confident BWMG could be a zip code changer here. We will be celebrating, IMO.
One of us needs to win the lottery and walk up a 30 Mil share bid like a bulldozer and watch the ask on the run, wake up OTC world at $BWMG
Not sure about that, I had some extra cash and decided to pick up 200,000 shares at a bargain price.
Impressive... Most Impressive DD. Obi-wan would be proud...
Looks like the Beast of $BWMG is stirring again
" Is this a SLP type of hold "
The recent sales increase looks very encouraging and should result in a higher stock price. Gross margins are about 50% so higher sales will result in payment of operating expenses.
Assume a 3X annual sales increase from 5.1 Million to 15.3 then subtract 50% for the gross margin. This leaves about 7.6 M to pay operating expenses. Subtract 3 million for SG&A ( this can be any number… management has a habit of paying themselves more when more is available ) also, subtract 0.5 for royalties, 0.2 for R&D and you end up with a profit of around $3.9 million. 3.9/410 million shares is .0095 per share profit. .0095 X a PE ratio of 20 is a share price of 0.19.
The actual result will vary considerably depending on the operating results and what PE the market decides on. The list of unknowns is long, management execution, product innovation, acceptance by the consumer, market conditions.
So I will continue to hold, things look encouraging… Impossible to put a price target on it.
Is this a SLP type of hold for you. If yes, what's your price target? Thanks
Been buying sub 3s lately, myself. Better than money in the bank, IMO.
BWMG!!!!!
The two companies and business models are so different that it's impossible to make a comparison. Looking at only sales growth rate BWMG is currently growing much faster. SLP is a $1+ Billion company that I was fortunate enough to buy into at a very early time and held for the most part of a 20 year run with the stock going up 60 fold. BWMG is a very different company in that they have continually issued shares to cover operating expenses. This will be difficult to overcome given that they already have 410 million shares outstanding. If the recent sales growth continues the operating business will soon be able to cover expenses and thats when we should expect significant increases in the stock price. SLP on the other hand never took on any debt and only issued a very few additional shares for making acquisitions. BWMG will need to continue increasing sales so that the financial condition can be cleaned up. If they stay on track the stock price will increase faster than the sales. I have accumulated a significant position so I believe they will produce the required results.
How does this stack up against SLP in terms of growth rate?
I added 33,333 at the close. I will buy more sub .03 if I can. The gap has been filled from early 2021, some whales probably sitting on the bid at 2.1-2.2c although l2 won't show it. The 120k share sell at 2.1 or was so far below the lower bb, grats to whomever got that value.
I agree. That’s the only decent reason to sell at this level.
BWMG!!!!
I just want some one to buy me out at $1/share before I start pushing daisies is all.
Soon enough to enjoy drooling all over the gains, LOL, and DIVE into a new classier life style
The sales growth has been impressive.
2022 Q2 +41%
2022 Q1 +108%
2021 Q4 +37% Y/Y
2021 Q3 -7%
2021 Q2 +31%
2021 Q1 +56%
2020 Q4 +54% Y/Y
It looks like Chris Constable doing the business stuff gives R. Carmichael more time for product innovation.
Provided this sales growth continues we can expect much higher stock prices.
One seller continues to panic sell as he or she gets margin calls for main indices imo. Raising cash now to nibble at these lows. Insane value here.
Good thought.
BWMG!!!
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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