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It is a hard stock to figure sometimes. I've seen it move when one would least expect it to. Then, not move when we might expect it to. Also, I've seen delayed reactions to news or reports. Bottom line, though, value is there, IMO.
BWMG!!!!
Definitely not the way I expected this stock to trade after the 10k came.
Pretty disappointing thus far
Adding a new revenue stream should have done something positive
I guess time will
Z
I know, right? She needs to jump into the game! LOL
BWMG!!!!
Time for Nemo to go whaling on the $BWMG ask. Where is Dory when we need her?
Huge YOY 4th Quarter revenue gains!
BWMG!!!!
Brownie’s Marine Group Announces 56.4% Increase in Revenues for Fiscal Year End 2021
Apr. 22, 2022 3:13 PM ETBrownie's Marine Group, Inc. (BWMG)
Pompano Beach, FL, April 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 fiscal fourth quarter and twelve months ending December 31, 2021.
Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “We were pleased with our fiscal year 2021 results. We believe that the sales growth of greater than 56% means that our Company is experiencing significant momentum in our markets. This growth was hampered a bit by the worldwide supply chain and logistics challenges leading to higher costs for components and freight, negatively impacting our aggregate margins year over year. Additionally, we invested significantly in human capital to ensure that next year’s sales can continue at a similar pace. While both items affected our profitability for 2021, the Company has adjusted pricing to counter the increased component cost and I also believe that our front-loaded investment in people will pay dividends in the coming year.”
Q4-2021 Highlights
Total revenue increased 115.6% to $2.0 million for Q4-2021 vs. $930 thousand in the same period last year;
BLU3, Inc. revenue for Q4-2021 increased 294% to $1.04 million versus $263.2 thousand in the same period last year;
The Total Adjusted Net Income Loss decreased for Q4-2021 to a loss of $84.3 thousand versus a loss of $314.3 thousand in the same period last year;
Fiscal Year 2021 Highlights(1)
Total revenue increased 56.4% to $6.24 million for FY-2021 vs. $3.98 million in FY-2020;
Brownie’s Third Lung revenue increased 6.4% to $2.9 million for FY-2021 vs. $2.7 million in FY-2020;
LW Americas revenue increased 25.8% to $616 thousand for FY-2021 vs. $489.6 thousand in FY-2020;
BLU3, Inc. revenue increased 191.2% to $2.2 million for FY-2021 vs. $769.7 thousand in FY-2020;
The Total Adjusted Net Income Loss decreased for FY-2021 to a loss of $195.0 thousand versus a loss of $404.6 thousand in FY-2020;
(1) The total revenue, the BLU3 revenue and the Total Adjusted Net Income for 2020 are presented excluding the one-time sale of the Blu3 ventilator program to the U.S. Military of $574,900 during 2020.
Select Financial Metrics: Twelve Months Ended December 31st, 2021, Comparisons
(in thousands) Q4-21 Q4-20 Change FYE21 FYE20 Less: Vent Project FYE 20 net of Vent project Change
Total Net Revenues $ 2,005.00 $ 930.00 115.59 % $ 6,227.40 $ 4,556.00 $ 574.90 $ 3,981.10 56.42 %
Brownie’s Third Lung $ 477.30 $ 529.60 -9.88 % $ 2,897.20 $ 2,721.80 $ 0.00 $ 2,721.80 6.44 %
LW Americas $ 138.90 $ 137.20 1.24 % $ 616.00 $ 489.60 $ 0.00 $ 489.60 25.82 %
BLU3, Inc. $ 1,037.10 $ 263.20 294.03 % $ 2,241.40 $ 1,344.60 $ 574.90 $ 769.70 191.20 %
Submersible Systems, Inc. $ 351.70 - NM $ 472.80 - - - NM
Operating Income (loss) $ (623.40 ) $ (693.60 ) -10.12 % $ (1,852.7 ) $ (1,333.10 ) $ 280.40 $ (1,564.07 ) 14.82 %
Net Income (loss) $ (517.00 ) $ (697.40 ) -25.87 % $ (1,588.5 ) $ (1,351.6 ) $ 280.40 $ (1,702.10 ) -2.67 %
Adjusted Net Income (loss) $ (84.33 ) $ (314.27 ) -73.16 % $ (195.02 ) $ (57.23 $ 461.80 $ (404.58 ) -51.80 %
NM = not measurable/meaningful
Operational Highlights
May 2021 – BWMG announced that they have entered into an exclusive distributor agreement with Chrysalis Trading CC DBA Bright Weights for the US and the Caribbean.
September 2021 – BWMG completed its first acquisition, Submersible Systems, Inc. based out of Huntington Beach, California.
October 2021 – BWMG’s subsidiary, BLU3, Inc. launched its next-generation Ultra-Portable Tankless Dive System, the Nomad.
Non-Operational Highlights
In May 2021, BWMG announced that their subsidiary, BLU3, Inc. established a working partnership with Aquarium and Shark Lab by Team ECCO in their mission to introduce and educate children and adults in Western North Carolina to the ocean and its inhabitants.
In August 2021, BWMG employees attended a coastal conservation clean-up hosted by Force Blue & Pepsi Stronger Together in Lauderdale-by-the-sea, Florida.
Robert M. Carmichael, President and Chairman of the Board added, “We believe that part of our mission here at Brownie’s is to be part of the growth of the marketplace for recreational water exploration and conservation. By educating new users to enjoy our products, we are hopefully creating new customers, but also folks who will be good stewards of our oceans over the long-term. To that end, we have recently launched a new subsidiary called Live Blue, a pilot program for guided tours, rental, and coaching provided with the Company’s innovative line of products from BLU3. We are launching in conjunction with our acquisition of Gold Coast Scuba, LLC, a dive shop and scuba diving training center operating in Lauderdale-by-the-Sea, Florida.” Mr. Carmichael further added, “Our products are designed to be a fun, safe and easy way entry point to get a larger audience of people to come and enjoy our waters, and that building the marketplace will be a win-win for everyone involved.”
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:
Three Months Ended December 31, Twelve Months Ended December 31, Nine Months Ended September 30,
2021 2020 2021 2020 2021 2020
Net income (loss) $ (517,002 ) $ (697,419 ) $ (1,588,467 ) $ (1,351,619 ) $ (1,071,465 ) $ (654,200 )
plus:
Stock issued for services $ 57,690 $ 57,758 $ 238,642 $ 308,479 $ 180,952 $ 250,721
Stock-based compensation incentive bonus shares issued to CEO and employees - - - $ 241,670 - $ 241,670
Stock-based compensation – options $ 374,977 $ 325,395 $ 1,154,801 $ 858,695 $ 779,824 $ 533,300
Adjusted net income (loss) $ (84,335 ) $ (314,266 ) $ (195,024 ) 57,225 $ (110,689 ) $ 371,491
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 four subsidiaries focused on various sub-sectors of our industry, including Brownie’s Third Lung 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. 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
info@browniesmarinegroup.com
https://www.globenewswire.com/newsroom/ti?nf=ODUyNzM5OCM0ODY1NjcxIzUwMDAyNTU5OA==
Lots of good info in this 10K, looking for more in the coming weeks!!!
Diving and Snorkeling Industry
The Sports, Fitness Industry Association (“SFIA”) estimated there were 2.6 million participants in the U.S. scuba diving market in 2020. According to a report published by the Dive Equipment Manufacturing Association (“DEMA”) in first quarter 2021, there were approximately 87,000 new participants in U.S. diving market in 2020 as compared to approximately 151,000 in 2019. DEMA attributes the drop in new open water certifications in 2020 primarily to the pandemic.
In contrast, the SFIA study indicated that participation in snorkeling increased by nearly 1% in 2020 as compared to 2019 with estimated participation of 7.7 million in the U.S.
The Company intends to enter the tourist market via a guided tour program that is currently intended to be launched in the second quarter of 2022. The Company sees the guided tour model as an important building block in introducing its battery powered diving products to the consumer market. Additionally, this model will not only give consumers the opportunity to “try before you buy”, but also provide experiential training for the consumer to increase enjoyment and safety of our diving products.
8 Billion new buyers?
That would do it...
Do you know how many infants drown in shallow water....?
NEMO to the rescue?
"Where do you see a continued increase coming from to grow revenues?"
I think it is Covid19 party like the world ended and Exams, and graduations, and weddings, and early vacations like crazy, and sticker shock from the Market sell off Friday. If we close at .21 this week, that would wake up someone, even maybe the dead? LOL.
A lot of folks are just super occupied by Life and life season events right now, after 2 years of lock down..
Good news for us peasants and bag holders, is all the partying is going mean more diving recreation and sales for $BWMG now, finally.
BWMG might consider selling HEPA air filters for the intakes on NEMO rigs for folks like me, that are too immune compromised so I can fly with unmasked mouth breathers on airlines?
LOL
BWMG, the excellent annual report. The stock price should has response to that latter.
PennyFans
Where do you see a continued increase coming from to grow revenues?
Nice increase!
BWMG!!
Nice increase!
BWMG!!
Good days coming, IMO. Report filed, revs up.
BWMG!
Lol gotta tell you I'm shocked it's a ghost town here
Maybe I'm the only board member that's at work over the weekend and vacationing lol
Bwmg please change that for me
Z
It's Alive $BWMG and the chat of the town of Weekend warriors folks. Any one still here?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168641286
Monday could be a monster, if the markets bounce... off today's market wide hammering of red on red...
now that $BWGC has filed.. Lots of great news here:
https://ih.advfn.com/stock-market/USOTC/brownies-marine-qb-BWMG/stock-news/87889076/annual-report-10-k
And a lot more on tap...
No 10-Q is possible before the 10-K is filed. NT-10-Q maybe?
What ever the auditor hold up is, there is nothing we can do but wait. Frankly after the Enron scandal 20 years ago, I see little value in audits...
No one audits NFTs or crytpo nonsense and yet trillions of dollars chase parked electrons on Chinesium servers in La La land 24/7 LOL
It is nice the solid bid support and price drifting up.
At least we found BWMG's Nemo on Amazon
What happen to geodan? He would have been in touch with Robert to find out what was going on.
Sure would be nice to have some communication from the company on this rather than us having to guess. Wonder if we can expect 10Q in three weeks when it’s due. ??
Yes it is late. I suspect, just an educated guess, that the auditor is having problems with the California firm BWMG bought late last year, since (I assume) it had not been audited before?
If I was an OTC CEO I would have a huge penalty clause in my contract with the auditor, for being late, Like a $50,000/day late penalty LOL.
OTC auditors, are typically not the most timely folks around... And not always the brightest IMO...
So we wait... For our Candy....
Yes . They are now showing SEC delinquent on the OTC Markets. Hope they rectify this quickly
Everyone thought it should of been yesterday..
Shouldn't the 10-K be out by today at the latest?
Get out the popcorn!
It’s a little annoying that it was delayed since they announced record revenue 3 months ago.
I wonder if the auditor is having trouble finding Nemo?
If it was me I would file it before Monday. At the least pre-market.
Today is 15 days? Tomorrow is a holiday market closed maybe we get 10Q today or Monday?
I guess after all this time I thought you were a Shark, now I see you must be a Whale! LOL!!!
I am tempted to place a 2 million share buy at market (Up to 10 cents) before the filings hit and watch the Nemo short feathers fly LOL as I say:
Mine Mine Mine Mine Mine to the BMWG share bait on the ask
Four more days then we get earnings! Looking for a good report here!
GLTA!!!
Should we take out that ASSk wall before a whale or Bruce beats us to it?
BWMG
If it was 10q that would be right I think. May be same for k. Tomorrow would be nice.
BWMG!!!!!
They have up to 15 calendar days to file after extension.
When should the annual report come out? Thursday or Friday?
Hopefully, they have so much going on that they will be slightly delayed.
BWMG!!
I saw that, and the major boards and stocks are all flashing serious green today as well.
I stopped by to see if the 10-K had dropped already... I guess not.
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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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