Brownie's Marine Group Announces 37.7% Increase in Revenues for Fiscal Year End 2022
GlobeNewswireMarch 30, 2023
Pompano Beach, FL, March 30, 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 fiscal year ended December 31, 2022.
Chris Constable, CEO of Brownie's Marine Group, Inc. stated, "While we are happy to grow in excess of 37% for 2022, we were challenged with the BLU3 recall as well as talk of a recession, each affecting our ability to meet or exceed our growth of over 50% for 2021. With Compounded Annual Growth over the last three years of 42.3%, we are proud of our sales path. We believe that the Company has made it through the tough part of the recall and is beginning to see revenue climb back as well as recall related expenses have begun to taper off. The BLU3 team did an excellent job in assessing the issue, solving the issue, and putting a plan in place to ensure that anyone who returns their unit for repair will receive an improved system that will provide enjoyment for years to come. The larger economic issues will work themselves out, we have to do our best to ensure we continue to innovate and provide quality product that will continue to drive consumer demand." He continued " we have some exciting new products on the horizon, and one of our business units, Submersible Systems, Inc. has introduced an improved HEED3 model to the marketplace, which has been very well received in both the corporate and government customer segments. We are excited for what 2023 will bring."
Fiscal Year 2022 Highlights
Total revenue increased 37.7% to $8.58 million for FY-2022 vs. $6.23 million in FY-2021;
Submersible Systems contributed their first full year of revenue of $1,592 thousand for FY-2022.
LW Americas revenue increased 81.5% to $1,118 thousand for FY-2022 vs. $616.0 thousand in FY-2021;
BLU3, Inc. revenue increased 36.2% to $3.1 million for FY-2022 vs. $2.2 million in FY-2021;
Live Blue, Inc. contributed $212.9 thousand to revenue for seven months of activity within the Company;
