Brownie’s Marine Group Announces 70.2% Increase in Revenues for the YTD-2022 vs. YTD-2021
Brownie’s Marine Group (BWMG) reported strong financial growth for Q3 2022, with total net revenues surging 80.2% year-over-year to $2.81 million. Key highlights include a 193.9% increase in LW Americas sales, reaching $350.8 thousand, and a 187.2% revenue boost from BLU3, Inc., totaling $980.2 thousand. Adjusted net income rose to $141.9 thousand, compared to a loss of $126.6 thousand in Q3 2021. Year-to-date revenues reached $7.19 million, a 70.2% increase from $4.22 million in 2021, highlighting the company's operational success and market expansion.
- Total net revenues increased 80.2% to $2.81 million in Q3-2022 vs. $1.56 million in Q3-2021.
- LW Americas sales surged 193.9% to $350.8 thousand for Q3-2022.
- BLU3, Inc. revenue grew 187.2% to $980.2 thousand in Q3-2022.
- Adjusted net income rose to $141.9 thousand for Q3-2022, compared to -$126.6 thousand in Q3-2021.
- Year-to-date revenue climbed 70.2% to $7.19 million compared to $4.22 million in YTD-2021.
- Operating loss for Q3-2022 was $(272.6) thousand, worse than $(247.6) thousand in Q3-2021.
- Net loss for Q3-2022 was $(284.2) thousand compared to $(540.7) thousand in Q3-2021.
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
Key Fiscal Q3-2022 Highlights vs. Q3-2021
| ■ | Total Net Revenues increased | |
| ■ | LW Americas sales increased | |
| ■ | BLU3, Inc. revenue increased | |
| ■ | The Adjusted Net Income increased to |
Key Fiscal YTD-2022 Highlights vs. YTD-2021
| ■ | YTD-2022 Revenue increased | |
| ■ | LW Americas sales increased | |
| ■ | BLU3, Inc. revenue increased | |
| ■ | The Adjusted Net Income increased to |
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
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