Brownie’s Marine Group Announces 107.5% Increase in First Quarter 2022 Revenue Over First Quarter 2021 | Your money
Pompano Beach, Fla., May 31, 2022 (GLOBE NEWSWIRE) — Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and marketer of tankless diving equipment and high-performance air and industrial compressors Pressure in the Marine Industry, today announced results for the fiscal first quarter ending March 31, 2022.
Chris Constable, CEO of Brownie’s Marine Group, Inc., said, “We continue to grow across all business segments and are pleased with our first quarter 2022 results so far compared to where we were a year ago. one year old. Our growth continues to be stimulated by our Blu3 division, to such an extent that we have decided to anticipate in the first quarter the investments necessary to maintain this rate of growth throughout the year. Mr. Constable continued, “Making this aggressive spending to increase brand recognition this quarter tipped us towards a small loss, but we believe it is worth it to facilitate the pace of growth we have in this division. especially.
Q1-2022 vs. Q1-2021 Highlights
Total net revenue increased by 107.5% to $1.97 million in Q1-2022 from $950.7,000 in Q1-2021; Brownie Third Lung revenue increased 24.7% to $581.1,000 in Q1-2022 from $466,000 in Q1-2021; LW Americas revenue increased 84.4% to $276.8k for Q1-2022 from $150.1k in Q1-2021; BLU3, Inc. revenues increased 137.5% to $792.1k for Q1-2022 from $334.6k in Q1-2021; the net loss remained stable for Q1-2022 compared to Q1-2021; adjusted net income (loss) increased to $178.6,000 for Q1-2022 from $97.5,000 in Q1-2021;
Selection of financial indicators: three months ended March 31, 2022, comparisons
February 2022 – BWMG announced that it would acquire the assets of Gold Coast Scuba, Inc. and launch a new subsidiary, Live Blue, Inc. The company then closed the transaction in May 2022.
March 2022 – BWMG’s wholly-owned subsidiary, BLU3, joins the 1% for the Planet community, which pledges to donate 1% of its annual sales to nonprofit organizations focused on improving the planet. state of the world’s marine environments.
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 US generally accepted accounting principles (“GAAP”). We present adjusted net income (loss) to measure our overall results, as we believe it better reflects our net results excluding the impact of non-cash stock-based compensation. We believe that the presentation of adjusted net income improves our investors’ overall understanding of the financial performance of our business.
We believe investors should have access to the same set of tools we use to analyze 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 results prepared in accordance with GAAP.
The following is an unaudited reconciliation of Adjusted Net Income and Net Income for the periods presented (Q1-2022 versus Q1-2021):
About Brownie’s Marine Group
Brownie’s Marine Group, Inc., owns and operates a portfolio of businesses with a concentration in the recreational and industrial diving industry. The Company, together with its subsidiaries, designs, tests, manufactures and distributes recreational hookah diving, yacht diving air compressors and nitrox generation systems, as well as diving and water safety products in the United States. United and in the world. The company has five subsidiaries focused on various subsectors of our industry, including Brownie’s Third Lung, Inc. in surface air supply, BLU3, Inc. in ultra-portable tankless diving 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 operate under their respective trade names, both wholesale and retail, from our corporate 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 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results and outcomes to differ materially from those anticipated or expected. Actual results and the timing of certain events could differ materially from those projected or contemplated in the forward-looking statements due to a number of factors. Shareholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected or implied by the forward-looking statements in this report are reasonable, we cannot assure shareholders and potential investors that these plans, intentions or expectations will be realized. 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 anticipated in the forward-looking statements. – look at the 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, change of events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider all cautionary and other information, including statements made under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended on 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: (954) 462-5570 firstname.lastname@example.org