Select Financial Metrics: Three Months Ended March 31st, 2023, Comparisons
(in thousands) | Q1-23 | Q1-22 | Change | |||||||||
Total Net Revenues | $ | 1,639.06 | $ | 1,974.98 | (17.01 | )% | ||||||
Legacy SSA Products – Brownies Third Lung | $ | 455.38 | $ | 581.11 | (21.64 | )% | ||||||
High Pressure Gas Systems – LW Anerica’s | $ | 234.88 | $ | 276.82 | (15.15 | )% | ||||||
Ultra-Portable Tankless Dive Systems – | $ | 476.92 | $ | 794.59 | (39.98 | )% | ||||||
Redundant Air Tank Systems – Submersible Systems | $ | 392.98 | $ | 322.46 | 21.87 | % | ||||||
Guided Tour/Retail - Live Blue | $ | 78.90 | - | NM | ||||||||
Operating Income (loss) | ($ | 312.70 | ) | ($ | 443.90 | ) | (29.56 | )% | ||||
Net Income (loss) | ($ | 327.90 | ) | ($ | 444.10 | ) | (26.17 | )% | ||||
Adjusted Net Income (loss) | ($ | 193.06 | ) | ($ | 86.51 | ) | 123.16 | % | ||||
NM = not measurable/meaningful |
Operational Highlights
- January, 2023 –
BLU3, Inc began shipping out repaired Nomad units and reintroduced the improved Nomad to the marketplace.
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
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 (Q1-2023 vs. Q1-2022):
Three Months and YTD Ended | ||||||||
2023 | 2022 | |||||||
Net income (loss) | $ | (327,922 | ) | $ | (444,092 | ) | ||
plus: | ||||||||
Depreciation & Amortization | 115,495 | 92,048 | ||||||
Shares issued for Interest | 8,336 | - | ||||||
Stock issued for services | - | 35,500 | ||||||
Stock-based compensation incentive bonus shares issued to CEO and employees | - | |||||||
Stock-based compensation – options | 11,034 | 230,034 | ||||||
Loan Forgiveness | - | - | ||||||
Adjusted net income (loss) | $ | (193,057 | ) | $ | (86,510 | ) |
About Brownie’s
Brownie’s
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
Source: Brownie’s
Contact Information: (954) 462-5570
investors@browniesmarinegroup.com
Source:
2023 GlobeNewswire, Inc., source