Brownie's Marine Q1 revenue down 17% YoY; net loss narrows but adjusted loss widens

Brownie's Marine Group, Inc

2023-Q1 EPS reported $0.00 revenue$1,639,053

Total net revenues $1.64M, down 17% YoY; net loss $327.9k vs $444.1k loss in Q1-2022.
Blu3 tankless dive systems revenue fell 40% to $476.9k due to recall repairs and shipping delays.
Submersible Systems revenue up 22% to $393k on HEED3 model momentum; Brownie's Third Lung down 22%.
Operating expenses reduced 34.3% YoY; adjusted net loss $193k vs $86.5k loss in prior year.
CEO expects improved Q2 with full product line available for summer season after 2-year hiatus.

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