Fri, Aug 30, 6:11 PM (137 days ago)
Brownie's Marine Group, Inc. reported a net revenue increase of 15.3% for Q2 2024, driven by strong performances from subsidiaries BLU3 and SSI, offset by declines in BTL, LWA, and LBI. Gross profit margin improved to 38.9% compared to 30.2% in Q2 2023, reflecting better cost management and higher margins from SSI. However, the company incurred a net loss of $255,881 for the six months ending June 30, 2024, contributing to an accumulated deficit of $17,941,491. Current assets rose 29.9% to $3,554,574, while current liabilities increased 36.0%, leading to a working capital decrease of 36.0%. Cash flow from operating activities improved, with a net cash outflow of $51,771 compared to $224,067 in the prior year. The company faces substantial doubt regarding its ability to continue as a going concern due to ongoing losses and reliance on external financing. Management is actively seeking additional capital to support operations and mitigate risks associated with its financial health.