DAVIE, Florida — November 5, 2026 — TheNewswire – Brownie’s Marine Group, Inc. (OTCID: BWMG) (“BMG” or the “Company”), a developer, manufacturer and distributor of diving, breathing-air and watersports equipment serving recreational, commercial and military markets, today reported unaudited consolidated financial results for the quarter and nine months ended September 30, 2026.
Third Quarter Financial Results
Total revenues were $2.6 million, an increase of 28% compared with $2.1 million in the prior-year period.
Gross profit was $1.4 million, compared with $962 thousand in the prior-year period.
Income from operations was $311 thousand, compared with $133 thousand in the prior-year period.
Net income was $660 thousand, compared with $192 thousand in the prior-year period.
Nine-Month Financial Results
Total revenues were $7.1 million, an increase of 17% compared with $6.1 million for the first nine months of 2025.
Gross profit was $3.6 million, compared with $2.4 million for the first nine months of 2025.
Income from operations was $289 thousand, compared with $217 thousand for the first nine months of 2025.
Net income was $1.4 million, compared with $278 thousand for the first nine months of 2025.
Other Financial and Operating Highlights
For the first nine months of 2026, reported net income also benefited from other income and gains, including Employee Retention Credit-related income and other items outside the Company’s core product operations. These contributions should be considered separately from operating income when evaluating the Company’s ongoing operating performance.
For the first nine months of 2026, BMG’s net revenues increased 16.6%, while reported cost of net revenues decreased 5.3%. BLU3 and Brownie’s Third Lung contributed to improved gross profit through higher revenues and lower costs as a percentage of revenue. Submersible Systems also contributed through higher revenue and lower recorded material and factory payroll costs. These improvements were partially offset by LW Americas, where higher material, freight and factory payroll costs outpaced modest revenue growth.
Robert Carmichael, Chief Executive Officer of Brownie’s Marine Group, stated: “We remain focused on building on our year-over-year revenue growth while improving operating efficiency and cash generation. Third-quarter revenue growth was supported by higher sales at Brownie’s Third Lung, BLU3, Submersible Systems and LW Americas. Live Blue also contributed revenue during the quarter following the acquisition of Sunrise Paddleboards’ assets. Gross profit margin increased to 51.6% during the quarter, compared with 46.4% in the prior-year period, as revenue growth outpaced the increase in cost of net revenues. Our results reflect the commitment of our partners and dedicated employees throughout our businesses.”
“We remain focused on growing prudently and improving cash flow and profitability. Our total stockholders’ equity increased to $3.3 million at September 30, 2026, compared with $1.9 million at December 31, 2025,” concluded Mr. Carmichael.
Additional details are available in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026, filed with the Securities and Exchange Commission on November 4, 2026. All dollar amounts in this release are in U.S. dollars.
Shareholder Ownership Snapshot
The Company’s October 16, 2026 Non-Objecting Beneficial Owner (NOBO) report included approximately 71.46 million shares across 946 account registrations. For context, this equals approximately 12.7% of the Company’s 561.60 million shares outstanding as of September 30, 2026. Of the registrations included in the NOBO report, 74 held more than 100,000 shares each, collectively representing approximately 65.96 million shares, or 92.3% of the shares included in that report. These figures cover only the reported NOBO accounts and do not represent the Company’s entire shareholder base or public float. Account registrations may not correspond to unique investors, and the report does not establish trading activity or future intentions to buy, sell or hold shares.
About Brownie’s Marine Group
Brownie’s Marine Group, Inc. is a marine technology company headquartered in Davie, Florida, focused on products that expand access to underwater and surface-water environments. Through its businesses and brands, including Brownie’s Third Lung®, BLU3®, LW Americas, Submersible Systems Inc. (Spare Air®), SeaNXT Americas and Live Blue, the Company develops, manufactures and distributes tankless and surface-supplied diving systems, emergency breathing systems for scuba and helicopter safety applications, high-pressure breathing-air and industrial compressor systems, underwater scooters and marine mobility technologies. Through Live Blue and Sunrise Paddleboards, the Company also offers watersports retail, rentals, tours and training. Learn more at browniesmarinegroup.com .
Forward-Looking Statements
This release contains forward-looking statements concerning the Company’s plans and expectations for revenue growth, operating efficiency, cash generation and profitability. These statements reflect management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including changes in customer demand, costs, liquidity and capital needs, execution risks, and other factors described in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance. These statements speak only as of the date of this release, and the Company undertakes no obligation to update them except as required by law.
Investor Contact
Andrew Barwicki
Investor Relations
andrew@barwicki.com
516-662-9461
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