Brownie's Marine Group, Inc. reported significant financial developments in its 10-Q filing for the quarter ending June 30, 2024. The company achieved revenues of $2.2 million for the three months ended June 30, 2024, marking a 15.3% increase from $1.9 million in the same period of 2023. For the six months ended June 30, 2024, total revenues reached $4.0 million, up 7.7% from $3.7 million in the prior year. The growth was primarily driven by strong performance in its subsidiaries, particularly BLU3 and Submersible Systems, which saw revenue increases of 27.7% and 49.1%, respectively.

Gross profit for the three months ended June 30, 2024, was reported at $930,721, compared to $625,418 in the same quarter of 2023. The gross profit margin improved to 38.9%, up from 30.2% year-over-year. Operating income turned positive at $100,971 for the quarter, a significant recovery from an operating loss of $169,861 in the same period last year. Net income for the quarter was $79,835, contrasting with a net loss of $189,844 in the prior year.

Despite these improvements, the company reported a net loss of approximately $256,000 for the six months ended June 30, 2024, an improvement from a loss of $517,766 in the same period of 2023. The accumulated deficit as of June 30, 2024, stood at $17.9 million.

On the balance sheet, total current assets increased to $3.6 million, up 29.9% from $2.7 million at the end of 2023. However, total current liabilities also rose significantly to $3.4 million, a 36% increase from $2.5 million. This resulted in a working capital decrease of 36% to approximately $149,695. The company had cash reserves of $653,036 as of June 30, 2024, compared to $431,112 at the end of 2023.

Strategically, Brownie's Marine Group continues to focus on its subsidiaries, which include Trebor Industries, BLU3, and Submersible Systems. The company is also addressing internal control weaknesses identified in its financial reporting processes, with plans to enhance its accounting systems and hire additional qualified personnel.

Overall, while Brownie's Marine Group has shown revenue growth and improved profitability metrics, it continues to face challenges related to cash flow and operational efficiency, necessitating ongoing efforts to secure additional capital and strengthen its financial controls.