Brownie's Marine Group (OTC: BWMG) is a marine technology company that designs, manufactures, and sells underwater breathing and dive systems for recreational, light professional, and military customers. Revenue comes from transactional product sales across three operating units: Brownie's Third Lung (BTL), which produces surface-supplied air systems including the patented Sea Lion floating air delivery platform; BLU3, which makes backpack-portable battery-powered dive systems; and Surf Sco Industries (SSI), a SCUBA tank manufacturer subject to Department of Transportation regulation. The company sells through wholesale channels to retail dive stores, marine stores, and boat dealers, as well as directly to consumers via its own websites and Amazon. Combined sales to five entities related to Chairman and CEO Robert Carmichael represented 8.7% of revenue in FY2025 and 6.9% in FY2024. Headquarters are in Davie, Florida, with an SSI manufacturing facility in California. The stock trades on the OTC Basic Market under the symbol BWMG.

Revenue model

Transactional product sales through wholesale distribution to dive and marine retailers, boat dealers, and military buyers, plus direct-to-consumer sales via company websites and Amazon. A patent license agreement with Setaysha Technical Solutions carries a minimum annual royalty obligation of $60,000 (increasing 2.15% per year from December 2019) payable by the company, not a revenue source.

Products and services

Sea Lion surface-supplied air (SSA) system (patented floating air delivery platform, gasoline and battery-powered configurations); Boat Integrated Air Systems (BIAS) battery-powered tankless dive kits and E-Reel hose reel; BLU3 backpack-portable battery-powered underwater breathing systems; Nemo ultra-portable tankless dive system; SCUBA tanks manufactured by SSI under DOT regulation.

Customers and end markets

Wholesale: retail dive stores, marine stores, boat dealers, boat builders, U.S. and international militaries. Direct-to-consumer: recreational divers, boat owners, commercial divers. Related-party customers (five entities connected to CEO Robert Carmichael) accounted for 8.7% of revenue in FY2025 and 6.9% in FY2024.

Value-chain role

Vertically integrated designer and manufacturer of dive and underwater breathing equipment, selling finished products through wholesale distribution and direct-to-consumer channels. Licenses key IP for tankless dive products from Setaysha Technical Solutions under a royalty agreement.

Geographic exposure

Primary operations in Davie, Florida (headquarters) and California (SSI tank manufacturing facility). International sales noted through military channels; specific geographic revenue split not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-04-10

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