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BNC

CEA Industries Inc. Common Stock

BNC

CEA Industries Inc. Common Stock • NASDAQ
$7.20 ▲ 20.60% (+1.23)
Market Cap $310.20 M
52w High $82.88
52w Low $4.65
Dividend Yield 0%
P/E -1.71
Volume 1.83M
Outstanding Shares 43.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $713.46K ▲ $1.113M ▲ $-1.069M ▼ -149.774% ▲ $-1.33 ▼ $-1.073M ▼
Q4-2024 $417.447K ▲ $849.502K ▲ $-1.019M ▼ -244.016% ▼ $-1.32 ▼ $-1.021M ▼
Q3-2024 $390.817K ▼ $676.519K ▲ $-740.403K ▼ -189.45% ▼ $-0.94 ▼ $-741.965K ▼
Q2-2024 $1.761M ▲ $657.005K ▼ $-470.299K ▲ -26.711% ▲ $-0.66 ▲ $-472.498K ▲
Q1-2024 $234.506K $769.434K $-916.603K -390.865% $-1.34 $-916.895K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $3.02M ▼ $19.128M ▲ $12.228M ▲ $6.9M ▼
Q1-2025 $8.707M ▼ $9.436M ▼ $1.229M ▲ $8.207M ▼
Q4-2024 $9.453M ▼ $10.362M ▼ $1.164M ▲ $9.198M ▼
Q3-2024 $10.295M ▼ $11.336M ▼ $1.133M ▼ $10.203M ▼
Q2-2024 $11.325M $12.552M $1.609M $10.944M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a very small business that is still losing money and has not yet built meaningful recurring revenue. Sales have been minimal and fairly flat in recent years, and the company has not generated consistent operating profits. Losses per share look large mainly because the company’s equity base is small, so any loss is magnified at the per‑share level. Overall, the financials look like an early‑stage or transition‑stage company rather than a mature, profitable operator.

Balance Sheet

Balance Sheet The balance sheet is very light. The company holds only a modest amount of assets, mostly in cash, and carries no financial debt, which reduces financing risk but also signals limited scale. Equity is positive but small, leaving only a thin cushion to absorb future losses or asset value swings. This lean balance sheet means both risk and flexibility: there is not much excess capital, but the structure is simple and largely unleveraged.

Cash Flow

Cash Flow Cash generation has been weak, with operating cash flow hovering around break‑even and dipping negative in at least one recent year. Investment spending on long‑term assets has been negligible, so free cash flow essentially mirrors operating cash flow. This pattern suggests the business has not yet proven its ability to fund itself from operations and may remain sensitive to any increase in costs or slowdown in activity, potentially requiring periodic external capital infusions.

Competitive Edge

Competitive Edge Strategically, BNC now rests on two pillars: a dominant regional vape retailer and a very large exposure to a single cryptocurrency. Through Fat Panda, it holds a strong position in parts of Canada with a dense store network, in‑house product manufacturing, and a combined retail and online presence, which can create customer loyalty and scale advantages. At the same time, its identity as a major corporate holder of Binance Coin is unusual and highly concentrated: it offers differentiation and visibility, but also ties the company’s fortunes closely to the performance, reputation, and regulatory environment surrounding one specific digital asset and the broader crypto ecosystem.

Innovation and R&D

Innovation and R&D Innovation is now strategic rather than traditional lab‑style R&D. BNC has pivoted away from agriculture technology into two newer, more experimental models: vertically integrated vaping and a financialized crypto treasury. On the vape side, it is innovating around branding, in‑house e‑liquid production, and omnichannel distribution, with scope to expand stores, add private‑label products, and do roll‑up acquisitions. On the crypto side, its attempt to operate as a transparent, publicly traded BNB vehicle—with dashboards, yield strategies, and potential new financial structures—is unconventional and speculative, but differentiates it from standard operating companies in its sector.

Summary

Overall, BNC looks less like a traditional industrial business and more like a small, evolving platform making a bold bet on two volatile, heavily regulated areas: nicotine vaping and digital assets. The current financials reflect very limited scale, ongoing losses, and a thin capital base, so execution and risk management matter a great deal. If the company can grow the Fat Panda franchise while managing regulatory pressures, it could build a more stable operating engine, but its large crypto treasury adds a separate layer of market and regulatory uncertainty. The story is high‑risk, highly path‑dependent, and still in the early innings of its new strategy.

NEWS

November 28, 2025 · 1:07 AM UTC

CEA Industries (BNC) Announces Appointment of Annemarie Tierney to Board of Directors

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November 19, 2025 · 9:20 AM UTC

CEA Industries (BNC) Launches Comprehensive Treasury Dashboard and Provides Corporate Update

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November 10, 2025 · 5:50 PM UTC

CEA Industries ($BNC) to Participate at the 2025 Cantor Crypto & AI/Energy Infrastructure Conference November 11-12, 2025

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October 21, 2025 · 8:00 AM UTC

CEA Industries ($BNC) Crosses Half-Million BNB Milestone

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October 15, 2025 · 9:00 AM UTC

CEA Industries ($BNC) to Participate in the LD Micro Main Event XIX on October 21, 2025, and Stocktoberfest Presented by StockTwits on October 22, 2025

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