CEA Industries Inc. BNC
CEA Industries Inc. is the largest publicly-traded digital asset treasury ("DAT") focused exclusively on BNB, the native token of the BNB Chain ecosystem ("BNB Chain"). We seek to continue to build and manage the largest corporate treasury of BNB to provide institutional-grade exposure to BNB Chain and to generate income on our eligible BNB holdings through active treasury management, derivatives, or through new tokens or coins distributed by projects to a wide range of individuals in the crypto community ("Airdrops"). We may also generate returns through additional digital asset-related activities such as validation and staking services, lending, and other decentralized finance ("DeFi") protocols in the future, though we have not staked or pledged any BNB through April 30, 2026 aside from BNB pledged for our debt obligations. At April 30, 2026, we held 515,544 BNB tokens with an aggregate fair value of $317.3 million, and digital assets, primarily BNB, represented 94.6% of our total assets, while our retail and industry segment operating businesses represent a significantly smaller portion of our overall assets based on economic exposure.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $2.8M | $6.9M | $11.3M | $13.6M | $8.5M | $15.2M | $9.6M | $7.2M | $7.6M |
| Cost of revenue | — | $3.0M | $6.4M | $10.1M | $10.7M | $7.0M | $10.7M | $7.1M | $5.3M | $5.3M |
| Gross profit | — | -$219.6K | $542.1K | $1.1M | $2.9M | $1.6M | $4.5M | $2.4M | $1.9M | $2.3M |
| R&D | — | — | $76.5K | $320.0K | $469.7K | $390.2K | $521.0K | $32.0K | $319.7K | $349.1K |
| SG&A | — | $2.9M | $3.1M | $4.8M | $3.7M | $3.1M | $4.7M | $6.0M | $5.2M | $2.2M |
| Total operating expenses | — | $3.0M | $3.5M | $6.9M | $4.9M | $3.9M | $5.9M | $7.3M | $6.2M | $2.8M |
| Operating income | — | -$3.2M | -$3.0M | -$5.7M | -$2.0M | -$2.4M | -$1.3M | -$4.8M | -$4.2M | -$532.9K |
| Interest expense | — | $26.1K | $41.6K | $35.3K | $2.8K | $17.4K | — | $2.9K | $41.5K | $373.7K |
| Pre-tax income | — | -$3.1M | -$2.9M | -$5.5M | -$1.3M | -$1.8M | -$1.3M | -$4.7M | -$4.9M | -$3.3M |
| Net income | $100.0K | -$3.1M | -$2.9M | -$5.5M | -$1.3M | -$1.8M | -$1.3M | -$4.7M | -$4.9M | -$3.3M |
| EPS, basic | — | -4.22 | -4.33 | -0.84 | -2.33 | — | — | — | — | — |
| EPS, diluted | — | -4.22 | -4.33 | -0.84 | -2.33 | -1.12 | -0.01 | -0.02 | -0.03 | -0.02 |
| Shares, diluted (wtd. avg.) | — | $745.0K | $672.9K | $7.1M | $1.6M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $409.9M | $2.1M | $12.5M | $18.6M | $2.2M | $2.3M | $922.2K | $253.4K | $2.5M | $319.5K |
| Receivables | — | $13.0K | $18.7K | $2.6K | $179.4K | $33.5K | $138.4K | $210.2K | $422.6K | $47.2K |
| Inventory | $4.0M | $3.3M | $296.4K | $348.4K | $378.3K | $327.1K | $1.2M | $935.9K | $522.6K | $747.9K |
| Total current assets | $10.2M | $10.1M | $13.4M | $20.5M | $4.0M | $3.7M | $2.6M | $1.5M | $3.7M | $1.4M |
| Property, plant and equipment | — | $5.7K | $38.6K | $68.5K | $77.3K | $147.7K | $257.9K | $520.3K | $401.4K | $93.6K |
| Goodwill | $0 | — | — | — | $631.1K | $631.1K | $631.1K | $631.1K | $631.1K | $631.1K |
| Other intangibles | $4.8M | $0 | $1.8K | $1.8K | $1.8K | $7.2K | $11.9K | $23.0K | $38.0K | $36.4K |
| Total assets | $9.2M | $9.0M | $13.8M | $21.0M | $5.3M | $4.8M | $4.0M | $2.8M | $4.8M | $2.1M |
| Accounts payable | $5.3M | $700.0K | $183.4K | $311.2K | $616.1K | $918.6K | $1.3M | $1.3M | $1.2M | $1.0M |
| Total current liabilities | $8.6M | $1.0M | $1.3M | $5.8M | $4.4M | $5.9M | $4.0M | $2.6M | $3.4M | $4.2M |
| Long-term debt | $1.8M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $33.1M | $1.2M | $1.5M | $6.1M | $4.9M | $6.1M | $4.4M | $2.6M | $3.4M | $4.2M |
| Retained earnings | $73.4M | -$40.3M | -$37.2M | -$34.3M | -$28.8M | -$27.4M | -$25.7M | -$24.3M | -$19.3M | -$14.3M |
| Total equity | $7.8M | $9.2M | $12.3M | $14.9M | -$3.6M | -$1.3M | -$355.6K | $194.3K | $1.4M | -$2.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | -$3.1M | -$6.1M | -$3.2M | -$3.2M | $818.0K | $671.8K | -$2.8M | -$2.3M | $103.5K |
| Depreciation and amortisation | — | $20.1K | $29.7K | $32.4K | $65.4K | $120.1K | $161.2K | $163.7K | $44.9K | $53.1K |
| Stock-based compensation | — | $82.5K | $187.6K | $307.7K | $369.2K | $277.2K | $788.6K | $2.0M | $2.1M | $4.4K |
| Capital expenditure | — | — | — | $30.3K | $68.7K | $9.3K | $3.0K | $261.2K | $183.8K | $18.2K |
| Investing cash flow | — | — | $200 | -$28.1K | -$57.2K | -$9.3K | -$3.0K | -$182.5K | -$205.0K | $41.6K |
| Financing cash flow | — | — | — | $19.7M | $3.1M | $554.0K | — | $816.4K | $4.6M | -$156.1K |
| Buybacks | — | — | — | — | — | — | — | $400.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001482541-26-000026.
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