| Line Item | 2026-04-30 | Y/Y |
|---|---|---|
| Revenue | $26.4M | — |
| Cost of Revenue | $18.5M | — |
| Gross Profit | $7.9M | — |
| SG&A Expense | $25.6M | — |
| Operating Income | -$159.6M | — |
| Pre-tax Income | $114.9M | — |
| Income Tax | -$372K | — |
| Net Income | $115.2M | — |
| EPS (Basic) | $2.52 | — |
| Line Item | 2026-04-30 | Y/Y |
|---|---|---|
| Cash & Equivalents | $3.1M | -63.5% |
| Inventory | $4.0M | — |
| Current Assets | $10.2M | +0.1% |
| Total Assets | $337.8M | +3134.3% |
| Current Liabilities | $8.6M | +253.1% |
| Long-term Debt | $1.8M | — |
| Total Liabilities | $33.1M | +1202.8% |
| Line Item | 2026-04-30 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$26.6M | — |
| Capital Expenditures | $9K | — |
| Investing Cash Flow | -$387.7M | — |
| Financing Cash Flow | $405.8M | — |
| Free Cash Flow | -$26.6M | — |
Business Overview
CEA Industries Inc. is the largest publicly-traded digital asset treasury focused exclusively on BNB, the native token of the BNB Chain ecosystem, holding 515,544 BNB tokens valued at $317.3 million as of April 30, 2026. In August 2025, the company underwent a strategic transformation by adopting a DAT strategy following a private placement that raised approximately $500 million, repositioning itself as a public-market vehicle centered on BNB with institutional-grade governance and custody infrastructure. The company operates through two segments: BNB Treasury Management (its primary DAT strategy) and Retail and Industry (including Fat Panda retail vaping operations acquired in June 2025 and industrial climate control systems).
Segment Performance
The BNB Treasury Management segment's performance is primarily influenced by changes in BNB market price reflected as fair value adjustments, airdrop income generation, and operating expenses for public company infrastructure, rather than traditional operating metrics. The company does not provide specific revenue or income figures for individual segments in this excerpt. The Retail and Industry segment includes Fat Panda's vaping retail operations across 34 locations (30 Fat Panda stores and 4 Electric Fog outlets) in Central Canada, complemented by in-house e-liquid manufacturing and an e-commerce platform, along with legacy industrial climate control systems business serving the controlled environment agriculture industry.
Forward Guidance
"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." "Our objective is not merely to hold BNB passively, but to build the leading public company platform for BNB ownership, treasury management, and participation in the BNB ecosystem." "The DAT Strategy is designed to accumulate and compound BNB over time, with a focus on growing the value of our digital asset holdings on a per-share basis as a key long-term measure of shareholder value creation." The company notes it "undertake[s] no obligation to publicly update or revise any forward-looking statements."
| EPS (Diluted) | $2.52 | — |
| Stockholders' Equity |
| $304.8M |
| +3754.3% |
Key Risk Factors
Key risks include concentration exposure to the Binance ecosystem through Ceffu custody arrangements, with potential disruptions affecting access and liquidity of BNB holdings; dependence on BNB market price volatility, which significantly impacts reported earnings independent of operational performance; regulatory uncertainties and potential price manipulation concerns related to BNB and the Binance exchange, including concentration of BNB holdings by Binance founder and exchange-controlled trading volume; and litigation with the Asset Manager regarding the unconscionable nature of the 20-year Asset Management Agreement and unenforceable liquidated damages clause requiring payment of nearly 20 years of future fees upon early termination.