Every 10-Q that CEA Industries (BNC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BNC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BNC filings page.
CEA Industries Inc. filed an amended quarterly report to restate earnings per share for the quarter and successor period ended October 31, 2025. Management determined the basic and diluted weighted-average share counts were understated, which caused EPS to be overstated.
For the three months ended October 31, 2025, weighted-average shares were understated by 2,214,508 and basic and diluted EPS were restated downward by $0.21 to $5.18 basic and $5.15 diluted. For the successor period from June 7 through October 31, 2025, basic shares were understated by 1,857,056 and diluted shares by 857,057, reducing both basic and diluted EPS by $0.45 to $8.02 basic and $7.98 diluted.
The company states the error affects only EPS calculations; revenue, net income, assets, liabilities, equity and cash flows are unchanged. Management links the error to an existing material weakness in internal control over financial reporting. As of October 31, 2025, the balance sheet shows $616.5 million in total assets, including $547.1 million of BNB and other digital assets, and shareholders’ equity of $484.9 million.
CEA Industries Inc. reported results for the quarter ended January 31, 2026, its first full period reflecting a major shift to a BNB-focused digital asset treasury alongside its Canadian vaping business Fat Panda. Total assets rose to $436.8 million, driven mainly by digital assets with fair value of $409.2 million, including 515,544 BNB.
Quarterly revenue was $7.3 million, up slightly from $6.9 million a year earlier, largely from Canadian retail vape sales. The Company recorded an operating loss of $164.3 million, primarily from a $159.8 million unrealized loss on digital assets, but other income included a $38.1 million gain from revaluing warrant liabilities and $1.3 million of airdrop income.
For the successor period from June 7, 2025 through January 31, 2026, CEA reported net income of $171.2 million, reflecting large fair value gains on stapled warrants. The Company completed the Fat Panda acquisition for about $12.7 million, raised substantial capital through an August 2025 PIPE financing tied to its BNB treasury strategy, launched an at-the-market equity program, and adopted a shareholder rights plan effective through December 26, 2026.
CEA Industries Inc. reports results for the quarter ended October 31, 2025, with net income of $283,642,773 and basic EPS of $5.39, largely driven by fair value gains on digital assets and warrant liabilities. Revenue was $7,143,485 versus $7,436,751 a year earlier, mainly from Canadian retail vape operations.
The company has transformed into a digital asset treasury focused on Binance Coin, holding digital assets with fair value of $567,987,094, including 511,932 BNB tokens. A $114,033,718 unrealized gain on digital assets, a $206,818,087 gain from revaluing Stapled Warrant liabilities, and $5,827,578 of airdrop income dominated results, while cash rose to $32,535,255 and shareholders’ equity reached $484,889,525.
CEA Industries Inc. (BNCWW) reported interim consolidated results and disclosures related to the June–July 2025 Successor period following multiple acquisitions. The company had approximately $3.0 million of cash and a working capital deficit of about $1.0 million as of July 31, 2025 (Successor). Management discloses a PIPE/private placement commitment and offering expected to provide substantial liquidity: a private placement closed August 5, 2025 that delivered $500 million in gross proceeds with up to $750 million additional proceeds possible from warrant exercises.
The company acquired the Fat Panda group, allocating purchase consideration of approximately $12.8 million (about $10.6 million cash, 39,000 shares valued ~$0.3 million and seller notes totaling $1.9 million), recording $4.22 million of goodwill and significant identifiable intangibles. Operating results for the period show a material operating loss of $(5.6) million and loss before tax of $(5.9) million. The company drew a $4.0 million bridge loan (due December 3, 2025) and reports related-party notes and convertible notes with various terms. Deposit concentrations include approximately CAD $3.51 million and $153,000 in cash deposits in excess of CDIC and FDIC insurance limits, respectively.