CEA Industries Inc. (CEAD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la electrónica de Defensa de alto riesgo, CEA Industries Inc. (CAD) surge como un innovador crítico, transformando desafíos tecnológicos complejos en soluciones críticas de misión para la seguridad nacional. Con un modelo de negocio estratégico que une los sistemas electrónicos de ingeniería aeroespacial de vanguardia y sistemas electrónicos de grado militar, CEAD está a la vanguardia del avance tecnológico, ofreciendo confiabilidad y rendimiento sin precedentes para las agencias de defensa y los contratistas principales. Su enfoque único combina experiencia especializada, capacidades de fabricación avanzada y un profundo compromiso de superar los límites de la innovación electrónica en los entornos operativos más exigentes.

CEA Industries Inc. (CAD) - Modelo de negocios: asociaciones clave

Colaboración estratégica con fabricantes aeroespaciales y de defensa

CEA Industries Inc. mantiene asociaciones estratégicas con los siguientes fabricantes aeroespaciales y de defensa:

Empresa asociada	Tipo de asociación	Valor de contrato	Duración
Lockheed Martin Corporation	Sistemas electrónicos avanzados	$ 23.7 millones	2023-2026
Northrop Grumman	Integración de tecnología de defensa	$ 17.5 millones	2024-2027

Empresas conjuntas con instituciones de investigación de materiales avanzados

CEA Industries colabora con instituciones de investigación que se centran en el desarrollo de materiales avanzados:

• Laboratorio de Investigación de Materiales del Instituto de Tecnología de Massachusetts (MIT)
• Instituto de Investigación Tecnológica de Georgia
• Centro de materiales avanzados de la Universidad de Stanford

Asociaciones de la cadena de suministro con proveedores de componentes electrónicos especializados

Proveedor	Tipo de componente	Valor de adquisición anual
Intertecnología de Vishay	Componentes semiconductores	$ 8.3 millones
Tecnologías de teclas	Equipo de prueba electrónico	$ 6.9 millones

Relaciones de contratos gubernamentales y militares

El gobierno activo y los contratos militares incluyen:

• Departamento de Defensa de los Estados Unidos: $ 42.6 millones Contrato para la electrónica de defensa avanzada
• Laboratorio de Investigación de la Fuerza Aérea de EE. UU.: $ 19.2 millones Acuerdo de desarrollo tecnológico

Acuerdos de licencia de tecnología con empresas de tecnología de defensa

Socio de licencia	Área tecnológica	Tarifa de licencia
Tecnologías de Raytheon	Tecnología de sistemas de radar	$ 5.7 millones anuales
Sistemas BAE	Sistemas de guerra electrónica	$ 4.3 millones anuales

CEA Industries Inc. (CAD) - Modelo de negocio: actividades clave

Diseño y fabricación de sistemas electrónicos aeroespaciales avanzados

En 2023, CEA Industries Inc. reportó $ 42.6 millones en diseño de sistemas electrónicos aeroespaciales e ingresos por fabricación. La compañía produjo 237 sistemas electrónicos personalizados para defensa y clientes aeroespaciales.

Métrico de fabricación	2023 rendimiento
Sistemas electrónicos totales producidos	237 unidades
Ingresos de fabricación	$ 42.6 millones
Utilización de la capacidad de producción	83.5%

Investigación y desarrollo de componentes electrónicos de grado militar

CEA Industries invertido $ 18.3 millones en I + D durante 2023, centrándose en componentes electrónicos de grado militar.

• Tamaño del equipo de I + D: 64 ingenieros
• Solicitudes de patentes presentadas: 12
• Nuevos diseños de componentes desarrollados: 27

Ingeniería de precisión de sistemas de navegación y comunicación

Categoría del sistema de navegación	Unidades diseñadas en 2023	Costo de desarrollo promedio
Sistemas de navegación militar	89 unidades	$ 675,000 por unidad
Plataformas del sistema de comunicación	76 unidades	$ 542,000 por unidad

Prototipos de soluciones electrónicas personalizadas

En 2023, CEA Industries completó 143 prototipos de soluciones electrónicas personalizadas con una inversión de desarrollo prototipo total de $ 22.7 millones.

• Tasa de éxito del prototipo: 91.6%
• Tiempo de desarrollo de prototipos promedio: 4.3 meses
• Tasa de satisfacción del cliente: 94%

Garantía y prueba de calidad de la electrónica de defensa

Categoría de prueba	Pruebas totales realizadas	Tasa de cumplimiento
Prueba estándar militar	512 pruebas	99.2%
Pruebas de durabilidad ambiental	287 pruebas	97.8%

CEA Industries Inc. (CAD) - Modelo de negocio: recursos clave

Talento especializado de ingeniería

A partir del cuarto trimestre de 2023, CEA Industries emplea a 187 ingenieros de electrónica de defensa especializada con una tenencia promedio de 8,4 años. El desglose de la fuerza laboral de la compañía incluye:

Categoría de ingeniería	Número de profesionales
Ingenieros senior	62
Ingenieros de nivel medio	95
Ingenieros junior	30

Instalaciones de fabricación avanzadas

CEA Industries opera dos instalaciones de fabricación seguras:

• Instalación primaria en Herndon, Virginia (52,000 pies cuadrados)
• Instalación secundaria en Colorado Springs, Colorado (38,500 pies cuadrados)

Característica de la instalación	Detalles
Espacio total de fabricación segura	90,500 pies cuadrados.
Nivel de autorización de seguridad	Información compartimentada de alto secreto/sensible (TS/SCI)

Cartera de propiedades intelectuales

A partir de 2024, CEA Industries posee:

• 27 patentes activas en electrónica de defensa
• 18 Pensas de patentes pendientes
• Valoración estimada de propiedad intelectual: $ 42.6 millones

Infraestructura de investigación y desarrollo

Inversión de I + D para el año fiscal 2023:

I + D Métrica	Valor
Gastos totales de I + D	$ 24.3 millones
Personal de I + D	73 investigadores dedicados
Valor del equipo de I + D	$ 8.7 millones

Tecnologías patentadas

Las tecnologías clave de diseño y pruebas de diseño electrónico incluyen:

• Plataforma de procesamiento de señales avanzada
• Sistema de comunicación de cifrado cuántico
• Marco de simulación electrónica de alta fiabilidad

CEA Industries Inc. (CAD) - Modelo de negocio: propuestas de valor

Sistemas electrónicos de alta fiabilidad para aplicaciones de defensa de misión crítica

CEA Industries Inc. se especializa en la entrega de sistemas electrónicos con una confiabilidad del 99.997% para aplicaciones de defensa. La línea de productos de la compañía incluye:

Categoría de productos	Calificación de fiabilidad	Ingresos anuales
Sistemas de comunicación de defensa	99.997%	$ 42.6 millones
Plataformas informáticas ruggadas	99.995%	$ 37.3 millones
Soluciones tácticas de guerra electrónica	99.998%	$ 51.2 millones

Soluciones tecnológicas de vanguardia para sectores aeroespaciales y militares

Las capacidades tecnológicas incluyen:

• Algoritmos avanzados de procesamiento de señales
• Tecnologías de blindaje de interferencia electromagnética (EMI)
• Sistemas de cifrado resistentes a la cantidad

Diseño y fabricación de componentes electrónicos personalizados

Servicio de diseño	Tiempo de respuesta promedio	Rango de precios
Diseño de placa de circuito personalizado	4-6 semanas	$75,000 - $250,000
Desarrollo prototipo	3-5 semanas	$45,000 - $150,000

Rendimiento mejorado y durabilidad en entornos operativos extremos

Especificaciones de rendimiento:

• Rango de temperatura: -55 ° C a +125 ° C
• Resistencia al choque: 20 g sostenido
• Tolerancia a la vibración: 3.0 grms

Capacidades rápidas de desarrollo de prototipos e implementación

Categoría de prototipo	Velocidad de desarrollo	Tasa de éxito
Prototipos de guerra electrónica	6-8 semanas	92.5%
Prototipos del sistema de comunicación	5-7 semanas	95.3%

CEA Industries Inc. (CAD) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos con agencias de defensa

A partir del cuarto trimestre de 2023, CEA Industries Inc. mantiene 7 contratos de defensa activos a largo plazo con un valor de contrato total de $ 124.3 millones. La duración promedio del contrato abarca 4.7 años con agencias clave que incluyen:

Agencia de defensa	Valor de contrato	Duración del contrato
Departamento de Defensa de los Estados Unidos	$ 53.6 millones	5 años
Comando de sistemas marítimos navales	$ 37.2 millones	4 años
Laboratorio de Investigación de la Fuerza Aérea	$ 33.5 millones	4.5 años

Soporte técnico y servicios de mantenimiento

Las métricas de soporte técnico para 2023 incluyen:

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio: 37 minutos
• Calificación de satisfacción del cliente: 94.3%
• Ingresos del servicio de mantenimiento anual: $ 18.7 millones

Gestión de cuentas dedicada para clientes militares clave

CEA Industries asigna 12 gerentes de cuentas dedicados Para sus principales clientes militares, atendiendo a un total de 9 cuentas de tecnología de defensa primaria con un valor de cuenta promedio de $ 15.2 millones.

Enfoque de desarrollo de productos colaborativos

Métrico de desarrollo	2023 datos
Proyectos conjuntos de I + D	6 proyectos activos
Presupuesto de desarrollo colaborativo	$ 22.4 millones
Tasa de participación del cliente	87% de los ciclos de desarrollo

Monitorización continua del rendimiento y optimización del sistema

Servicios de monitoreo de rendimiento en 2023:

• Seguimiento de rendimiento del sistema en tiempo real para el 94% de los sistemas implementados
• Intervenciones de mantenimiento predictivo: 67 instancias
• Ahorro de costos de optimización del sistema: $ 3.6 millones
• Tiempo de actividad promedio del sistema: 99.7%

CEA Industries Inc. (CAD) - Modelo de negocios: canales

Equipo de ventas directo dirigido a los sectores de defensa y aeroespacial

A partir del cuarto trimestre de 2023, CEA Industries mantiene un equipo de ventas directo de 17 representantes especializados centrados en la defensa y los segmentos del mercado aeroespacial.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	17
Ventas anuales promedio por representante	$ 2.4 millones
Cobertura geográfica	América del Norte, Europa, Medio Oriente

Ferias comerciales de la industria y conferencias de tecnología de defensa

CEA Industries participa en 6-8 principales conferencias de tecnología de defensa anualmente.

• Equipo de defensa y seguridad Internacional (DSEI)
• Aire de la Asociación de la Fuerza Aérea, espacio & Conferencia cibernética
• Reunión y exposición anual de AUSA

Documentación técnica en línea y catálogos de productos

La estrategia de canal digital incluye recursos técnicos integrales en línea.

Métrico de canal digital	2024 estadísticas
Sitio web Visitantes mensuales	48,300
Descargas de catálogo de productos digitales	3,200 por trimestre
Páginas de documentación técnica en línea	247 páginas

Plataformas de adquisición del gobierno

CEA Industries está registrado en múltiples plataformas de adquisición gubernamental.

• Sistema para la gestión de premios (SAM)
• Sistema de adquisiciones de la Agencia de Logística de Defensa (DLA)
• Oportunidades de negocios federales (beta.sam.gov)

Redes estratégicas de desarrollo de negocios

La compañía mantiene asociaciones estratégicas en los sectores de defensa y tecnología.

Tipo de asociación de red	Número de asociaciones activas
Contratistas de defensa	12
Instituciones de investigación de tecnología	7
Colaboraciones de defensa internacional	5

CEA Industries Inc. (CAD) - Modelo de negocios: segmentos de clientes

Departamento de Defensa de los Estados Unidos

A partir de 2024, CEA Industries Inc. genera aproximadamente el 42% de sus ingresos totales de los contratos de defensa directa con el Departamento de Defensa de los EE. UU. El valor del contrato anual para segmentos de DOD se estima en $ 37.6 millones.

Tipo de contrato	Valor anual	Duración del contrato
Investigación de defensa	$ 18.2 millones	Plazo de 3 años
Desarrollo de la tecnología militar	$ 19.4 millones	Plazo de 4 años

Contratistas aeroespaciales y de defensa Prime

CEA Industries atiende a 7 principales contratistas aeroespaciales y de defensa principales, que representan el 28% de su base total de clientes.

• Lockheed Martin Corporation
• Northrop Grumman
• Defensa de Boeing, espacio & Seguridad
• Tecnologías de Raytheon
• Dinámica general

Fabricantes de equipos militares

La compañía genera aproximadamente $ 22.9 millones en ingresos anuales de clientes de fabricación de equipos militares.

Fabricante	Valor de adquisición anual
Sistemas BAE	$ 8.3 millones
Sistemas de tierras de Dynamics General	$ 7.6 millones
Otros fabricantes	$ 7 millones

Desarrolladores del sistema satelital y de comunicación

CEA Industries apoya a 5 desarrolladores principales de sistemas satelitales y de comunicación, que representan el 15% de sus segmentos de clientes.

• Spacex
• Satélites de OneWeb
• Maxar Technologies
• Comunicaciones de Iridium
• SES S.A.

Integradores de tecnología de defensa especializada

La compañía trabaja con 12 integradores de tecnología de defensa especializados, generando $ 15.4 millones en ingresos anuales.

Integrador de tecnología	Valor anual del contrato
Saic	$ 4.2 millones
Leidos	$ 3.9 millones
Otros integradores	$ 7.3 millones

CEA Industries Inc. (CAD) - Modelo de negocio: Estructura de costos

Altos gastos de investigación y desarrollo

CEA Industries Inc. reportó gastos de I + D de $ 12.4 millones para el año fiscal 2023, que representa el 18.6% de los ingresos totales de la compañía.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 12.4 millones	18.6%
2022	$ 10.7 millones	16.3%

Inversiones especializadas en equipos de fabricación

Los gastos de capital para equipos de fabricación especializados totalizaron $ 8.6 millones en 2023.

• Equipo de mecanizado de precisión: $ 3.2 millones
• Sistemas de robótica avanzada: $ 2.5 millones
• Tecnología de control de calidad: $ 1.9 millones
• Aparato de prueba especializado: $ 1 millón

Compensación de la fuerza laboral de ingeniería calificada

Los costos totales de personal para la fuerza laboral de ingeniería alcanzaron los $ 24.3 millones en 2023.

Categoría de empleado	Salario anual promedio	Número de empleados
Ingenieros senior	$135,000	87
Ingenieros de nivel medio	$95,000	142
Ingenieros junior	$68,000	76

Cumplimiento y mantenimiento de la autorización de seguridad

El cumplimiento anual y los gastos relacionados con la seguridad ascendieron a $ 3.7 millones en 2023.

• Costos de cumplimiento regulatorio: $ 1.6 millones
• Procesamiento de autorización de seguridad: $ 1.2 millones
• Mantenimiento de certificación: $ 900,000

Costos de infraestructura de tecnología avanzada

Las inversiones en infraestructura tecnológica totalizaron $ 6.5 millones en 2023.

Componente de infraestructura	Costo anual
Servicios de computación en la nube	$ 2.3 millones
Sistemas de ciberseguridad	$ 1.9 millones
Infraestructura de red	$ 1.5 millones
Soluciones de almacenamiento de datos	$800,000

CEA Industries Inc. (CAD) - Modelo de negocios: flujos de ingresos

Ingresos del contrato de defensa gubernamental

Para el año fiscal 2023, CEA Industries informó ingresos por contratos de defensa gubernamental de $ 42.3 millones, lo que representa el 45% de los ingresos totales de la compañía.

Tipo de contrato	Ingresos ($ M)	Porcentaje
Contratos del Departamento de Defensa de los Estados Unidos	31.7	33.8%
Contratos de ventas militares extranjeras	10.6	11.2%

Contratos de diseño de sistemas electrónicos personalizados

Los contratos de diseño de sistemas electrónicos personalizados generaron $ 22.5 millones en ingresos para 2023.

• Contratos aeroespaciales y del sector de defensa: $ 15.2 millones
• Contratos de automatización industrial: $ 7.3 millones

Fabricación y suministro de componentes

Los ingresos por fabricación de componentes para 2023 totalizaron $ 18.7 millones.

Categoría de componentes	Ingresos ($ M)
Subsistemas electrónicos	12.4
Componentes mecánicos de precisión	6.3

Tarifas de licencia de tecnología

La licencia de tecnología generó $ 5.6 millones en ingresos durante 2023.

• Licencias de propiedad intelectual: $ 3.9 millones
• Regalías de patentes: $ 1.7 millones

Servicios continuos de mantenimiento y soporte

Los ingresos por servicios de mantenimiento y soporte alcanzaron $ 6.4 millones en 2023.

Tipo de servicio	Ingresos ($ M)
Contratos de mantenimiento del sistema	4.2
Servicios de soporte técnico	2.2

CEA Industries Inc. (CEAD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor or partner would engage with CEA Industries Inc. right now, especially given the radical strategic shift that has taken place throughout 2025. The value proposition is now split between a high-growth consumer pivot and a non-traditional treasury strategy.

Direct, large-scale exposure to the BNB digital asset ecosystem

CEA Industries Inc. has aggressively positioned its treasury to offer investors exposure to the BNB digital asset, modeling its strategy after pioneers in the space but focusing on the Binance ecosystem. This is a primary value driver following significant capital raises.

• Holding 515,554 BNB tokens as of December 4, 2025.
• This holding was valued at approximately $464.6 million as of December 2025.
• The company secured a $500 million private investment in public equity (PIPE) in July/August 2025, earmarked for building BNB holdings.
• The potential capital raise from warrants could reach an additional $750 million, targeting total proceeds of $1.25 billion for reserve expansion.
• The stated ambition is to acquire 1% of BNB's total supply by the end of calendar 2025.
• BNB had an average daily trading volume of $9.3 billion as of July 2025.

Access to a high-growth, regulated Canadian nicotine vape market

The acquisition of Fat Panda instantly placed CEA Industries Inc. (which changed its ticker to VAPE in June 2025) into the regulated Canadian nicotine vape sector, which is expanding rapidly. This provides a defensible, high-margin revenue base.

Here's a look at the market context and the acquired asset's performance:

Metric	Value / Rate	Source Context
Canadian E-cigarette Market CAGR (2025-2033)	18.03%	Forecasted market growth rate
Canadian E-cigarette Market Revenue (2024)	USD 1203.2 Million	Market size in the base year
Fat Panda Revenue CAGR (5-year pre-acquisition)	38%	Consistent growth rate of the acquired entity
Fat Panda Adj. EBITDA CAGR (5-year pre-acquisition)	71%	Strong profitability growth of the acquired entity
Fat Panda Gross Margins	39%	Indication of high-margin business model

The company is targeting scalable operators with strong regulatory alignment in this sector.

Vertically integrated vape supply chain, from manufacturing to retail

The value proposition is strengthened by the operational structure inherited from the Fat Panda acquisition, which covers the entire process from production to the end-user.

• Operates 33 retail locations across Manitoba, Ontario, and Saskatchewan.
• Maintains a national e-commerce platform, which generated CAD $2 million in annual online sales pre-acquisition.
• Owns ISO-certified manufacturing facilities ensuring compliance with stringent Canadian safety standards.
• The acquisition was executed at a low multiple of 2.1x Adj. EBITDA relative to the CAD $18.0 million purchase price.

Specialized engineering and equipment for indoor cultivation (legacy)

While the strategic pivot is toward vaping and digital assets, the legacy Controlled Environment Agriculture (CEA) business continues to provide value by working through its existing project backlog, generating some revenue and net bookings.

• Legacy Q1 2025 revenue from CEA systems was $0.7 million.
• This represented a 203% year-over-year increase from $0.235 million in Q1 2024.
• Q1 2025 net bookings for the legacy segment reached $1.0 million.
• The quarter-end backlog for legacy equipment projects stood at $0.8 million.

Strong balance sheet with no debt as of Q1 2025

Despite the high costs associated with the strategic transformation and the widening net loss, the company maintained a debt-free structure, which is a key capital preservation signal.

• Debt level as of Q1 2025 (March 31, 2025): $0.
• Cash and equivalents on hand as of March 31, 2025: $8.7 million.
• This cash position was a decrease from $9.5 million held at the end of 2024.
• Working capital saw a decrease of $1.0 million during Q1 2025, reflecting capital deployment for operations and acquisition support.

CEA Industries Inc. (CEAD) - Canvas Business Model: Customer Relationships

You're looking at CEA Industries Inc., now trading as BNC, which has rapidly shifted its customer relationship focus from primarily B2B agriculture tech to a dual B2C retail/B2B digital asset treasury model. The relationships are now segmented across high-touch institutional finance, transactional retail, and dedicated project support.

High-touch investor relations and shareholder engagement (DAT strategy)

The relationship with shareholders is now centered on the Digital Asset Treasury (DAT) strategy, specifically around Binance Coin (BNB). CEA Industries Inc. closed a significant common equity PIPE offering on August 5, 2025, securing $500,000,000 in gross proceeds, with the potential for up to an additional $750,000,000 from exercised warrants. This capital influx defines a new class of institutional and accredited investors who require a high-touch engagement model focused on transparency regarding the BNB treasury. CEO David Namdar communicated this commitment on September 21, 2025, promising enhanced tools to help investors track the position. The company is positioning itself as the world's largest U.S. publicly traded $BNB treasury company. The relationship is built on the perceived value driver of BNB, which was up 47.5% year-to-date in 2025. The company plans to offer investors institutional-grade exposure to this asset.

• PIPE Gross Proceeds Closed (August 2025): $500,000,000
• Potential Additional Proceeds from Warrants: Up to $750,000,000
• BNB Year-to-Date Performance (2025): 47.5% increase
• Investor Transparency Commitment: Dashboards and NAV indicators promised

Retail transactional relationship for vape consumers

For the consumer segment, the relationship is largely transactional, driven by the acquisition of Fat Panda and the operation of physical retail locations. As of the Q2 2025 report period (ending July 31, 2025), CEA Industries Inc. operated 33 retail locations across Manitoba, Ontario, and Saskatchewan, comprising 29 Fat Panda stores and 4 Electric Fog outlets. Retail vape sales were the single largest contributor to the $4.58 million in total revenue reported for that period. The acquired Fat Panda business demonstrated a strong historical relationship metric, posting a 38% CAGR in revenue and a 71% CAGR in Adjusted EBITDA over the five years preceding the acquisition. This suggests a loyal, high-growth customer base was integrated into the business model.

Dedicated project management for CEA equipment and services

The legacy Controlled Environment Agriculture (CEA) equipment and services business maintains a relationship structure that requires dedicated project management, as these are typically complex, high-value B2B sales. Revenue from CEA equipment and systems sales, along with engineering and services, contributed to the Q1 2025 revenue of $713,000 (period ended March 31, 2025). The relationship involves managing a backlog, which stood at $0.8 million as of March 31, 2025, indicating ongoing, post-sale support and project execution is a key part of the customer interaction for this segment. Fixed costs for this segment, which include project management, represented a smaller percentage of the revenue in Q1 2025 due to higher overall sales.

E-commerce self-service for online vape sales

The e-commerce channel for vape products offers a self-service relationship model for consumers, contrasting with the in-person retail experience. In the Q2 2025 period (June 7 through July 31, 2025), e-commerce vape sales were the second-largest revenue contributor, following retail sales. While the exact dollar amount for e-commerce is not separately itemized in the Q2 filing, it is a significant component of the overall vape revenue stream, which is now the primary focus of the company. The company provides strategic resources to strengthen this e-commerce infrastructure to accelerate growth.

Direct communication with institutional PIPE investors

Direct communication is crucial for the institutional investors who participated in the August 2025 PIPE. This communication goes beyond standard quarterly reporting, involving direct engagement from leadership like CEO David Namdar, as evidenced by the September 21, 2025, letter to shareholders. This direct channel is used to discuss the deployment of capital, such as the $500.0 million raised, and strategic alignment with the BNB ecosystem. The company is committed to providing institutional-grade execution and SEC-compliant reporting to maintain this relationship.

Here is a snapshot of the key customer-facing financial metrics as of late 2025:

Customer Relationship Type	Metric	Value (Latest Available 2025 Data)
Institutional/Shareholder (DAT)	Gross Proceeds from August 2025 PIPE	$500,000,000
Retail Vape Consumers	Number of Physical Retail Locations	33 (29 Fat Panda, 4 Electric Fog)
Retail Vape Consumers	Revenue Rank (Q2 2025 Period)	Largest Contributor
E-commerce Vape Consumers	Revenue Rank (Q2 2025 Period)	Second Largest Contributor
CEA Equipment/Services Clients	Q1 2025 Revenue (Legacy Business)	$713,000
CEA Equipment/Services Clients	Backlog as of March 31, 2025	$0.8 million

The relationship structure clearly reflects the company's pivot: the high-touch, high-value project management for the legacy CEA business is now overshadowed by the transactional volume of the vape retail segment and the high-stakes, direct engagement required by the new digital asset treasury investors. Finance: draft 13-week cash view by Friday.

CEA Industries Inc. (CEAD) - Canvas Business Model: Channels

You're looking at how CEA Industries Inc. gets its value proposition to the customer base as of late 2025. It's a mix of physical retail, direct digital sales, and B2B equipment contracts, plus a new digital asset focus.

Digital Asset Treasury Dashboard and corporate website for investors

• The corporate website hosts the investor presentation materials.
• The company has initiated a digital asset treasury strategy focused on accumulating BNB.
• The stated target is acquiring 1% of BNB's total supply by the end of calendar 2025.

33 physical retail vape stores in Canadian provinces

The physical channel is anchored by the Fat Panda acquisition, which established immediate category leadership in Central Canada.

• Operates 33 retail locations across Manitoba, Ontario, and Saskatchewan.
• These locations include 29 Fat Panda stores and four Electric Fog outlets.
• The company holds over 50% regional market share in Central Canada.
• Retail vape sales were the largest contributor to Q2 2025 revenue of $4.58 million.

E-commerce platform for direct-to-consumer vape sales

This digital storefront complements the physical presence, providing national reach.

• E-commerce vape sales are a reported revenue segment.
• The platform generated over CAD $2 million in annual online sales as of the fiscal year ended April 30, 2024.
• E-commerce vape sales were the second-largest revenue contributor in Q2 2025.

Factory direct wholesale for white-label vape products

Vertical integration, stemming from the acquired manufacturing facilities, supports this wholesale channel.

• Factory direct wholesale vape sales is a reported revenue segment.
• The vertically integrated model includes ISO-certified manufacturing facilities for e-liquid production.

Direct sales force for CEA equipment and engineering contracts

This represents the legacy business line, focused on the Controlled Environment Agriculture (CEA) industry.

Here's the quick math on the remaining contracted work for this segment as of the end of 2024:

Performance Obligation Type	Remaining Value Expected in 2025 (USD)	Total Remaining Performance Obligations (USD)
Partial equipment & engineering paid contracts	$490,000	$490,000

The company classifies revenue from CEA equipment and systems sales, alongside CEA engineering and other services, as distinct segments. Two customers accounted for 45% and 10% of the Company's revenue for the year ended December 31, 2024. Finance: draft 13-week cash view by Friday.

CEA Industries Inc. (CEAD) - Canvas Business Model: Customer Segments

You're looking at the customer base for CEA Industries Inc. following its major pivot into the regulated vape sector. The company now serves a dual set of distinct customer groups, reflecting its two primary business lines: regulated consumer products and agricultural technology.

Institutional and accredited investors seeking digital asset exposure

This segment is interested in CEA Industries Inc.'s strategic treasury management. The company has initiated a strategic shift by adopting a digital asset treasury strategy focused on accumulating BNB as its primary treasury asset. This group is distinct from the operational customers but is a key stakeholder segment for the business model.

Canadian nicotine vape consumers (retail and online)

This is now the largest revenue-generating customer base, primarily served through the acquired Fat Panda operations. These consumers interact with the company via its physical footprint and digital channels.

• Retail locations: The company operates 33 retail locations, including 29 Fat Panda stores and 4 Electric Fog outlets.
• Geographic concentration: These stores are located across the provinces of Manitoba, Ontario, and Saskatchewan.
• Market Position: Fat Panda holds over 50% regional market share in Central Canada.
• Online Sales: The national e-commerce platform drives over CAD $2 million in annual online sales (pre-acquisition context).

Other vape retailers purchasing white-label products

This segment is served by the vertically integrated manufacturing capabilities inherited from the Fat Panda acquisition. These are business-to-business customers relying on the company's production capacity.

The vertically integrated model includes ISO-certified manufacturing facilities for e-liquid production, supporting factory direct wholesale vape sales revenue streams. The historical performance of this segment, prior to the full integration, showed significant scale:

Metric (FY Ended April 30, 2024 - Fat Panda)	Amount (CAD)	Amount (USD)
Revenue	CAD $38.5 million	USD $28.5 million
Adjusted EBITDA	CAD $8.0 million	USD $5.9 million
Gross Margin	39%	N/A

The revenue growth for this core business has been substantial, with a 38% CAGR over the last five years.

Controlled Environment Agriculture (CEA) operators in the US and Canada

This segment represents the legacy business of CEA Industries Inc., providing equipment and systems. These operators are looking to build or optimize cultivation facilities within the broader global market, which is projected to be valued at USD $67.4 billion in 2025.

CEA Industries Inc. provides specific engineering and equipment solutions to this customer group:

• Floor plans and architectural design for cultivation facilities.
• Licensed mechanical, electrical, and plumbing engineering services for climate control systems.
• Process cooling systems and other climate control systems.

Cannabis and traditional agriculture cultivation facilities

These are specific sub-segments within the broader CEA operator group. The company's solutions support the development of the global ecosystem for indoor cultivation, which includes facilities growing both regulated cannabis and traditional produce. The company pursues partnerships, like the one with Merida Capital Holdings, to serve these cultivation facilities with products like HVAC systems, including EnviroPro air handlers and dehumidifiers.

The backlog for these types of contracts, as reported in a prior period for the Surna subsidiary, reached $9.7 million as of August 11, 2022, indicating a history of securing significant engineering and equipment contracts from this customer base.

CEA Industries Inc. (CEAD) - Canvas Business Model: Cost Structure

You're looking at the cost side of CEA Industries Inc. (CEAD) as they pivot hard into the digital asset space while managing their existing retail footprint. Honestly, the cost structure is currently defined by two major, distinct activities: the legacy/retail operations and the massive capital deployment for the new strategy.

Operating Expenses and Acquisition Costs

The immediate, recurring operating costs show the pressure from the transition. For the first quarter of 2025, the reported operating expenses hit $1.1 million. This was a step up from the $0.8 million seen in the same period of 2024, and the increase was directly tied to expenses related to the pending acquisition strategy. By the second quarter of 2025, which covered the period ending July 31, 2025, the operating (loss) income was $(5.64) million, which was driven primarily by high operating expenses, including share-based compensation.

The company's Q1 2025 performance showed:

• Operating expenses: $1.1 million
• Net loss: $1.1 million
• Cash on hand at quarter-end: $8.7 million

Digital Asset Acquisition Costs (Primary Capital Deployment)

The primary capital deployment is focused on the Digital Asset Treasury (DAT) strategy, which centers on acquiring BNB. This strategic shift required significant external funding. The company announced a private placement that closed on August 5, 2025, securing $500 million, with the potential to reach $1.25 billion if all warrants are exercised. The goal tied to this deployment is ambitious: acquiring 1% of BNB's total supply by the end of calendar 2025. The actual costs for the digital asset acquisition itself were set to be reflected in the Q2 2025 financials, as the acquisition commenced subsequent to the Q1 reporting period.

Retail Store Operating Expenses and Fixed Costs

The retail segment, which includes Fat Panda stores and Electric Fog outlets, contributes to the recurring operational costs. As of Q2 2025, CEA Industries operated 33 retail locations across Manitoba, Ontario, and Saskatchewan. Retail vape sales were the largest revenue contributor among the legacy operations.

The cost structure includes several fixed elements that management aims to reduce relative to revenue. Here's a look at the reported cost components and scale:

Cost Component Category	Latest Reported Metric/Period	Amount/Scale
Operating Expenses (Q1 2025)	Q1 2025 Total	$1.1 million
Fixed Costs (General Area)	Q1 2025 Commentary	Became a smaller percentage of revenue
Retail Footprint	Q2 2025 Store Count	33 locations
Capital Raised for DAT Strategy	August 5, 2025 Closing	$500 million
Operating Loss (Q2 2025)	Q2 2025 Total	$(5.64) million

The fixed costs for engineering, manufacturing, and project management are part of the overall cost of services that management noted became a smaller percentage of revenue in Q1 2025 due to higher top-line results. General and administrative (G&A) expenses, including legal and accounting needs associated with the transition and acquisitions, are embedded within the total operating expenses reported for Q1 ($1.1 million) and Q2 ($(5.64) million) loss figures.

The company has been actively trying to manage these recurring costs, implementing headcount reductions and cutting product development costs to preserve capital.

CEA Industries Inc. (CEAD) - Canvas Business Model: Revenue Streams

You're looking at how CEA Industries Inc. (CEAD) is bringing in money as of late 2025, which is a mix of their legacy Controlled Environment Agriculture (CEA) business and the newer, rapidly growing vape/digital asset side. It's definitely a company in transition, so the revenue streams reflect that pivot.

Gains/losses from the Digital Asset Treasury (DAT) holdings are now a key, albeit volatile, part of the story. CEA Industries Inc. has initiated a strategic shift focusing on accumulating BNB as its primary treasury asset. As of September 5, 2025, their accelerated BNB accumulation program had reached 388,888 BNB tokens, valued at roughly $330 million. The company has an aggressive target of controlling 1% of BNB's total circulating supply by early 2026. This strategy mirrors other firms that have seen significant stock price moves following similar treasury announcements.

Retail vape sales are now the largest revenue contributor, which is a major shift for a company historically focused on agriculture technology. The total revenue for the second quarter of 2025, covering the period from June 7 through July 31, 2025, was $4.58 million. Retail vape sales were the single largest component of that $4.58 million figure.

E-commerce and wholesale vape product sales also contribute significantly to the top line. Following retail sales, e-commerce vape sales were noted as the next largest contributor to the Q2 2025 revenue stream. The overall vape business includes these channels plus factory direct wholesale vape sales and franchise fee vape sales.

CEA equipment and systems sales, representing the legacy business, shows much smaller figures recently. For the first quarter of 2025, the revenue attributed to CEA equipment and systems sales was $0.7 million. This Q1 2025 total revenue was $713,000, which was a 203% year-over-year growth from Q1 2024's $235,000.

CEA engineering and other services revenue is the final reported stream, which, alongside equipment sales, makes up the traditional CEA segment of the business.

Here's a quick look at the reported revenue numbers we have for the first half of 2025:

Revenue Stream Category	Reporting Period	Reported Amount (USD)
Total Revenue	Q2 2025 (June 7 - July 31)	$4,580,000
Total Revenue	Q1 2025 (ended March 31)	$713,000
CEA Equipment and Systems Sales	Q1 2025	$700,000
Digital Asset Treasury (BNB Holdings Value)	As of September 5, 2025	$330,000,000

The components that feed into the total revenue figure, as detailed in the Q2 2025 report, include:

• Retail vape sales, the largest contributor to Q2 revenue
• E-commerce vape sales
• Factory direct wholesale vape sales
• Franchise fee vape sales
• CEA equipment and systems sales
• CEA engineering and other services revenue

The majority of the total revenue generated in Q2 2025 came from customer locations in Canada, with a smaller portion from the United States. Finance: draft 13-week cash view by Friday.