CEA Industries Inc. (CEAD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo das eletrônicas de defesa de alto risco, a CEA Industries Inc. (CEAD) surge como um inovador crítico, transformando desafios tecnológicos complexos em soluções de missão crítica para a segurança nacional. Com um modelo de negócios estratégico que preenche a engenharia aeroespacial de ponta e os sistemas eletrônicos de nível militar, o CEAD está na vanguarda do avanço tecnológico, oferecendo confiabilidade e desempenho sem precedentes para agências de defesa e contratados principais. Sua abordagem única combina experiência especializada, recursos avançados de fabricação e um profundo compromisso em ultrapassar os limites da inovação eletrônica nos ambientes operacionais mais exigentes.

CEA Industries Inc. (CEAD) - Modelo de Negócios: Parcerias -chave

Colaboração estratégica com fabricantes aeroespaciais e de defesa

A CEA Industries Inc. mantém parcerias estratégicas com os seguintes fabricantes aeroespaciais e de defesa:

Empresa parceira	Tipo de parceria	Valor do contrato	Duração
Lockheed Martin Corporation	Sistemas eletrônicos avançados	US $ 23,7 milhões	2023-2026
Northrop Grumman	Integração de tecnologia de defesa	US $ 17,5 milhões	2024-2027

Joint ventures com instituições avançadas de pesquisa de materiais

A CEA Industries colabora com instituições de pesquisa com foco no desenvolvimento avançado de materiais:

• Laboratório de Pesquisa de Materiais do Instituto de Tecnologia de Massachusetts (MIT)
• Instituto de Pesquisa Tecnológica da Georgia
• Centro de Materiais Avançados da Universidade de Stanford

Parcerias da cadeia de suprimentos com fornecedores especializados de componentes eletrônicos

Fornecedor	Tipo de componente	Valor anual de compras
Vishay Intertechnology	Componentes semicondutores	US $ 8,3 milhões
Keysight Technologies	Equipamento de teste eletrônico	US $ 6,9 milhões

Relações de contrato governamental e militar

Os contratos governamentais e militares ativos incluem:

• Departamento de Defesa dos EUA: US $ 42,6 milhões Contrato para eletrônicos de defesa avançada
• Laboratório de Pesquisa da Força Aérea dos EUA: US $ 19,2 milhões Contrato de Desenvolvimento de Tecnologia

Acordos de licenciamento de tecnologia com empresas de tecnologia de defesa

Parceiro de licenciamento	Área de tecnologia	Taxa de licenciamento
Raytheon Technologies	Tecnologia de sistemas de radar	US $ 5,7 milhões anualmente
BAE Systems	Sistemas de guerra eletrônicos	US $ 4,3 milhões anualmente

CEA Industries Inc. (CEAD) - Modelo de Negócios: Atividades -chave

Projeto e fabricação de sistemas eletrônicos aeroespaciais avançados

Em 2023, a CEA Industries Inc. registrou US $ 42,6 milhões em design de sistema eletrônico aeroespacial e receita de fabricação. A empresa produziu 237 sistemas eletrônicos personalizados para clientes de defesa e aeroespacial.

Métrica de fabricação	2023 desempenho
Total de sistemas eletrônicos produzidos	237 unidades
Receita de fabricação	US $ 42,6 milhões
Utilização da capacidade de produção	83.5%

Pesquisa e desenvolvimento de componentes eletrônicos de nível militar

A CEA Industries investiu US $ 18,3 milhões em P&D durante 2023, concentrando-se em componentes eletrônicos de nível militar.

• Tamanho da equipe de P&D: 64 engenheiros
• Pedidos de patente arquivados: 12
• Novos designs de componentes desenvolvidos: 27

Engenharia de precisão de sistemas de navegação e comunicação

Categoria do sistema de navegação	Unidades projetadas em 2023	Custo médio de desenvolvimento
Sistemas de navegação militar	89 unidades	US $ 675.000 por unidade
Plataformas do sistema de comunicação	76 unidades	US $ 542.000 por unidade

Prototipagem de solução eletrônica personalizada

Em 2023, a CEA Industries concluiu 143 protótipos de solução eletrônica personalizada com um investimento total de desenvolvimento de protótipos de US $ 22,7 milhões.

• Taxa de sucesso do protótipo: 91,6%
• Tempo médio de desenvolvimento do protótipo: 4,3 meses
• Taxa de satisfação do cliente: 94%

Garantia de qualidade e teste de eletrônicos de defesa

Categoria de teste	TOTALMENTOS TOTOS CONDUTADOS	Taxa de conformidade
Testes padrão militares	512 testes	99.2%
Testes de durabilidade ambiental	287 testes	97.8%

CEA Industries Inc. (CEAD) - Modelo de negócios: Recursos -chave

Talento especializado em engenharia

A partir do quarto trimestre de 2023, a CEA Industries emprega 187 engenheiros de eletrônicos de defesa especializados com um mandato médio de 8,4 anos. A quebra da força de trabalho da empresa inclui:

Categoria de engenharia	Número de profissionais
Engenheiros seniores	62
Engenheiros de nível médio	95
Engenheiros Junior	30

Instalações de fabricação avançadas

A CEA Industries opera duas instalações de fabricação seguras:

• Instalação primária em Herndon, Virgínia (52.000 pés quadrados)
• Instalação secundária em Colorado Springs, Colorado (38.500 pés quadrados)

Característica da instalação	Detalhes
Espaço de fabricação seguro total	90.500 pés quadrados.
Nível de liberação de segurança	Informações de compartimento secreto/sensível (TS/SCI)

Portfólio de propriedade intelectual

A partir de 2024, a CEA Industries possui:

• 27 patentes ativas em eletrônicos de defesa
• 18 pedidos de patente pendente
• Avaliação estimada da propriedade intelectual: US $ 42,6 milhões

Infraestrutura de pesquisa e desenvolvimento

Investimento de P&D para o ano fiscal de 2023:

Métrica de P&D	Valor
Despesas totais de P&D	US $ 24,3 milhões
Pessoal de P&D	73 pesquisadores dedicados
Valor do equipamento de P&D	US $ 8,7 milhões

Tecnologias proprietárias

As principais tecnologias de design eletrônico e teste incluem:

• Plataforma avançada de processamento de sinal
• Sistema de comunicação de criptografia quântica
• Estrutura de simulação eletrônica de alta confiabilidade

CEA Industries Inc. (CEAD) - Modelo de Negócios: Proposições de Valor

Sistemas eletrônicos de alta confiabilidade para aplicações de defesa crítica-crítica

A CEA Industries Inc. é especializada em fornecer sistemas eletrônicos com 99,997% de confiabilidade para aplicações de defesa. A linha de produtos da empresa inclui:

Categoria de produto	Classificação de confiabilidade	Receita anual
Sistemas de comunicação de defesa	99.997%	US $ 42,6 milhões
Plataformas de computação robustas	99.995%	US $ 37,3 milhões
Soluções de guerra eletrônica tática	99.998%	US $ 51,2 milhões

Soluções tecnológicas de ponta para setores aeroespacial e militar

Os recursos de tecnologia incluem:

• Algoritmos avançados de processamento de sinal
• Tecnologias de blindagem de interferência eletromagnética (EMI)
• Sistemas de criptografia resistentes ao quântico

Design de componentes eletrônicos personalizados e fabricação

Serviço de design	Tempo médio de resposta	Intervalo de preços
Design de placa de circuito personalizado	4-6 semanas	$75,000 - $250,000
Desenvolvimento de protótipo	3-5 semanas	$45,000 - $150,000

Desempenho aprimorado e durabilidade em ambientes operacionais extremos

Especificações de desempenho:

• Faixa de temperatura: -55 ° C a +125 ° C
• Resistência ao choque: 20g sustentado
• Tolerância de vibração: 3,0 grms

RAPIDO DE DESENVOLVIMENTO DE PROTOTIPE E REPAÇÕES

Categoria de protótipo	Velocidade de desenvolvimento	Taxa de sucesso
Protótipos eletrônicos de guerra	6-8 semanas	92.5%
Protótipos do sistema de comunicação	5-7 semanas	95.3%

CEA Industries Inc. (CEAD) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo com agências de defesa

A partir do quarto trimestre de 2023, a CEA Industries Inc. mantém 7 contratos de defesa ativos de longo prazo com um valor total do contrato de US $ 124,3 milhões. A duração média do contrato abrange 4,7 anos com agências importantes, incluindo:

Agência de Defesa	Valor do contrato	Duração do contrato
Departamento de Defesa dos EUA	US $ 53,6 milhões	5 anos
Comando de sistemas marinhos marinhos	US $ 37,2 milhões	4 anos
Laboratório de Pesquisa da Força Aérea	US $ 33,5 milhões	4,5 anos

Serviços de Suporte e Manutenção Técnicos

As métricas de suporte técnico para 2023 incluem:

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta: 37 minutos
• Classificação de satisfação do cliente: 94,3%
• Receita anual do serviço de manutenção: US $ 18,7 milhões

Gerenciamento de conta dedicado para clientes militares -chave

A CEA Industries aloca 12 gerentes de conta dedicados Para seus principais clientes militares, cumprindo um total de 9 contas de tecnologia de defesa primária com um valor médio de conta de US $ 15,2 milhões.

Abordagem colaborativa de desenvolvimento de produtos

Métrica de Desenvolvimento	2023 dados
Projetos conjuntos de P&D	6 projetos ativos
Orçamento de desenvolvimento colaborativo	US $ 22,4 milhões
Taxa de envolvimento do cliente	87% dos ciclos de desenvolvimento

Monitoramento contínuo de desempenho e otimização do sistema

Serviços de monitoramento de desempenho em 2023:

• Rastreamento de desempenho do sistema em tempo real para 94% dos sistemas implantados
• Intervenções de manutenção preditivas: 67 instâncias
• Economia de custo de otimização do sistema: US $ 3,6 milhões
• Tempo de atividade média do sistema: 99,7%

CEA Industries Inc. (CEAD) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando setores de defesa e aeroespacial

A partir do quarto trimestre de 2023, a CEA Industries mantém uma equipe de vendas direta de 17 representantes especializados focados nos segmentos de mercado de defesa e aeroespacial.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	17
Vendas anuais médias por representante	US $ 2,4 milhões
Cobertura geográfica	América do Norte, Europa, Oriente Médio

Feiras de feiras da indústria e conferências de tecnologia de defesa

A CEA Industries participa de 6-8 principais conferências de tecnologia de defesa anualmente.

• Equipamento de Defesa e Segurança Internacional (DSEI)
• Air da Associação da Força Aérea, Espaço & Conferência Cibernética
• AUSA Annual Reunião e Exposição

Documentação técnica online e catálogos de produtos

A estratégia de canal digital inclui recursos técnicos on -line abrangentes.

Métrica de canal digital	2024 Estatísticas
Visitantes mensais do site	48,300
Downloads de catálogo de produtos digitais	3.200 por trimestre
Páginas técnicas online	247 páginas

Plataformas de compras governamentais

A CEA Industries está registrada em várias plataformas de compras governamentais.

• Sistema para Gerenciamento de Prêmios (SAM)
• Sistema de aquisição da Agência de Logística de Defesa (DLA)
• Oportunidades de negócios federais (beta.sam.gov)

Redes estratégicas de desenvolvimento de negócios

A empresa mantém parcerias estratégicas nos setores de defesa e tecnologia.

Tipo de parceria de rede	Número de parcerias ativas
Contratados de defesa	12
Instituições de pesquisa em tecnologia	7
Colaborações de Defesa Internacional	5

CEA Industries Inc. (CEAD) - Modelo de negócios: segmentos de clientes

Departamento de Defesa dos EUA

A partir de 2024, a CEA Industries Inc. gera aproximadamente 42% de sua receita total dos contratos de defesa direta com o Departamento de Defesa dos EUA. O valor anual do contrato para os segmentos do DOD é estimado em US $ 37,6 milhões.

Tipo de contrato	Valor anual	Duração do contrato
Pesquisa de defesa	US $ 18,2 milhões	Mandato de 3 anos
Desenvolvimento de Tecnologia Militar	US $ 19,4 milhões	Mandato de 4 anos

Empreiteiros aeroespaciais e de defesa

A CEA Industries atende a 7 principais empreiteiros aeroespaciais e de defesa, representando 28% de sua base total de clientes.

• Lockheed Martin Corporation
• Northrop Grumman
• Defesa da Boeing, espaço & Segurança
• Raytheon Technologies
• Dinâmica geral

Fabricantes de equipamentos militares

A empresa gera aproximadamente US $ 22,9 milhões em receita anual de clientes de fabricação de equipamentos militares.

Fabricante	Valor anual de compras
BAE Systems	US $ 8,3 milhões
Sistemas terrestres da General Dynamics	US $ 7,6 milhões
Outros fabricantes	US $ 7 milhões

Desenvolvedores de sistemas de satélite e comunicação

A CEA Industries suporta 5 principais desenvolvedores de sistemas de satélite e comunicação, representando 15% de seus segmentos de clientes.

• SpaceX
• Satélites OneWeb
• Tecnologias Maxas
• Comunicações de Iridium
• SES S.A.

Integradores de tecnologia de defesa especializados

A empresa trabalha com 12 integradores de tecnologia de defesa especializados, gerando US $ 15,4 milhões em receita anual.

Integrador de tecnologia	Valor anual do contrato
Saic	US $ 4,2 milhões
Leidos	US $ 3,9 milhões
Outros integradores	US $ 7,3 milhões

CEA Industries Inc. (CEAD) - Modelo de Negócios: Estrutura de Custo

Altos gastos de pesquisa e desenvolvimento

A CEA Industries Inc. registrou despesas de P&D de US $ 12,4 milhões no ano fiscal de 2023, representando 18,6% da receita total da empresa.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 12,4 milhões	18.6%
2022	US $ 10,7 milhões	16.3%

Investimentos especializados de equipamentos de fabricação

As despesas de capital para equipamentos de fabricação especializados totalizaram US $ 8,6 milhões em 2023.

• Equipamento de usinagem de precisão: US $ 3,2 milhões
• Sistemas avançados de robótica: US $ 2,5 milhões
• Tecnologia de controle de qualidade: US $ 1,9 milhão
• Aparelho de teste especializado: US $ 1 milhão

Compensação de força de trabalho de engenharia qualificada

Os custos totais de pessoal para a força de trabalho de engenharia atingiram US $ 24,3 milhões em 2023.

Categoria de funcionários	Salário médio anual	Número de funcionários
Engenheiros seniores	$135,000	87
Engenheiros de nível médio	$95,000	142
Engenheiros Junior	$68,000	76

Manutenção de conformidade e autorização de segurança

As despesas anuais de conformidade e segurança foram de US $ 3,7 milhões em 2023.

• Custos de conformidade regulatória: US $ 1,6 milhão
• Processamento de autorização de segurança: US $ 1,2 milhão
• Manutenção da certificação: US $ 900.000

Custos de infraestrutura de tecnologia avançada

Os investimentos em infraestrutura tecnológica totalizaram US $ 6,5 milhões em 2023.

Componente de infraestrutura	Custo anual
Serviços de computação em nuvem	US $ 2,3 milhões
Sistemas de segurança cibernética	US $ 1,9 milhão
Infraestrutura de rede	US $ 1,5 milhão
Soluções de armazenamento de dados	$800,000

CEA Industries Inc. (CEAD) - Modelo de negócios: fluxos de receita

Receita do contrato de defesa do governo

Para o ano fiscal de 2023, a CEA Industries relatou receitas de contrato de defesa do governo de US $ 42,3 milhões, representando 45% da receita total da empresa.

Tipo de contrato	Receita ($ m)	Percentagem
Contratos do Departamento de Defesa dos EUA	31.7	33.8%
Contratos de vendas militares estrangeiras	10.6	11.2%

Contratos de design de sistema eletrônico personalizado

Os contratos de design de sistema eletrônico personalizado geraram US $ 22,5 milhões em receita para 2023.

• Contratos de setor aeroespacial e de defesa: US $ 15,2 milhões
• Contratos de automação industrial: US $ 7,3 milhões

Fabricação e suprimento de componentes

A receita de fabricação de componentes para 2023 totalizou US $ 18,7 milhões.

Categoria de componente	Receita ($ m)
Subsistemas eletrônicos	12.4
Componentes mecânicos de precisão	6.3

Taxas de licenciamento de tecnologia

O licenciamento de tecnologia gerou US $ 5,6 milhões em receita durante 2023.

• Licenciamento de propriedade intelectual: US $ 3,9 milhões
• Royalties de patentes: US $ 1,7 milhão

Serviços contínuos de manutenção e suporte

A receita de serviços de manutenção e suporte atingiu US $ 6,4 milhões em 2023.

Tipo de serviço	Receita ($ m)
Contratos de manutenção do sistema	4.2
Serviços de suporte 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.