CEA Industries BNCWZ

CEA Industries Inc. is headquartered in Louisville Colorado and operates a diversified business model that includes a digital asset treasury strategy and a retail and industry business segment. The company historically managed consumer and commercial businesses such as climate control systems for controlled environment agriculture and retail operations in the vaping industry. In August 2025 it initiated a strategic shift to focus on acquiring and holding BNB the native token of the Binance blockchain as its primary treasury reserve asset. Through its wholly owned subsidiaries CEA BRS LLC and BNC BNB Cayman the company seeks to build and manage a substantial corporate treasury of BNB providing institutional grade exposure to blockchain infrastructure.

The company generates revenue through two primary channels: its digital asset treasury strategy and its Retail and Industry segment. Revenue from the digital asset treasury strategy comes from airdrop income and changes in the fair value of digital assets held particularly BNB tokens. The Retail and Industry segment generates revenue from the sale of climate control systems for controlled environment agriculture and from retail operations including the sale of e-liquids and related products through its Fat Panda branded stores and e-commerce platform. As of January 31 2026 the company held 515 544 BNB tokens with an aggregate fair value of $402 8 million representing the substantial majority of its total assets.

The company operates through the following segments: Digital Asset Treasury Management and Retail and Industry.

• The Digital Asset Treasury Management segment focuses on acquiring holding and managing digital assets primarily BNB as a treasury reserve asset. This segment generates income through airdrops received from holding BNB in institutional custodial platforms and through changes in the fair value of its digital asset holdings. The company holds the majority of its BNB tokens with Ceffu an institutional digital asset custody platform within the Binance ecosystem which enables eligibility for airdrops distributed within the Binance ecosystem.
• The Retail and Industry segment operates the controlled environment agriculture business including the provision of climate control systems for the CEA industry and retail operations through the Fat Panda brand. As of January 31 2026 Fat Panda operates 34 retail locations including 30 Fat Panda branded stores and 4 Electric Fog branded outlets along with an e-commerce platform. The segment also manufactures a proprietary line of premium e-liquids in-house and maintains a portfolio of trademarks and related intellectual property. Revenue from CEA equipment and systems represents a relatively small portion of consolidated revenue totaling $1 1 million for the nine months ended January 31 2026.

CEA Industries Inc. operates in a unique position at the intersection of traditional retail and industrial operations and digital asset treasury management. Its digital asset treasury strategy places it among a small group of public companies that hold significant quantities of cryptocurrency as a primary treasury asset exposing it to the volatility and regulatory dynamics of the digital asset market. The Retail and Industry segment competes in the controlled environment agriculture and retail vaping markets where it faces competition from other providers of climate control systems and retail operators though specific competitor names are not detailed in the filing.

The company serves a diverse customer base including commercial and retail clients in the controlled environment agriculture industry and consumers who purchase vaping products through its Fat Panda retail locations and e-commerce platform. Specific customer names are not disclosed in the filing but the business model indicates engagement with both business-to-business and business-to-consumer channels.