CEA Industries reported fiscal second‑quarter 2026 results for the period ended October 31, 2025. Net income rose to $283.6 million, driven largely by a $206.8 million non‑cash gain on the fair‑value adjustment of warrant liability. Earnings per share were $5.36, a significant increase from the $5.12 reported in the prior quarter, reflecting the impact of the warrant gain.
The company’s top‑line revenue was not disclosed in the filing, but management emphasized that the quarter’s profitability is anchored to its newly adopted digital‑asset treasury strategy. CEA has secured a $500 million private placement, with the potential to reach $1.25 billion if warrants are exercised, and has accumulated more than 500,000 BNB tokens, positioning it as the largest BNB treasury in the market.
Compared with the first quarter of 2026, when the company posted a net loss and a sharp decline in revenue, the Q2 results signal a turnaround in cash flow, albeit one that is heavily supported by the warrant gain. The absence of a revenue figure underscores the company’s shift away from its legacy controlled‑environment agriculture operations toward a focus on digital‑asset holdings.
CEO David Namdar highlighted the company’s transformation, noting that the new ticker symbol "BNC" reflects a broader strategic pivot. He also announced a $250 million share‑repurchase program and reiterated confidence in the company’s ability to generate shareholder value through its BNB holdings and a lean capital structure.
Analysts who followed the earnings noted that the reported EPS beat the consensus estimate by $0.24, a 4.7% upside, largely attributed to the warrant gain. While the lack of revenue data limits a full assessment of operational performance, the earnings beat suggests that the company’s financial engineering has successfully offset the weaker legacy business.
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