CEA Industries updates Fat Panda acquisition; FY2024 rev CAD 38.5M, adj. EBITDA CAD 8.4M

CEA Industries Inc.

Preliminary FY2024 revenue CAD 38.5M (USD 28.5M); adjusted EBITDA CAD 8.4M (USD 6.2M).
Revenue and adjusted EBITDA grew >10% YoY; gross margin declined 15% from FY2023 to 39%.
Fat Panda is central Canada's largest vape retailer with 33 locations and e-commerce platform.
Acquisition expected to close in H1 2025, subject to due diligence, financing, and regulatory approvals.
CEO Tony McDonald says transaction is a 'transformative step' into the high-growth vape industry.

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