---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-002000"
form_type: "8-K"
ticker: "BNC"
cik: "0001482541"
company_name: "CEA Industries Inc."
filed_at: "2025-04-01T23:59:59+00:00"
generated_at: "2026-05-24T00:42:57.588064+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-002000
- form_type: 8-K
- ticker: BNC
- cik: 0001482541
- company_name: CEA Industries Inc.
- filed_at: 2025-04-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1482541/000164117225002000/0001641172-25-002000-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1482541/000164117225002000/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-002000
- JSON: https://secwatch.observer/filing/0001641172-25-002000.json
- Plain text: https://secwatch.observer/filing/0001641172-25-002000.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.