CEA Industries provides Fat Panda acquisition update with preliminary 2024 financials; expects H1 2025 close

CEA Industries Inc.

Fat Panda preliminary unaudited 2024 revenue CAD $38.5M (up 14% YoY) and net income CAD $1.2M (up 126% YoY).
Adjusted EBITDA (before ownership distributions) CAD $8.0M, up 16% YoY from CAD $6.8M.
Gross margin decreased to 39% in 2024 from 46% in 2023; operating expenses improved 11%.
Fat Panda operates 33 retail locations in central Canada, plus e-commerce and in-house e-liquids.
Acquisition marks CEA's entry into vape market; closing targeted first half of 2025, subject to conditions.

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