---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-009265"
form_type: "8-K"
ticker: "BNC"
cik: "0001482541"
company_name: "CEA Industries Inc."
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T03:59:11.451708+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-009265
- form_type: 8-K
- ticker: BNC
- cik: 0001482541
- company_name: CEA Industries Inc.
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1482541/000164117225009265/0001641172-25-009265-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1482541/000164117225009265/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-009265
- JSON: https://secwatch.observer/filing/0001641172-25-009265.json
- Plain text: https://secwatch.observer/filing/0001641172-25-009265.txt

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