Total assets expanded to $436.8M by 2025Q4, yet this growth is largely decoupled from retained earnings, which remained negative at -$47.7M as of 2025Q2.
| Metric | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Nov'11 | Nov'10 |
|---|
| Total Current Assets | 22.46M | 10.09M | 13.36M | 20.48M | 3.99M | 3.68M | 2.56M | 1.53M | 3.71M | 1.36M | 2.29M | 1.51M | 1.07K | 1.45K | 9.12K | 76.53K |
| Cash & Short-Term Investments | 11.32M | 9.45M | 12.51M | 18.64M | 2.16M | 2.28M | 922.18K | 253.39K | 2.47M | 319.55K | 330.56K | 689.96K | 752 | 1.2K | 2.75K | 73.31K |
| Cash Only | 11.32M | 9.45M | 12.51M | 18.64M | 2.16M | 2.28M | 922.18K | 253.39K | 2.47M | 319.55K | 330.56K | 689.96K | 752 | 1.2K | 2.75K | 73.31K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 66.02K | 247.37K | 243.07K | 2.65K | 179.44K | 33.48K | 138.36K | 210.19K | 423.14K | 204.38K | 506.41K | 494.83K | 71 | 0 | 1.27K | 0 |
| Days Sales Outstanding | 0.18 | 32.21 | 12.84 | 0.09 | 4.8 | 1.44 | 3.32 | 8.01 | 21.42 | 9.84 | 23.5 | 98.22 | 518.3 | - | 23.32 | - |
| Inventory | 3.86M | 25.98K | 301.9K | 348.41K | 378.33K | 327.11K | 1.23M | 935.89K | 522.62K | 747.9K | 1.26M | 264.03K | 0 | 0 | 3.87K | 0 |
| Days Inventory Outstanding | 85.47 | 3.14 | 17.3 | 12.54 | 12.89 | 17.15 | 42.1 | 47.9 | 35.99 | 51.74 | 66.51 | 62.79 | - | - | 66.93 | - |
| Other Current Assets | 7.2M | 221.65K | 313.12K | 0 | 0 | 0 | 0 | 654 | 0 | 0 | 0 | 0 | 250 | 250 | 0 | 0 |
| Total Non-Current Assets | 414.32M | 267.55K | 411.24K | 547.96K | 1.29M | 1.13M | 1.49M | 1.23M | 1.12M | 761.01K | 809.99K | 815.38K | 3.34K | 16.67K | 30K | 0 |
| Property, Plant & Equipment | 2.16M | 250.97K | 394.67K | 531.39K | 643.22K | 491.68K | 792.06K | 520.32K | 401.36K | 93.56K | 162.53K | 163.81K | 3.34K | 16.67K | 30K | 0 |
| Fixed Asset Turnover | 61.24x | 11.17x | 17.51x | 21.23x | 21.20x | 17.32x | 19.22x | 18.42x | 17.96x | 81.01x | 48.39x | 11.23x | 0.01x | 0.02x | 0.66x | - |
| Goodwill | 4.17M | 0 | 0 | 0 | 631.06K | 631.06K | 631.06K | 631.06K | 631.06K | 631.06K | 631.06K | 631.06K | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.92M | 1.83K | 1.83K | 1.83K | 1.83K | 7.23K | 11.93K | 23.03K | 37.98K | 36.38K | 16.4K | 20.5K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 403.07M | 14.75K | 14.75K | 14.75K | 14.75K | 0 | 51K | 51K | 51K | 0 | 0 | 0 | 0 | -16.67K | 0 | 0 |
| Total Assets | 436.77M | 10.36M | 13.77M | 21.03M | 5.28M | 4.81M | 4.05M | 2.75M | 4.83M | 2.12M | 3.1M | 2.32M | 4.41K | 18.11K | 39.12K | 76.53K |
| Asset Turnover | 0.30x | 0.27x | 0.50x | 0.54x | 2.58x | 1.77x | 3.76x | 3.48x | 1.49x | 3.58x | 2.53x | 0.79x | 0.01x | 0.02x | 0.51x | - |
| Asset Growth % | 4115.23% | -24.76% | -34.5% | 298.07% | 9.74% | 18.92% | 47% | -42.98% | 128.01% | -31.74% | 33.66% | 52548.95% | -75.66% | -53.69% | -48.88% | - |
| Total Current Liabilities | 8.57M | 1.03M | 1.25M | 5.75M | 4.41M | 5.9M | 4M | 2.45M | 3.4M | 4.22M | 5.31M | 2.29M | 2.64M | 2.46M | 1.71M | 17.75K |
| Accounts Payable | 4.94M | 165.35K | 183.36K | 311.16K | 616.06K | 918.64K | 1.23M | 1.28M | 1.16M | 1.02M | 1.85M | 368.28K | 0 | 0 | 2.51K | 0 |
| Days Payables Outstanding | 109.27 | 19.96 | 10.51 | 11.2 | 20.99 | 48.17 | 42.04 | 65.44 | 79.89 | 70.58 | 97.49 | 87.58 | - | - | 43.39 | - |
| Short-Term Debt | 1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 761.44K | 1.23M | 9.73K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 501.18K | 343.79K | 499.8K | 4.34M | 2.84M | 3.72M | 1.44M | 641.8K | 1.01M | 1.42M | 986.45K | 408.2K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.11M | 119.99K | 249.83K | 89.97K | 120.7K | 128.43K | 355.15K | 346.26K | 1.13M | 905.93K | 1.07M | 534.79K | 0 | 0 | 24.2K | 0 |
| Current Ratio | 2.62x | 9.80x | 10.68x | 3.56x | 0.91x | 0.62x | 0.64x | 0.62x | 1.09x | 0.32x | 0.43x | 0.66x | 0.00x | 0.00x | 0.01x | 4.31x |
| Quick Ratio | 2.17x | 9.78x | 10.44x | 3.50x | 0.82x | 0.57x | 0.33x | 0.24x | 0.94x | 0.14x | 0.19x | 0.54x | 0.00x | 0.00x | 0.00x | 4.31x |
| Cash Conversion Cycle | -23.62 | 15.38 | 19.63 | 1.43 | -3.3 | -29.58 | 3.38 | -9.54 | -22.47 | -9 | -7.48 | 73.43 | - | - | 46.86 | - |
| Total Non-Current Liabilities | 63.32M | 134.15K | 259.63K | 376.85K | 486.23K | 243.28K | 404.21K | 107.96K | 17.4K | 11.98K | 637.06K | 919.74K | 0 | 0 | 0 | 17.7K |
| Long-Term Debt | 750.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.98K | 556.39K | 717.62K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.24M | 134.15K | 259.63K | 376.85K | 486.23K | 169.12K | 404.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 60.07M | 0 | 0 | 0 | 0 | 74.16K | 0 | 107.96K | 17.4K | 0 | 80.67K | 202.12K | 0 | 0 | 0 | 0 |
| Total Liabilities | 71.89M | 1.16M | 1.51M | 6.13M | 4.89M | 6.15M | 4.4M | 2.56M | 3.42M | 4.23M | 5.95M | 3.21M | 2.64M | 2.46M | 1.71M | 17.75K |
| Total Debt | 3.76M | 269.8K | 386.35K | 495.09K | 586.37K | 435.22K | 622.05K | 0 | 6.93K | 773.42K | 1.79M | 727.35K | 0 | 0 | 0 | 0 |
| Net Debt | -7.57M | -9.18M | -12.12M | -18.14M | -1.57M | -1.85M | -300.13K | -253.39K | -2.46M | 453.88K | 1.46M | 37.39K | -752 | -1.2K | -2.75K | -73.31K |
| Debt / Equity | 0.01x | 0.03x | 0.03x | 0.03x | 1.51x | - | - | - | 0.00x | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 165.80x | - | - | - | -698.63x | -99.89x | - | -1630.27x | -46.01x | -0.72x | -0.71x | -7.32x | - | - | - | -50.26x |
| Total Equity | 364.88M | 9.2M | 12.26M | 14.9M | 389.47K | -1.33M | -355.63K | 194.34K | 1.41M | -2.11M | -2.85M | -883.75K | -2.64M | -2.44M | -1.67M | 58.77K |
| Equity Growth % | 3867.11% | -24.99% | -17.68% | 3724.5% | 129.2% | -275.02% | -283% | -86.24% | 166.91% | 25.86% | -222.18% | 66.49% | -8.21% | -45.95% | -2941.21% | - |
| Book Value per Share | 6.86 | 12.35 | 18.22 | 25.19 | 2.95 | -10.17 | -2.81 | 1.60 | 13.90 | -27.03 | -42.72 | -15.80 | -47.77 | -3.68 | -2.52 | 0.09 |
| Total Shareholders' Equity | 364.88M | 9.2M | 12.26M | 14.9M | 389.47K | -1.33M | -355.63K | 194.34K | 1.41M | -2.11M | -2.85M | -883.75K | -2.64M | -2.44M | -1.67M | 58.77K |
| Common Stock | 437 | 8 | 81 | 80 | 16 | 2.37K | 2.28K | 2.25K | 2.06K | 1.61K | 1.26K | 1.14K | 994 | 994 | 994 | 158 |
| Retained Earnings | 129.42M | -40.34M | -37.19M | -34.28M | -28.78M | -27.44M | -25.68M | -24.35M | -19.25M | -14.34M | -11.06M | -5.77M | -2.78M | -2.58M | -1.82M | -39.73K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 41.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.25K | -4.3K | -4.3K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Crypto-Treasury Asset Volatility
According to recent financial filings, BNC's total assets surged from $19.1M in 2025Q2 to $436.8M by 2025Q4, a dramatic expansion that appears driven by the strategic pivot to digital asset holdings rather than organic growth in the company's core engineering and construction service operations.
The rapid inflation of the balance sheet suggests a fundamental shift in the company's risk profile, moving away from traditional industrial assets toward speculative treasury reserves. Investors should monitor whether this asset growth provides any tangible support for the underlying business or if it merely introduces extreme mark-to-market volatility.
As reported in quarterly statements, BNC's cash position dropped from $32.5M in 2025Q3 to $11.3M in 2025Q4, indicating that the company's liquidity buffer is shrinking rapidly despite the significant increase in total assets, which may suggest that capital is being tied up in non-liquid digital assets.
The decline in cash reserves relative to the company's operational scale warrants further investigation into the sustainability of its current burn rate. A current ratio of 2.62 in 2025Q4 may appear adequate on the surface, but it likely masks the difficulty of liquidating treasury assets to meet immediate operational obligations.
Based on reported figures, BNC's equity base expanded to $364.9M in 2025Q4, yet this growth is largely disconnected from retained earnings, which remain negative at -$47.7M as of 2025Q2, implying that the equity value is highly sensitive to the volatile market pricing of its treasury holdings.
The reliance on non-operating gains to bolster equity suggests that the company's book value is not a reflection of operational success or shareholder value creation. This structure may indicate that the equity base is vulnerable to sudden impairments should the value of the underlying digital assets decline significantly.
As indicated by the latest balance sheet, the concentration of assets in non-traditional holdings creates a significant distortion, as the $436.8M in total assets reported for 2025Q4 may not represent liquid capital available for the company's core engineering projects or necessary operational investments.
The shift toward a crypto-treasury model makes traditional balance sheet analysis difficult, as the assets are subject to market risks entirely unrelated to the CEA industry. This pivot appears to prioritize speculative gains over the stability required for long-term industrial service contracts, potentially alienating traditional stakeholders.
Quick answers to the most common questions about buying BNC stock.
As of 2025, CEA Industries Inc. Common Stock (BNC) had total assets of $436.8M including $22.5M in current assets.
CEA Industries Inc. Common Stock (BNC) carries total debt of $3.8M, offset by $11.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CEA Industries Inc. Common Stock (BNC) has total shareholders' equity (book value) of $364.9M ($6.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CEA Industries Inc. Common Stock (BNC) reported a current ratio of 2.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.