Revenue growth remains highly erratic, with a 297.2% surge in 2025Q3 contrasting sharply with historical quarterly revenue figures that frequently fall below $1M.
| 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 |
|---|
| Sales/Revenue | 132.08M | 2.8M | 6.91M | 11.28M | 13.64M | 8.51M | 15.22M | 9.58M | 7.21M | 7.58M | 7.87M | 1.84M | 50 | 310 | 19.93K | 0 |
| Revenue Growth % | 4611.22% | -59.43% | -38.75% | -17.27% | 60.18% | -44.07% | 58.89% | 32.89% | -4.88% | -3.63% | 327.71% | 3677724% | -83.87% | -98.44% | - | - |
| Cost of Goods Sold | 16.51M | 3.02M | 6.37M | 10.14M | 10.71M | 6.96M | 10.68M | 7.13M | 5.3M | 5.28M | 6.92M | 1.53M | 0 | 0 | 21.12K | 0 |
| COGS % of Revenue | 12.5% | 107.83% | 92.16% | 89.85% | 78.55% | 81.76% | 70.12% | 74.43% | 73.51% | 69.61% | 88.04% | 83.47% | - | - | 105.97% | - |
| Gross Profit | 115.57M | -219.62K | 542.08K | 1.14M | 2.93M | 1.55M | 4.55M | 2.45M | 1.91M | 2.3M | 940.84K | 303.99K | 50 | 310 | -1.19K | 0 |
| Gross Margin % | 87.5% | -7.83% | 7.84% | 10.15% | 21.45% | 18.24% | 29.88% | 25.57% | 26.49% | 30.39% | 11.96% | 16.53% | 100% | 100% | -5.97% | - |
| Gross Profit Growth % | 52722.96% | -140.52% | -52.65% | -60.87% | 88.41% | -65.86% | 85.68% | 28.25% | -17.09% | 144.88% | 209.49% | 607888% | -83.87% | 126.07% | - | - |
| Operating Expenses | 191.2M | 2.95M | 3.5M | 6.87M | 4.9M | 3.92M | 5.86M | 7.27M | 6.15M | 2.84M | 4.05M | 3.5M | 193.21K | 779.28K | 1.6M | 24.23K |
| OpEx % of Revenue | 144.76% | 105.31% | 50.58% | 60.88% | 35.96% | 45.99% | 38.49% | 75.88% | 85.32% | 37.43% | 51.55% | 190.14% | 386412% | 251381.29% | 8051.68% | - |
| Selling, General & Admin | 41.35M | 2.94M | 3.42M | 5.92M | 4.43M | 3.53M | 5.34M | 6.95M | 5.83M | 2.49M | 3.35M | 3.18M | 179.77K | 718.33K | 1.47M | 19.57K |
| SG&A % of Revenue | 31.31% | 104.73% | 49.47% | 52.45% | 32.52% | 41.41% | 35.06% | 72.56% | 80.89% | 32.82% | 42.56% | 172.77% | 359548% | 231719.68% | 7372.08% | - |
| Research & Development | 0 | 0 | 76.49K | 319.99K | 469.7K | 390.23K | 521.04K | 317.71K | 319.68K | 349.06K | 707.52K | 319.43K | 100 | 47.62K | 135.42K | 4.66K |
| R&D % of Revenue | - | - | 1.11% | 2.84% | 3.44% | 4.58% | 3.42% | 3.32% | 4.43% | 4.61% | 9% | 17.37% | 200% | 15360.97% | 679.6% | - |
| Other Operating Expenses | 149.85M | 16.32K | 0 | 631.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.33K | 13.33K | 0 | 0 |
| Operating Income | -81.2M | -3.17M | -2.95M | -5.72M | -1.98M | -2.36M | -1.31M | -4.82M | -4.24M | -532.92K | -3.11M | -3.19M | -193.16K | -778.97K | -1.61M | -24.73K |
| Operating Margin % | -61.48% | -113.15% | -42.73% | -50.73% | -14.51% | -27.75% | -8.61% | -50.31% | -58.83% | -7.03% | -39.59% | -173.61% | -386312% | -251281.29% | -8057.65% | - |
| Operating Income Growth % | -2459.8% | -7.41% | 48.41% | -189.3% | 16.26% | -80.27% | 72.81% | -13.65% | -695.93% | 82.89% | 2.46% | -1552.79% | 75.2% | 51.49% | -6393.76% | - |
| EBITDA | -80.94M | -3.15M | -2.82M | -5.69M | -1.91M | -2.05M | -1.15M | -4.66M | -4.2M | -479.83K | -3.05M | -3.16M | -179.82K | -765.64K | -1.6M | -24.23K |
| EBITDA Margin % | -61.28% | -112.43% | -40.76% | -50.44% | -14.03% | -24.1% | -7.55% | -48.6% | -58.21% | -6.33% | -38.73% | -172.04% | -359648% | -246980.65% | -8013.04% | - |
| EBITDA Growth % | -2467.94% | -11.9% | 50.51% | -197.49% | 6.78% | -78.56% | 75.32% | -10.96% | -774.64% | 84.25% | 3.72% | -1659.33% | 76.51% | 52.05% | -6488.92% | - |
| D&A (Non-Cash Add-back) | 257.17K | 20.07K | 136.42K | 32.44K | 65.37K | 310.29K | 161.18K | 163.7K | 44.87K | 53.08K | 67.77K | 28.77K | 13.33K | 13.33K | 8.89K | 492 |
| EBIT | 83.12M | -3.17M | -2.95M | -5.09M | -1.98M | -1.74M | -1.34M | -4.74M | -4.81M | -1.37M | -2.2M | -2.62M | -193.16K | -778.97K | -1.62M | -24.73K |
| Net Interest Income | -654.39K | 26.14K | 34K | 35.31K | -2.83K | -17.43K | 0 | -2.91K | -100.55K | -1.86M | -3.07M | -833.62K | 0 | 0 | 0 | -492 |
| Interest Income | 5.26K | 26.14K | 34K | 35.31K | 0 | 0 | 0 | 0 | 4.1K | 40.16K | 24.55K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 501.32K | 0 | 0 | 0 | 2.83K | 17.43K | 0 | 2.91K | 104.64K | 1.9M | 3.09M | 357.58K | 0 | 0 | 0 | 492 |
| Other Income/Expense | 251.08M | 26.14K | 41.59K | 226.67K | 640.59K | 603.91K | -27.98K | 76.75K | -677.04K | -2.74M | -2.18M | 218.27K | 0 | 0 | -10K | -745 |
| Pretax Income | 169.88M | -3.15M | -2.91M | -5.5M | -1.34M | -1.76M | -1.34M | -4.74M | -4.92M | -3.27M | -5.3M | -2.97M | -193.16K | -778.97K | 1.62M | 0 |
| Pretax Margin % | 128.62% | -112.22% | -42.13% | -48.72% | -9.81% | -20.66% | -8.79% | -49.51% | -68.22% | -43.18% | -67.33% | -161.74% | -386312% | -251281.29% | 8107.83% | - |
| Income Tax | -289.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.61K | -10K | 0 |
| Effective Tax Rate % | -0.17% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.49% | -0.62% | - |
| Net Income | 170.17M | -3.15M | -2.91M | -5.5M | -1.34M | -1.76M | -1.34M | -4.74M | -4.92M | -3.27M | -5.3M | -2.97M | -193.16K | -778.97K | -1.62M | -24.73K |
| Net Margin % | 128.84% | -112.22% | -42.13% | -48.72% | -9.81% | -20.66% | -8.79% | -49.51% | -68.22% | -43.18% | -67.33% | -161.74% | -386312% | -251281.29% | -8107.83% | - |
| Net Income Growth % | 5509.27% | -8.05% | 47.04% | -310.87% | 23.93% | -31.39% | 71.78% | 3.56% | -50.3% | 38.21% | -78.07% | -1439.79% | 75.2% | 51.79% | -6434.2% | - |
| Net Income (Continuing) | 170.17M | -3.15M | -2.91M | -5.5M | -1.34M | -1.76M | -1.34M | -4.74M | -4.92M | -3.27M | -5.3M | -2.97M | -193.16K | -778.97K | -1.62M | -24.73K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.24 | -4.22 | -4.33 | -10.10 | -27.97 | -13.40 | -10.58 | -39.03 | -48.42 | -41.90 | -79.46 | -53.17 | -3.50 | -1.18 | -2.44 | -0.04 |
| EPS Growth % | -24.17% | 2.54% | 57.13% | 63.89% | -108.73% | -26.65% | 72.89% | 19.39% | -15.56% | 47.27% | -49.45% | -1419.14% | -196.61% | 51.64% | -6046.1% | - |
| EPS (Basic) | -5.21 | -4.22 | -4.33 | -10.10 | -27.97 | -13.40 | -10.58 | -39.03 | -48.42 | -41.90 | -79.46 | -53.17 | -3.50 | -1.18 | -2.44 | -0.04 |
| Diluted Shares Outstanding | 53.18M | 745.04K | 672.93K | 591.2K | 131.91K | 131.2K | 126.48K | 121.53K | 101.59K | 78.11K | 66.65K | 55.94K | 55.21K | 662.5K | 661.79K | 622.82K |
| Basic Shares Outstanding | 53.18M | 745.04K | 672.93K | 591.2K | 131.91K | 131.2K | 126.48K | 121.53K | 101.59K | 78.11K | 66.65K | 55.94K | 55.21K | 662.5K | 661.79K | 622.82K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Crypto-Treasury Asset Volatility
As reported in recent financial filings, BNC experienced a massive 297.2% revenue surge in 2025Q3, yet this growth appears disconnected from the company's historical baseline, which frequently shows quarterly revenue below $1M, suggesting that organic scaling remains elusive despite the recent headline-grabbing expansion figures.
The extreme volatility in top-line performance indicates that revenue is likely driven by non-recurring events or accounting shifts rather than sustainable demand for engineering services. Investors should view these growth spikes with skepticism, as they do not appear to correlate with a stable or growing customer base in the controlled environment agriculture sector.
Based on the provided income statement data, BNC's gross margin fluctuated wildly from a low of -116.5% in 2023Q4 to a peak of 95.7% in 2025Q3, highlighting a structural inconsistency that warrants further investigation into the company's evolving revenue recognition and cost allocation policies.
Such extreme margin swings are highly atypical for an engineering and construction firm and suggest that the company may be shifting between hardware fulfillment and intangible service models. This lack of margin predictability makes it difficult to establish a reliable baseline for future profitability or to assess the true pricing power of the Surna subsidiary.
According to the latest quarterly reports, BNC's net income of $283.6M in 2025Q3 stands in stark contrast to its persistent operating losses, implying that reported earnings are heavily reliant on non-operating items, likely tied to the appreciation of its digital asset treasury holdings.
The disconnect between operating performance and net income suggests that the core engineering business remains structurally unprofitable. Analysts should normalize earnings by stripping out these volatile treasury gains to understand the underlying health of the company's primary industrial operations.
As indicated by the financial statements, BNC consistently struggles with high SG&A costs relative to gross profit, with operating margins reaching as low as -150.5% in 2025Q1, demonstrating a lack of expense discipline that continues to erode shareholder value despite various strategic pivots.
The company's cost structure appears ill-suited for its current revenue scale, suggesting that administrative overhead remains bloated. Without a significant reduction in fixed costs or a massive, sustainable increase in high-margin revenue, the company may continue to face significant pressure on its cash reserves.
Based on the company's recent strategic shift, the adoption of BNB as a treasury reserve asset introduces significant balance sheet risk, as noted in recent filings, which may alienate traditional industrial investors while exposing the firm to the extreme volatility of the cryptocurrency market.
Short-sellers would likely focus on the company's inability to achieve operating profitability and the potential for future impairments if the value of its digital asset holdings declines. This pivot appears to be a reactive measure to the failure of the core engineering business to scale, rather than a proactive growth strategy.
Quick answers to the most common questions about buying BNC stock.
For fiscal year 2025, CEA Industries Inc. Common Stock (BNC) reported total revenue of $132.1M.
CEA Industries Inc. Common Stock (BNC) is profitable, generating $170.2M in net income for the fiscal year ending 2025 with a net profit margin of 128.8%.
CEA Industries Inc. Common Stock (BNC) reported an operating income of $-81.2M, resulting in an operating profit margin of -61.5%. This margin reflects the operational efficiency of the business before interest and taxes.
CEA Industries Inc. Common Stock (BNC) generated $115.6M in gross profit for the year, representing a gross profit margin of 87.5%. This demonstrates the company's core pricing power and production efficiency.