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CEA Industries Inc., a subsidiary specializing in environmental control and technologies for Controlled Environment Agriculture (CEA), offers MEP engineering design, environmental control equipment, and automation solutions. With a focus on manufacturing and selling these products, the company serves the CEA industry.
CEA Industries Inc. (NASDAQ: CEAD) reported its Q2 2024 results, showing a 66% increase in revenue to $1.8 million compared to Q2 2023. The company booked and fulfilled a $1.2 million contract in Q2, reducing its net loss to $0.5 million or $(0.66) per share, down from a $0.7 million loss in Q2 2023. Gross profit increased over 2x to $180,000, with gross margin improving by 280 basis points to 10.2%. Operating expenses decreased 16% to $0.7 million due to cost-cutting measures.
CEA Industries continues to operate under a lean cost structure, focusing on expense reduction and capital preservation. The company's cash position stood at $11.3 million as of June 30, 2024. The Board of Directors is exploring strategic alternatives, including a potential sale, merger, or dissolution of the company.
CEA Industries announced a 1-for-12 reverse stock split effective June 7, 2024. Each twelve shares of common stock will be converted into one share. Publicly traded common stock purchase warrants will also be adjusted, allowing each 12 warrants to acquire one share at a revised price of $60.00. The reverse split aims to maintain the company's Nasdaq listing. However, there is no assurance that the stock price will reflect the reverse split ratio or remain above the pre-split price. Shares will trade on a split-adjusted basis from June 7, 2024, with new CUSIP number 86887P309. Fractional shares will be rounded up to the next whole share.
CEA Industries (NASDAQ: CEAD) reported its Q1 2024 financial results. Revenue plummeted to $235K from $4.7M in Q1 2023. Gross profit turned negative at $(154K), down from $853K. Operating expenses declined 41% to $769K, but net loss widened to $917K from $431K. Cash reserves dropped to $11.6M from $12.5M at year-end 2023.
The company continues its strategic review, exploring options including a sale or merger. Discussions with potential partners are ongoing, but no outcome is assured. The backlog decreased to $0.5M from $1.9M, driven by reduced capital expenditures in the cannabis market.
Surna Cultivation Technologies, a leader in controlled environment agriculture, has secured a contract with Farm.One for environmental control equipment. This contract involves providing comprehensive HVAC system design for Farm.One's vertical farming facility in New York, aimed at producing high-quality greens tailored for local markets. Surna's engineering team has commenced work to select HVAC equipment that aligns with Farm.One’s cultivation needs. As demand for fresh, local produce rises, Surna aims to leverage its expertise beyond the cannabis sector into indoor food production, which has seen growing engagement from multiple indoor agriculture producers. Farm.One emphasizes the importance of a thriving environment for sustainable, pesticide-free production, highlighting Surna's invaluable experience in indoor cultivation.
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