Fat Panda Preliminary 2024 Financial Highlights (Unaudited) Revenue of CAD $38.5 million (USD $28.5 million) increased 14% from CAD $33.8 million (USD $25.4 million) in fiscal 2023Gross Margins of 39% in fiscal 2024 compared to 46% in fiscal 2023Operating Expenses improved 11% to CAD $13.4 million (USD $9.9 million) in fiscal 2024 from CAD $15.1 million (USD $11.3 million) in fiscal 2023Net Income of CAD $1.2 million (USD $0.9 million), an increase of 126% from CAD $0.5 million (USD $0.4 million) in fiscal 2023 after accounting for one time ownership distributionsAdjusted EBITDA (before ownership distributions) of CAD $8.0 million (USD $5.9 million), reflecting a 16% year-over-year improvement from CAD $6.8 million (USD $5.1 million) in fiscal 2023 "With the acquisition nearing completion, we are thrilled for this transformative step in our strategic evolution as a public company,” said Tony McDonald, Chairman and CEO of CEA Industries.
Transaction reflects CEA Industries’ strategic evolution and pivotal entry into attractive high-growth vape market Accelerates Fat Panda’s growth initiatives as central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices and e-liquids Reiterates expectation for acquisition to close in the first half of 2025 Louisville, Colorado, May 08, 2025 (GLOBE NEWSWIRE) -- CEA Industries Inc.(NASDAQ: CEAD, CEADW) ("CEA Industries” or the "Company”), today announced a progress update on its acquisition of Fat Panda Ltd.("Fat Panda”), a leading central Canadian retailer and manufacturer of nicotine vape products.
Completion is also subject to the Company obtaining satisfactory financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.
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