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. This transaction and access to the Company’s resources will accelerate Fat Panda’s strategic initiatives and enhance its leadership position in the rapidly evolving Canadian vape market. Notably, this acquisition marks CEA Industries’ entry into the attractive high-growth vape industry, which is benefiting from secular tailwinds.
CEA Industries will help expand Fat Panda’s vertically integrated operations through organic and inorganic growth initiatives while optimizing its retail footprint which includes 33 locations across Manitoba, Ontario, and Saskatchewan. Additionally, Fat Panda operates its own e-commerce platform and offers a comprehensive product lineup, including in-house premium e-liquids and a portfolio of trademarks and intellectual property.
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 2023
- Gross Margins of 39% in fiscal 2024 compared to 46% in fiscal 2023
- Operating 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 2023
- Net 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 distributions
- Adjusted 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. “As a market-leading vape retailer and manufacturer, Fat Panda offers an extensive network of retail locations and dominant market share in central Canada. Their vertically integrated operations, robust e-commerce presence, and experienced management create a compelling opportunity. Further, this transaction positions us strategically to capitalize on the fastest-growing segment of the nicotine market, enhancing our competitive advantages. With Fat Panda’s proven track record of resilience, scalability, and double-digit growth, we are confident that combining their solid foundation with CEA’s resources will drive accretive growth and deliver meaningful long-term value to our shareholders.”
The Company continues to expect to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.
About CEA Industries Inc.
CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.
source：https://www.globenewswire.com/news-release/2025/05/08/3077724/0/en/CEA-Industries-Inc-Provides-Update-on-Fat-Panda-Acquisition.html
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