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CEA Industries Inc. (BNC) reported a net loss of $106.6 million for its third fiscal quarter ended January 31, 2026, primarily driven by a decline in BNB digital asset prices. The company also announced that CEO David Namdar will transition from his role no later than August 31, 2026, as part of the board’s succession planning process.
The company’s earnings per share reached negative $2.00 for the quarter. BNB, which constitutes the majority of CEA Industries’ total assets, declined approximately 28% during the quarter from $1,089 to $781, resulting in an unrealized loss of approximately $159.8 million.
The company holds over 500,000 BNB tokens in its corporate treasury. During the quarter, airdrop activity within the BNB ecosystem declined compared to prior periods, contributing to reduced income from this source.
CEA Industries is currently renegotiating its Asset Management Agreement with 10X Capital Management to reduce management fees. The board appointed independent directors Annemarie Tierney during the quarter and Glenn Tyranski after the quarter end. The company also appointed Brent Miller as Chief Financial Officer following the quarter’s conclusion.
The company repurchased 2,176,217 shares of its common stock during the nine months ended January 31, 2026, as part of its stock buyback program. The board has reconstituted all four standing committees with three independent directors.
"Volatility in crypto assets this quarter proved that our strategy of avoiding debt provided structural resilience," Namdar said. "By anchoring our portfolio with over 500,000 BNB, we have established ourselves as the premier global treasury for this asset."
The board is engaging an executive recruiting firm to identify and recruit a new CEO. Namdar will continue in his role to facilitate the leadership transition.