![]() ![]() Revenue in the second quarter of 2023 was $1.1 million compared to $3.0 million for the same period in 2022. ![]() Second Quarter 2023 Financial Summary ( in $ thousands, excl. McDonald continued, “Between our robust balance sheet and prudent approach to capital allocation, we are well positioned to navigate this environment and deliver value to our shareholders and customers alike.” There can be no assurance regarding the results or outcome of this review. The Company’s Board of Directors has retained Roth Capital Partners as financial advisor to assist in its review of strategic alternatives. We will pursue a path that we believe will maximize value for our shareholders and ensure a successful outcome for our customers and employees.” “In addition to pursuing new contracts, given the current environment we have begun to review strategic alternatives, including a sale, merger or other potential strategic or financial transaction, to protect and maximize shareholder value. We plan to maintain this lean cost structure moving forward, while targeting new contracts in both the cannabis and traditional agriculture sectors. To offset these headwinds, we preemptively implemented a series of cost-cutting initiatives that have reduced our operating expenses by more than 60% compared to the year-ago period. As a result, capital expenditures across both sectors remain suppressed, which is impacting our net bookings. “The controlled agricultural sector is also experiencing reorganization and reduced investment. “The cannabis market environment continues to present challenges as operators contend with the prolonged effects of pricing and inflationary pressure,” said Tony McDonald, Chairman and CEO of CEA Industries. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), is reporting results for the three months ended June 30, 2023. 14, 2023 (GLOBE NEWSWIRE) - CEA Industries Inc. Management to Host Conference Call Today at 4:15pm E.T. ![]()
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