RegulatoryJun 17, 2026, 04:16 PM
CEA Industries: Non-Reliance on Q2/Q3 Financials; EPS Error
AI Summary
CEA Industries Inc. announced that its management, with Audit Committee concurrence, concluded that previously issued condensed consolidated financial statements for Q2 and Q3 2025-2026 should no longer be relied upon. This is due to an error in calculating weighted-average shares outstanding, which affected basic and diluted EPS. The error did not impact net income, assets, liabilities, stockholders' equity, revenue, or cash flows. The company plans to file amendments to restate the affected financial statements.
Key Highlights
- Management and Audit Committee concluded non-reliance on Q2 and Q3 2025-2026 financial statements.
- Error identified in weighted-average shares outstanding calculation for basic and diluted EPS.
- Q2 2025 (3 months): Basic/diluted EPS overstated by $0.21 due to 2,214,508 understated shares.
- Q2 Successor period: Basic EPS overstated by $0.45; diluted EPS overstated by $0.45.
- Q3 2026 (3 months): Basic/diluted EPS understated by $0.08 due to 2,376,236 understated shares.
- Q3 Successor period: Basic EPS overstated by $4.26; diluted EPS overstated by $4.21.
- Error did not impact net income, total assets, liabilities, stockholders' equity, revenue, or cash flows.
- Company intends to file amendments to restate the affected Quarterly Reports on Form 10-Q.
Price Impact
More from BNC