Reading BNC? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track BNC free→Reading BNC? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track BNC free→NASDAQIndustrialsFarm & Heavy Construction MachinerySnapshot 2026-06-15
Recent financial performance sits well below its industry cohort — worth keeping an eye on, though it has not freshly broken.
BNC screens as a weak quality-and-value setup, with recent financial performance weak and management's recent track record volatile. The company was unprofitable over the past year, so its earnings quality can't be assessed, and risk is high. Peer multiples imply a price about 180% below where it trades (it looks expensive on this basis); the read is rich, as it trades above peer multiples, and the longer horizon does not make that back through growth. Key factors to watch include the performance of sector bellwethers and GDP growth, as these could influence BNC's momentum. This read is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 1 valuation methods, at three horizons. Current price $2.22. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $2.22 BNC trades at 5× p/s — 2.8× the 2× p/s peer median. The market is re-rating it beyond its own range; our $0.78 fair value is low-confidence here. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The market is pricing in roughly 184% of near-term growth above a flat-multiple fair value; not enough history to forecast a comparison. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
Only expensive valuation — not the full expensive x weak x turbulent stack.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Industrials names rated weak grew net income 58% of the time over the next year (vs 62% for the rest of the cohort, n=3678).
Over the trailing year it converted 0.88x of net income into operating cash flow.
Not enough signal yet.
Not enough signal to read sensitivity to the US dollar, the broad stock market, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity.
25 material management or governance events in the past 24 months, led by executive changes. Historically, Industrials names rated volatile grew net income 59% of the time over the next year (vs 59% for the rest of the cohort, n=840).
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
via XLI
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$329.
How much price usually moves either way.
On a bad day, this stock has moved -$1,450.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $9,654.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
No material changes since the prior snapshot.
as of 2026-06-15
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: If the sector's revenue growth speeds up, it could benefit CEA's performance.
Confirms:Sector revenue growth moves back toward highs, above 5% year over year.
Disproves:Sector revenue growth is slowing down. It is now below 5% compared to last year.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for BNC yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On May 7, 2026, the Company received a letter from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it no longer complies with Nasdaq Listing Rule 5620(a) for continued listing of shares of the Company’s common stock, due to the Company’s failure to hold an annual meeting within 12 months of the Company’s fiscal y…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
Looks more expensive than peers.
Self-history needs ~20 months of data.
Trailing four: 2024-Q3, 2025-Q1, 2026-Q2, 2026-Q3
A side-by-side read on sector standing, valuation, and risk versus Construction Machinery & Heavy Transportation Equipment.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
BNC CEA Industries Inc | Typical Show detailsSector percentile: 54 of 100 | expensive | high |
CAT Caterpillar Inc. | Typical Show detailsSector percentile: 52 of 100 | expensive | moderate |
CMI Cummins | Typical Show detailsSector percentile: 44 of 100 | full | moderate |
PCAR Paccar | Typical Show detailsSector percentile: 41 of 100 | fair | low |
WAB Wabtec | Typical Show detailsSector percentile: 69 of 100 | full | low |
Not investment advice. As of 2026-06-15.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-15.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Enter into loan agreements to secure financial resources for operations.
Newly stated in 2026-Q2. The company entered into a master loan agreement with BitGo Prime, LLC, allowing it to borrow digital assets or cash. This agreement is part of the company's strategy to secure financial resources, but the financials show a net income decline from $283.6M in 2026-Q2 to -$106.6M in 2026-Q3, indicating financial challenges.
“Entered into a master loan agreement with BitGo Prime, LLC for borrowing digital assets or cash.”
Manage executive transitions to stabilize leadership.
Newly stated in 2026-Q2. The company announced several leadership changes, including CEO and President transitions. These changes are part of efforts to stabilize leadership amid financial challenges, as indicated by a net income drop from $283.6M in 2026-Q2 to -$106.6M in 2026-Q3.
“CEO and President transitions announced, with new appointments and resignations.”
Entry into a Material Definitive Agreement. On April 30, 2026, CEA Industries Inc. (the “ Company ”) entered into a master loan agreement (the “ Loan Agreement ”) with BitGo Prime, LLC (the “ Lender ”), pursuant to which the Company may borrow digital assets or cash from Lender from time to time. Each loan is documented in a separate loan request by the parties setting forth the specific terms, including principal amount, fees, collateral requirements, and the date on which the loan is to com…
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 4, 2026, Anthony K. McDonald, the Company’s President and a member of the Company’s Board of Directors, resigned as President and as a director of the Company. In connection with his separation, he entered into a severance agreement with the Company (the “ Severance Agreement ”). Under the Severance Agreement, in exchange for a release of cl…
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On April 30, 2026, the parties to the Loan Agreement agreed to a loan request for 10 million USDC at a loan fee amount of 9.5% per annum and an initial maturity date of October 30, 2026, with option to renew for additional 6-month terms on a rolling basis. The information set forth in
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed on the Company’s Current Report on Form 8-K filed on March 12, 2026, the Board of Directors (the “Board”) of CEA Industries Inc. (the “Company”) appointed William B. Miller as the Company’s Chief Financial Officer, effective March 9, 2026. Pursuant to Mr. Miller’s Employment Agreement, Mr. Miller was entitled to receive a gr…