The company exhibits poor cash conversion efficiency, highlighted by an operating cash flow to net income ratio of -0.01 in 2025Q4, suggesting that reported earnings are not supported by core service activities.
| Metric | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Nov'11 | Nov'10 |
|---|
| Cash from Operations | 269.65M | -3.06M | -6.13M | -3.19M | -3.21M | 818.04K | 671.83K | -2.85M | -2.27M | 103.5K | -1.69M | -1.99M | 6.5K | -1.55K | -69.43K | -27.89K |
| Operating CF Margin % | 204.16% | -108.99% | -88.69% | -28.27% | -23.52% | 9.61% | 4.41% | -29.73% | -31.44% | 1.37% | -21.43% | -108.45% | 13002% | -499.35% | -348.41% | - |
| Operating CF Growth % | 8925.36% | 50.15% | -92.16% | 0.55% | -492.06% | 21.76% | 123.58% | -25.66% | -2290.4% | 106.14% | 15.49% | -30776.37% | 519.96% | 97.77% | -148.97% | - |
| Net Income | 2.14M | -3.15M | -2.91M | -5.5M | -1.34M | -1.76M | -1.34M | -4.74M | -4.92M | -3.27M | -5.3M | -2.97M | -193.16K | -778.97K | -1.62M | -24.73K |
| Depreciation & Amortization | 8.03K | 20.07K | 136.42K | 135.44K | 269.89K | 310.29K | 161.18K | 163.7K | 44.87K | 53.08K | 67.77K | 28.77K | 13.33K | 13.33K | 8.89K | 0 |
| Stock-Based Compensation | 65.15K | 82.46K | 187.62K | 307.74K | 436.21K | 277.18K | 1.29M | 2.03M | 2.14M | 4.39K | 127.49K | 1.36M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -142.45K | 0 | 0 | 0 | -434.29K | 0 | 0 | 0 | 893.46K | 931.35K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 266.3M | 110.41K | 119.83K | 560.37K | -15.83K | -517.99K | -579.43K | -16.41K | 63.16K | 1.53M | 2.28M | 793.55K | 0 | 752.49K | 10K | 0 |
| Working Capital Changes | 1.29M | -122.41K | -3.66M | 1.3M | -2.13M | 2.51M | 1.14M | -281.75K | -489.62K | 858.07K | 1.26M | 157.6K | 186.33K | 764.09K | 1.53M | -3.16K |
| Change in Receivables | 25.58K | 35.92K | -13.95K | 231.5K | -162.81K | 91.45K | 39.18K | 198.65K | -390.24K | 179.79K | 64.76K | -331.01K | -71 | 1.27K | -3.96K | 0 |
| Change in Inventory | -64.13K | 243.44K | -69.78K | 50.39K | -49.55K | 882.47K | -71.39K | -385.23K | -50.73K | 513.9K | -997.77K | -246.4K | 0 | 0 | 0 | 0 |
| Change in Payables | 333.64K | -74.25K | -582.53K | -175.41K | -476.45K | 26.16K | 23.83K | 61.77K | 289.9K | -749.71K | 1.65M | 0 | 0 | 0 | 2.51K | 0 |
| Cash from Investing | -30.45M | 0 | 200 | -28.1K | -57.16K | -9.33K | -3.04K | -182.49K | -205K | 41.62K | -169.6K | -236K | 0 | 0 | 0 | 0 |
| Capital Expenditures | -10.64M | 0 | 0 | -30.35K | -68.66K | -9.33K | -3.04K | -282.49K | -362.21K | -43.48K | -62.38K | -136K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 8.06% | - | 0% | 0.27% | 0.5% | 0.11% | 0.02% | 2.95% | 5.02% | 0.57% | 0.79% | 7.4% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 2.25K | 0 | 0 | 0 | 0 | 0 | 35.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -19.81M | 0 | 200 | 0 | 11.5K | 0 | 0 | 100K | 157.22K | 85.1K | -172.22K | -120.5K | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.91M | 0 | 0 | 19.7M | 3.14M | 554K | 0 | 816.45K | 4.62M | -156.13K | 1.5M | 2.92M | 0 | 0 | 901 | 101.2K |
| Debt Issued (Net) | 3.91M | 0 | 0 | 0 | 514.2K | 554K | 0 | -6.93K | 167.54K | -34.12K | 1.52M | 1.29M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 19.73M | 2.62M | 0 | 0 | 805K | 4.45M | 0 | 0 | 0 | 0 | 0 | 0 | 83.5K |
| Dividends Paid | 0 | 0 | 0 | -35.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -405K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.38K | 0 | -122.01K | -26.52K | 1.63M | 0 | 0 | 901 | 17.7K |
| Net Change in Cash | -751.67K | -3.06M | -6.13M | 16.48M | -125.27K | 1.36M | 668.79K | -2.21M | 2.15M | -11.01K | -359.41K | 689.21K | -445 | -1.55K | -69.9K | 73.31K |
| Free Cash Flow | 257.05M | -3.06M | -6.13M | -3.22M | -3.28M | 808.7K | 668.79K | -3.13M | -2.63M | 60.02K | -1.75M | -2.13M | 6.5K | -1.55K | -69.43K | -27.89K |
| FCF Margin % | 194.62% | -108.99% | -88.69% | -28.54% | -24.02% | 9.5% | 4.39% | -32.68% | -36.46% | 0.79% | -22.22% | -115.84% | 13002% | -499.35% | -348.41% | - |
| FCF Growth % | 8512.79% | 50.15% | -90.35% | 1.71% | -505.07% | 20.92% | 121.36% | -19.1% | -4480.89% | 103.43% | 17.96% | -32868.28% | 519.96% | 97.77% | -148.97% | - |
| FCF per Share | 4.83 | -4.10 | -9.11 | -5.45 | -24.83 | 6.16 | 5.29 | -25.77 | -25.88 | 0.77 | -26.22 | -38.08 | 0.12 | -0.00 | -0.10 | -0.04 |
| FCF Conversion (FCF/Net Income) | 1.58x | 0.97x | 2.11x | 0.58x | 2.40x | -0.47x | -0.50x | 0.60x | 0.46x | -0.03x | 0.32x | 0.67x | -0.03x | 0.00x | 0.04x | 1.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Crypto-Treasury Asset Volatility
As reported in recent financial statements, BNC's operating cash flow to net income ratio of -0.01 in 2025Q4 highlights a profound disconnect between accounting profits and actual cash generation, suggesting that reported earnings are largely driven by non-cash items rather than core engineering service activities.
The extreme variance between net income and operating cash flow indicates that the company's profitability is not reflective of its ability to generate liquidity from operations. Investors should monitor this divergence, as it suggests that the underlying business model remains structurally unable to convert accounting gains into tangible cash reserves.
Based on the provided quarterly data, BNC's free cash flow trajectory has been consistently negative, with the exception of anomalous spikes, such as the $268.8M reported in 2025Q3, which appears to be an outlier rather than a sustainable trend in the company's operational performance.
The erratic nature of free cash flow suggests that the company's financial health is highly sensitive to non-operating events. This lack of consistent cash generation warrants further investigation into whether the firm can sustain its current cost structure without relying on external financing or asset liquidation.
According to historical filings, BNC's capital expenditure profile is characterized by long periods of inactivity followed by significant outlays, such as the $10.6M investment in 2025Q2, which represents a capital intensity of 141.8% relative to revenue, indicating a highly irregular approach to asset investment.
The lack of consistent capital expenditure suggests that the company may not be reinvesting in its core engineering infrastructure in a predictable manner. This irregularity may indicate that management is prioritizing treasury management over the maintenance or expansion of its legacy HVAC and climate control business.
As indicated by the quarterly cash flow statements, BNC's working capital changes have fluctuated significantly, including an $87.2K outflow in 2025Q4, which suggests that the company struggles to maintain a stable cash conversion cycle amidst its pivot toward a digital asset-heavy treasury model.
These erratic working capital movements may imply inefficiencies in the collection of receivables or the management of payables related to its engineering projects. Investors should be cautious, as these swings often precede liquidity constraints in firms with limited cash buffers.
Quick answers to the most common questions about buying BNC stock.
CEA Industries Inc. Common Stock (BNC) generated $269.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CEA Industries Inc. Common Stock (BNC) generated $257.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CEA Industries Inc. Common Stock (BNC) spent $10.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.