CEA Industries Inc. (NASDAQ: CEAD) announced its Q1 2023 financial results, showing a significant increase in net revenue. In the three months ended March 31, 2023, the company achieved a net revenue of $4.7 million, compared to $1.7 million in the same period of 2022.
Q1 2023 Highlights
- In the first quarter of 2023, net bookings amounted to $0.8 million, experiencing a decline from $2.1 million in the same period of the previous year. The quarter-end backlog also decreased to $1.9 million, in contrast to $11.2 million in 2022.
- Gross profit in the first quarter of 2023 increased to $0.9 million compared to $0.1 million for the same period in 2022. Gross margin increased significantly …