CEA Industries Inc. (NASDAQ: CEAD) reported results for the three months ended September 30, 2023, showcasing a revenue of $0.9 million, down from $5.1 million in Q3 2022 due to decreased bookings over the past year.
Q3 2023 Financial Results
- Net bookings were $0.4 million, down from $2.2 million in the same period last year. Quarter-end backlog dropped to $0.5 million from $6.8 million in Q3 2022, attributed to reduced capital expenditures by cannabis operators and a scaled-back sales effort.
- Gross profit was $0.1 million, with a gross margin of 11.4%, down from $0.6 million and 11.8%, …