Operating Businesses

Two reportable segments

The FY2026 Form 10-K states: “Upon completion of our Strategic Transformation, we operate our business under two segments: our BNB treasury management (‘BNB Treasury Management’) segment, within which we operate our DAT Strategy, and our retail and industry (‘Retail and Industry’) segment attributable to our Fat Panda and industrial climate control systems operating businesses.” At July 31, 2026 the Q1 FY2027 Form 10-Q reports total assets of $327.2 million, of which digital assets were $304.5 million (93.1%); segment assets were $309.4 million in BNB Treasury Management, $16.6 million in Retail and Industry and $1.2 million in Corporate. At April 30, 2026 digital assets had been 94.6% of total assets, against $16.9 million of Retail and Industry segment assets and $320.6 million in BNB Treasury Management.

Retail - Fat Panda

Fat Panda Ltd. and related entities, acquired June 6, 2025, retail and manufacture e-cigarettes, vape devices and e-liquids in Central Canada. At April 30, 2026 Fat Panda operated 34 retail locations - 30 Fat Panda stores and 4 Electric Fog vape outlets - in Manitoba, Ontario and Saskatchewan, with in-house e-liquid manufacturing, a Winnipeg distribution hub, and an e-commerce platform. Per the Form 8-K of August 8, 2025, the Fat Panda-branded subsidiaries ceased selling cannabis products and removed them from retail shelves.

Industry - industrial climate control systems

The legacy business (the Surna brand, registered trademarks held in the United States) designs, engineers, and sells industrial climate control systems for controlled environment agriculture. The 10-K: “Our legacy operating business seeks to develop relationships with our customers that will lead to the provision and supply of capital equipment for the construction lifecycle of indoor agriculture facilities.” FY2026 revenue was $1.7 million against $2.0 million of associated costs - the 10-K attributes the negative margin to “project management and manufacturing salaries and overhead exceeding the margin from equipment sales.”

Revenue and operating contribution

Dollars in thousands, from the FY2026 10-K revenue disaggregation (successor period June 7, 2025–April 30, 2026 plus the May 1–June 6, 2025 predecessor stub; the prior-year column is the predecessor’s reported year). All consolidated revenue is earned by the Retail and Industry segment - the 10-K states revenues “do not include any activities within our BNB Treasury Management segment,” whose FY2026 result was a $(129.5) million segment loss driven by unrealized digital-asset fair-value change, with $7.9 million of airdrop income recognized in fiscal 2026 (the dashboard’s cumulative airdrop income adds the quarters since, with its period stated on the card). The company reported 48 full-time and 121 part-time employees and two contractors in the United States and Canada.

For the first quarter of fiscal 2027, the Q1 FY2027 Form 10-Q reports consolidated revenue of $7.2 million for the three months ended July 31, 2026 - $7.1 million from Fat Panda (retail $6.8 million, e-commerce $0.3 million) and $0.1 million from industrial climate control systems - against $7.5 million for the comparable combined prior-year quarter, a 4.6% decrease the filing attributes to a discontinued product line and lower business-to-business e-commerce volume. Loss before income taxes was $11.3 million for the quarter, of which the BNB Treasury Management segment accounted for a $16.2 million loss driven by a $15.3 million unrealized loss on digital assets, and the Retail and Industry segment a $0.5 million loss.

Subsidiaries and brands

Fat Panda Ltd. and related entities

Retail operations (Canada); Fat Panda and Electric Fog brands

Surna (brand)

Registered US trademarks; industrial climate control systems

CEA BRS LLC

Delaware LLC, wholly owned - treasury holding chain

BNC BNB Cayman

Cayman Islands exempt company, held through CEA BRS LLC - holds treasury BNB

Management, strategy, and the treasury relationship

The operating businesses are overseen by the leadership and Board disclosed on the leadership and board pages. On capital allocation, the 10-K frames the relationship directly: the strategic transformation “repositioned our legacy operating business into a public-market vehicle centered on BNB”; the DAT strategy “is designed to accumulate and compound BNB over time, with a focus on growing the value of our digital asset holdings on a per-share basis”; and segment results are evaluated “to determine whether to reinvest profits within the segment or allocate resources elsewhere within the Company.” The decline in BNB market prices during FY2026 “had a materially greater impact on the carrying value of digital assets than the operating results of our Retail and Industry business.”

Risks

The operating businesses carry retail, regulatory (nicotine products), manufacturing, and customer-concentration risks, and the treasury strategy carries the digital-asset risks summarized in the Digital Asset Risk Factors disclaimer. The controlling risk disclosure is Item 1A of the FY2026 Form 10-K as updated by Part II, Item 1A of the Q1 FY2027 Form 10-Q (see the filing index) - this page summarizes, the filings govern.