Nocera, Inc.

What they do

Nocera operates two segments: Fish Trading via NTB, which procures and sells eels (and plans tilapia and milkfish) in Taiwan and Japan, and E-Commerce via Xinca, which facilitates third-party product sales on live-streaming platforms for a commission. The company also provides design and consulting services for recirculation aquaculture systems (RAS) but discontinued production in late 2022. It sold its Catering segment (VIE) at the end of 2025.

Revenue drivers

• Fish Trading — Primary segment; NTB trades eels in Taiwan and Japan. Annual net sales for 2025 were $13.63M and $17.01M for 2024, but segment-specific revenue not broken out.
• E-Commerce — Commission-based agency business through Xinca; no control of goods, revenue on net basis. In 2025, made equity investments in U.S. and French e-commerce companies.
• RAS Consulting — Legacy design and consulting for fish farming systems; generates revenue but discontinued unit sales in late 2022.

Recent performance

Revenue declined from $23.9M in 2023 to $17.0M in 2024 and $11.0M in 2025. Net loss narrowed to $2.9M in 2025 from $4.5M in 2024. Quarterly revenue was $2.3M for March 2026 and $2.1M for June 2026, up from $921,359 in December 2025. Operating cash flow was negative $2.6M in 2025. As of June 30, 2026, cash was $4.8M, total assets $8.2M, and equity $5.4M.

Strategy

Management emphasizes two core segments: Fish Trading and E-Commerce, and has exited the Catering segment. In January 2026, invested $2.0M in Bitcoin as a corporate treasury strategy, with plans to continue. Entered a strategic advisory agreement with Phoenix in May 2026, and signed an LOI with INERGX in July 2026 for a potential transaction. Executed a 30-for-1 reverse stock split in July 2026 to meet Nasdaq listing requirements.

Risks

• Going concern — Auditors expressed substantial doubt about ability to continue as a going concern due to cumulative net losses and an accumulated deficit of $26.2M at year-end 2025.
• Nasdaq delisting — Received delisting notices in 2026 and implemented a reverse stock split to meet the minimum bid price requirement, but compliance is not guaranteed.
• Concentration in eel trading — Fish Trading relies heavily on eels in Taiwan and Japan; plans to diversify into other seafood have not yet generated material revenue.
• Bitcoin price volatility — Treasury strategy includes $2.0M in Bitcoin, whose price volatility could materially impact financial results.

Outlook

Management intends to continue funding operations through equity and debt financing, including a $100M equity purchase facility (unused as of June 30, 2026). The INERGX transaction is preliminary and subject to due diligence and definitive agreements. The company plans to continue its Bitcoin treasury strategy and expand E-Commerce through recent investments. No specific revenue guidance is provided.