Nocera, Inc. - Company Summary

Business Overview

• Core Operations:

  • Designing, developing, and producing large-scale recirculating aquaculture systems (RASs) for fish farms.
  • Providing consulting, technology transfer, and project management services for aquaculture projects.
  • Supplying equipment to reduce water pollution, control disease, and increase efficiency in fish farming.

• Products & Services:

  • RAS systems hold approximately 15,000 gallons of water, enabling controlled, environmentally friendly land-based fish farming.
  • Capable of raising both freshwater and saltwater fish, as well as crustaceans.
  • RASs are modular, with benefits including minimal site preparation, traceability, and environmental sustainability.
  • Revenue streams include sales of RAS systems, consulting services, and fish trading.

• Consulting & Project Management:

  • Designing aquaculture projects to increase productivity, sustainability, and species diversification.
  • Target markets include Taiwan, North and South America, and expansion plans into the U.S., Japan, Thailand, and other countries.
  • Previously involved in indoor RAS construction and solar energy sharing fish farms in Taiwan, but currently not providing such services.

Market & Strategic Focus

• Industry Trends:

  • Growing global demand for fish due to overfishing fears and rising population.
  • Opportunity for farm-raised fish to replace wild-caught seafood.
  • Anticipated expansion in environmentally sustainable aquaculture solutions Like solar-powered farm systems.

• Growth Strategy:

  • Build demo fish farm sites.
  • Expand sales of systems to international markets, especially in countries with rising population and protein demand.
  • Focus on brand promotion, online marketing, and establishing distributor networks.

Current Operations

• Employees & Assets:

  • Total employees: 22 (19 full-time, 3 part-time) as of December 31, 2024.
  • Additional 12 consultants.
  • Owns 229 acres of land in Montgomery County, Alabama, intended for aquaculture projects.

• Revenue & Income:

  • 2024 net sales: $17.01 million.
  • 2023 net sales: $23.9 million.
  • Operating loss in 2024: $2.39 million (net loss attributable to shareholders: $2.35 million).
  • 2024 gross profit: $334,261.
  • 2024 net loss: $2.39 million, a decrease from 2023's net loss of $4.16 million.

• Customer Base:

  • Sold fish and systems primarily in Taiwan, targeting international markets (e.g., Japan, Thailand, Jordan, South Africa, U.S.).
  • Main revenue from eel sales, with about 98% of revenue derived from eel trading.
  • In 2024, sold approximately 770 tons of eel (down from 1083 tons in 2023).
  • Revenue segments include food (seafood porridge), fish trading, and aquaculture system sales.

Financial Highlights & Risks

• Financial Position:

  • Cash balance as of December 31, 2024: $484,161.
  • Total assets reduced by approximately $368,504 due to financial restatements.
  • Accumulated deficit: $21.2 million.
  • Significant reliance on future financing to fund growth.

• Operational Challenges:

  • Material weaknesses in internal controls identified.
  • Dependence on key executives, notably CEO Andy Jin appointed in July 2023.
  • Heavy reliance on international suppliers and regulatory compliance.
  • Subject to environmental, geopolitical, and industry-specific risks.

• Regulatory & Market Risks:

  • Listing on Nasdaq under the symbol NCRA.
  • Stock price volatile, with recent price around $1.06 per share as of May 5, 2025.
  • No dividends planned; returns depend on stock appreciation.
  • Facing potential delisting risks if failing to meet Nasdaq’s minimum bid price of $1.00.

• Material Events:

  • Restated financial statements due to errors in warrant valuation and classification.
  • Operates through subsidiaries and VIEs, with ongoing variations in ownership and control arrangements.
  • No current legal proceedings or mine safety issues.

Summary

Nocera, Inc. is an aquaculture technology company focused on large-scale land-based fish farming systems and related consulting. It has recently generated around $17 million in revenue, mainly through eel trading, with a declining trend from the previous year's $23.9 million. The company employs 22 staff and owns significant land assets in Alabama for future aquaculture projects. Its financial health reflects ongoing losses, reliance on future financing, and internal control weaknesses. The company targets international markets with growth plans for expanding aquaculture systems and services, aiming to address global food demand sustainably.