Here are 1-2 brief analogies for Nocera (NCRA):

• Like a Deere & Company, but for land-based fish farming.
• Like a vertical farm, but for fish instead of plants.

• Recirculating Aquaculture Systems (RAS): Nocera designs, builds, and manages advanced indoor fish farming systems for sustainable aquaculture.
• Seafood Products: The company cultivates and sells fresh fish, primarily tilapia, produced from its own environmentally controlled aquaculture facilities.

Nocera (NCRA) primarily sells to other companies and institutions, not individuals. The company's SEC filings indicate that it serves a diverse customer base and does not identify any single major customer that accounts for a significant portion of its revenue. Instead, Nocera describes the following categories of customers:

• Aquaculture farms that seek to expand or upgrade their facilities to incorporate Recirculating Aquaculture Systems (RAS) technology, including existing fish farmers transitioning from traditional methods and new entrants to the aquaculture industry.
• Businesses in the food industry that seek a reliable, sustainable, and locally sourced supply of fresh fish.
• Government agencies, educational institutions, and research organizations interested in sustainable aquaculture practices, research, and development.

• WUXI JINWANG IMPORT AND EXPORT CO. LTD.
• ZHEJIANG WANLI NEW ENERGY CO. LTD.

Andy Jin Chief Executive Officer

Mr. Jin, also known as Ching-An Jin, was appointed Chief Executive Officer of Nocera, Inc. in July 2023, with a new employment agreement effective September 2, 2025. He possesses diversified experience in global business operations, investments, and marketing.

Jim Chuang Chief Financial Officer

Mr. Chuang, also known as Shun-Chih Chuang, serves as the Chief Financial Officer. He holds a marketing degree from UC-Berkeley Extension and a Bachelor of Science in Accounting from Soochow University, Taiwan. Mr. Chuang is a Certified Public Accountant in both the United States and Taiwan.

Feng-Hua Chen Chief Operating Officer

Mr. Chen was appointed Chief Operating Officer of Nocera, Inc. on January 5, 2024. He brings over 30 years of executive-level experience across financial services, construction, sales, and business development. His expertise includes consumer banking, Asia business development, and new strategies, with strong skills in team building, project management, compliance, and cross-sales.

Gerald H. Lindberg Corporate Secretary & Director

Mr. Lindberg was appointed Corporate Secretary and Director of Nocera, Inc. on December 31, 2021. His areas of specialty include technology and intellectual property management, digital entertainment, media and marketing, e-Commerce, m-Commerce, and search engine design, database systems software design and development. Mr. Lindberg earned his law degree from Western New England University, School of Law.

The key risks to Nocera (NCRA) are:

1. Non-compliance with Nasdaq Listing Rules and Potential Delisting: Nocera received a non-compliance notice from Nasdaq for failing to timely file its 2024 Annual Report on Form 10-K, violating Nasdaq Listing Rule 5250(c)(1). The company has a limited timeframe to submit a compliance plan to Nasdaq. Failure to regain compliance could lead to the delisting of Nocera's common stock from the Nasdaq Capital Market.
2. Financial Restatements and Material Weakness in Internal Controls: Nocera announced it would restate financial statements for three quarters of 2024 due to material errors in accounting for changes in the fair value of its warrant liabilities, which were significantly overstated. This includes the identification of a material weakness in the company's internal controls over financial reporting related to the evaluation and measurement of warrant liabilities, raising concerns about operational transparency and the reliability of its financial reporting.
3. Liquidity Challenges and Weak Financial Performance: The company faces potential liquidity challenges, as indicated by a current ratio of 0.51. Furthermore, Nocera has reported challenging financial metrics, including negative EBITDA and weak gross profit margins, with recent earnings showing a decline in revenue.

Nocera (NCRA) operates primarily in the aquaculture industry, focusing on the manufacturing and operation of land-based Recirculating Aquaculture Systems (RAS), as well as providing related consulting and project management services. The company also operates its own fish farms and has recently expanded into e-commerce for fish sales.

The addressable market for Nocera's main products and services can be identified as follows:

• Global Recirculating Aquaculture System (RAS) Market: The global Recirculating Aquaculture System (RAS) market was valued at approximately USD 6.4 billion in 2023. It is projected to grow to USD 13.2 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 10.9% from 2024 to 2030.
• U.S. Aquaculture Market: The U.S. aquaculture market size is estimated at USD 80.81 billion in 2025 and is predicted to increase to approximately USD 126.55 billion by 2034, with a CAGR of 5.11% from 2025 to 2034.

Nocera (NCRA): Expected Drivers of Future Revenue Growth

1. Expansion of Aquaculture Operations: Nocera has ambitious plans to achieve $100 million in annual revenue through the establishment of 10 large-scale fish farms across the United States. Each of these farms is projected to have the capacity to produce 50 million pounds of catfish annually, indicating a substantial increase in product volume and market reach within the aquaculture sector.

2. Strategic Acquisitions: The company recently secured a private placement of up to $300 million in senior secured convertible notes. A key purpose of these funds is to finance strategic acquisitions and growth initiatives. Nocera's CEO has explicitly stated that the company is prepared to pursue "high-impact acquisition opportunities, targeting synergistic companies that amplify our market presence, unlock new revenue streams, or accelerate our competitive edge."

3. Entry into U.S. E-commerce Market: Nocera has made a strategic investment in Tachyonext Inc., signaling its official entry into the burgeoning U.S. direct-to-consumer (DTC) e-commerce market. This move aims to diversify Nocera's revenue streams and expand its consumer technology portfolio. Tachyonext's acquisition of an existing e-commerce business is expected to further expedite revenue generation through established supplier relationships and operational assets.

4. Digital Asset Treasury Strategy: The aforementioned $300 million private placement will initially allocate net proceeds to U.S.-dollar-pegged digital assets (stablecoins) to support a digital asset treasury strategy. While primarily a financial strategy, Nocera's CEO links this directly to strengthening the balance sheet and enabling decisive action on strategic acquisition opportunities, thereby contributing to the unlocking of new revenue streams.

Share Issuance

• On October 31, 2025, Nocera entered into an agreement for a private placement of up to $300 million in senior secured convertible notes.
• An initial note with a principal amount of $8 million was issued on November 3, 2025, resulting in proceeds of $7.28 million.
• As of September 29, 2025, Nocera had filed for an offering of up to 45,000,000 shares by selling stockholders.

Inbound Investments

• Nocera secured a private placement facility of up to $300 million in senior secured convertible notes from an institutional accredited investor, with an initial closing generating $7.28 million in proceeds.
• The proceeds from this facility are intended to support Nocera's digital asset treasury strategy and potential strategic acquisitions.

Outbound Investments

• In June 2025, Nocera made a strategic investment of $500,000 in Tachyonext Inc., acquiring a 35% equity stake to enter the U.S. direct-to-consumer e-commerce market.
• On November 30, 2022, Nocera sold its controlling interest in XFC for $300,000, discontinuing its services for indoor Recirculating Aquaculture Systems (RAS) and solar sharing fish farms in Taiwan.
• Nocera announced plans in July 2025 to make strategic investments in the cryptocurrency market.

Capital Expenditures

• Nocera's annual report for the fiscal year ended December 31, 2024, indicated that the company intends to fund its operations and capital expenditures through equity and debt financing, although these arrangements may be insufficient in the long term.
• The company's primary business operations involve the design, development, and production of large-scale fish tank systems (RASs) for fish farms, alongside related construction services, implying ongoing capital expenditure.