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• John Deere for fish farms: Nocera provides the advanced equipment, technology, and services for aquaculture, much like John Deere does for traditional agriculture.
• The Tesla of aquaculture systems: Nocera designs and produces high-tech, recirculating fish tank systems, similar to how Tesla innovates in electric vehicles.

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• Recirculating Aquaculture Systems (RAS): Nocera designs, develops, and produces large-scale recirculating aquaculture fish tank systems.
• Aquaculture Consulting and Project Management: The company offers expert consulting, technology transfer, and aquaculture project management services.
• Fish Farming Containers & Services: Nocera provides fish farming containers and related services including sale, installment, and maintenance of aquaculture equipment.

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Andy Jin, Chief Executive Officer

Mr. Jin was appointed Chief Executive Officer on July 31, 2023. Prior to joining Nocera, he served as an Investment Director at Fotex Holding from November 2018 to June 2023, where he managed U.S. investments, strategic projects, portfolio management, and business operations. He also held the position of Partner at Bloemengroothandel B.J. Duyvenvoorde & Zn B.V. from September 2017 to October 2018, managing operations, sales, and investments for a floriculture import company in China. Additionally, he was Executive Vice President and Managing Director of Dagong Global Credit Rating Group from December 2015 to August 2017, overseeing international business development and investments in overseas markets. Mr. Jin holds a Bachelor of Arts in political science from SUNY Stony Brook and an MBA from Tsinghua University.

Jim Chuang, Chief Financial Officer

Mr. Chuang was appointed Chief Financial Officer on October 28, 2019. Before his current role, he was a project manager at Deloitte & Touche Financial Advisory Corporation in Taiwan from October 2016 to June 2019, specializing in Mergers and Acquisitions and Valuation services. He also worked as a semi-senior at Deloitte & Touche in Taiwan from September 2014 to September 2016, performing audit services for Taiwanese conglomerate companies. Mr. Chuang is a Certified Public Accountant in the U.S. and Taiwan, and holds a marketing degree from UC-Berkeley Extension and a B.S. in Accounting from Soochow University, Taiwan.

Howard Chen, Chief Operating Officer

Mr. Chen was appointed Chief Operating Officer on January 5, 2024. He brings over 30 years of executive experience across financial services, construction, sales, and business development. His previous roles include Executive Director at Rongzhou Construction Co., Ltd. from September 2021 to January 2024, Vice President at Entie Commercial Bank Co. from 2008 to 2021, Asia Pacific Regional Business Development Director at CIT Group Taiwan from 2005 to 2008, Sales Director at Taipei Financial & Leasing Co. from 2004 to 2005, and Sales Manager at Far Eastern Group from 2000 to 2004. He earned an MBA from the University of Leicester in 1989.

Gerald H. Lindberg, Secretary

Mr. Lindberg was appointed Secretary and Director on December 31, 2021. Prior to his appointment, he provided substantial expertise and guidance as a consultant for Hanover International for five years.

Andrew Teng, Asia Director

Mr. Teng was appointed Asia Director effective September 2, 2025.

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1. Financial Instability and Reporting Deficiencies: Nocera has consistently reported net losses, negative earnings per share, and weak gross profit margins, indicating ongoing challenges in achieving profitability. The company has also faced significant issues with its financial reporting, including Nasdaq non-compliance for delayed annual report filings and the restatement of financial statements due to material accounting errors related to warrant liabilities. These issues raise serious concerns about Nocera's operational transparency, internal controls, and overall ability to sustain its operations and maintain its listing status.
2. Dependence on the Evolving and Challenging Aquaculture Industry (especially in China): Nocera's core business is entirely reliant on the health and growth of the aquaculture sector. This industry is susceptible to significant risks such as stringent environmental regulations, potential disease outbreaks in fish populations, shifts in consumer demand, and public health concerns related to farmed seafood. Operating primarily in the People's Republic of China further exposes Nocera to specific regulatory changes and economic fluctuations within that region, which can directly impact the demand for its aquaculture systems and services.
3. High Costs and Technical Complexities of Recirculating Aquaculture Systems (RAS): Nocera specializes in designing and producing large-scale recirculating aquaculture systems. While RAS offers sustainability benefits, its adoption and successful operation face challenges, including high initial capital investment costs for infrastructure and equipment, significant ongoing operating expenses (such as continuous electricity and oxygen supply), and the critical need for highly trained personnel to manage and monitor these complex systems. These factors, alongside potential risks like pathogen circulation and the need for rapid responses to technical failures, can hinder the widespread adoption of RAS and impact the profitability and success of Nocera's clients, thereby limiting Nocera's market potential.

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The addressable markets for Nocera (NCRA) main products and services are significant, particularly within the Asia-Pacific region and globally. Nocera, Inc. specializes in aquaculture consulting and management, the design and production of recirculating aquaculture large-scale fish tank systems, and providing fish farming containers and related services, primarily operating in the People's Republic of China.

For Recirculating Aquaculture Systems (RAS), a key offering of Nocera, the global market was estimated at approximately USD 3.4 billion in 2024 and is projected to grow to USD 8.2 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 9.4% from 2025 to 2034. Another estimate places the global RAS market at USD 6.4 billion in 2023, expected to reach USD 13.2 billion by 2030, exhibiting a CAGR of 10.9% from 2024 to 2030. The Asia-Pacific market for RAS, a crucial region for Nocera, is anticipated to increase from USD 2,199.02 million in 2023 to USD 4,244.47 million by 2030, at a CAGR of 9.80% from 2024 to 2030. Specifically, China held a 37.6% market share in the Asia Pacific recirculating aquaculture system industry in 2024 and is expected to grow at a CAGR of 9.7% from 2025 to 2034.

In the realm of Aquaculture Consulting and Management Services, the global market was valued at approximately USD 4.7 billion in 2024 and is projected to reach USD 13.2 billion by 2033, with a robust CAGR of 11.2% from 2025 to 2033. The Asia-Pacific region is poised for the highest growth in this market, driven by the expanding aquaculture industries in countries like China, India, and Southeast Asia.

Regarding Fish Farming Containers and general Aquaculture Equipment, the global aquaculture equipment market was valued at USD 21.04 billion in 2024 and is forecast to grow to USD 37.1 billion by 2033, with a CAGR of 7.2% from 2025 to 2033. Asia-Pacific is the dominant region in this market, with China leading and accounting for nearly 45% of the regional share in 2025. The global fish farming equipment market specifically was estimated at USD 2.8 billion in 2024, with projections to reach USD 4.8 billion by 2034 at a CAGR of 5.5% from 2025 to 2034.

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Nocera, Inc. (NCRA) is positioned for future revenue growth over the next 2-3 years, driven by its strategic expansion in key aquaculture markets and diversification initiatives.

1. Expansion of Recirculating Aquaculture Systems (RAS) Fish Farming Operations in the United States: Nocera has acquired land in Montgomery, Alabama, to establish its first large-scale fish farm in the U.S., which is intended to serve as a model for future domestic expansion. The company aims to construct several such facilities across the United States.

2. Strategic Expansion of Aquaculture Initiatives in Asian Markets: Nocera is actively broadening its aquaculture footprint in the Asian region, targeting countries such as Taiwan, China, Vietnam, and Thailand. This expansion is supported by factors like the Taiwanese government's focus on fishery-solar synergies and efforts to control equipment manufacturing costs in China, as well as fish fry, fingerling, and feed costs in Vietnam and Thailand.

3. Increased Demand for Nocera's Core RAS Technology and Services: The company's fundamental business involves the design, development, and production of large-scale recirculating aquaculture fish tank systems, complemented by expert consulting, technology transfer, and project management services for new and existing aquaculture facilities. Nocera anticipates that its proprietary technology and design in RAS will provide a substantial competitive advantage.

4. Revenue Generation from Strategic Acquisitions in Diversified Sectors: Nocera has adopted an "industry-agnostic, acquisition-focused" strategy, indicating a proactive approach to acquiring businesses beyond its traditional aquaculture operations. This strategy includes a recent shift towards e-commerce, and the company has announced plans to allocate capital towards strategic acquisitions and growth opportunities, potentially leading to new revenue streams from acquired entities.

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Share Issuance

• In November 2025, Nocera secured a private placement of up to $300 million to support its digital asset strategy and strategic acquisitions.
• Nocera closed an initial $8 million funding round in November 2025.
• On July 5, 2023, the company issued 325,708 shares of common stock upon the exercise of warrants, generating gross proceeds of $626,987.
• In August 2022, Nocera completed a Composite Units Offering, raising $6.58 million.

Inbound Investments

• In November 2025, Nocera closed an initial funding round of $8 million.
• The company secured up to $300 million in a private placement in November 2025, intended to support its digital asset strategy and strategic acquisitions.

Outbound Investments

• In December 2025, Nocera announced a $2 million allocation for the acquisition of Bitcoin (BTC).
• Nocera made a strategic investment of $0.5 million in Tachyonext Inc. in June 2025, to enter the U.S. e-commerce market and expand its consumer tech portfolio.
• On September 7, 2022, Nocera acquired an 80% controlling interest in Meixin Institutional Food Development Co., Ltd. for $4.3 million.

Capital Expenditures

• In Q3 2025, Nocera reported $0 in capital expenditures.
• For a recent fiscal year (implied 2024), capital expenditures of $956 were reported, consuming a significant portion of operating cash flow.