CitroTech Inc.

What they do

CitroTech develops and markets a branded fire inhibitor chemistry, blended in Oceanside, California, sold into the lumber and building materials industry for fire retardant treatment and to home, industrial, commercial and fire department users. The company also deploys CitroSafe Systems, self-contained sprinkler installations using its CitroTech product, on residential and commercial properties ahead of wildfires. It holds patents and trademarks covering fire inhibition chemistry, fire-retardant dispersion mapping and tracking, and wood coating products in early commercialization. Its principal offices are in Greenwood Village, Colorado, and it targets the United States and Canada.

Revenue drivers

• Fire inhibitor product sales to lumber and wood products — The core business: CitroTech formulations used by lumber and building materials companies to treat wood products toward Class A fire rating, supported by an issued Technical Evaluation Report; management said it began establishing relationships with lumber and building material companies in early 2026.
• Wildfire and structural protection markets — Sales into wildland fire suppression, residential home protection and industrial/commercial users, including adoption by fire departments throughout California; no separate revenue split is disclosed.
• CitroSafe Systems proactive wildfire defense — Self-contained sprinkler installations using patented CitroTech product, sold to residential and commercial property owners, with a stated program to pair installations with insurance coverage through a large insurance broker; described as in the proof-of-concept phase.
• HexiTech LLC joint venture (wood products channel) — A 50/50 global joint venture formed with Hexion Inc. in April 2026 to commercialize CitroTech product into factory-applied lumber and wood products; described as the primary go-to-market channel for that portion of the business.

Recent performance

Annual revenue grew from $808,372 in 2024 to $2,381,407 in 2025, while net loss widened from $6.9 million in 2024 to $36.8 million in 2025. Operating cash flow was negative $5.9 million in 2025 against negative $1.9 million in 2024. Quarterly revenue was $288,212 in the quarter ended 2025-09-30, $436,175 in 2025-12-31, $344,915 in 2026-03-31, and $280,666 in 2026-06-30. At 2026-06-30 the company reported total assets of $10.0 million, total liabilities of $1.0 million, shareholder equity of $9.0 million, and cash and equivalents of $2.5 million.

Strategy

Management is commercializing the CitroTech chemistry beyond fire suppression into factory-applied lumber and wood products, using the April 2026 HexiTech LLC 50/50 joint venture with Hexion Inc. as its primary go-to-market channel for that segment. It is also building the CitroSafe Systems business, which couples sprinkler installations with insurance coverage underwritten by established carriers through a large insurance broker, currently in proof-of-concept. The company says it is expanding its patent portfolio and technology platform into markets seeking environmentally safer alternatives to legacy fire retardants, including wood coating products in initial commercialization. It plans to continue raising capital as needed; a September and October 2025 equity offering generated net proceeds of $8.1 million.

Risks

• Losses since inception and accumulated deficit — The company has incurred losses since inception, reporting a $36.8 million net loss for 2025 and an accumulated deficit of $113.2 million.
• Funding runway and need for more capital — Management states existing cash resources are expected to be sufficient only through fiscal 2026, after which additional equity or debt offerings or higher revenue would be required.
• Dilution from options, warrants and preferred conversion — Per the 10-K risk factors, exercise of outstanding options or warrants and conversion of Series C Convertible Preferred Stock would obligate CitroTech to issue a substantial number of additional common shares.
• Dependence on certifications, testing and channel partners — The 10-K cites risks around passing USFS testing to be listed on the Qualified Products List, securing EPA-compliant manufacturing, and establishing distribution networks and joint venture or strategic relationships.

Outlook

Management says revenues should increase starting in the summer of 2026, tied to Western U.S. wildfire season accelerating under dry or drought conditions. It also cites early-2026 relationships with lumber and building material companies treating wood to Class A rated lumber under an issued Technical Evaluation Report, and expects a moderate increase in sales, general and administrative expense in 2026 as it approaches new markets. No specific revenue or earnings guidance figures were disclosed, and the company notes its cash is expected to cover planned operations only through fiscal 2026.