\nCitroTech Inc. (NYSE AM: CITR), a leading specialty chemical company delivering environmentally safe fire inhibitor solutions, today reported third quarter financial highlights and provided a comprehensive business update in a letter to shareholders from CEO Wes Bolsen, detailing 130% year-over-year revenue growth and accelerating commercial adoption across multiple markets.<\/p>\n
\nDear Shareholders,<\/p>\n
\nAs communities, utilities and emergency response agencies across the Western United States navigate increasingly severe wildfire conditions, CitroTech\u00ae is rapidly transitioning from an emerging technology toward becoming a trusted solution for proactive wildfire prevention and asset protection. Over the past quarter, our focus on disciplined commercial execution has yielded transformative results across our partner ecosystem, municipal, railroad and utility deployments, as well as next-generation fire retardant treated building material initiatives.<\/p>\n
Delivering 130% Year-Over-Year Revenue Growth While Maintaining Disciplined Cash Management<\/b><\/p>\n
\nThird quarter 2026 revenue increased 130% year-over-year to $664,000, up from $288,000 in the third quarter of 2025. We achieved this milestone notwithstanding the timing of certain purchase orders that shifted into the fourth quarter. This performance underscores both the growing baseline demand for our solutions and the potential for increasing operating leverage as our business scales.<\/p>\n
\nOur innovation and real-world impact are also garnering national acclaim. Recently, TIME<\/i> Magazine named CitroTech-31 one of its Best Inventions of 2026, providing prominent public recognition of the disruptive nature of our technology as the first and only long-term fire inhibitor recognized by the EPA Safer Choice program.<\/p>\n
Fortified Balance Sheet and Strong Insider Conviction<\/b><\/p>\n
\nSubsequent to quarter end, in October 2026, we successfully closed an underwritten public offering for $5.6 million in gross proceeds, a significant achievement amid a challenging capital markets environment. Importantly, our leadership demonstrated direct financial alignment with shareholders during the raise: on October 22, 2026, Independent Chairman and Director Craig Huff (via BoltRock Holdings LLC) purchased 200,000 shares of CitroTech common stock at the $2.50 offering price. This $500,000 investment increased his indirect holdings as the largest individual shareholder.<\/p>\n
\nThis capital infusion strengthens our balance sheet and provides the financial runway needed to execute commercial contracts, scale inventory ahead of the 2027 wildfire season, and advance our ongoing qualification work with the U.S. Forest Service for Qualified Products List (QPL) status.<\/p>\n
Rapid Expansion of Our Certified Partner Network and Strategic Alliances<\/b><\/p>\n
\nOur Certified Partner Network is positioned to be an important engine for our scalable growth strategy, enabling trained operators to deploy CitroTech\u00ae and CitroSafe\u00ae systems across the Western United States. After growing from 13 partners at the end of Q2 to over 20 in August, our network expanded by 50% to 31 trained and certified partners as of September 30, 2026. Driven by surging inbound demand from qualified mitigation providers, we are hosting “Cohort 5” on December 7\u20138, 2026, in Oceanside, California, where we anticipate training and certifying five to 10 additional partners.<\/p>\n
\nOur partners are actively stepping up in both proactive prevention and emergency asset protection roles. This was recently demonstrated by our partner All Risk Shield during the Norte Fire in Orange County, California, which ignited on October 16 and burned 570 acres. They have continued to protect insured homes over the last week with Red Flag Warnings in Southern California.<\/p>\n
\nTo further amplify our reach and technological capabilities, we also established two key strategic partnerships:<\/p>\n
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- CitroTech and Matrix Wildfire strategic partnership:<\/b> Combines Matrix Wildfire\u2019s high-capacity Massive Area Fire Denial (MAFD) industrial application hardware with CitroTech\u2019s eco-safe fire inhibitors for large-scale asset and community defense.\n<\/li>\n
- CitroTech and Athena Intelligence strategic partnership:<\/b> Integrates Athena\u2019s geospatial intelligence and wildfire risk modeling with CitroTech\u2019s preventative treatments to enable targeted, data-driven wildfire mitigation before ignitions occur.\n<\/li>\n<\/ul>\n
Los Angeles County “Big Burn Showcase” and Proven Field Efficacy<\/b><\/p>\n
\nBuilding on our foundational deployments in San Diego – which continued to purchase and apply CitroTech\u00ae across ecologically sensitive areas throughout the second half of the year where heavy-metal-containing, phosphate-based retardants cannot be used – we took a major step forward in broadening regional adoption during Q3.<\/p>\n
\nIn August 2026, we hosted a large-scale “big burn showcase” demonstration in Los Angeles County attended by six county fire agencies, more than 30 fire chiefs, and at least five commercial partners. The showcase validated in the field what the United States Forest Service (USFS) has observed in testing: that CitroTech\u00ae demonstrated both strong safety and efficacy performance among fire retardants evaluated. Following this event, we are seeing strong movement toward CitroTech\u00ae among county fire chiefs, which we believe will significantly accelerate adoption heading into 2027 across municipalities, transportation agencies, utilities, and counties looking to protect high-risk corridors, contain prescribed burns, and prevent ignitions around homeless encampments.<\/p>\n
\nOur field deployments in the third quarter delivered compelling proof points of our technology in action across critical infrastructure. During Q3, we treated railroad bridges in East Los Angeles where fire starts had historically occurred. After the treatment, based on field observations, fires originating from a homeless encampment living under the railroad bridge twice attempted to ignite one of the bridges. While the encampment and surrounding untreated vegetation burned completely, the CitroTech-treated wooden railroad bridge was left entirely untouched, a notable real-world data point for rail and infrastructure operators.<\/p>\n
\nIn a milestone utility application in the Western U.S., we sprayed a 50-foot radius around transmission poles and 20 feet out from distribution poles. The utility partner has expressed strong satisfaction with the application and performance, reinforcing the vast opportunity to protect grid infrastructure from catastrophic ignitions with the only environmentally safe fire retardant that can be used for repeat applications.<\/p>\n
Advancing Insurance Carrier Discussions<\/b><\/p>\n
\nAs property insurers increasingly prioritize verified loss prevention, we are continuing active discussions at both the CitroTech corporate level and through our Certified Partners with some of the largest insurance carriers in the United States. Based on our discussions, carriers are increasingly reluctant to permit heavy-metal-containing, phosphate-based retardants to be applied around the homes of their insured clients, which we believe positions CitroTech\u2019s non-toxic treatments and CitroSafe\u00ae defense systems as a leading solution for residential insurability and risk reduction.<\/p>\n
HexiTech Joint Venture Passes Burn Testing Across Major Wood Types<\/b><\/p>\n
\nOur HexiTech joint venture with Hexion continues to operate smoothly and achieved a critical technical milestone during the third quarter. While our initial testing began on Douglas Fir, we successfully passed outside burn testing in Q3 across other major wood species.<\/p>\n
\nThis milestone expands our total addressable market in the construction materials sector, opening the door for HexiTech to potentially offer an alternative to traditional fire-retardant-treated lumber via pressure treating across the industry’s primary wood types, subject to completion of remaining qualification and certification requirements. Notably, we achieved this technical progress efficiently, with zero funds currently drawn down against our $6 million capital expenditure commitment from Hexion.<\/p>\n
Looking Ahead<\/b><\/p>\n
\nWe are ramping up multiple revenue channels. Orders that shifted into Q4 are expected to contribute to fourth quarter results, a rapidly growing partner network is seeing increased interest and adoption, and industry-wide validation across utilities, municipalities, and lumber applications are advancing discussions to be included in the 2027 budgets. We remain focused on converting our expanding pipeline into sustainable revenue growth and increasing long-term shareholder value.<\/p>\n
\nWe deeply appreciate your continued support and look forward to discussing our progress further during our upcoming third quarter conference call.<\/p>\n
\nSincerely,<\/p>\n
Wes Bolsen
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<\/b>Chief Executive Officer
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CitroTech Inc.<\/p>\n\nThe Company filed its Form 10-Q for the quarter ended September 30, 2026, with the U.S. Securities and Exchange Commission today, November 10, 2026. For all financial information related to Q3 2026, please refer to the EDGAR filing available on SEC.gov.<\/p>\n
\nManagement will host a conference call following the release of its third quarter financial results on Wednesday, November 11, 2026 at 9 AM ET to provide shareholders and investors with further updates on the Company\u2019s operational progress, commercial initiatives, and strategic opportunities.<\/p>\n
Conference Call Details<\/b><\/p>\n
\nWebcast and Q&A: https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1781901&tp_key=110e9e0f69<\/a><\/p>\n
\nParticipant Dial-Ins:
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Toll Free dial-in number: 1-877-407-3982
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International dial-in number: 1-201-493-6780
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Access ID: 13763704<\/p>\n\nTelephone Replay Dial-In:
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Toll Free US & Canada: 1-844-512-2921
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US\/International Toll: 1-412-317-6671
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Replay Expiration: Wednesday, November 25, 2026 at 11:59 PM ET
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Access ID: 13763704
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Telephone Replays will be made available approximately three hours after conference end time.<\/p>\nAbout CitroTech Inc.<\/b><\/p>\n
\nCitroTech Inc. (NYSE AM: CITR) is manufacturing and deploying the CitroTech family of innovative, environmentally safe fire prevention solutions for homes, wood products, and wildfire prevention and asset protection. Named one of TIME<\/i>‘s Best Inventions of 2026, CitroTech is, to the Company\u2019s knowledge, the only long-term fire inhibitor recognized by the EPA Safer Choice program and tested to UL Greenguard Gold standards, providing effective and scientifically validated wildfire mitigation while safeguarding human and environmental health. The company\u2019s growing patent portfolio, recurring-revenue model, and scalable approach support its long-term growth and market expansion. For more information, visit www.citrotech.com<\/a>.<\/p>\n
Forward-Looking Statements<\/b><\/p>\n
\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company\u2019s expectations for future revenue growth, expansion of the Certified Partner Network, progress toward U.S. Forest Service QPL listing, HexiTech joint venture commercialization, utility and municipal adoption, insurance carrier engagement, and capital deployment plans. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially include: the Company\u2019s limited operating history and history of losses; ability to obtain and maintain necessary regulatory approvals; market acceptance of the Company\u2019s products; competition; reliance on key personnel; ability to manage growth; and other risks detailed in the Company\u2019s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. CitroTech undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.<\/p>\n
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Media & Investor Contact:
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CitroTech Inc.
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Antenna Group
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CitroTech@antennagroup.com
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(516) 526-9227<\/p>\n - CitroTech and Athena Intelligence strategic partnership:<\/b> Integrates Athena\u2019s geospatial intelligence and wildfire risk modeling with CitroTech\u2019s preventative treatments to enable targeted, data-driven wildfire mitigation before ignitions occur.\n<\/li>\n<\/ul>\n