CitroTech Revenue Nearly Triples Amid Wildfire Defense Expansion

TL;DR

**CitroTech's explosive revenue growth and eco-friendly fire tech make it a speculative buy, but watch out for its history of losses and reliance on a small management team.**

AI Summary

CitroTech Inc. (CITR) reported a significant revenue increase, reaching $2,381,407 for the fiscal year ended December 31, 2025, up from $808,372 in 2024, representing a 194.6% growth. The company, an environmentally sustainable specialty chemical firm, focuses on fire inhibitor products for wildland fire, residential protection, and wood products. Key business changes include expanding its patent portfolio into wood coating products and deploying proactive wildfire defense systems under the CitroSafe Systems brand, which is in a proof-of-concept phase with a large insurance broker. Risks include a history of losses since inception, reliance on a five-person management team with only two full-time executives, and high leverage. The strategic outlook anticipates increased revenues starting in summer 2026 due to wildfire season and new relationships with lumber and building material companies for Class A rated lumber treatment, expecting a moderate increase in sales, general, and administrative expenses.

Why It Matters

CitroTech's substantial revenue growth and unique EPA Safer Choice designation position it as a potential disruptor in the $13.6 billion fire retardant market, which has historically relied on toxic chemicals. For investors, this growth, coupled with the CitroSafe Systems' proof-of-concept with a major insurance broker, could unlock significant value by addressing the growing wildfire insurance crisis in eleven western states. Employees and customers benefit from a safer, environmentally friendly product, while the broader market could see a shift towards sustainable fire protection, challenging incumbent industry participants who use expensive pressure treatment for Class A-Rated lumber.

Risk Assessment

Risk Level: high — CitroTech has incurred losses since inception and explicitly states, 'cannot assure that we will ever achieve or sustain profitability.' The company also has a 'limited operating history' and 'do not currently have sufficient cash flow to maintain our business.' Furthermore, it is 'highly leveraged' and relies on a small, five-person management team, with only two full-time employees, Wesley Bolsen and Andrew Hotsko, which presents significant operational risk.

Analyst Insight

Investors should consider CitroTech a high-risk, high-reward opportunity. Monitor the progress of the CitroSafe Systems' proof-of-concept with the insurance broker and the adoption of its Class A rated lumber treatment, as these are critical catalysts for future profitability. Be prepared for continued volatility given the company's limited operating history and financial leverage.

Financial Highlights

revenue

$2,381,407

revenue Growth

+194.6%

Revenue Breakdown

Key Numbers

• $2,381,407 — Revenue for 2025 (Increased from $808,372 in 2024, representing 194.6% growth.)
• $808,372 — Revenue for 2024 (Baseline revenue before significant growth in 2025.)
• $101 million — Aggregate market value of non-affiliate stock (As of June 30, 2025, indicating company size.)
• 19,150,234 — Shares of common stock outstanding (As of March 30, 2026.)
• $13.6 billion — Projected global fire-retardant market (Forecasted by 2034, indicating significant market opportunity.)
• 37 — Issued U.S. patents (Core intellectual property protecting fire inhibitor chemistry.)
• 45 — Filed or pending patent applications (Expanding intellectual property portfolio.)
• 20 — Years of patent term (From earliest effective filing date under U.S. law.)
• 2 — Number of EPA Safer Choice designations (First and only fire inhibitor recognized as environmentally safe.)
• 5 — Number of management team members (Only two of whom are full-time employees.)

Key Players & Entities

• CitroTech Inc. (company) — registrant
• Wesley J. Bolsen (person) — Chief Executive Officer and board member
• Andrew Hotsko (person) — Chief Operating Officer
• Nanuk Warman (person) — Chief Financial Officer
• Stephen Conboy (person) — Chief Technology Officer
• Anthony Newton (person) — General Counsel
• Mighty Fire Breaker LLC (company) — wholly-owned subsidiary holding intellectual property
• EPA (regulator) — awarded Safer Choice designation
• NYSE American LLC (regulator) — exchange where common stock is registered
• Future Markets Insights (company) — market researcher

FAQ

Risk Factors

• History of Losses and Lack of Profitability [high — financial]: The company has incurred losses since inception and cannot assure future profitability. This is a significant concern given the limited operating history, making it difficult for investors to evaluate the business.
• Reliance on Small Management Team [high — operational]: The company relies on a five-person management team, with only two full-time executives (CEO and COO). This limited full-time executive capacity may impede the company's ability to carry on its business effectively.
• Insufficient Cash Flow and High Leverage [high — financial]: CitroTech does not currently have sufficient cash flow to maintain its business operations. The company also faces high leverage, which increases financial risk.
• Seasonality and Unpredictability of Wildfires [medium — market]: The business is subject to the seasonality of wildfires, which are unpredictable and can be affected by acts of God. This inherent unpredictability can adversely affect manufacturing and distribution.
• Product Approval and Listing Requirements [medium — regulatory]: Product sales to U.S. federal lands require listing on the USFS Qualified Products List (QPL), and sales to state roadside rights-of-way require approval by state agencies. Failure to obtain these approvals can limit market access.
• Supply Chain and Manufacturing Disruptions [medium — operational]: Various factors outside the company's direct control may adversely affect manufacturing and distribution. Interruption of the supply chain could impact production, delivery, and profitability.
• Product Liability and Insurance [medium — legal]: The company faces potential claims for product liability, especially given its products are intended to protect lives and property. Insufficient product liability insurance could expose the company to claims exceeding its net worth.
• Customer and Supplier Base Expansion [low — market]: Future growth and operating results could be adversely affected if the company is unable to expand its base of customers or raw material suppliers.

Industry Context

CitroTech operates in the specialty chemical sector, focusing on environmentally sustainable fire inhibitor products. The company targets the wildland fire, residential protection, and wood products industries. Key market drivers include increasing wildfire frequency and severity, growing demand for eco-friendly solutions, and regulatory pressures for fire-resistant materials. The global fire-retardant market is projected to reach $13.6 billion by 2034, indicating substantial growth potential.

Regulatory Implications

CitroTech's products are subject to stringent government scrutiny from agencies like the EPA and USDA Forest Service. Compliance with evolving regulations is critical, as changes could impact product approval and market access. The company's 'environmentally safe' designation from the EPA is a key regulatory advantage, but ongoing adherence to environmental standards is necessary.

What Investors Should Do

1. Monitor progress of CitroSafe Systems POC
2. Assess management team's capacity
3. Track patent portfolio expansion and commercialization
4. Evaluate debt levels and cash flow generation
5. Observe market penetration in lumber and building materials

Key Dates

• 1990-03-14: Company incorporated — Establishes the original founding date of CitroTech Inc.
• 2021-06-03: Redomiciled to Wyoming — Changed the state of incorporation, potentially for legal or tax reasons.
• 2022-04-13: Acquisition of MFB portfolio — Mighty Fire Breaker LLC (MFB Ohio) acquired the MFB portfolio of intellectual property, forming the basis for current product development.
• 2025-06-30: Aggregate market value of non-affiliate stock reported — Indicates the company's market capitalization as of a specific date, providing a snapshot of its valuation.
• 2025-12-31: Fiscal year end — Marks the end of the reporting period for the 2025 financial results, showing significant revenue growth.
• 2026-03-30: Shares of common stock outstanding reported — Provides the total number of shares outstanding as of a specific date, relevant for per-share calculations.

Glossary

Wildland-Urban Interface (WUI)

The transitional zone between undeveloped land and built environments that is at elevated risk of catastrophic wildfire loss. (CitroTech's products and CitroSafe Systems are designed to address risks in this high-risk area.)

EPA Safer Choice

A designation by the U.S. Environmental Protection Agency recognizing products that are safer for human health and the environment. (CitroTech is the first and only fire inhibitor recognized by the EPA as safe for the environment, highlighting a key product differentiator.)

UL GREENGUARD Gold

A certification indicating that a product has been tested for harmful chemicals and meets strict emissions limits, focusing on indoor air quality. (This certification for CitroTech's products reflects minimal impact on indoor air quality from toxic smoke, appealing to health-conscious consumers and builders.)

Qualified Products List (QPL)

A list maintained by the U.S. Forest Service (USFS) of products that have met specific performance and safety standards for use on federal lands. (Inclusion on the QPL is a prerequisite for selling products to U.S. federal lands, a potential market for CitroTech.)

Class A Rated Lumber

Lumber that has undergone treatment to achieve the highest fire-resistance rating, significantly reducing flame spread and heat contribution. (CitroTech is developing wood coating products for this market, indicating a strategic expansion into treated wood products.)

Proof-of-Concept (POC)

A demonstration or pilot project to verify that a concept or product is feasible and can function as intended. (The CitroSafe Systems brand is in a proof-of-concept phase with an insurance broker, indicating early-stage testing and validation.)

Year-Over-Year Comparison

CitroTech Inc. has demonstrated exceptional revenue growth, increasing from $808,372 in 2024 to $2,381,407 in 2025, a surge of 194.6%. This dramatic increase suggests significant market traction and successful product adoption. While specific margin data and net income figures are not detailed in this excerpt, the company's strategic focus on expanding its patent portfolio and deploying new systems like CitroSafe Systems indicates proactive development. However, the persistent risks related to historical losses, reliance on a small management team, and high leverage remain critical areas for investor scrutiny compared to previous periods.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share CITR NYSE American LLC
• $2,381,407 — er 31, 2025 and 2024, we had revenue of $2,381,407 and $808,372, respectively. We believe
• $808,372 — 2024, we had revenue of $2,381,407 and $808,372, respectively. We believe that revenues
• $13.6 billion — fire-retardant market is forecast to be $13.6 billion dollars globally by 2034. CitroTech mar

Filing Documents

• citrotech_i10k-123125.htm (10-K) — 1695KB
• citrotech_ex1003.htm (EX-10.3) — 46KB
• citrotech_ex1004.htm (EX-10.4) — 40KB
• citrotech_ex1016.htm (EX-10.16) — 19KB
• citrotech_ex1017.htm (EX-10.17) — 166KB
• citrotech_ex1018.htm (EX-10.18) — 41KB
• citrotech_ex1019.htm (EX-10.19) — 18KB
• citrotech_ex1901.htm (EX-19.1) — 76KB
• citrotech_ex3101.htm (EX-31.1) — 7KB
• citrotech_ex3102.htm (EX-31.2) — 7KB
• citrotech_ex3201.htm (EX-32.1) — 4KB
• citrotech_ex3202.htm (EX-32.2) — 4KB
• citrotech_ex9701.htm (EX-97.1) — 27KB
• image_002.jpg (GRAPHIC) — 3KB
• image_004.jpg (GRAPHIC) — 7KB
• image_001.jpg (GRAPHIC) — 4KB
• 0001683168-26-002356.txt ( ) — 9343KB
• citr-20251231.xsd (EX-101.SCH) — 80KB
• citr-20251231_cal.xml (EX-101.CAL) — 72KB
• citr-20251231_def.xml (EX-101.DEF) — 325KB
• citr-20251231_lab.xml (EX-101.LAB) — 547KB
• citr-20251231_pre.xml (EX-101.PRE) — 499KB
• citrotech_i10k-123125_htm.xml (XML) — 1266KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii PART I Item 1. Business . 1 Item 1A. Risk Factors . 6 Item 1B. Unresolved Staff Comments . 18 Item 1C. Cybersecurity . 18 Item 2. Properties . 18 Item 3. Legal Proceedings . 18 Item 4. Mine Safety Disclosures . 18 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities . 19 Item 6. [Reserved] 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations . 20 Item 7A.

Quantitative And Qualitative Disclosures About Market Risk

Quantitative And Qualitative Disclosures About Market Risk . 29 Item 8.

Financial Statements and Supplemental Data

Financial Statements and Supplemental Data . 29 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure . 29 Item 9A.

Controls and Procedures

Controls and Procedures . 30 Item 9B. Other Information . 31 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 31 PART III Item 10. Directors, Executive Officers and Corporate Governance . 32 Item 11.

Executive Compensation

Executive Compensation . 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . 48 Item 13. Certain Relationships and Related Transactions, and Director Independence . 50 Item 14. Principal Accountant Fees and Services . 52 PART IV Item 15. Exhibit and Financial Statement Schedules . 53 Item 16. Form 10-K Summary . 54 Index to Audited Consolidated Financial Statements F-1

SIGNATURES

SIGNATURES II-1 i

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual Report") contains forward-looking statements. The Securities and Exchange Commission ("SEC") encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This Annual Report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management's plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results. We caution that the factors described herein, and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual res

Business

Business We have incurred losses since inception and cannot assure that we will ever achieve or sustain profitability. We are controlled by one principal stockholder who serves as our Chairman of the Board. Because the principal stockholder controls the outcome of all stockholder votes, the vote of other stockholders is less valuable. If we are unable to expand our base of customers, our future growth and operating results could be adversely affected. If we are unable to expand our base of raw material suppliers, our future growth and operating results could be adversely affected. Various factors outside our direct control may adversely affect manufacturing and distribution of our product. Interruption of our supply chain could affect our ability to produce or deliver our product and could negatively impact our business and profitability. We are subject to the seasonality of wildfires that may occur by acts of God that are inconsistent and unpredictable. We may not be able to sell product onto U.S. federal lands until a product is listed on the USFS Qualified Products List (QPL). We may be prevented from putting our product onto state roadside rights-of-way until approved by state agencies. We are relying exclusively on the skills and expertise of a five-person management team: Wesley Bolsen, our Chief Executive Officer and board member, Andrew Hotsko, our Chief Operating Officer, Nanuk Warman, our Chief Financial Officer, Stephen Conboy, our Chief Technology Officer, and Anthony Newton, our General Counsel. Only two of our executive officers are full-time employees, Mr. Bolsen and Mr. Hotsko, which may impede our ability to carry on our business. Since we have a limited operating history, it is difficult for potential investors to evaluate our business. We do not currently have sufficient cash flow to maintain our business. Increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our raw materia

Business

Item 1. Business. Our Company CitroTech Inc. ("CITR," "we," "us," or the "Company") is an environmentally sustainable specialty chemical company focused on fire inhibitor products serving the wildland fire, residential home protection, and wood products industries across the United States and Canada. Our fire inhibitor formulations are also sold into the lumber and building materials industry for fire retardant treatment applications. CitroTech Inc. was originally incorporated under the laws of the State of Nevada on March 14, 1990 and on June 3, 2021 was redomiciled to the State of Wyoming. Our principal offices are located at 6400 S. Fiddlers Green Circle, Suite 300, Greenwood Village, Colorado 80111. Our telephone number is (800) 401-4535, and our email address is info@citrotech.com. Our website address is www.citrotech.com. Information contained on, or accessible through, our website is not incorporated by reference into this annual report and should not be considered part of this annual report. Since Mighty Fire Breaker LLC ("MFB Ohio") acquired from Mighty Fire Breaker LLC ("MFB California") the MFB portfolio of intellectual property on April 13, 2022, our management team has continued to develop and refine our product formulations. The Company has received significant third-party recognition for these efforts, including twice receiving the EPA Safer Choice designation, being the first and only fire inhibitor recognized by the EPA as safe for the environment, and receiving UL GREENGUARD Gold certification, which reflects minimal impact on indoor air quality from toxic smoke over extended exposure. Our products have been adopted by fire departments throughout the State of California. We are expanding our patent portfolio and technology platform into additional markets that can benefit from environmentally safe alternatives to legacy fire retardant and fire retardant-treated wood products. CitroTech has developed wood coating products utilizing this techno

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