olivlawolivlaw

olivLaw · US equity research

CitroTech Inc. CITR

Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)

2.43USD+3.85% · 1 dayClose 04 Nov 2026

CitroTech Inc. (CITR) is a specialty chemical company developing environmentally sustainable fire inhibitors for wildland fire, home protection and wood products markets. The company reported revenue of 2.381407 million USD in 2025, up from 0.808372 million USD in 2024, yet still posted large net losses, which makes its financing position central in 2026.

At the close of 04 Nov 2026, CitroTech Inc. (CITR) stock was 2.43 USD (+3.85% on the day), with market capitalisation 54.8 m USD, beta 0.86, 52-week range 2.34–10.09 USD. Latest reported quarter (Q2 2026): revenue of 280.7 k USD (−59.2% YoY), net income of -3.9 m USD, diluted EPS -0.18 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
54.8 m USD
shares as of 07 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.44 · TTM to 30 Jun 2026
E/P (TTM)
-59.46%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.86
Volatility (1y) 86%
52-week range
2.3410.09

Price history

Loading chart…

Technical reading

RSI (14)
32.4
weak (30–45)
Bollinger (20, 2)
2.33 – 3.03
in the lower half of the band · %B 0.14 · band width 26.1%
SMA 50 / 200
3.83 / 6.17
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.36 / -0.42
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−14.7%−1.1%−13.6 pp—
3 months−58.2%−0.5%−57.7 pp—
6 months−66.0%+4.4%−70.4 pp—
Year to date−69.9%+12.3%−82.2 pp—
1 yearunavailable+13.5%unavailable+2.1%
3 yearsunavailable+76.4%unavailable−36.5%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−76.8%
24 Mar 2026 → 03 Nov 2026
Max drawdown (5y)
−76.8%
24 Mar 2026 → 03 Nov 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
280.7 k USD
−59.2% YoY
Net income
-3.9 m USD
unavailable YoY
Diluted EPS
-0.18
unavailable YoY
net / operating
-1,390.5% / -1,244.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue107.0 k69.6 k969.4 k687.6 k288.2 k436.2 k344.9 k280.7 k
Cost of revenue139.2 k317.3 k617.3 k371.4 k575.6 k346.7 k225.6 k271.6 k
Research & development——8.0 k41.3 k——81.5 k197.1 k
Operating income-561.4 k-1.2 m-3.5 m-3.0 m-4.2 m-5.8 m-4.4 m-3.5 m
Depreciation & amortisation63.6 k74.4 k74.5 k77.1 k90.1 k87.6 k125.7 k123.9 k
Interest expense93.9 k163.0 k410.8 k552.1 k360.2 k187.8 k164.8 k3.6 k
Pre-tax income-655.2 k-1.8 m-10.9 m-11.9 m-7.9 m-6.1 m-6.2 m-3.9 m
Income tax00000000
Net income-655.2 k-1.8 m-10.9 m-11.9 m-7.9 m-6.1 m-6.2 m-3.9 m
Diluted EPS-0.11-0.30 ≈-1.37-1.14-0.59-0.34 ≈-0.33-0.18
Operating cash flow-551.3 k ≈-617.8 k-713.9 k-1.2 m ≈-1.5 m ≈-2.5 m-2.1 m-1.8 m ≈
Capex0 ≈027.0 k140.8 k ≈53.9 k ≈-27.7 k10.7 k0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenueunavailableunavailable062.7 k520.6 k808.4 k2.4 m
Revenue YoYunavailableunavailableunavailableunavailable+730.0%+55.3%+194.6%
Net income0-109.4 k-95.0 k-2.9 m-10.1 m-6.9 m-36.8 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailable0.000.000.00-0.10-0.82-2.96
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %unavailableunavailableunavailable-4,635.3%-1,940.3%-851.3%-1,546.9%
Free cash flowunavailableunavailable-24.2 k-713.8 k-1.2 m-1.9 m-6.1 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
6.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
11.3 m USD
Total assets
14.2 m USD
Debt / equity
unavailable
Current ratio
3.42x
ROE
-505.4%
ROA
-374.7%
FCF margin
-254.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
520.6 k
2024
808.4 k
2025
2.4 m

SEC (XBRL)· 30 Mar 2026verified

Cost of revenue
2023
182.7 k
2024
655.5 k
2025
1.9 m

SEC (XBRL)· 30 Mar 2026verified

Gross profit
2023
387.1 k
2024
152.9 k ≈
2025
530.7 k ≈

SEC (XBRL)· 30 Mar 2026derived

Research & development
2023
0
2024
14.0 k
2025
198.5 k

SEC (XBRL)· 30 Mar 2026verified

Operating income
2023
-10.1 m
2024
-5.3 m
2025
-16.5 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
248.5 k
2024
264.7 k
2025
329.3 k

SEC (XBRL)· 30 Mar 2026verified

EBITDA
2023
-9.8 m ≈
2024
-5.0 m ≈
2025
-16.2 m ≈

SEC (XBRL)· 30 Mar 2026derived

Interest expense
2023
4.3 k
2024
257.8 k
2025
1.5 m

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
-10.1 m
2024
-6.9 m
2025
-36.8 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-10.1 m
2024
-6.9 m
2025
-36.8 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-0.10
2024
-0.82
2025
-2.96

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
96.7 m
2024
8.4 m
2025
12.4 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
549.8 k
2024
775.1 k
2025
6.3 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
427.4 k
2024
317.5 k
2025
209.0 k

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
230.2 k
2024
324.7 k
2025
620.8 k

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
1.2 m
2024
1.6 m
2025
7.4 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
7.3 k
2024
111.4 k
2025
630.3 k

SEC (XBRL)· 30 Mar 2026verified

Intangibles (excl. goodwill)
2023
3.9 m
2024
3.7 m
2025
5.3 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
5.3 m
2024
5.5 m
2025
14.2 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
54.6 k
2024
48.2 k
2025
316.3 k

SEC (XBRL)· 30 Mar 2026verified

Short-term debt
2023
0
2024
96.8 k
2025
—

SEC (XBRL)· 31 Mar 2025verified

Long-term debt
2023
—
2024
0
2025
—

SEC (XBRL)· 12 Nov 2025verified

Current liabilities
2023
1.6 m
2024
2.2 m
2025
2.2 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
1.7 m
2024
2.2 m
2025
2.9 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
3.6 m †
2024
3.3 m †
2025
11.3 m †

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-1.2 m
2024
-1.9 m
2025
-5.9 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
4.0 k
2024
0
2025
194.0 k

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-1.2 m ≈
2024
-1.9 m ≈
2025
-6.1 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
-4.0 k
2024
0
2025
-294.0 k

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
1.7 m
2024
2.2 m
2025
11.7 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
194.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
236.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-5.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-1,298.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-1,330.5%
computed by olivLawTTM to 30 Jun 2026
Net margin
-1,788.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-579.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-431.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-257.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-186.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-25.1x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
8.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
7.4x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
6.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-7.8 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
36.9 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-7.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
111 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
127 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
73 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
165 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
54.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-59.5%
computed by olivLawTTM to 30 Jun 2026
P/B
6.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
40.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-14.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
9.55
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.43 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 54.8 m USD

Key indicators

Market capitalisation
54.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
6.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-431.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-1,788.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
194.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 816derived 71

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Chemicals & Allied Products (SIC 2800)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-1,788.4%14 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth236.1%100 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-25.1x0 (on a fixed band)19%
Current ratio · Balance sheet8.8x100 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-14.3%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial14/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CitroTech Inc. (CITR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.4 m USD in 2025; YoY growth 194.6%; net margin -1,788.4%; ROE -431.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 236.1%
  • Current ratio: 8.8x

What contradicts it

  • Net margin: -1,788.4%
  • Interest coverage: -25.1x
  • FCF yield: -14.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 31.4x
EV/EBITDA
—
vertical median 8.6x
P/S
40.6x
vertical median 1.3x
above median (+3,133.4%)
P/B
6.1x
vertical median 1.7x
above median (+259.4%)
ROE
-431.0%
vertical median -11.8%
below median
Net margin
-1,788.4%
vertical median -5.5%
below median
EBIT margin
-1,330.5%
vertical median -2.7%
below median
Revenue YoY
194.6%
vertical median -1.1%
above median
Net debt/EBITDA
—
vertical median 2.3x
Dividend yield
—
vertical median 4.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SOLSSolstice Advanced Materials Inc.9.1 bn28.313.6%7.8%+3.1%+21% / unavailable
BCPCBalchem Corporation5.8 bn34.413.0%15.4%+8.8%+17% / +46%
PRMPerimeter Solutions, Inc.4.6 bn—-30.9%-44.9%+16.4%+1% / +575%
NGVTIngevity Corporation2.5 bn50.164.4%4.7%−2.7%+41% / +90%
CCThe Chemours Company2.1 bn—-339.7%-5.2%+0.4%+8% / −50%
OLNOlin Corporation2.1 bn—-12.2%-3.3%+3.7%−14% / −62%
IOSPInnospec Inc.2.0 bn14.210.5%7.5%−3.7%+8% / −23%
HUNHuntsman Corporation1.7 bn—-11.8%-5.8%−5.8%−5% / −60%
ECVTEcovyst Inc.1.1 bn—-9.6%-7.1%+20.9%+8% / +5%
FMCFmc Corporation998.7 m—-226.7%-151.2%−18.3%−55% / −88%
ACNTAscent Industries Co.124.0 m—-1.1%-1.0%−7.2%−3% / +68%
CITRCitroTech Inc.54.8 m—-431.0%-1,788.4%+194.6%unavailable / unavailable
LOOPLoop Industries, Inc.13.0 m——-2,154.3%−95.3%−77% / −92%
GUREGulf Resources, Inc.5.6 m—-32.4%-134.4%+231.8%+3% / −80%
ADURAduro Clean Technologies Inc.——-133.8%-5,253.1%−31.5%−26% / unavailable

1- and 3-year price returns: for CITR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    CitroTech Inc. (CITR) is a specialty chemical company developing environmentally sustainable fire inhibitors for wildland fire, home protection and wood products markets. The company reported revenue of 2.381407 million USD in 2025, up from 0.808372 million USD in 2024, yet still posted large net losses, which makes its financing position central in 2026.

    SWOT

    Strengths

    • EPA Safer Choice recognition and UL GREENGUARD Gold certification that differentiate the product in the market.
    • Broad patent portfolio protecting chemistry, application methods and defense systems.
    • Rapid sales growth and better customer diversification in 2025.

    Weaknesses

    • Large net losses and accumulated deficit, with dependence on external financing.
    • A small management team, several members of which do not work full time.
    • Internal control weaknesses, including insufficient segregation of duties.

    Opportunities

    • Development of the HexiTech partnership for factory-applied Class A lumber.
    • Turning the insurance pilot program into a commercial offering for CitroSafe systems.
    • Expanding the certified partner network and municipal prevention programs.

    Threats

    • Competition from established players with much greater resources.
    • Regulatory or testing-standard changes that could delay sales.
    • Shareholder dilution from repeated need for capital.

    Risks

    • Funding needhigh

      The company said existing resources may be sufficient only through fiscal 2026, and a lack of capital could force it to curtail or cease operations 1.

    • Concentrated controlhigh

      One principal stockholder controls most of the vote through preferred shares, which could limit the influence of other shareholders 1.

    • Seasonal dependencemedium

      Sales are sensitive to weather and the fire season, and an atypical year could affect results 1.

    • Product liabilitymedium

      Product liability insurance limits could prove insufficient in the event of major claims 1.

    • Internal controls and key personnelmedium

      The loss of key members could seriously affect operations, and the company has no key person insurance 1.

    Investment thesis

    What would need to be true (bull case)

    • If fire seasons keep lengthening and insurance programs become operational, the company could benefit from rising demand for its products 12.
    • EPA Safer Choice recognition and the HexiTech partnership could open access to large industrial lumber markets 12.
    • Customer diversification, with far lower revenue share from the top five customers, could reduce concentration risk 1.

    What would break the thesis

    • Large losses and the need for more capital could lead to dilution or unfavorable financing terms 1.
    • Concentrated control by one stockholder could limit protections for other investors 1.
    • If pilot programs such as the insurance program do not turn into revenue, the company could remain dependent on seasonal sales 12.

    What to watch

    • Progress on financing and capital needs2027
    • Results of the HexiTech joint ventureQ1 2027
    • Status of pending patent applications and QPL testing2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    CitroTech Inc. presents itself as a specialty chemical company focused on environmentally sustainable fire inhibitors for the wood products industry, home protection and wildland fire defense across the United States and Canada 1. Its flagship CitroTech product is described as the only fire inhibitor recognized by the EPA under the Safer Choice program, which the filing presents as its main competitive argument 1. The company had 14 full-time employees at year-end 2025 and relies on a patent portfolio held through its subsidiary Mighty Fire Breaker LLC 1.

    Segments

    Fire-protected lumber and Class A rating

    This segment aims to treat lumber and wood products to achieve Class A rating through controlled, documented application processes 1. It is in the initial phase of commercialization, and its success could depend on the HexiTech partnership 2.

    Market context

    The company cites a third-party forecast that the global fire-retardant market will reach 13.6 billion USD by 2034 1. The North American market is described as open to new non-toxic products, particularly in the United States and Canada 1.

    Demand is supported by longer fire seasons, expansion of the wildland-urban interface and tougher compliance requirements 12. However demand is strongly weather-dependent, and sales are typically higher in the summer 1.

    Trends

    • Longer fire seasonstailwind

      Longer and more severe fire seasons could increase demand for fire inhibitors and preventive treatments 12.

    • Insurance market disruption for wildfiretailwind

      Carrier withdrawal from high-risk zones could make CitroSafe systems more attractive if the broker program becomes operational 12.

    • Building code and testing requirementsmixed

      WUI codes and testing standards change often, which may require additional testing and added costs 1.

    • Sustainability and non-toxic productsmixed

      Pressure for eco-friendly products could favor a product with EPA Safer Choice recognition, but may also attract competition from large producers 1.

    Competitive position

    The company states it is not aware of offerings that combine fire inhibition performance with EPA Safer Choice recognition, but acknowledges that the market includes participants with longer histories, larger customer bases and significantly greater resources 1. Pressure-treated lumber remains in use and could bring competition from established players 1.

    Competitors may adopt aggressive pricing and invest more in marketing and systems than CitroTech does, which could limit growth if the company fails to reinforce its patent and certification advantage 1.

    • Traditional fire-retardant chemical producers

      Described in the filing as using chemistries containing toxic metals, but with larger customer bases and resources; no specific ticker is identified.

    • Pressure-treated lumber industry

      Established players producing Class A lumber through pressure treatment; the source does not name them.

    • Hexion Inc.

      Partner in the HexiTech joint venture rather than a direct competitor; its role in the go-to-market strategy is noted in the filing 2.

    • Fire safety industry participants

      The filing mentions partial market overlap but gives no verified names or tickers.

    News & filings

    In the press

    SEC filings

    • Current report22 Oct 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report14 Sept 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report10 Aug 2026
    • Current report17 Jun 2026
      Departure or appointment of officers
    • Current report01 Jun 2026
      Material agreement · Item 3.02 · Financial statements and exhibits
    • Quarterly report15 May 2026
    • Current report21 Apr 2026
      Material agreement · Financial statements and exhibits
    • Current report03 Apr 2026
      Material agreement · Departure or appointment of officers · Financial statements and exhibits
    • Annual report30 Mar 2026
    • Current report28 Jan 2026
      Amendments to articles or bylaws · Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CitroTech Inc. · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CitroTech Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / CitroTech Inc. · 15 Aug 2006

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.