CitroTech Issues Letter to Shareholders

Key Terms

ul greenguard gold technical

UL Greenguard Gold is a certification that indicates a product has been tested and proven to emit very low levels of chemicals that can affect indoor air quality. For investors, products with this label are often seen as healthier and more environmentally friendly, reflecting a company's commitment to safety and sustainability—factors that can influence consumer trust and long-term success.

series c financing financial

A Series C financing is a late-stage round of private funding companies raise after earlier seed and growth rounds to accelerate expansion, enter new markets, make acquisitions, or prepare for a public listing. For investors, it signals a more developed business with clearer revenue and growth plans—offering a chance to buy into a company closer to maturity but with higher upfront valuation and potential dilution, so it’s a trade-off between reduced early-stage risk and higher price.

convertible instruments financial

Convertible instruments are loans or special stock that can be changed into ordinary shares under set conditions, like a loan with an option to become ownership. They matter to investors because they balance downside protection (you often get interest or priority) with upside potential (they can turn into equity if a company does well), and they can change how many shares exist and how much each share is worth.

class a fire rated technical

Class A fire rated describes building materials, assemblies, or finishes that have been tested and judged to offer the highest level of resistance to fire growth and flame spread. Think of it like a heavy-duty raincoat for a building: it doesn’t make fires impossible, but it slows their spread and gives occupants and emergency crews more time to respond. Investors care because Class A ratings reduce safety risk, legal exposure, insurance costs, and can protect property value and operating continuity.

Highlights Accelerated Growth, Expanded Commercialization and High-Opportunity Market Potential

DENVER--(BUSINESS WIRE)-- CitroTech Inc. (NYSE AM: CITR) (the “Company”), maker of CitroTech®—the only long-term fire inhibitor recognized by the U.S. Environmental Protection Agency’s Safer Choice program—today issued a letter to Company shareholders.

SUMMARY:

• Positioned for accelerated growth following uplist to NYSE American (one of only four such transitions from the OTC in 2025) and expansion of leadership team
• Proprietary intellectual property enabling the highest level of fire retardancy for lumber, wood products and building materials positions CitroTech for revenue acceleration in 2026
• Severe wildfire season expected to drive increased adoption of CitroTech’s EPA-recognized, non-toxic products and CitroSafe systems

To My Fellow Shareholders,

As we reflect on 2025, we are pleased to report that CitroTech is entering a new phase of growth and validation. Over the past year, we made meaningful progress advancing our mission to deliver environmentally sustainable fire inhibitor solutions while laying the foundation for scalable, long-term commercial success.

Revenue Growth and Investing to Scale

Revenue grew to $2.4 million in 2025, up from $808,000 in 2024, reflecting broader adoption of our products and early-stage commercialization efforts. At the same time, we continued to invest strategically in research and development, intellectual property and go-to-market capabilities, investments that are essential to sustainable growth and long-term business performance.

Uplisting to NYSE American: Expanding Investor Access

In December, we achieved a significant corporate milestone with the successful uplisting of CitroTech’s common stock to the NYSE American. This transition reflects the progress we have made in strengthening our business, governance and financial profile, while increasing our visibility within the investment community. Our presence on a national exchange positions CitroTech to better access capital markets and support our long-term expansion.

Building out our Management and Executive Team

In July of 2025 we added Andrew Hotsko as the company’s Chief Operating Officer, and in October of 2025, I (Wes Bolsen) joined as Chief Executive Officer. In addition to me joining the Board of Directors, we added Craig Huff of Boltrock Holdings and Lorenzo Calinawan from Chemlink Partners to our Board of Directors. In early 2026, we added a VP of Business Development to assist with more rapid commercialization, as well as individuals to expand the R&D team.

Strengthening Our Balance Sheet Through Strategic Financing

We completed a $8.1 million in Series C financing through a combination of preferred equity and convertible instruments, providing capital to accelerate commercialization, expand operations and support early-stage market adoption. Our balance sheet is stronger, and we have the financial flexibility to execute on our strategy and position CitroTech for continued growth.

Industry Leadership and Market Differentiation

CitroTech continues to set the standard for fire inhibition, and in 2025, we strengthened our position as an industry leader. We remain the first and only fire inhibitor to receive the U.S. Environmental Protection Agency’s Safer Choice designation, an achievement we have now earned twice, and we have maintained UL GREENGUARD Gold certification, underscoring the environmental safety of our formulations. These recognitions are powerful signals and reinforce our credibility with customers, regulators and partners.

Intellectual Property: Building a Defensible Innovation Moat

We continued to invest in the long-term strength of our platform by expanding our intellectual property portfolio. We now hold 37 granted patents and 45 filed or pending applications, covering core chemistry, application methods and fire inhibition technologies. This growing portfolio provides a strong competitive moat and supports our strategy of extending CitroTech’s capabilities into adjacent markets.

Driving Adoption and Commercialization

We experienced encouraging adoption of our products by fire departments, particularly across California. At the same time, our wood treatment products advanced toward commercialization for the fire-retardant-treated lumber market. In early 2026, we began partnering with lumber and building materials companies using CitroTech formulations to produce Class A fire rated wood products, expanding both our addressable market and recurring revenue potential.

We also continued deploying CitroSafe Systems, proactive wildfire defense solutions for residential and commercial properties. These self-contained sprinkler installations reduce structural risk and address a growing market gap as insurance carriers limit coverage in wildfire-prone regions. Our proof-of-concept program with a major broker highlights the potential to align risk mitigation with insurance availability, creating scalable adoption opportunities.

Capturing Expanding Demand in a $13.6 Billion Global Market

Wildfires are increasing in frequency and severity, population growth is expanding the Wildland-Urban Interface, and regulatory standards are rising to further drive demand for safer, environmentally responsible fire protection solutions. Independent research projects the global fire-retardant market to reach $13.6 billion by 2034. With validated technology, certifications and a growing commercial presence, CitroTech is well-positioned to capture a meaningful share of this expanding market.

2026 Outlook: Scaling Operations and Accelerating Growth

Our focus for 2026 is execution and scale. Revenue growth is expected to accelerate as wildfire season intensifies and commercial channels expand. We are actively building partnerships across the lumber and building materials industry to increase adoption of fire-retardant-treated wood products. Deployment of CitroSafe Systems will expand beyond proof-of-concept, including deeper integration with insurance solutions.

To support growth, we anticipate a measured increase in sales and general and administrative expenses as we strengthen supply chains, expand production capabilities and forge strategic partnerships. Innovation remains central, as we advance next-generation formulations and explore new applications for our technology platform.

CitroTech stands at an inflection point. We have validated our science, secured meaningful certifications, expanded our intellectual property and established a commercial presence across multiple markets. With wildfire prevention an increasingly urgent need and demand for environmentally safe solutions rising, we are confident in our path to sustained growth and long-term shareholder value.

I want to thank our employees, partners and shareholders for their continued support. We are excited about the opportunities ahead and remain committed to delivering innovative solutions that protect lives, property and the environment. We look forward to engaging with the investment community during our first formal earnings call when we report our first quarter 2026 results in May.

Sincerely,

Wesley J. Bolsen
Chief Executive Officer
CitroTech Inc.

About CitroTech Inc.

CitroTech 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. CitroTech is 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’s growing patent portfolio, recurring-revenue model, and scalable approach support its long-term growth and market expansion. For more information, visit www.citrotech.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325009657/en/

Media & Investor Contact:

CitroTech Inc.

Isabella Sarlo

Antenna Group

CitroTech@antennagroup.com

(516) 526-9227

Investor Relations Contact:

Brett Maas, Managing Principal

Hayden IR, LLC

CITR@haydenir.com

(480) 861-2425

Source: CitroTech Inc.