CitroTech Reports 130% Year-Over-Year Revenue Growth in Third Quarter 2026 Letter to Shareholders

Offering proceeds will support contract execution, inventory ahead of the 2027 wildfire season and ongoing U.S. Forest Service qualification work.

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Revenue totaled $664,000, with Sales Growing by 130%

Certified Partner Network Expands 50% to 31 Operators

HexiTech Joint Venture Successfully Passes Burn Testing Across Multiple Wood Species

CitroTech-31 Named to TIME’s Best Inventions of 2026

Company Completes $5.6 Million Public Offering with Strong Insider Participation

DENVER--(BUSINESS WIRE)-- CitroTech 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.

Dear Shareholders,

As communities, utilities and emergency response agencies across the Western United States navigate increasingly severe wildfire conditions, CitroTech® 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.

Delivering 130% Year-Over-Year Revenue Growth While Maintaining Disciplined Cash Management

Third 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.

Our innovation and real-world impact are also garnering national acclaim. Recently, TIME 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.

Fortified Balance Sheet and Strong Insider Conviction

Subsequent 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.

This 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.

Rapid Expansion of Our Certified Partner Network and Strategic Alliances

Our Certified Partner Network is positioned to be an important engine for our scalable growth strategy, enabling trained operators to deploy CitroTech® and CitroSafe® 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 7–8, 2026, in Oceanside, California, where we anticipate training and certifying five to 10 additional partners.

Our 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.

To further amplify our reach and technological capabilities, we also established two key strategic partnerships:

• CitroTech and Matrix Wildfire strategic partnership: Combines Matrix Wildfire’s high-capacity Massive Area Fire Denial (MAFD) industrial application hardware with CitroTech’s eco-safe fire inhibitors for large-scale asset and community defense.
• CitroTech and Athena Intelligence strategic partnership: Integrates Athena’s geospatial intelligence and wildfire risk modeling with CitroTech’s preventative treatments to enable targeted, data-driven wildfire mitigation before ignitions occur.

Los Angeles County "Big Burn Showcase" and Proven Field Efficacy

Building on our foundational deployments in San Diego - which continued to purchase and apply CitroTech® 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.

In 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® demonstrated both strong safety and efficacy performance among fire retardants evaluated. Following this event, we are seeing strong movement toward CitroTech® 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.

Our 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.

In 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.

Advancing Insurance Carrier Discussions

As 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’s non-toxic treatments and CitroSafe® defense systems as a leading solution for residential insurability and risk reduction.

HexiTech Joint Venture Passes Burn Testing Across Major Wood Types

Our 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.

This 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.

Looking Ahead

We 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.

We deeply appreciate your continued support and look forward to discussing our progress further during our upcoming third quarter conference call.

Sincerely,

Wes Bolsen
Chief Executive Officer
CitroTech Inc.

The 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.

Management 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’s operational progress, commercial initiatives, and strategic opportunities.

Conference Call Details

Webcast and Q&A: https://viavid.webcasts.com/starthere.jsp?ei=1781901&tp_key=110e9e0f69

Participant Dial-Ins:
Toll Free dial-in number: 1-877-407-3982
International dial-in number: 1-201-493-6780
Access ID: 13763704

Telephone Replay Dial-In:
Toll Free US & Canada: 1-844-512-2921
US/International Toll: 1-412-317-6671
Replay Expiration: Wednesday, November 25, 2026 at 11:59 PM ET
Access ID: 13763704
Telephone Replays will be made available approximately three hours after conference end time.

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. Named one of TIME's Best Inventions of 2026, CitroTech is, to the Company’s 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’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 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’s 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’s limited operating history and history of losses; ability to obtain and maintain necessary regulatory approvals; market acceptance of the Company’s products; competition; reliance on key personnel; ability to manage growth; and other risks detailed in the Company’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261110766176/en/

Media & Investor Contact:
CitroTech Inc.
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.

Key Terms

underwritten public offering financial

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

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A qualified products list is a vetted roster of goods that meet a buyer’s or regulator’s standards for safety, performance, or compatibility and are approved for use, sale, or purchase. Think of it like a store’s list of certified brands that can be stocked or a supplier’s approved parts list: being on that list often opens immediate sales channels, shortens procurement hurdles and lowers regulatory or operational risk—factors that can affect a company’s revenue and growth prospects.