CitroTech (CITR) investor relations material

Executive summary

• Q3 revenue rose 130% YoY to $664,328; operating loss narrowed to $2.29M from $4.24M and net loss to $2.28M from $7.93M.

• Commercialization remains early-stage, with project-driven sales, limited recurring customers and substantial doubt about the ability to continue as a going concern.

• Priorities include converting pipeline into repeatable revenue, expanding utility and municipal deployments, and advancing fire-retardant-treated wood with Hexion.

Financial highlights

• Q3 2026 revenue was $664,328 versus $288,212 YoY; product sales were $515,628 and installation services were $148,700.

• Q3 operating expenses fell 35% YoY to $2.95M; operating loss improved to $2.29M from $4.24M.

• Nine-month revenue declined 34% to $1.29M from $1.95M; operating loss narrowed to $10.23M from $10.71M and net loss to $12.39M from $30.74M.

• Significant Q3 purchase orders shifted into Q4; larger institutional sales may require supplier-network onboarding and paperwork before orders proceed.

Outlook and guidance

• Existing cash, including October financing proceeds, is expected to fund planned operations through most of 2027, subject to product sales; additional funding or revenue growth will be needed beyond that period.

• Offering proceeds are intended to support contract execution, inventory ahead of the 2027 wildfire season and progress toward US Forest Service QPL status.

• Utility operations could expand in the 2027 fire season, subject to customer demand and available resources; some pilot customers await QPL listing before large-scale application.

• A December training cohort is planned for 5–10 additional partners; management described potential for a network of ~100, with selective applications and local coverage.

• R&D spending is expected to increase for product expansion, testing and certification, including funded research with Texas A&M; HexiTech is assessing potential revenue and 2027 adoption timelines.