CitroTech (CITR) Registration filing summary

Company overview and business model

• Operates as an environmentally sustainable flame retardant and suppression company, focusing on the residential and commercial construction industry and wildfire defense markets in the U.S. and Canada.

• Principal product, CitroTech, is a patented, food-grade, non-toxic fire retardant with EPA Safer Choice and UL GreenGuard Gold certifications, marketed to homeowners, developers, and fire departments.

• Holds 31 granted patents and 56 pending applications, with 21 trademarks, covering fire suppression, mapping, and fire inhibition chemistry.

• Distribution is direct from its Oceanside, CA facility and through regional retailers; product is blended under proprietary formulas.

• Business model includes product sales, installation services, and proactive wildfire defense systems, with expansion into insurance partnerships for wildfire-prone properties.

Financial performance and metrics

• Revenue for the three months ended March 31, 2025 was $969,382, up 124% from $433,018 in the prior year period; full year 2024 revenue was $808,372, up 55% from $520,645 in 2023.

• Net loss for Q1 2025 was $10.9 million, compared to $3.5 million in Q1 2024; net loss for 2024 was $6.9 million, down from $10.1 million in 2023.

• As of March 31, 2025, current assets were $5.0 million, current liabilities $5.0 million, and accumulated deficit $87.3 million.

• The company has a going concern qualification from its auditors due to recurring losses and working capital deficits.

• Highly leveraged with $6.5 million in outstanding indebtedness as of March 31, 2025, including convertible notes and related party debt.

Use of proceeds and capital allocation

• Expects net proceeds of approximately $10 million from the IPO, assuming an $8.00 per share price.

• Plans to allocate 40% to working capital, HR, and general corporate purposes; 50% to production and inventory; and 10% to marketing.

• Management retains broad discretion over use of proceeds.