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 sectors in the U.S. and Canada.

• Principal product, CitroTech, is EPA Safer Choice approved, UL GreenGuard Gold certified, and targets wildfire defense and lumber treatment.

• Holds 33 granted patents and 49 pending patents, with 21 trademarks, covering fire suppression, mapping, and fire inhibition technologies.

• Distribution is direct from California facilities and through regional retailers; customers include homeowners, developers, and fire departments in 11 Western states.

• Business model includes proactive wildfire defense systems and partnerships with insurance brokers to address wildfire insurance shortages.

Financial performance and metrics

• Revenue for the three months ended March 31, 2025: $969,382; for the year ended December 31, 2024: $808,372.

• Net loss for the three months ended March 31, 2025: $10.9 million; for the year ended December 31, 2024: $6.9 million.

• Working capital as of March 31, 2025: $49,000; cash balance: $3.7 million.

• Operating expenses increased due to higher cost of revenue, payroll, and professional fees, with significant stock-based compensation.

• Auditor's report includes a going concern qualification due to recurring losses and working capital deficit.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be allocated to general and administrative expenses, production and inventory, and marketing.

• Management retains broad discretion over the use of proceeds, which may be adjusted based on business needs.