The market CitroTech is built for has grown alongside the wildfire problem itself. Management sizes the U.S. wildfire prevention market at more than $3 to $4 billion and expanding each year, supported by federal and state funding momentum that includes a $9.7 billion U.S. Forest Service budget and roughly $2.4 billion in programs under the Bipartisan Infrastructure Law and the Inflation Reduction Act.

More homes are being built in the wildland-urban interface, or WUI, the zone where development meets undeveloped wildland and fire risk concentrates, and the pressure on agencies and insurers to shift from reaction toward prevention points toward steady demand for products that can treat land and structures before a fire starts.

The potential buyers span the wildfire economy: wood-products manufacturers and the lumber and building-materials trade, homebuilders and homeowners in fire-prone areas, and the state and federal agencies, utilities, and railroads responsible for protecting land and infrastructure. Private demand is rising alongside public budgets, as insurers and homebuilders confront mounting wildfire losses in the interface.

Within that broad market, CitroTech points to a roughly $500 million annual opportunity in state and federal retardant alone. The estimate works from hundreds of thousands of linear miles of fire-prone land, of which treating about 20,000 linear miles a year at around $25,000 per mile would represent a $500 million market. Because fire-prone land has to be re-treated to stay protected, sales of this kind are recurring rather than one-time.

CitroTech describes itself as one of a small number of NYSE-listed companies focused on wildfire prevention and protection, alongside Perimeter Solutions, which trades as NYSE: PRM. Its differentiation rests to a large extent on the product formulation. CitroTech contrasts its non-phosphate formulation with legacy phosphate- and ammonia-based retardants, which have drawn environmental and operational scrutiny. The company notes that it is the only long-term fire inhibitor recognized by the EPA Safer Choice program, stays active after the water in it evaporates, and sprays with essentially the viscosity of water, so it can run through existing equipment.

Those distinctions sharpen CitroTech’s edge as it goes head to head with three different types of competitors. Against conventional treated wood, CitroTech argues its approach is stronger and lower in cost per treated unit because it does not require pressure impregnation, the high-pressure process used to force fire retardants into lumber. Against other retardants, it points to being the only long-term fire inhibitor recognized by EPA Safer Choice, one that stays active after the water carrying it has evaporated, in a non-ammonia, non-phosphate formulation. For fixed systems, its case is an independent unit with its own tank that keeps working through the power and water outages that accompany many wildfires, with a product that stays in suspension and needs no mixing.

When sprayed on wood, CitroTech reaches the surface and soaks into cellulosic fibers, the cellulose that makes up the cell walls of wood and plants, to form a chemical block. In the presence of fire, the absorbed compound forms a crystalline carbon barrier that protects the material, and treated wood shavings become almost non-flammable. The treatment lasts until it is no longer needed, and CitroTech says it breaks down naturally after heavy rainfall, consistent with its environmentally focused positioning. The result is a material that resists ignition and slows flame spread, with a formulation designed to avoid the environmental concerns associated with older phosphate- and ammonia-based chemistries, the kind of environmental profile reflected in its EPA Safer Choice recognition.

That environmental profile is backed by third-party accreditations that are uncommon in the category: EPA Safer Choice recognition, an ASTM E84 Extended Certification covering surface burning characteristics, a UL GreenGuard GOLD listing for low chemical emissions, and a 96-hour trout toxicity result supporting aquatic safety. A separate TER 2504-101 evaluation report supports use in major wood-products applications by giving building-code officials a basis on which to accept the treated material. Taken together, these are the kinds of credentials a fire-protected building material or a land-applied chemical usually needs before agencies, builders, and code officials will adopt it, and holding the full set for an environmentally safe formulation is what CitroTech treats as its entry ticket into regulated markets.

The product comes in several formulations tuned to different uses. CitroTech-31 targets vegetation, CitroTech-34 is built for wood products, CitroTech-35 FM works as both a fire and a mold inhibitor, and CitroTech-37 and CitroTech-40 extend the line into mass timber and polymers. The mold-inhibiting CitroTech-35 FM addresses a second problem that often accompanies fire risk in building materials, moisture and mold, while the mass-timber and polymer formulations aim the chemistry at engineered large-format wood and at plastics and textiles.

For wood-products applications, CitroTech points to Class A performance under ASTM E84, a flame-spread classification for surface-burning characteristics, achieved without the pressure impregnation used in conventional fire-retardant-treated wood; the chemistry is carried into the board through a factory dip-and-stack process, or a field-applied spray, so it protects from the inside without reducing the wood’s fiber or shear strength. Operationally, the formulation is built to be easy to deploy, since its active ingredients stay in suspension, so there is no mixing before application.

CitroTech holds an unusually deep patent estate for a specialty chemical company. The portfolio runs to 31 issued patents and more than 50 pending applications, together with 21 trademarks and various copyrights, falling into groups that mirror the business: the fire-inhibitor biochemical composition itself, methods for applying it, wildfire defense systems, the wireless and GPS networks used to coordinate deployment, and Class A fire-protected wood products and their manufacturing.

Protection extends across Europe, including Turkey, North America, select South American countries including Brazil and Chile, and Australia, tracking the wildfire-exposed markets CitroTech expects to enter over time. CitroTech presents that combined portfolio of patents, trademarks, and accreditations as the basis for its claim to be the only provider of a long-term fire inhibitor with this environmental profile.

Several of the patents do something unusual for a chemical company: they cover how and where the product is applied. CitroTech’s GPS-enabled, network-connected patents generate auditable, coordinate-stamped records of every fire-retardant application, which matters for the government and utility customers that need to document where and when treatment occurred, creating a defensible record showing that required work was performed, which can matter for contract compliance and liability.

CitroTech presents CitroShield as a predictive AI tool designed to help identify where fire-inhibitor treatments should be applied, using risk data to support deployment planning. For agencies and utilities working within fixed budgets, such targeting is meant to concentrate treatment where risk is highest rather than spreading it thin, and it ties the chemical product to a data layer that a competitor offering only a retardant would not have.

Target Customers: USDA, DOI, Dept. of War, CAL FIRE / Caltrans, utilities, railroads, and county fire

The largest of CitroTech’s three markets is wood products, and it is being built around a joint venture with Hexion Inc., a New Jersey chemical maker with global manufacturing, sales, and distribution. As one of the larger producers of adhesives and performance materials used in wood products, Hexion sits close to the manufacturers and production lines where treated lumber and engineered wood are actually made.

In April 2026 the two companies formalized that venture as HexiTech LLC, a Delaware entity in which each holds a 50% stake, and CitroTech granted HexiTech a license to its fire-retardant intellectual property for a defined field of use in wood products, lumber, and building materials. CitroTech contributes the IP and its Class-A-rated chemistry; Hexion contributes the commercial and operational platform and a sales force already embedded with many of the target customers.

Exclusivity over factory applications matters because treating wood at the mill, rather than on a job site, is how the largest volumes of lumber and engineered wood get protected. HexiTech is governed by a board made up of the chief executives of Hexion and CitroTech plus an independent member, and CitroTech’s chief executive serves as its president.

The partners spent more than six months testing the chemistry and the manufacturing fit before formalizing the venture, and CitroTech’s position is that the pairing of its patented formulation with Hexion’s scale would be difficult for a competitor to replicate. The structure splits profits evenly and gives the venture exclusive rights to factory applications of the licensed IP. Hexion has committed up to a $6 million cash advance to cover CitroTech’s share of the venture’s capital needs if required, and the agreement includes a right of first offer along with a year-five call option covering CitroTech’s interest.

CitroTech aims to supply wood-products manufacturers such as West Fraser, Weyerhaeuser, Georgia-Pacific, Louisiana-Pacific, Boise Cascade, and Sierra Pacific, and to reach lumber and building customers through distributors, architects, and contractors. The pitch to those buyers is a treatment that delivers affordable Class-A-rated lumber and building materials and can replace conventional fire-retardant-treated wood, known as FRTW, without the pressure impregnation that adds cost and can compromise strength.

Beyond direct supply, CitroTech intends to form strategic partnerships with manufacturers of oriented strand board, plywood, gypsum board, and laminated veneer lumber, and to supply wood-treatment companies that want to move off conventional FRTW.

The company’s second largest market is ground-based application, the spraying of retardant onto land and vegetation, and CitroTech is organizing it under a trademarked entity called the Quick Response Force. The model is a roll-up of ground-based applicators positioned across hundreds of locations in the Western United States, able to put product on the ground within minutes of a fire start or during what fire agencies call a particularly dangerous situation. The same network can treat land proactively in non-emergency periods, and CitroTech manufactures, warehouses, and ships the product, positioned to act as prime contractor on major U.S. contracts while application partners work as subcontractors.

Application partners function as a standby response force, carrying initial product on hand and operating from established ground-bases mapped by GPS. Every asset in the network is tracked and mapped under CitroTech’s GPS patents and coordinated with its AI tools, so equipment and on-hand product can be pulled toward an area under contract, and a request can be filled and tracked from order to application. This ground-application capability is what CitroTech says distinguishes it from aerial-only retardant suppliers. Because the same affiliates can treat land on contract during calmer periods, the network is meant to do prevention work between fire events rather than only during them.

In San Diego, where the fire department has used CitroTech to protect roadside ignition points, evacuation routes, and high-risk areas, the city’s fire marshal reported that the Alvarado Estates community saw the overall number of fires fall by about 50% over roughly two years of treatment, and the mayor’s office released video of the program in November 2025. Separately, All Risk Shield, a firefighter- and veteran-owned California wildfire mitigation company, adopted CitroTech after independent testing of legacy wildfire-defense products, in which CitroTech was the only product in the test set with no detectable heavy metals above the laboratory’s reporting limits; the firm cited crew safety, environmental stewardship, and operational factors in its decision.

A third market pairs fixed protection systems for buildings with direct sales into government wildfire programs. On the systems side, CitroTech sells self-contained spraying systems, branded CitroSafe and offered in roof-mounted and perimeter configurations, that protect homes, hotels and resorts, and commercial and industrial properties. Each system is independent, with its own tank, so it keeps working during the power and water outages that often accompany a wildfire, and it can be activated remotely and installed through certified affiliates.

CitroTech’s stated aim is to spray every new home built in wildland-urban interface zones during construction and to deploy home-protection systems through that affiliate network. Each new home and rebuild in a fire-prone interface zone, along with hotels, resorts, and commercial properties, represents a potential system sale followed by ongoing product demand. Installing a system or treating framing during construction is also far easier than retrofitting a finished home, which is why CitroTech targets the build phase in interface zones. The same certified-affiliate model that installs residential systems can extend to commercial and institutional buildings, widening the systems market beyond single-family homes.

On the government side, CitroTech is pursuing direct sales to federal and state agencies, including a path through the USDA’s Qualified Products List for ground application and General Services Administration channels for federal procurement, alongside state transportation agencies and CAL FIRE for roadside protection and for treatment ahead of an advancing fire.

As the only long-term fire inhibitor recognized by the EPA Safer Choice program, it is positioning for adoption by agencies seeking less environmentally burdensome alternatives to legacy retardants, which have drawn growing scrutiny over their environmental effects near waterways and on land.

Beyond these channels, management has flagged potential future moves into aerial application through partners and targeted acquisitions in complementary home-protection technologies.

Management’s target model is recurring revenue from three sources: chemical reapplication, wood-products supply, and system installations. The logic is that fire-prone land and treated assets must be re-treated to stay protected, and that home systems generate installation work followed by ongoing product demand, with management describing gross margins in the range of 50% and higher across chemical and system sales.

Current revenue, however, remains early-stage, seasonal, and project-driven rather than subscription- or contract-based, so this describes CitroTech’s intended commercial model rather than a mature recurring-revenue base. For fiscal 2025, CitroTech reported revenue of $2.38 million, up 195% from $808,000 a year earlier, drawn primarily from product sold for lumber and wood-product fire protection and from the installation of self-contained sprinkler systems.

The breadth of CitroTech’s patents and accreditations is meant to make its position difficult for competitors to copy. The Hexion joint venture is central to how the wood-products side is meant to scale, and it also adds a dedicated source of capital for that business through the up-to-$6 million advance Hexion has committed to cover CitroTech’s share of the venture’s needs. CitroTech reports $4.3 million in cash as of March 31, 2026 and no debt as of June 15, 2026, with roughly 30.7 million fully diluted shares and insider and control holders owning about 37%.

Management’s near-term focus is converting the accredited product, the patent and AI work, and the joint venture into commercial sales across its channels, with strategic partnerships and selective acquisitions as the means of widening reach over time.

Wes Bolsen serves as Chief Executive Officer and as president of the HexiTech joint venture, and he sits on the board. He came to CitroTech from the wildfire-prevention industry, having founded LaderaTech, a fire-prevention company that he sold to Perimeter Solutions, the NYSE-listed retardant maker (NYSE: PRM). He holds an MBA from Stanford and brings more than 20 years of experience building companies, including leadership roles at five businesses. That background gives him direct experience with the customers and channels CitroTech is now pursuing.

Andrew Hotsko is Chief Operating Officer and head of the textiles business. He previously served as a regional president at Canopy Service Partners and worked in investment banking at Bank of America, and he served as a United States Marine Corps infantry officer. He holds an MBA from the Wharton School and is a graduate of the U.S. Naval Academy.

Nanuk Warman is Chief Financial Officer. He is the president of PubCo Reporting Solutions and brings 24 years of experience working with public companies. He is both a Certified Public Accountant and a Chartered Financial Analyst.

Kevin Schaff is Global Head of Business Development and Artificial Intelligence. He previously served as executive vice president of business development at Source Global and as chief executive of Twyst, Inc., an Internet-of-things retail company. He holds a bachelor’s degree in communications from the University of Wyoming.

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