CitroTech (CITR) Q3 2026 Earnings Call Transcript
CitroTech (CITR) Q3 2026 Earnings Call Transcript
Motley Fool Transcribing, The Motley FoolThu, November 12, 2026 at 3:00 AM UTC
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Wednesday, Nov. 11, 2026
CALL PARTICIPANTS -
Chief Executive Officer - Wesley J. Bolsen
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TAKEAWAYS -
Operating Loss -- $2.3 million, representing a reduction from $4.2 million in the prior year's third quarter.
Quarterly Revenue -- $264,000, representing an increase from $228,000 in the prior-year period.
Public Offering Gross Proceeds -- $5.6 million, generated through an underwritten offering of common stock with no warrants attached.
Insider Common Stock Purchase -- $500,000, executed by Board Chair Craig Hoff at an offering price of $2.50 per share.
Partner Network Expansion -- 31 trained and certified partners as of Sept. 30, 2026, increasing from 20 in August and 13 at the end of the second quarter.
Future Partner Training -- five to 10 additional partners are expected to be trained during a cohort scheduled for Dec. 7 and 8 in Oceanside, California.
Utility Infrastructure Protection -- 50-foot radius treated around transmission lines and a 20-foot radius around distribution lines in a milestone deployment in the Western United States.
Market Capitalization -- $30.2 million, based on current price data.
Employee Count -- 14 staff members, according to provider data.
Norte Fire Deployment -- 570 acres burned in Orange County starting Oct. 16, where certified partners were actively deployed for asset protection.
Big Burn Showcase -- A live demonstration in Los Angeles County included participation from six county fire agencies and 30 fire chiefs to validate fire retardant efficacy.
Wood Species Testing -- Successful burn testing completion for Spruce Pine Fir and Southern Yellow Pine through the HEXATEC joint venture.
Arson Event Survival -- Treated wooden railroad ties on bridges in East Los Angeles remained unburned during two separate arson-related fires.
San Diego Municipal Sales -- Continued purchasing and deployment of fire retardants throughout the second half of the year for use in ecologically sensitive areas.
Operational Milestone -- Management reported shifting two significant purchase orders from the third quarter into the fourth quarter.
Norte Fire Impact -- Two firefighters were injured during the 570-acre wildfire where the company's partners provided protection services.
CitroTech Inc. (NYSEMKT:CITR) is expanding its fire-prevention platform through its network of certified partners and the commercialization of fire-retardant wood products. Management reported a narrowing of quarterly operating losses and the completion of a common stock offering to fund inventory building ahead of the 2027 wildfire season. The company is focused on transitioning its technology into recurring revenue contracts with utilities, railroads, and insurance providers. Operations include a joint venture to integrate fire-retardant chemistry into building materials, aiming to bypass traditional pressure-treatment processes.
The company's technology protected wooden railroad bridges in East Los Angeles during two arson attempts, which CEO Bolsen noted left the treated structures "charred but unburned."
Bolsen stated that insurers are "increasingly reluctant to have heavy metal phosphate based retardants sprayed around the homes of their insured clients," driving interest in nontoxic alternatives.
Bolsen noted that the company views certified partners as extensions of the company's internal team rather than external vendors.
Management reported that the HEXATEC joint venture achieved a milestone by passing burn tests for Spruce Pine Fir and Southern Yellow Pine wood species.
Bolsen indicated that the company is pursuing QPL status with the U.S. Forest Service as a key upcoming milestone in its current operating plan.
The company is positioning its products for use in high-risk corridors to prevent ignitions around homeless encampments and to contain prescribed burns.
INDUSTRY GLOSSARY -
QPL Status: Qualified Products List, the certification required for fire retardants to be used by the U.S. Forest Service.
HEXATEC: A joint venture between CitroTech and Hexion developed for the commercialization of fire-retardant treated wood and engineered wood products.
CitraSafe: A brand name for CitroTech's fire-retardant systems and solutions.
FR Treated: Fire-retardant treated, a process used to make wood resistant to catching fire.
Safer Choice Program: An Environmental Protection Agency initiative that identifies products with chemical ingredients that are safer for human health and the environment.
UL GreenGuard Gold: A certification for products that meet stringent chemical emissions standards to improve indoor air quality.
Full Conference Call Transcript
Operator: Greetings, and welcome to CitroTek Third Quarter 26 Financial Results Conference Call. All lines are in a listen only mode. Later, we will conduct a question and answer session. Today's call is being recorded. I would now like to turn the call over to mister Brett Maas of Hayden IR. Please go ahead, sir. Thank you, operator. This call today is being hosted by Wesley J. Bolsen, chief executive officer, and any questions can be sent to citr@HaydenIR.com. May be answered following this call. We appreciate the opportunity to review the third quarter results and recent business highlights.
Before we get started, let me remind you this call is being recorded and webcast During this call, management may make forward looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the cautionary text regarding forward looking statements in the earnings release and shareholder letter issued today. Tuesday, November 10. Actually, it is November 11. Applies to the content of this call. I would like to now turn the call over to Wesley J. Bolsen, CEO. Wesley, please go ahead.
Wesley J. Bolsen: Thank you, Brett. Before I get started this morning, I want to recognize that today is Veterans Day. I want to thank everyone who has served and is currently serving in our military. Many who have served in the military continue their commitment to service after transitioning to civilian life, by joining the fire service. Protecting our homes, our families, and our communities, I want to take this opportunity to extend my sincere thank you to all of our veterans. As well as those who put their lives at risk every day to protect our communities from the threat of wildfire. Your courage, dedication, and commitment to service do not go unnoticed.
With that, I will now turn to my comments. CitroTek's third quarter earnings call. earnings call. CitroTek provides critical solutions that are becoming the industry standard for fire retardant treated wood, proactive fire prevention and protection of infrastructure and assets, from the threat of wildfire, And in the third quarter, we focused on expanding our partner network and increasing sales. Reducing costs, and working on projects alongside our partner, Hexion, to deliver the next generation of fire retardant treated wood and engineered wood products. Let's start with the financial performance and the cost discipline that is been put in place by the great team that I get to work with every day at CitroTek.
I am proud to report that third quarter 26 revenue increased 130% year over year to $264,000 up from $228,000 in the third quarter of 25. We achieved this milestone despite a couple of significant purchase orders, shifting by just a couple of weeks from the third quarter into the fourth quarter. Just as important as our top line momentum, is how carefully we are managing our cash and building operating leverage. In the third quarter of 26, we cut our losses from operations nearly in half down to $2.3 million compared to $4.2 million in Q3 of last year.
In October, we took a major step forward strengthening our balance sheet by closing an underwritten public offering that generated $5.6 million in gross proceeds. Notably, the offering was structured entirely with common stock. With no warrants attached, which we view as a positive outcome given the challenging capital markets environment. Another notable highlight is that our own leadership stepped up alongside our shareholders. Our Board Chair and Director, Craig Hoff, through Bolt Rock Holdings LLC, purchased $500,000 of common stock at the $2.50 offering price. As publicly reported in the Section 16 filings with the SEC. This additional capital gives us the runway we need to sign and execute commercial contracts.
Build inventory ahead of the 2027 wildfire season, and keep pushing forward with the US Forest Service towards achieving qualified products list or QPL status. What I am most excited to talk about are the operational achievements that are starting to drive our commercial momentum. The certified partner network that we are building is becoming an engine of our scalable repeatable revenue strategy enabling trained operators to deploy CitroTek and Citra Safe systems across the Western United States. After growing from 13 partners at the end of Q2 to over 20 in August, our networks expanded to 31 trained and certified partners. As of 09/30/2026.
We are experiencing tremendous interest from leaders in the industry. that want to switch from legacy retardants to a fire retardant that is safe not only for their customers and the environment, but also for their own employees. In response to this growing demand for CitroTek, and our CitraSafe systems, we will host our fifth certified partner training cohort on December 7th and 8th in Oceanside, California. Where we plan to train an additional 5 to 10 partners. Following the training, we will bring all of our great partners together with our entire team for a holiday celebration.
We view our certified partners as an extension of our CitroTek family, not simply as vendors or distribution channels, We believe that relationship driven approach sets us apart and makes a difference in the way that we work together. To grow the business. Our partners are stepping up on the front lines both in proactive prevention and in emergency asset protection. A great recent example of this is All RiskShield. During the Norte fire in Orange County, California. That fire, which broke out on October 16, burned 570 acres injured 2 firefighters.
While the official cause remains under investigation, having our partners out there actively protecting assets in those moments demonstrates the real world value of this network Paul Ridgefield is a great example of a leader in the industry, moving to a product that we believe is among the safest and most effective products in the industry. Based on current testing data. Finally, it is incredibly rewarding. to see our innovation and our real world impact gaining recognition on a national stage. Time Magazine recently named CitroTek 1 of its best inventions of 2026. Providing meaningful validation of what we believe is the disruptive potential of our platform.
Standing out as the first and only long term fire retardant recognized by the EPA's Safer Choice Program and tested to UL GreenGuard Gold Standards. America has been built on innovation. And CitroTek is proud to emerge as a leader in the environmentally safe fire prevention and protection market. We are a platform for broader fire tech to circle around whether that is predictive capabilities of artificial intelligence, the leading drone makers in the industry, or even equipment and service providers. As a public company, CitroTek is helping to unite leaders in our industry. and to deliver the best solutions to our customers. As for expansion, turning to our municipal and regional expansion.
The early success we are seeing in San Diego is serving as a blueprint for broader adoption. San Diego has continued buying and deploying CitroTek throughout the second half of the year, especially in ecologically sensitive areas where heavy metal containing phosphate based retardants simply are not an option. Building on that momentum, we took a huge step forward across Southern California in the third quarter. In August, we hosted what I lovingly call the Big Burn Showcase. This was at. In Los Angeles County, that brought together 6 county fire agencies, more than 30 fire chiefs, top decision makers from utilities, at least 5 of our commercial partners.
That live demonstration validated in real world conditions what we believe the US Forest Service testing has indicated. CitroTek has performed favorably and both safety and efficacy evaluations relative to other fire retardants that have been tested. Since that showcase, we have seen growing interest in CitroTek among county fire chiefs. We believe that firsthand validation is going to accelerate our adoption heading into 2027. Whether that is for utilities, railroads, transportation agencies, or even counties. Using CitroTek to protect high risk corridors prevent ignitions around homeless encampments, or to contain prescribed burns. Leadership in both state and federal governments is starting to take notice of Citrotech's role in advancing wildfire prevention and asset protection solutions.
When I turn to some of the technological developments. Our field deployments in the third quarter also gave us some incredibly real world use cases for how our technology protects critical infrastructure. For instance, during Q3, we treated wooden railroad bridges in East Los Angeles where fire ignitions had been a recurring problem in the past. Not long after treatment, arson related fires were set near the bridges on 2 separate occasions. While surrounding structures sustained significant damage, the CitroTek treated wooden railroad ties were left charred but unburned. That was a significant real world validation for us and a major proof point not only for that railroad, but for the others in the industry as well.
On top of that, we kicked off a milestone utility deployment in the Western United States where we sprayed a 50-foot radius around transmission lines and a 20-foot radius away from distribution lines. We believe the utility has been extremely pleased with both the application and the results, which really underscores the massive opportunity we see to help utilities prevent catastrophic ignitions from their assets and protect their utility infrastructure from incoming fire. We expect to expand our operations with utilities in the 2027 fire season subject to customer demand and available resources. Turning to fire retardant treated lumber and engineered wood products. Our Hexatec joint venture with Hexion is moving along well.
And achieved a milestone in the third quarter. We first started testing at CitroTek. We were testing it on Douglas fir, a very common wood in The Western United States. But in Q3, HEXATEC successfully passed outside burn testing across other major wood species like spruce pine fir and southern yellow pine. This represents a significant milestone for us, because it creates an opportunity for HEXATEC to start replacing traditional fire retardant treated lumber, which requires pressure treatment process. While expanding our total addressable market in fire treated building materials.
On the insurance front, as property insurers reassess their exposure and coverage in fire prone regions, we continue to advance conversations both at CitroTek as well as through our certified partners, with some of the largest insurance carriers in the country. Based on our conversations, we believe many carriers are increasingly reluctant to have heavy metal phosphate based retardants sprayed around the homes of their insured clients. We also hear that some carriers have concerns about reliance on water based sprinkler systems. That depend on municipal and backup water infrastructure. We believe insurers are increasingly interested in long term fire recharge solutions for home defense systems. That shift puts our nontoxic treatments and CitraSafe defense systems.
In the driver's seat to help solve residential insurability challenges, and reduce risk for homeowners. In conclusion, looking ahead, we continue to significantly strengthen our position. When you combine the operational execution with our strengthened balance sheet and the real world validation we are seeing across utilities, municipalities, and wood product applications, we have tremendous confidence heading into 2027. We continue to accelerate the build out of our partner network, proving the effectiveness of the technology across major wood species and critical infrastructure, we believe we have secured sufficient capital to reach several significant upcoming milestones in our current operating plan.
Simply put, we are entering 2027 with a strong operational position we are focused on working to convert a growing pipeline into what we believe can become high margin, repeatable, recurring revenue for our shareholders. Thank you again for joining us this morning and for your continued support.
Operator: I will now turn the call back over to Brett Maas with Hayden IR to walk through the questions submitted by investors as well as potentially a couple of others. Brett, back to you. Thank you, Wesley. Operator, you can go ahead and take our analysts from North Northland, please. Thank you. We will hear from Robert Brooks with Northland. Please go ahead.
Robert Brooks: Hey, good morning team, and thank you for taking the question. Wanted to ask on the certified partner network, Obviously, that seems like a really big piece of the story going forward of driving adoption. Right? And so was to hear kind of what are the right qualities you want in your cert. Out of the out of a business trying to join the certified partner network? Have you turned down certain applicants because they were not the right fit? And then lastly, have you given thought to what the right level of partners will be I am guessing it is still multiples above the current 31. But is it more, like, something in the hundreds or, like, 1 thousand+?
Wesley J. Bolsen: Yeah. Thanks, Bobby. Appreciate the question. And we are very proud of our growing certified partner network, and that is why we are turning down people, to answer that question kind of in the middle, because we want the best partners. We want the trained partners. it is not that they are going to some training that somebody's making money off of it. To try to teach them something. it is coming in, we are actually giving them the chemistry, the details behind it. We are giving them the capabilities, Bobby, to go out. And actually are kind of like our frontline sales force. They are going out doing the things that need to be done to homes as well.
Sometimes that is home hardening or helping homeowners with defensible space. And I mentioned, you know, a couple times, we are proud. I mean, there are 31, but I mentioned All RiskShield, and there is some others in there that are just doing a great job. Going out. And these are everywhere from the high end insurance companies, the multimillion dollar homes, down to mom and pop. Everybody's home matters to them. And so what I see is some of those partners, Bobby, are going to actually expand out, build out, like, almost, their own franchise and say, hey. This. Our company is going to serve across multiple states and multiple geographies. We are already seeing that.
So I actually do not see it in thousands. You know, maybe 100 or something. At some point, but, you know, just because this is this is personal. This is local. These are partners who believe that CitroTech is the answer, and they are coming to us. that is why it is an application process. I mean, from our website, you have to apply to get into the certified partner network program. And that is why we are we are hosting We have had to cut off. In cohort 4, we had to tell people, I am sorry. it is full because we want to give dedicated time. To those, certified partners. So, you know, you can hear me.
Passionately talking about these are our partners. We are going to celebrate our holiday, Christmas with them, because these are our friends, that we are building out in the industry, and we are going to welcome in people who have capabilities, people, trucks, equipment, already going out to the homes, know the communities, already are doing maybe some home hardening, vent screens, and doing other things on the home, adding CitroTek onto their business makes so much sense. Because it is, you know, it is going to be much better than a water based sprinkler system where people out trying to do either those kind of, water based defense systems.
Long term fire retardants where the industry is moving and those partners want the best product to be going out. I hope I answered all the questions there, Bobby. If not, please feel free to add on to that.
Robert Brooks: Yeah. No. Absolutely. You hit him all. Appreciate that. And then, you know, this bridge, the East Los Angeles Bridges, that sounds like a really profound you know, find, like, real world test. Right? A real world result. Is trying a better way to say And from my perspective, you know, just being. From my perspective, it is hard to see why the railroad would not then immediately place, like, a bigger order. But I am but I am sure I am just not thinking of all the nuances the large company needs to clear for, like, a new innovative product.
So I was just hoping to get a sense of, like, your view of, like, what sort when these companies or when these larger companies are seeing these incredible results, like, what are the factors holding them back from placing a larger order and, like, covering all their bridges across America with CitroTek.
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Wesley J. Bolsen: Man, I love your question because you are actually completely right. And you are even right that it. Sometimes the wheel-- getting the wheel in motion, we all know, takes a lot more effort. And that was a monumental real world application. And like I said, it is not just that, and I have not named, and I probably will not name, the carrier, but there is there is only a small number of powerful rail carriers, and they talk to each other. They work with 1 another on fire prevention, bridge, and asset protection. I mean, these guys talk to each other, and they are all going hey, you got to use CitroTek.
So then what is the problem putting the wheel in motion? Honestly, SAP and this supply-- getting in the supplier network and getting the paperwork. I mean, as an entrepreneur, paperwork frustrates me. I want to move. I want to go. I want to start protecting. So they did. In fact, some of the sales that you saw in Q3 were from that. Some of the sales that I hope and anticipate in Q4. What I can say is, you know, Bobby, California and some of the other states you know, maybe fire season will start to slow down. We call it the shoulder season.
We actually are seeing some other fires and fire risk picking up say, something like Texas. You know, we are seeing some concern and some real concern. You look at El Nino patterns. So we may be able to do some additional work with some partners, some institutional enterprise customers. Before the end of the year based on some of the results that we are seeing. So you are you are not wrong. it is just getting the wheel in motion that is, but that means really good things for us. 2027. that is the forward looking statement, but that is, I am hoping, it means really, really good for, momentum moving into 2027.
Robert Brooks: Got it. that is super helpful. And then it feels like over the last year, your team has really leaned into testing and collecting data to really prove out and to have, you know, data driven answers to prove the effectiveness of the solution. Is that a fair statement? And then secondly, just expand on what has been some of the best data you have compiled over the last year that really helps elevate or ramp up potential customer discussions. Yeah.
Wesley J. Bolsen: I will put that in 2 categories. 1 is kind of our wildland fireside, and 2 is through our joint venture with Hexion. So I will start with the Hexion side. it is amazing organization. I mean, could not have a better partner that comes into their long term customers, maybe leading engineered wood product companies, I mean, there is nobody better in the industry than Hexion to do this. They are gonna come in. They are gonna lead with science. They are gonna lead with the facts of what CitroTek is doing, how it is working. The burn test, the large scale test, the different wood species.
This is what is, again, laying that foundation for an amazing long term joint venture that is our science plus their strength built with you know, more scientists and R&D and engineering and new technology and the things that are going into that. So all is lead with facts and data when you when you can have the best technology in the industry. You know, you want to bring the science with it. So that. that is-- you are correct that maybe, you know, people wish it moved faster. But if you move a little slower at the beginning, it leads to faster in the long term. By real adoption by the end customers.
Flipping to, the Wildland fire side, you know, when you think about out in the field, That big burn, the thing we did that, it was not just 1 fire chief or 1 little burn. I mean, we are talking 15-foot flames 1000 degrees burning through an area with a head fire, back-trying to light fire in the middle of it. 1 of the fire chiefs joked that if I cannot light where CitroTek's been treating with a drip torch, it is sure not gonna light on fire with a few embers or things blowing into that vegetation. I mean, it was an eye-opening moment. I mean, these guys have worked with the standard legacy retardants for decades.
And their eyes were open and said, we have never seen something like this. that is the real world, not just the railroad bridge that we talked about, not just some of those other things, that seeing is believing. Because these are the guys putting their lives at risk every day. Saying, hey, when I put down a line of Citro Tech, when I do something, I that it is gonna protect. And that is why they pushed the product to its limits, and I think we surpassed what they are doing. In addition, though, I have got a great team.
Our head of business, Kevin Schaff, is leading amazing data Andrew Hotsko, I get to work with, an amazing team bringing cone calorimeter test and different testing and science and working with universities. Like we need to lead the market. We need to lead with insurers. They want to know that this is the safest and most effective product. To be putting out around homes. So you are correct. The customers are asking the questions, and we are gonna deliver both sides and proven validation.
Robert Brooks: that is really helpful and to hear, and I can definitely agree. I have not seen it myself. Seeing is believing, and it is a pretty incredible product when you see it in per-- or see it happen in person. So appreciate it, Wesley, and I will return to the queue.
Operator: Thank you. Thank you. A couple of questions.
Wesley J. Bolsen: Can you define the time frame of what is considered a historical fire season and Expand upon how that might be in the Southern Hemisphere, how the seasons reverse in the Northern? You kind of touched on that a little bit with Bobby. But can the company go after business in, you know, different time frames throughout the year just so people understand the landscape? I think, Brett, the focus of Citra Tech has been US based. And I think that is to make sure we establish ourselves and do not get stretched too thin. But we absolutely are looking at some international opportunities where things move around the globe based on fire season.
But like I said in 1 of my earlier comments was, you know, fire season can move inside The US. I mean, we may still have some significant fire risk. You know, it used to be fire season was kind of like, oh, everybody thinks May to, you know, September. I mean, we had our partners treating red flag warnings last week in Southern California. I mean, we have had fires in Colorado. Like the Marshall Fire or others in January. December and January, or the-- or in the Palisades. And so I think we have to be prepared 12 months a year I think we have to have CitroTek in the hands of people across.
And I say the Western United States, it is really across the US. We have got a great new partner, down in the Southeast. Global Fireproof Solutions is doing a great job for us. Came in, got training. Expanding down in the Southeast. I mean, these are these are the kind of things where more and more of these certified partners are getting trained capable, product-- CitroTek product-- in their hands then starting to reorder. You know? So we are we are having some of those partners reorder based on, hey, We are going out to protect homes and properties. You have not heard me say, hey, now we are going into Australia, Spain, France. Etcetera, yet.
We do have product up in Canada. We have talked about that. We have a partner up there that we are working with. I mean, so it is not just US, but as that fire season is now 12 months a year, as weather patterns change, we are looking at where is there high risk fire threat situations, heavy winds, red flag warnings, particularly dangerous situations. Anytime there is ever gonna be a public safety power shutoff, a PSPS event, you should be using CitroTek. Safest and most effective way of saying, hey, let's prevent ignition during this and maybe we would not have to shut off as much power. If we needed to in every area.
So these are all things we are talking about for where CitroTek is going to be used, I believe, in the future.
Operator: Great. And the expansion of the certified partner network will certainly help with that. Can you talk to the cost of CitroTek infused wood products versus current products that are out there and how this could be a cost benefit for builders and others considering purchase?
Wesley J. Bolsen: Yeah. Thanks, Brett. I mean, the HEXATEC joint venture is handling the commercialization of Citrotech treated lumber, wood products, and building materials, and we anticipate it is going to be very comparable, maybe better even, than you know, pretty intense pressure treated process when you have to incise wood to get fire retardancy, FR treated lumber, you are weakening that wood by definition. Incising it or impregnating it, whatever word you would like to use, poking it, weakens that wood. And CitroTek has the ability to spray onto that lumber or to even dip it They call it dip coating. These are methods and processes that are exceptional.
Again, back to Bobby's question, we are gonna work with the science, We are gonna work with the facts behind making sure the CitroTek-treated FR lumber is going to deliver the characteristics to go out to the builders And we are having a lot of great conversations with builders saying, hey, this could be tremendous for us in how we build not having to ship lumber off, the time, let alone the cost, the time of shipping off lumber having it pressured, fire retardant treated, and then having it shipped back, that makes so many unknowns for builders that I believe this is going to move upstream and builders will start to demand CitroTeK treated lumber in the long term.
Operator: Great. Thank you. I do want to acknowledge we did have a few questions submitted that the company cannot answer given that answering them would violate nondisclosure agreements and for general competitive purposes. Answers to some of those questions may be disclosed publicly at a later date. Wesley, thank you for your time and everybody for joining. This concludes the questions that have been submitted for our Q3 CitroTek earnings call. I would like to thank you for joining and remind you that if you have additional questions, please send those to citr@HaydenIR.com. And if we are able to answer them publicly, we will, and we can follow up with you individually at that time.
Operator, we will conclude the call.
Wesley J. Bolsen: Thank you, everyone.
Operator: Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.
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