CitroTech NYSEAMERICAN: CITR used its first-quarter 2026 earnings call to frame the company’s transition from technology validation toward early commercial deployment across wildfire prevention, fire-resistant wood products and property defense systems.
Chief Executive Officer Wes Bolsen said the company is operating at a time when wildfire prevention, infrastructure resilience and environmentally safer chemistry are becoming “national and global priorities.” He said CitroTech is commercializing fire protection technologies designed to reduce reliance on legacy phosphate- and borate-based solutions while addressing markets that include utilities, builders, insurers, land managers and government agencies.
Bolsen said CitroTech ended the quarter with $4.3 million in cash and cash equivalents. He also said one of the company’s largest investors, BoltRock Holdings, converted its debt into common shares in April, resulting in the retirement of CitroTech’s corporate debt.
Three Commercial Pillars
Bolsen described CitroTech’s commercialization strategy as built around three core pillars: manufactured wood products and lumber treatment, ground-based wildfire applications and stationary defense systems. He said all three rely on the company’s chemistry platform, intellectual property and manufacturing capabilities.
The first pillar, manufactured wood products and lumber treatment, was presented as one of the company’s most significant long-term opportunities. Bolsen said CitroTech’s chemistry is designed to create Class A fire-rated lumber and engineered wood products without weakening wood fibers or compromising structural performance. He said the formulation can soak into cellulosic fibers rather than simply coat the surface, potentially allowing fire resiliency to be built into products such as OSB board, plywood and mass timber.
Bolsen said CitroTech began working in early 2026 with lumber and building materials companies on Class A fire-rated lumber and building materials. He also pointed to growing engagement from OSB manufacturers and engineered wood producers interested in integrating CitroTech into production processes.
Hexion Joint Venture Expands Wood Products Opportunity
A major focus of the call was HexiTech LLC, CitroTech’s recently announced 50/50 joint venture with Hexion. Bolsen said the partnership is intended to accelerate sales of CitroTech formulations into large wood products companies globally. He said CitroTech is contributing intellectual property, while Hexion brings manufacturing, sales, distribution and customer relationships.
Bolsen said Hexion, owned by American Securities, has a global footprint that includes manufacturing capabilities and established relationships with large wood products customers. In response to an investor question, he said Hexion had about 1,800 employees, 27 production facilities worldwide and customers in 60 countries, based on what he had seen. He said the joint venture gives CitroTech credibility with customers that may need assurance the company can support large orders tied to manufacturing-line integration.
Bolsen said the wood products opportunity could involve “tens of millions of dollars” annually from a single end customer at full commercial adoption, rather than smaller $1 million or $2 million sales. He also said the joint venture structure could allow CitroTech to work with multiple major wood products companies simultaneously rather than entering an exclusive relationship with one large U.S. customer.
Asked about capital needs, Bolsen said CitroTech is evaluating requirements to accelerate the joint venture, but noted Hexion already has manufacturing and sales infrastructure. He said any significant additional capital expenditures would be tied to growth opportunities, while the company is currently moderating spending as customers are developed.
Wildfire Prevention Focuses on Ground-Based Applications
Bolsen said CitroTech’s second pillar is ground-based wildfire prevention and fire inhibitor applications. He contrasted the company’s approach with traditional reactive suppression using aerial applications of red phosphate-based retardants. CitroTech is instead pursuing what Bolsen described as a prevention-first model for repeated environmental applications in areas such as utility corridors, roadsides, railroad rights-of-way, tribal lands, parks, commercial properties and critical infrastructure.
Bolsen said the company’s non-phosphate chemistry is designed to address concerns around aquatic toxicity, heavy metals and long-term environmental impact associated with repeated use of phosphate-based retardants. He said utilities and agencies are increasingly interested in proactive mitigation programs rather than only emergency response.
Bolsen said CitroTech can be applied through existing fire equipment, agricultural sprayers, skid-mounted vehicles, hydroseeders and drone applications because its viscosity is close to water. He said ground-based applications can be used around the clock, including in high-wind scenarios, unlike aerial applications that are limited by daylight and weather conditions.
The CEO cited San Diego as an example of field use, saying CitroTech was applied last fire season around homeless encampments and along roadsides. He said the company aims to expand that success to other parts of California during the 2026 fire season.
Bolsen said CitroTech is seeing adoption interest from California fire departments and related agencies, as well as engagement with the Department of the Interior ecosystem, including evaluations involving tribal nations under the Bureau of Indian Affairs. He estimated that ground-based applications could represent a $300 million to $500 million market opportunity in the United States if fully adopted across roadsides, utilities and government corridors.
CitroSafe Targets Property Defense and Insurance Concerns
The company’s third pillar is CitroSafe, a stationary wildfire defense system for residential and commercial properties. Bolsen said the system uses CitroTech’s long-term fire inhibitor chemistry in self-contained perimeter protection systems, distinguishing it from water-only systems. He said the system is designed to remain active after water evaporates and to operate with dedicated tank systems during power outages and emergencies.
Bolsen linked the product to growing challenges in property insurance, saying carriers are reducing coverage or exiting wildfire-prone regions. He said CitroTech is working through a proof-of-concept initiative with a major insurance broker and is targeting builders, architects, homeowners associations and home-hardening partners.
Additional Research and 2026 Priorities
Bolsen also discussed CitroTech Textiles, or CitroTex, a future product effort based on a polymer developed under the direction of Dr. Jaime Grunlan of Texas A&M University. He said CitroTech is funding a small research program to explore wash-durable fire retardant fabrics for uses that could include hospital workers, welders and firefighters.
Looking ahead, Bolsen said CitroTech’s 2026 priorities include execution, operational scale and market adoption across its three main growth pillars. He said the company expects to raise strategic and opportunistic funds for measured investments in manufacturing scale, sales infrastructure, supply chain development and partnerships.
In response to a question about revenue timing, Bolsen said wildfire season, state and federal agency evaluations, homeowner decisions tied to insurance renewals, and wood product customer evaluations could all contribute to future revenue opportunities. He characterized the company as having multiple “at-bats” across wood products, utilities, counties, transportation agencies and property defense systems, while noting that large wood product adoption would take time to move through evaluation and production planning.
About CitroTech NYSEAMERICAN: CITR
General Enterprise Ventures, Inc, an integrated technology company, provides crypto-currency mining services in Wyoming. It focuses on the home essentials technology sector. The company was formerly known as General Entertainment Ventures, Inc and changed its name to General Enterprise Ventures, Inc in October 2021. General Enterprise Ventures, Inc was incorporated in 1990 and is based in Cheyenne, Wyoming.
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