The most common fire retardant dropped from planes is a slurry of ammonium phosphate. It works, but it's a fertilizer. In a warming world where fires are more frequent, dumping nutrients that can spur algal blooms in watersheds is a trade-off that is getting harder to ignore. CitroTech, a publicly traded company out of Colorado, is betting there is a market for a different kind of chemistry. Its answer is a water-soluble fire inhibitor derived from citrus, free of phosphates and certified under the EPA's Safer Choice program [PERPLEXITY SONAR PRO BRIEF, web-grounded].
It is not just selling jugs of orange-scented concentrate. The company has built a portfolio of 31 issued patents and 56 pending applications around the deployment of this eco-friendly chemistry, from GPS-verified spraying for defensible space to factory-treated lumber and self-contained rooftop sprinkler systems [B2i Digital, Unknown]. The ambition is to thread the needle between effectiveness and environmental safety, a proposition that has attracted partners and, recently, a serious warning from its own accountants.
The chemistry and the systems
At its core, CitroTech sells CitroTech 31 (MFB-31), a fire inhibitor it formulates to be plant-safe and suitable for spraying on vegetation. The company pairs this with deployment hardware. For homeowners and businesses in high-risk zones, it offers the CitroSafe system, a remotely activated sprinkler setup with an integrated tank of the retardant solution designed to douse a property's perimeter or roof [CitroSafe, Unknown]. For industrial customers, the product scope extends to treating wood products, either on-site or at a factory, to make them fire-resistant [PERPLEXITY SONAR PRO BRIEF, web-grounded].
The business model appears hybrid. The company sells its concentrate and systems through a certified partner network, and it also pursues larger, strategic deals. A key move was forming a 50/50 joint venture with chemical giant Hexion, aimed at developing and commercializing next-generation fire-protected wood products [PERPLEXITY SONAR PRO BRIEF, web-grounded]. This gives the startup access to Hexion's global manufacturing and sales footprint, a crucial channel for scaling beyond direct installations.
A leadership pivot and mounting losses
In late 2025, the company made a significant change at the top. Founder Steve Conboy, the inventor behind the chemistry, remained as chief technology officer. But the CEO role passed from Chairman Ted Ralston to Wes Bolsen, a veteran with a specific pedigree in wildfire prevention [Investing.com, Unknown]. Bolsen previously founded LaderaTech, sold it to firefighting giant Perimeter Solutions, and then led global wildfire prevention efforts there [PERPLEXITY SONAR PRO BRIEF, web-grounded]. The appointment signaled a shift from a founder-led technology shop to a company preparing for commercial scale and government contracts.
The financial picture, however, is stark. Revenue is growing, reaching $2.38 million for the full year 2025, up from $0.81 million in 2024 [SEC 10-K, 2025]. But losses are deep. The company reported a net loss of $36.8 million for 2025, contributing to an accumulated deficit of $113.2 million since inception [Stocktitan 10-K, 2025]. The most pressing concern came to light in an August 2026 SEC filing, where the company stated it had insufficient cash to fund commercial-scale production and working capital for the next 12 months, raising "substantial doubt" about its ability to continue as a going concern [PERPLEXITY SONAR PRO BRIEF, web-grounded].
| Role | Name | Key Background |
|---|---|---|
| Founder & CTO | Steve Conboy | Inventor of the CitroTech fire inhibitor chemistry. |
| CEO | Wes Bolsen | Former founder of LaderaTech (sold to Perimeter Solutions). |
| Chairman | Ted Ralston | Previously served as CEO before Bolsen's appointment. |
| CFO | Nanuk Warman | Appointed April 2025; expert in US/Canadian public company finance [LinkedIn, retrieved 2026]. |
The funding tightrope
CitroTech has raised capital, most recently through a Series C round that brought in approximately $8.1 million by March 2026 [Business Wire, March 2026]. The funds were intended to accelerate commercialization. Yet, the gap highlighted in the August filing suggests the burn rate is high, likely driven by R&D, patent prosecution, and building out sales and installation operations. The company is now actively evaluating additional equity or debt financing to bridge the gap [PERPLEXITY SONAR PRO BRIEF, web-grounded]. Its status as a public company on the NYSE American (ticker: CITR) provides a pathway to raise capital, but it also means its challenges are fully visible.
The risks here are not subtle. The company must navigate a capital-intensive scale-up in a market historically dominated by large, entrenched players with lower-cost, if less eco-friendly, products. Its success hinges on convincing a mix of customers,from federal agencies like the USDA to high-net-worth homeowners,that the premium for a safer chemistry is worth it. The recent job listings for a Regional Sales Director in the Western U.S. and Field Operations Lead in the Pacific Northwest show where the focus is [PERPLEXITY SONAR PRO BRIEF, web-grounded].
The unit economics of a fire line
Putting a number to the ambition requires some back-of-the-envelope thinking. A standard 55-gallon drum of traditional ammonium phosphate concentrate might cover a few acres. CitroTech's chemistry, while more expensive per gallon, is designed for more targeted, preventative use. If a single CitroSafe system protecting a home uses, say, 700 gallons of solution (as one early deployment did) and prevents a single insurance claim that could easily run into the hundreds of thousands, the unit economics for an insurer start to make sense [NorthBay biz, 2022]. The real calculation isn't dollars per gallon, but dollars per structure saved.
For CitroTech to become a lasting player, it must do more than beat the environmental profile of legacy retardants. It must out-execute the established giants of fire suppression on deployment and cost-effectiveness. Its primary incumbent isn't another startup; it's Perimeter Solutions, the industry behemoth that now owns Bolsen's old company. CitroTech's bet is that a citrus-based formula, paired with smart systems and the right partnerships, can carve out a defensible space in a market that is, quite literally, on fire.
Sources
- [PERPLEXITY SONAR PRO BRIEF, web-grounded] CitroTech company overview and product description
- [B2i Digital, Unknown] CitroTech featured company profile | https://b2idigital.com/citrotech
- [CitroSafe, Unknown] CitroSafe system product description
- [Investing.com, Unknown] CitroTech CEO transition report
- [SEC 10-K, 2025] CitroTech Inc. Annual Report for 2025
- [Stocktitan 10-K, 2025] CitroTech financial results and accumulated deficit
- [Business Wire, March 2026] CitroTech Issues Letter to Shareholders | https://www.businesswire.com/news/home/20260325009657/en/CitroTech-Issues-Letter-to-Shareholders
- [LinkedIn, retrieved 2026] Nanuk Warman profile
- [NorthBay biz, 2022] Property installation case study