Quarterly ResultMay 15, 2026, 06:11 AM
CitroTech Reports Q1 Net Loss $(6.2M); Going Concern Warning Issued
AI Summary
CitroTech Inc. reported a net loss of $(6.2) million for the first quarter ended March 31, 2026, an improvement from a net loss of $(10.9) million in the prior year. However, revenue significantly declined to $344,915 from $969,382. The company issued a going concern warning, stating that current cash of $4.3 million is insufficient to fund commercial-scale production and working capital for the next twelve months, raising substantial doubt about its ability to continue operations.
Key Highlights
- Net loss for Q1 2026 was $(6.2) million, an improvement from $(10.9) million in Q1 2025.
- Revenue for Q1 2026 decreased significantly to $344,915 from $969,382 in Q1 2025.
- Cash balance at March 31, 2026, was $4.3 million, down from $6.3 million at December 31, 2025.
- The company used $2.1 million in cash from operating activities during Q1 2026.
- Accumulated deficit reached $119.4 million as of March 31, 2026.
- Working capital stood at $2.8 million at March 31, 2026.
- Convertible notes - related party increased to $2.21 million from $1.29 million.
- Company changed its name to CitroTech Inc. effective January 22, 2026.
Price Impact
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