CitroTech Inc.

CitroTech Inc. reported a significant decline in revenue and an increased operating loss for the six months ended June 30, 2026. The company's revenue dropped by 62.2% to $625,581, while its loss from operations worsened to $(7,941,295). Despite an improvement in net loss to $(10,113,118), largely due to non-recurring items in the prior year, the company's cash position decreased substantially, and cash used in operating activities nearly doubled. Management explicitly stated that current cash is insufficient to fund commercial-scale production for the next twelve months, raising substantial doubt about the company's ability to continue as a going concern.

CitroTech Inc. reported a net loss of $3.90 million for the second quarter of 2026 and $10.11 million for the first half of 2026. Revenue significantly decreased to $280,666 for Q2 2026 and $625,581 for H1 2026 compared to the prior year. The company's cash position declined to $2.52 million, and management expressed substantial doubt about its ability to continue as a going concern due to insufficient cash to fund commercial-scale production.

CitroTech Inc. announced the resignations of Theodore Ralston and Jeffery Pomerantz from its board of directors, effective June 12, 2026. Their departures were not related to any disputes with management or the Board. On June 17, 2026, the company appointed Michael Feigin to fill one of the two vacancies. Mr. Feigin brings over 35 years of leadership experience in the construction and real estate industries, including roles as President and CEO of JLA Consulting Group and Executive Vice President at AvalonBay Communities. He will join the audit and compensation committees and chair the nominating committee, while the search for the second vacant position continues.

CitroTech Inc. has entered into Stock Exchange and Stockholders Agreements to reacquire all outstanding Series A Preferred Stock. In exchange, the company issued Series C Convertible Preferred Stock to BoltRock Holdings, LLC and will issue additional shares to TC Special Investments LLC in 18 months, unless a change of control event occurs. These agreements eliminate all Series A Preferred Stock and grant certain rights to the holders of Series C Preferred Stock.

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.

CitroTech Inc. and Hexion Inc. have established HexiTech LLC, a new joint venture, on April 17, 2026. This 50/50 partnership aims to develop, manufacture, and commercialize products using CitroTech's fire-retardant intellectual property, leveraging Hexion's manufacturing and commercialization expertise. The LLC will be managed by a board with equal representation, and members are required to fund capital contributions pro rata.