General Enterprise Ventures Inc.

Company Overview

Business Model: CitroTech Inc. is an environmentally sustainable specialty chemical company focused on fire inhibitor products. The Company serves the wildland fire, residential home protection, and wood products industries across the United States and Canada. Its fire inhibitor formulations are also sold into the lumber and building materials industry for fire retardant treatment applications. CitroTech Inc. actively deploys proactive wildfire defense systems, branded CitroSafe Systems, which are self-contained sprinkler installations utilizing the Company's patented CitroTech product. These systems are deployed in advance of wildfires to reduce structural risk, addressing a growing insurance market disruption in western states. The Company is working with a large insurance broker to offer insurance coverage to customers who install a CitroSafe proactive wildfire system, currently in a proof-of-concept phase.

Market Position: CitroTech Inc. holds a unique market position as the first and currently only fire inhibitor recognized by the EPA as safe for the environment, having received the EPA Safer Choice designation twice. Its products also hold UL GREENGUARD Gold certification, indicating minimal impact on indoor air quality from toxic smoke. The Company's products have been adopted by fire departments throughout the State of California. While the fire retardant market has seen limited innovation, CitroTech Inc. believes its non-toxic, environmentally clean formulation distinguishes its products from legacy fire retardants. The Company anticipates significant competition from incumbent industry participants as its new CitroTech treated lumber and building materials are introduced.

Recent Strategic Developments: Since Mighty Fire Breaker LLC ("MFB Ohio") acquired the MFB portfolio of intellectual property from Mighty Fire Breaker LLC ("MFB California") in April 2022, CitroTech Inc. has continued to develop and refine its product formulations. The Company is expanding its patent portfolio and technology platform into additional markets, including the development of wood coating products utilizing its technology, which are in initial phases of commercialization. In early 2026, CitroTech Inc. began establishing relationships with lumber and building material companies to treat wood products to be Class A rated lumber. The Company also completed the buildout of a full executive management team during 2025, including the appointment of a Chief Operating Officer, Chief Financial Officer, Chief Technology Officer, and General Counsel.

Geographic Footprint: CitroTech Inc. primarily markets its products in the United States and Canada, serving the wildland fire, residential home protection, and wood products industries. Its products have been adopted by fire departments throughout the State of California. The Company's blending operations are located in Oceanside, California, and its principal executive offices are in Greenwood Village, Colorado. The proactive wildfire defense systems are specifically designed to address the insurance market disruption across eleven western states.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 22.29% (2025) vs. 18.91% (2024)
• Operating Margin: -692.7% (2025) vs. -656.2% (2024)
• Net Margin: -1546.9% (2025) vs. -851.3% (2024)

Investment in Growth:

• R&D Expenditure: $198,505 (8.3% of revenue) in 2025, a 1318% increase from $14,002 in 2024.
• Capital Expenditures: $293,953 in 2025, consisting of $193,953 for the purchase of equipment and $100,000 for the acquisition of intangible assets.
• Strategic Investments: Acquisition of intangible assets (intellectual property and a non-compete agreement) for $100,000 cash and 220,000 shares of Common Stock valued at $1,775,400 in December 2025. The Company continues to invest in testing and certifications of CitroTech treated products and in product development for its fire retardant and lumber treatment business.

Business Segment Analysis

Environmentally Sustainable Specialty Chemicals for Fire Prevention and Protection

Financial Performance:

• Revenue: $2,381,407 (+195% YoY) in 2025.
• Operating Margin: -692.7% in 2025.
• Key Growth Drivers: The significant revenue growth in 2025 was driven by broader market adoption of the CitroTech product line, including sales of residential CitroSafe Systems, commercial and fire department specialty chemical sales into municipalities such as San Diego, and direct spray application services for residential properties following the January 2025 Los Angeles wildfires. Customer concentration improved significantly, with no single customer representing more than 10% of revenue in 2025, compared to four customers exceeding that threshold in 2024. The top five customers' contribution to total revenue declined from 79.5% in 2024 to 32.0% in 2025, reflecting a transition towards broader market penetration.

Product Portfolio:

• CitroTech: The Company's core fire inhibitor chemistry consists of water-based, biochemical liquid and dry powder compositions that utilize alkali metal salts of non-polymeric saturated carboxylic acids, primarily tripotassium citrate (TPC), as the active fire-inhibiting agent. This proprietary formulation is the only fire inhibitor of its kind to receive EPA Safer Choice Program recognition and holds UL Greenguard Gold certification. Patent No. 11,911,643 specifically covers dry powder compositions for Class B fires.
• CitroSafe Systems: These are self-contained, remotely activated sprinkler systems installed on residential and commercial properties. They are designed around a command-and-control framework that coordinates GPS-tracked spraying equipment and incorporates automated ember detection and artificial intelligence-based control strategies.
• Wood Coating Products: CitroTech Inc. has developed wood coating products utilizing its technology for fire retardant treatment applications in the lumber and building materials industry, currently in initial commercialization phases. These involve factory-applied spray-coating processes for various wood products, yielding Class A fire-rated lumber.

Market Dynamics: The Company operates in rapidly expanding fire inhibitor markets in North America, fueled by increasing fire severity, longer fire seasons, and growing urbanization into the Wildland-Urban Interface (WUI). The industry is evolving rapidly and becoming increasingly competitive, but CitroTech Inc. differentiates itself with its non-toxic, environmentally clean formulation and regulatory credentials. Key customer types include lumber and wood product companies, home, industrial, and commercial users, and fire departments.

Sub-segment Breakdown:

• Product Sales: $1,349,257 (+115.4% YoY) in 2025.
• Product Installation Service: $1,032,150 (+467.2% YoY) in 2025, having commenced in the second quarter of 2024.

Capital Allocation Strategy

Shareholder Returns:

• Dividend Payments: CitroTech Inc. has not paid any dividends on its common stock since inception and does not currently anticipate paying cash dividends in the foreseeable future. The Company's current intention is to apply any net earnings to increase its capital base and fund development and marketing efforts.
• Future Capital Return Commitments: No specific future capital return commitments are disclosed.

Balance Sheet Position:

• Cash and Equivalents: $6,268,591 as of December 31, 2025, up from $775,133 in 2024.
• Total Debt: $3,022,673 as of December 31, 2025. This includes $219,321 in convertible notes (net of discount), $1,285,400 in convertible notes from a related party (net of discount), $167,971 in accrued interest to related parties, $30,000 as the current portion of financing loans, $133,381 in non-current financing loans, and $316,321 in accounts payable and accrued liabilities.
• Net Cash Position: The Company had a net debt position of approximately $8,920,605 as of December 31, 2025 (Total Liabilities of $2,920,605 + Total Debt of $3,022,673 - Cash of $6,268,591).
• Credit Rating: Not disclosed.
• Debt Maturity Profile: Convertible notes issued between July 2024 and February 2025 (totaling $375,000 principal outstanding as of Dec 31, 2025) had 12-month maturities and 10% annual interest, with conversion rights at $2.40 or a 30% discount to a qualified financing price. All these notes were converted into common stock subsequent to December 31, 2025. A $2,000,000 convertible note issued to BoltRock Holdings, LLC (a related party) in February 2025, with a 12-month term and 10% interest, was secured by a pledge of MFB Ohio's intellectual property. This note was extended to April 28, 2026, with a 1% amendment fee, and the pledge agreement was terminated in February 2026. Vehicle financing loans include monthly repayments of $2,021 for 60 months (11.33% interest) and $2,083 for 48 months (11.90% interest), both commencing October 2025.

Cash Flow Generation:

• Operating Cash Flow: $(5,868,915) in 2025, compared to $(1,937,651) in 2024, reflecting continued negative cash flows from operations.
• Free Cash Flow: Not explicitly stated, but negative operating cash flow and significant investing activities indicate negative free cash flow.
• Cash Conversion Metrics: Not explicitly disclosed.

Operational Excellence

Production & Service Model: CitroTech Inc.'s production model involves blending its CitroTech product in Oceanside, California, under the direct supervision of the Chief Operating Officer, Andrew Hotsko. The finished product is then shipped directly to customers. For its CitroSafe Systems, the Company deploys self-contained sprinkler installations on residential and commercial properties. These systems are subject to annual inspections to ensure readiness, and the CitroTech product within them is replaced if not deployed within three years of initial installation or the last annual inspection. The Company also recommends spraying CitroTech in high-risk areas surrounding properties. In the lumber and wood products sector, CitroTech is applied through factory-applied spray-coating processes under controlled, audited, and electronically documented production, yielding Class A fire-rated lumber.

Supply Chain Architecture: Key Suppliers & Partners:

• Raw Materials: CitroTech Inc. compounds its product in-house using materials from multiple suppliers. The Company currently does not have long-term contracts in place with these suppliers and is actively working to expand its supplier base.
• Manufacturing: In-house blending and compounding operations are conducted at the Oceanside, California facility.
• Technology: The Company's intellectual property portfolio, including patents and trademarks, is owned by its wholly-owned subsidiary, MFB Ohio, and is made available to CitroTech Inc. for commercialization.
• Insurance: CitroTech Inc. is collaborating with a large insurance broker to offer insurance coverage to customers who install CitroSafe Systems.

Facility Network:

• Manufacturing & Operations: The Company leases commercial space for office, retail, and warehousing at 3230 Production Avenue, Suite C & D, Oceanside, CA 92058. This facility, encompassing 10,000 square feet of warehouse and office space and 17,000 square feet of yard space, is under a five-year lease at $15,810 per month, commencing April 1, 2025. It is managed by Mr. Hotsko.
• Principal Executive Office: The principal executive office is located at 6400 S. Fiddlers Green Cir., Suite 300, Greenwood Village, CO 80111, under a month-to-month lease.
• Research & Development: While specific R&D facilities are not detailed, the Company continues to invest in testing and certifications of its products.

Operational Metrics:

• Product installation services commenced in the second quarter of 2024, contributing significantly to revenue growth in 2025.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: CitroTech Inc. ships its products directly to customers.
• Channel Partners: The Company is actively establishing relationships with lumber and building material companies for the treatment of wood products.
• Digital Platforms: While a website (www.citrotech.com) is maintained, specific digital sales channels or e-commerce initiatives are not detailed.

Customer Portfolio: Enterprise Customers:

• Tier 1 Clients: CitroTech products have been adopted by fire departments throughout the State of California, and specialty chemical sales have been made to municipalities such as San Diego.
• Strategic Partnerships: The Company has a commercial partnership with a national lumber distributor to produce Class A fire-rated dimensional lumber at scale. Additionally, it is working with a large insurance broker to offer insurance coverage to customers installing CitroSafe Systems.
• Customer Concentration: Customer concentration improved significantly in 2025. No single customer represented more than 10% of total revenue in 2025, a notable change from 2024 when four customers exceeded this threshold. The total revenue from the top 5 customers decreased from 79.5% in 2024 to 32.0% in 2025, indicating broader market penetration.
• Recurring Customers: The Company does not have major sales from recurring customers for the years ended December 31, 2025, and 2024.

Geographic Revenue Distribution:

• Primary Markets: The Company's products are marketed primarily in the United States and Canada.
• Growth Markets: CitroTech Inc. targets Western States where wildfires are prevalent, and areas of new home construction such as Florida and Texas.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The global fire-retardant market is projected to reach $13.6 billion by 2034, with rapid expansion in North America driven by increasing fire severity, longer fire seasons, and the growing urban component in the Wildland-Urban Interface (WUI). The U.S. specialty chemical market for fire inhibitors is experiencing gradual expansion due to increasing compliance standards. Historically, the fire retardant market has been characterized by a lack of significant innovation, with many products containing toxic metals that are not environmentally safe.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• Incumbent Industry Participants: Companies selling into the pressure-treated lumber industry, which have longer operating histories, larger customer bases, greater brand recognition, and significantly greater financial and marketing resources.
• Legacy Fire Retardant Manufacturers: Producers of conventional fire retardants that often contain toxic metals and do not meet the same environmental safety standards as CitroTech.
• Perimeter Solutions, Inc.: A leading global wildfire prevention and protection company, where CitroTech Inc.'s CEO previously held a leadership role.

Emerging Competitive Threats: The Company acknowledges that the industry is evolving rapidly and becoming increasingly competitive, but does not specifically name emerging threats beyond general market participants.

Competitive Response Strategy: CitroTech Inc. aims to maintain its competitive advantage by expanding its patent portfolio and technology platform into additional markets, developing environmentally safe alternatives to legacy products, and actively deploying proactive wildfire defense systems to address market needs and insurance disruptions. The Company is also focused on product development and business development to grow its customer base.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics: CitroTech Inc.'s business is highly dependent on the unpredictable seasonality of wildfires, with sales historically higher in the summer months. Its financial condition is significantly impacted by weather and environmental factors affecting climate change. Changes in consumer preferences, discretionary spending, builder preferences, and operational budgeting can adversely affect performance. Negative publicity regarding environmental products could also harm demand. The Company's limited operating history makes it difficult for potential investors to evaluate its business and exposes it to inherent risks of new business lines.

Technology Disruption: The Company's success relies on its proprietary technology. While it has a strong patent portfolio, there is no guarantee that pending patent applications will be granted, existing patents will not be challenged or invalidated, or that its intellectual property rights will be sufficient to prevent competitors from developing equivalent products.

Customer Concentration: While customer concentration improved in 2025, the Company has historically relied on a few customers and does not have major sales from recurring customers, posing a risk to future growth if new customers are not acquired.

Operational & Execution Risks

Supply Chain Vulnerabilities: CitroTech Inc. compounds its product in-house with materials from multiple suppliers but lacks long-term contracts, creating dependency risks. Interruptions in the supply chain due to regulatory compliance, transportation issues, cost/availability of components, natural disasters, or labor disputes could adversely impact product delivery. Geographic Concentration: Not explicitly detailed beyond general North American market focus. Capacity Constraints: Not explicitly detailed. Product Liability: As its product is provided to emergency services and intended to protect lives and property, the Company faces heightened liability and reputational risks if its product fails to perform as intended. While product liability insurance is maintained, there is no assurance it would be sufficient to cover major claims. Management Team: The Company relies heavily on a small, five-person management team, with some key personnel (CFO, CTO, General Counsel) not full-time. The loss or limited availability of these individuals could materially and adversely affect business operations, and the Company does not maintain "key person" insurance. Operating Costs: Increased costs for raw materials, wages, or other labor-related expenses, if not recoverable through price increases, could adversely impact profitability. Internal Controls: Management identified material weaknesses in internal control over financial reporting as of December 31, 2025, specifically inadequate segregation of duties and insufficient accounting policies and procedures. Remediation efforts are planned for fiscal year 2026 but are substantially dependent on securing additional financing.

Financial & Regulatory Risks

Market & Financial Risks: CitroTech Inc. has incurred significant operating losses and negative cash flows since inception, with an accumulated deficit of $113.2 million as of December 31, 2025. Existing cash resources are expected to be sufficient only through fiscal year 2026, necessitating additional equity or debt offerings for continued operations, with no assurance of availability or favorable terms, and potential for significant dilution. The Company is highly leveraged, with total indebtedness of $3,022,673 as of December 31, 2025, which could limit its ability to raise additional capital or react to economic changes. The Company's stock price has been volatile and may continue to fluctuate, potentially leading to substantial losses for investors. Regulatory & Compliance Risks: The Company's product is subject to extensive government scrutiny and regulations by the EPA and USDA Forest Service (USFS), requiring periodic audits and product testing for approval. Changes in these regulations, including those related to the Frank R. Lautenberg Chemical Safety for the 21st Century Act, could increase compliance costs, restrict operations, or lead to fines. Lumber and wood product markets are also subject to evolving code compliance for the Wildland Urban Interface (WUI). Legal Proceedings: The Company may become subject to legal proceedings, including product liability claims or intellectual property litigation, which could be costly, divert management attention, and result in substantial damages or restrictions on product sales.

Geopolitical & External Risks

Geopolitical Exposure: Not explicitly detailed. Trade Relations: Not explicitly detailed. Sanctions & Export Controls: Not explicitly detailed.

Innovation & Technology Leadership

Research & Development Focus: Core Technology Areas: CitroTech Inc.'s R&D focuses on its proprietary fire inhibitor chemistry, which is a family of water-based, biochemical liquid and dry powder compositions. These formulations utilize alkali metal salts of non-polymeric saturated carboxylic acids, primarily tripotassium citrate (TPC), as the active fire-inhibiting agent. The Company also focuses on developing advanced application methods, integrated wildfire defense systems (CitroSafe Systems), wireless communication networks, GPS tracking technologies, and manufacturing processes for Class A fire-protected wood products. Innovation Pipeline: The Company continues to invest heavily in the testing and certifications of CitroTech treated products and in preparing formulas for approval to be applied onto federal lands. It expects to grow R&D spend to support the addition of new product lines and future company investments.

Intellectual Property Portfolio:

• Patent Strategy: CitroTech Inc. holds a robust portfolio of 37 issued U.S. patents and 45 filed or pending patent applications, all utility patents with terms extending into the late 2030s and early-to-mid 2040s. These patents cover:
  • Fire Inhibitor Biochemical Composition: Protecting the core chemistry, its EPA Safer Choice recognition, UL Greenguard Gold certification, and applicability to Class B fires.
  • Methods for Applying Fire Inhibitor: Covering spray application techniques, stationary property sprinkler systems, mobile spray tankers, atomizing cannons, GPS-tracked systems, wireless information networks, and slurry-based methods.
  • Wildfire Defense Systems: Protecting the architecture of integrated networks, including CitroSafe Systems, command-and-control frameworks, automated ember detection, and AI-based control strategies.
  • Wireless Communication Networks and GPS for Wildfire Defense: Covering the information infrastructure for managing spray systems, generating application records, transmitting maps, tracking wildfires, and maintaining cloud-based databases.
  • Class A Fire-Protected Wood Products and Wood Product Manufacturing: Covering the application of chemistry to wood products in manufacturing settings, resulting fire-protected products, and tracking embodied carbon mass.
• Trademarks: The Company owns 21 federally registered trademarks, including MIGHTY FIRE BREAKER®, CITROTECH®, and WE TAME THE FLAMES®, which protect its brand identities and environmental credentials. U.S. trademark registrations are renewable indefinitely.
• Licensing Programs: The patent family for fire-protected wood products underpins a licensing program through which third-party lumber manufacturers can produce fire-rated wood products using CitroTech Inc.'s chemistry and documented process controls.
• IP Litigation: The Company acknowledges the risk that pending patent applications may not be granted, existing patents may be challenged, or its IP rights may be insufficient to prevent competitors.

Technology Partnerships: Not explicitly detailed beyond the internal intellectual property acquisition from MFB California by MFB Ohio.

Leadership & Governance

Executive Leadership Team

| Position | Executive | Tenure | Prior Experience