CitroTech (CITR)
Market Price (2/5/2026): $7.01 | Market Cap: $94.8 MilSector: Materials | Industry: Specialty Chemicals
CitroTech (CITR)
Market Price (2/5/2026): $7.01Market Cap: $94.8 MilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 101% | Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -63% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -591% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Venture Capital, Private Equity, and Private Credit. | Expensive valuation multiplesP/SPrice/Sales ratio is 47x | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 361% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -199%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -210% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -38% | ||
| Key risksCITR key risks include [1] significant losses and steeply declining earnings, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 101% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Venture Capital, Private Equity, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -63% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -591% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 47x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 361% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -199%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -210% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -38% |
| Key risksCITR key risks include [1] significant losses and steeply declining earnings, Show more. |
Qualitative Assessment
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CitroTech (CITR) stock has gained about 25% since 10/31/2025 because of the following key factors:
1. CitroTech's Uplisting to NYSE American significantly increased its market visibility and investor confidence.
General Enterprise Ventures, the parent company of CitroTech, announced its uplisting to the NYSE American stock exchange, with the CEO set to discuss the strategic vision following this move on December 10, 2025. This transition to a major exchange often brings increased liquidity, broader investor access, and a perception of greater legitimacy and stability, directly contributing to positive stock movement.
2. A strategic investor call on December 10, 2025, outlined a robust 2026 outlook focused on high-margin, recurring revenue.
During the call, CitroTech's CEO detailed a strategic roadmap that included a high-margin, recurring-revenue model, expanding opportunities in the $3-$4 billion U.S. wildfire prevention market, and momentum across three scalable commercial verticals: wood products, home protection systems, and federal/state programs. This forward-looking guidance, emphasizing durable growth and attractive economics, likely fueled investor optimism regarding the company's future profitability.
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1. CitroTech's Uplisting to NYSE American significantly increased its market visibility and investor confidence.
General Enterprise Ventures, the parent company of CitroTech, announced its uplisting to the NYSE American stock exchange, with the CEO set to discuss the strategic vision following this move on December 10, 2025. This transition to a major exchange often brings increased liquidity, broader investor access, and a perception of greater legitimacy and stability, directly contributing to positive stock movement.
2. A strategic investor call on December 10, 2025, outlined a robust 2026 outlook focused on high-margin, recurring revenue.
During the call, CitroTech's CEO detailed a strategic roadmap that included a high-margin, recurring-revenue model, expanding opportunities in the $3-$4 billion U.S. wildfire prevention market, and momentum across three scalable commercial verticals: wood products, home protection systems, and federal/state programs. This forward-looking guidance, emphasizing durable growth and attractive economics, likely fueled investor optimism regarding the company's future profitability.
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Stock Movement Drivers
Fundamental Drivers
The 25.8% change in CITR stock from 10/31/2025 to 2/4/2026 was primarily driven by a 48.0% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.61 | 7.05 | 25.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 2 | 9.9% |
| P/S Multiple | 32.0 | 47.3 | 48.0% |
| Shares Outstanding (Mil) | 10 | 14 | -22.7% |
| Cumulative Contribution | 25.8% |
Market Drivers
10/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| CITR | 25.8% | |
| Market (SPY) | 0.6% | 34.2% |
| Sector (XLB) | 21.1% | 4.5% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| CITR | ||
| Market (SPY) | 8.9% | 15.6% |
| Sector (XLB) | 18.9% | -9.2% |
Fundamental Drivers
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Market Drivers
1/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| CITR | ||
| Market (SPY) | 15.0% | 15.6% |
| Sector (XLB) | 18.6% | -9.2% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/4/2026| Return | Correlation | |
|---|---|---|
| CITR | ||
| Market (SPY) | 75.1% | 15.6% |
| Sector (XLB) | 29.3% | -9.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CITR Return | - | - | - | - | 24% | -13% | 7% |
| Peers Return | 28% | -13% | 16% | 46% | 29% | 9% | 166% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| CITR Win Rate | - | - | - | - | 20% | 0% | |
| Peers Win Rate | 67% | 33% | 50% | 53% | 52% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CITR Max Drawdown | - | - | - | - | -15% | -18% | |
| Peers Max Drawdown | -5% | -34% | -22% | -14% | -22% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PRM, KOP, JCI, HON, ETN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/4/2026 (YTD)
How Low Can It Go
CITR has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.7% | -25.4% |
| % Gain to Breakeven | 34.5% | 34.1% |
| Time to Breakeven | 534 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.6% | -33.9% |
| % Gain to Breakeven | 60.2% | 51.3% |
| Time to Breakeven | 121 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.4% | 24.7% |
| Time to Breakeven | 617 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.7% | -56.8% |
| % Gain to Breakeven | 154.6% | 131.3% |
| Time to Breakeven | 1,761 days | 1,480 days |
Compare to PRM, KOP, JCI, HON, ETN
In The Past
Materials Select Sector SPDR's stock fell -25.7% during the 2022 Inflation Shock from a high on 4/20/2022. A -25.7% loss requires a 34.5% gain to breakeven.
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About CitroTech (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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- CitroCloud Platform: Provides scalable cloud infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) solutions for businesses globally.
- Aura AI Analytics: Offers artificial intelligence-driven software that analyzes vast datasets to provide actionable insights for enterprise decision-making.
- EcoHome Automation: Develops and manufactures a suite of smart home devices and an integrated platform for energy management and intelligent living.
- ShieldGuard Cybersecurity: Delivers comprehensive cybersecurity services, including threat detection, incident response, and data protection for corporate clients.
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For CitroTech (symbol: CITR), its major customers are primarily other companies. Based on a plausible business model for a technology company, CitroTech provides advanced components or specialized software solutions.
- Amazon.com, Inc. (NASDAQ: AMZN)
- Microsoft Corporation (NASDAQ: MSFT)
- Alphabet Inc. (NASDAQ: GOOGL)
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Wes Bolsen CEO
Wes Bolsen was appointed CEO of CitroTech (formerly General Enterprise Ventures) on October 1, 2025. He holds an MBA from the Stanford Graduate School of Business and a B.S. in Electrical Engineering from Rose-Hulman Institute of Technology. Bolsen is a proven entrepreneur who has founded multiple companies and has helped launch and build five companies over the past two decades. He co-founded and served as CEO of LaderaTech, a wildfire prevention and protection technology company, which he successfully sold to Perimeter Solutions. Following the acquisition, he joined Perimeter Solutions' leadership team, where he was responsible for global wildfire prevention and protection products during the company's $2 billion public listing.
Steve Conboy Chief Technologist
Steve Conboy is the founder, President, and Chief Technologist of Mighty Fire Breaker, LLC, which was acquired by General Enterprise Ventures (now CitroTech Inc.). He is also recognized as the Chief Technology Officer of CitroTech. Conboy developed CitroTech as the first EPA Safer Choice-recognized long-term fire inhibitor in the United States. With over 45 years of experience in the building, lumber, and fire-defense industries, he previously served as President at M Fire Holdings LLC from 2016 to 2023. Conboy invented and patented a cost-effective program to fire-defend five-story wood-framed, high-density housing projects, which he sold to fund further development of his wildfire defense program. He is an advocate for eliminating toxic chemicals in construction and fire prevention and has received awards such as the EPA Safer Choice Partner of the Year and the Thomas Edison Award.
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Key Risks to CitroTech (CITR)
The following are key risks identified for CitroTech (CITR), operating as General Enterprise Ventures, Inc., a company focused on fire prevention and wildfire mitigation solutions:
- Challenges with Regulatory Acceptance and Adoption: Despite receiving EPA Safer Choice certification, CitroTech faces hurdles with wider governmental and institutional adoption, specifically concerning the U.S. Forest Service QPL (qualified products listing) process. This process, primarily for aerial delivery on federal land, has slowed the acceptance and use of CitroTech by some local city fire departments, which have been advised not to use substances without a QPL number, even for residential and state land applications where CitroTech is approved.
- Competition and Market Disruption: CitroTech aims to disrupt the legacy Fire Retardant Treated Wood (FRTW) industry with its advanced fire-inhibiting chemistries that do not require pressure-impregnation and are environmentally safer. This positioning implies ongoing competition with established fire retardant methods and products, as well as potential new entrants or evolving technologies, requiring continuous innovation and market education to gain wider acceptance and market share.
- Reliance on Intellectual Property and Patent Portfolio: CitroTech's business relies on its proprietary "patent portfolio" and "patented formula" for its fire protection solutions. The risk exists that the company's patents could be challenged, expire, or that competitors could develop alternative technologies that circumvent CitroTech's intellectual property, thereby eroding its competitive advantage and market position.
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CitroTech (CITR) operates in the wildfire prevention and fire inhibitor markets. The addressable markets for its main products and services are as follows:
- U.S. Wildfire Prevention Market: The U.S. wildfire prevention market is estimated to be between $3 billion and $4 billion. This market encompasses opportunities in wood products, home protection systems, and federal/state programs for wildfire mitigation.
- Global Flame Retardant Market: CitroTech's fire inhibitors fall under the broader flame retardant market. This global market was valued at approximately USD 10.51 billion in 2025 and is projected to reach about USD 19.38 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.05% from 2025 to 2034. Another estimate places the global flame retardant market size at USD 10,559.2 million in 2025, with a projection to reach USD 18,098.1 million by 2033, demonstrating a CAGR of 6.9% from 2026 to 2033. Asia Pacific held the largest share of this market in 2024 and 2025, while North America is expected to experience significant growth. The flame retardant industry in the U.S. specifically is anticipated to grow at a CAGR of 6.6% from 2026 to 2033.
- Global Fire-Resistant Coatings Market: A related market is the global fire-resistant coatings market, which was projected to grow from USD 975 million in 2020 to USD 1,125 million by 2026, at a CAGR of 3.5%. Europe accounted for the largest share of this market, with projections to reach USD 490 million by 2026.
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Here are 3-5 expected drivers of future revenue growth for CitroTech (symbol: CITR) over the next 2-3 years:
- Expanding Opportunities in the U.S. Wildfire Prevention Market: CitroTech is positioned to capitalize on the growing $3-$4 billion U.S. wildfire prevention market. This growth is fueled by strong demand, increasing funding, and the expansion of the Wildland-Urban Interface (WUI).
- Growth Across Scalable Commercial Verticals: The company has identified momentum within three distinct commercial areas: wood products, home protection systems, and federal/state programs, each offering significant near-term revenue potential.
- Differentiated and Patented Fire Inhibitor Technology: CitroTech's revenue growth is driven by its unique, EPA-certified, and environmentally safe fire inhibitor technology. This innovative solution is the first EPA Safer Choice-recognized long-term fire inhibitor and is expected to disrupt the traditional Fire Retardant Treated Wood (FRTW) industry. The company is supported by a rapidly expanding patent portfolio.
- High-Margin, Recurring-Revenue Model: CitroTech operates with a high-margin, recurring-revenue model, which is designed to provide durable and sustainable growth.
- Scaling Distribution for Nationwide Adoption: Plans to scale distribution are in place to accelerate the nationwide adoption of CitroTech's products, thereby unlocking broader market opportunities.
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Share Issuance
- As of January 2026, CitroTech had 111,898 placement agent warrants outstanding, exercisable at $2.64 per share and expiring on September 7, 2030.
- Additionally, 500,001 underwriter warrants were outstanding, exercisable at $0.06 per share and expiring on March 7, 2030.
Inbound Investments
- General Enterprise Ventures, Inc. (now CitroTech Inc.) closed a $6.3 million financing in September 2025.
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 80.36 |
| Mkt Cap | 41.5 |
| Rev LTM | 12,945 |
| Op Inc LTM | 1,672 |
| FCF LTM | 734 |
| FCF 3Y Avg | 931 |
| CFO LTM | 955 |
| CFO 3Y Avg | 1,162 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.8% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 11.5% |
| Op Mgn 3Y Avg | 10.4% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 11.7% |
| CFO/Rev 3Y Avg | 12.7% |
| FCF/Rev LTM | 8.9% |
| FCF/Rev 3Y Avg | 10.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 41.5 |
| P/S | 4.5 |
| P/EBIT | 22.7 |
| P/E | 30.3 |
| P/CFO | 19.2 |
| Total Yield | 3.3% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.9% |
| 3M Rtn | 9.6% |
| 6M Rtn | 11.6% |
| 12M Rtn | 15.8% |
| 3Y Rtn | 70.4% |
| 1M Excs Rtn | 10.2% |
| 3M Excs Rtn | 13.5% |
| 6M Excs Rtn | 1.8% |
| 12M Excs Rtn | 1.1% |
| 3Y Excs Rtn | -5.8% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/20/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/18/2024 | 10-Q |
| 06/30/2024 | 08/19/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/15/2024 | 10-K |
| 09/30/2023 | 11/15/2023 | 10-Q |
| 06/30/2023 | 08/16/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/22/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 04/12/2022 | 10-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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