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Here are 1-3 brief analogies for SenesTech (SNES):

• Beyond Meat for rodent control.
• Patagonia for humane pest control.
• Dyson for pest control technology.

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• ContraPest: A liquid rodenticide bait designed to induce permanent infertility in female rats, offering a non-lethal method for managing rat populations.

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SenesTech (SNES) - Major Customers

• Pest Management Professionals (PMPs): These are independent pest control companies of various sizes (local, regional, and national) that purchase ContraPest to incorporate into their service offerings for their own clients. This is a significant channel for SenesTech. Examples of large PMPs exist (e.g., Rollins Inc. - ROL, Rentokil Initial plc - RTOKY, which acquired Terminix), but SenesTech's direct sales often involve numerous smaller to mid-sized PMPs, and specific supply agreements with major publicly traded PMPs are not typically disclosed as "major customers" in their financial filings unless they reach a significant revenue threshold.
• Commercial and Industrial Facilities: Large businesses and organizations with persistent rodent control needs, such as food processing plants, agricultural operations, warehouses, distribution centers, hotels, resorts, zoos, universities, and other large institutions, which may purchase ContraPest directly for their own use or have their PMPs utilize it.
• Governmental and Municipal Entities: City, county, and state governments, public health departments, military bases, ports, and other public agencies that manage pest populations in public spaces, infrastructure, or critical facilities. For example, ContraPest has been used in programs in cities like New York City and Washington D.C.

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Joel Fruendt, Chief Executive Officer

Joel Fruendt became the CEO of SenesTech in November 2022. He brings over 30 years of extensive sales, marketing, and general management leadership experience. For 15 years, he held executive leadership roles in the vector and pest control industries, notably as Vice President and General Manager of Clarke Environmental Inc., a prominent company in the sector. During his time there, he gained significant expertise in the development, manufacturing, and commercialization of EPA-registered chemical control products, as well as leading large sales and service organizations. Before joining SenesTech, he served as President and CEO of a global manufacturing company in the reflective technology and safety industry, where he drove revenue and profit growth through innovation and efficiency initiatives.

Tom Chesterman, Chief Financial Officer

Tom Chesterman joined SenesTech as CFO in September 2015. He has over two decades of experience as a Chief Financial Officer for public companies across the life science, technology, and telecommunications sectors. Prior to SenesTech, he was the Vice President and Treasurer of GCI, a telecommunications company. His previous roles include serving as CFO for life science companies such as Bio-Rad Laboratories, Aradigm, and Bionovo. He is recognized for his proficiency in various capital market access techniques.

Courtney Ray, Vice President, Science & Innovation

Courtney Ray serves as the Vice President of Science and Innovation at SenesTech.

Bryan DiMenna, Vice President, Sales

Bryan DiMenna holds the position of Vice President of Sales at SenesTech Inc.

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The key risks to SenesTech's business (SNES) are primarily centered on its financial viability, product concentration, and regulatory/legal landscape.

1. Failure to achieve sustainable profitability and positive cash flow: Despite experiencing revenue growth, SenesTech consistently reports significant net losses and is burning cash to fund its operations. This raises concerns about its long-term financial health and ability to reach a self-sustaining state. The company has a stated goal of achieving cash flow breakeven, estimated around $1.5 million quarterly revenue, and projects reaching it in the second half of 2026.
2. High dependence on a single product line: SenesTech's revenue is overwhelmingly driven by its Evolve® Rodent Birth Control™ product line, which accounts for approximately 85% of its total revenue. While Evolve is experiencing rapid growth, this singular focus creates a concentrated product risk. Any unforeseen challenges, increased competition, or shifts in market preference related to Evolve could significantly impact the company's financial performance.
3. Regulatory hurdles for market expansion and ongoing legal challenges: Expanding into international markets, which represent significant growth opportunities for SenesTech, is contingent on navigating time-consuming and uncertain regulatory approval processes. Additionally, the company is currently facing a lawsuit from a competitor, Liphatech, alleging violations of a non-disclosure agreement and intellectual property infringement. While management believes these claims are baseless, the legal action introduces financial and operational uncertainty.

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SenesTech's primary products, ContraPest and Evolve (including Evolve Rat and Evolve Mouse), are fertility control solutions for managing rodent populations. These products aim to disrupt the traditional rodenticide industry.

The addressable market for these solutions can be primarily defined by the existing rodenticide market:

• The U.S. rodenticide market is estimated to be $1 billion.
• The global rodenticide market is estimated at $4.5 billion.

While not a direct addressable market size for their products, rodents cause over $27 billion in damage annually to public and private infrastructure in the U.S. Additionally, rodents are responsible for destroying nearly 20% of the world's stored food supply.

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SenesTech (SNES) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Continued Growth of the Evolve Product Line: The Evolve Rat and Evolve Mouse products are consistently highlighted as the primary revenue drivers for SenesTech. These higher-margin products, launched in 2024, have demonstrated significant year-over-year growth and accounted for a substantial portion of total revenue in recent quarters, including 85% of total revenue in Q3 2025. The company anticipates sustained growth as market adoption increases for this product family.
2. Expansion of E-commerce Sales Channels: E-commerce is a major growth vertical, with sales increasing significantly year-over-year, driven by platforms like Amazon, Walmart.com, and TractorSupply.com. The company further expanded its online presence by making its products available on Lowe's.com in November 2025, anticipating this intersection of e-commerce and brick-and-mortar retail to be a significant growth driver.
3. Increased Retail Market Adoption: SenesTech is actively expanding its footprint in the brick-and-mortar retail sector. This growth is evidenced by expanded adoption through partners like Ace Hardware, which more than doubled its coverage, and follow-on orders from wholesalers such as Bradley Caldwell, serving a vast network of retail locations. Future growth is also expected from retailers who may initially offer products online before expanding to in-store options.
4. Growing Municipal Deployments: Revenue from municipal markets has shown robust year-over-year growth, driven by expanded deployments in major urban centers including New York City and Chicago. These programs involve controlled deployments in high-impact areas, laying the groundwork for potential larger-scale expansion and positively influencing other sales channels.
5. International Market Expansion: SenesTech is pursuing international growth opportunities. The company has secured market approval in New Zealand and is actively working with international distribution partners to introduce its fertility control technology into new markets, including a multi-pallet order from an international distributor. Additionally, the Belize Raptor Center became an official distributor of the Evolve product line in November 2025.

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Share Issuance

• SenesTech generated $6.3 million in gross proceeds from the exercise of 1,458,872 outstanding warrants at $4.15 per share in August 2025.
• In July 2025, the company closed a warrant exercise transaction that yielded $4.4 million in gross proceeds from the exercise of 1,458,872 shares at $2.90 per share.
• Throughout Q1 and Q2 2025, SenesTech raised capital through its At-The-Market (ATM) facility, including $3 million in gross proceeds during the second quarter and over $1 million in the first quarter, alongside approximately $1 million from warrant exercises in Q1 2025.

Inbound Investments

• Warrant exercises in August and July 2025 brought in $6.3 million and $4.4 million in gross proceeds, respectively, bolstering the company's cash position.
• As of August 5, 2025, the company's cash and cash equivalents totaled $11.2 million, following warrant exercises and ATM facility utilization, which is expected to fund operations through at least the end of fiscal 2027.
• SenesTech has historically funded its operations primarily through the sale of equity securities, including common stock and warrants.

Capital Expenditures

• A full-scale expansion in New York would not require significant immediate capital investment, though adding additional production lines is estimated to cost between $300,000 and $400,000.
• The company aims to enhance operational efficiency and reduce manufacturing costs, with ongoing efforts to improve efficiencies through larger batch sizes, waste reduction, and potential for increased automation at a new facility in Phoenix.
• SenesTech anticipates that its current cash reserves will cover operations and any capital expenditures through at least the end of fiscal 2027.