This amendment is purely administrative — no change to financial statements. The underlying business deterioration is severe: 62% revenue decline in H1 2026, $10.1M net loss, and a going-concern warning. Monitor for additional financing needs; management will likely pursue another equity or debt offering. The exchange of Series A Preferred for Series C convertible preferred and the HexiTech JV with Hexion are strategic moves but have not yet generated revenue.
Price Chart
Executive Summary
CitroTech Inc. filed an Amendment No. 1 to its Form 10-Q for the quarterly period ended June 30, 2026, solely to include Interactive Data Files (XBRL exhibits) and updated Sarbanes-Oxley certifications. The amendment explicitly states it does not modify, amend, or update the financial statements, disclosures, or other information contained in the original filing. The underlying financials remain deeply negative: revenue fell 59% YoY in Q2 2026 to $280,666, the company reported a net loss of $3.9 million for the quarter, and management disclosed substantial doubt about the company's ability to continue as a going concern.
Key Facts
- This amendment is purely administrative — adds XBRL tagging and new CEO/CFO certifications; financial statements are unchanged from the original 10-Q filed August 10, 2026.
- Q2 2026 revenue fell 59% YoY to $280,666 (from $687,638); six-month revenue down 62% to $625,581 (from $1,657,020).
- Q2 2026 net loss was $3,902,554 (improved from $11,904,018 loss in Q2 2025, primarily due to a $8.5M reduction in non-cash other expenses).
- As of June 30, 2026, cash was $2.5M, working capital was $3.3M, accumulated deficit was $123.3M, and cash used in operations was $3.8M in H1 2026.
- Management states 'substantial doubt about the Company's ability to continue as a going concern for a period of one year' and notes current cash is not sufficient to fund commercial-scale production.
- Total convertible debt was $0 as of June 30, 2026 (down from $1.5M in Dec 2025), following conversions into common stock in Q2 2026.
- Series A Preferred Stock was fully exchanged for Series C Convertible Preferred Stock in May 2026; 2,330,273 common shares issued on conversion of 699,077 Series C shares.
- A 50/50 joint venture HexiTech LLC was formed with Hexion Inc in April 2026 but generated no revenue in Q2.
Financial Impact
Q2 2026 revenue $280,666 (-59% YoY), net loss $3.9M, cash burn $3.8M in H1 2026, accumulated deficit $123.3M, going concern warning. Amendment is procedural with no financial impact.
Risk Factors
- Going concern risk: management states current cash is insufficient for 12 months; further dilutive financing is likely.
- Revenue continued to decline sharply (-62% H1 YoY) with no recurring customer base; business remains project- and event-driven.
- Significant related-party transactions and equity issuances for services create dilution and governance concerns.
- High customer concentration (71.9% from top 5 customers in Q2 2026) and supplier concentration add operational risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-Q/A Filing (Primary) | 0001683168-26-006123 |
| Document: citrotech_ex3101.htm | 0001683168-26-006123 |
| Document: citrotech_ex3102.htm | 0001683168-26-006123 |
| Document: citrotech_ex3201.htm | 0001683168-26-006123 |
| Document: citrotech_ex3202.htm | 0001683168-26-006123 |
| Document: 0001683168-26-006123-index-headers.html | 0001683168-26-006123 |
| Document: 0001683168-26-006123-index.html | 0001683168-26-006123 |
| Document: 0001683168-26-006123.txt | 0001683168-26-006123 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $2.65 | awaiting T+20 | — | $2.60 (+1.89%) |
Oct 22, 2026 5d ago | 424B4 | $2.65 | awaiting T+20 | — | $2.60 (+1.89%) |
Oct 21, 2026 6d ago | EFFECT | $2.64 | awaiting T+20 | — | $2.60 (−1.52%) |
Sep 28, 2026 29d ago | S-1 | $3.80 $2.64 | ▲ +30.53% | ▲ +30.50% | $2.60 (+31.58%) |
Sep 22, 2026 5w ago | Institutional Cluster | $4.60 $2.60 | ▼ −43.48% | ▼ −42.92% | $2.60 (−43.48%) |
Aug 10, 2026 11w ago | 10-Q/A | $5.84 $5.03 | ▲ +13.87% | ▲ +12.96% | $2.60 (+55.48%) |
Jun 17, 2026 18w ago | 8-K | $7.04 $4.71 | ▼ −33.10% | ▼ −33.63% | $2.60 (−63.07%) |
Jun 1, 2026 21w ago | 8-K | $6.92 $5.77 | ▼ −16.62% | ▼ −15.05% | $2.60 (−62.43%) |
Apr 21, 2026 27w ago | 8-K | $8.00 $6.55 | ▼ −18.13% | ▼ −23.04% | $2.60 (−67.50%) |
Apr 15, 2026 27w ago | EFFECT | $8.40 $6.83 | ▲ +18.69% | ▲ +24.73% | $2.60 (+69.05%) |
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