SenesTech, Inc. (SNES): Business Model Canvas [Dec-2025 Updated]

You're looking at SenesTech, Inc. (SNES) now that the Evolve product launch has clearly reshaped the business, moving them past the old model. Honestly, seeing 85% of Q3 2025 revenue come from Evolve sales, with e-commerce channels accounting for 54% of the total, tells a clear story about where the margin focus is now. This isn't just about selling a product; it's about scaling a humane, non-lethal fertility control technology across distributors and major city contracts, supported by a new Phoenix facility. Let's break down the nine blocks of the Business Model Canvas to see exactly how SenesTech, Inc. is structuring itself for this new, higher-margin reality below.

SenesTech, Inc. (SNES) - Canvas Business Model: Key Partnerships

The Key Partnerships block for SenesTech, Inc. (SNES) centers on leveraging established distribution networks to scale the adoption of its Evolve and ContraPest products across diverse market verticals as of late 2025.

National Distributors for Pest Management Professionals (PMPs)

SenesTech, Inc. maintains expanded agreements with the two largest structural pest management distributors. Target Specialty Products is one of these key partners, collaborating on marketing and sales efforts for ContraPest, lending credibility through their long-standing relationship with PMPs.

• Target Specialty Products and Veseris are the two largest structural pest management distributors with whom SenesTech, Inc. has renewed and expanded agreements.

Bradley Caldwell, Inc. (BCI) for Rural Retail and Agri-business Distribution

The partnership with Bradley Caldwell, Inc. (BCI), announced on June 11, 2025, significantly expanded SenesTech, Inc.'s footprint into rural markets. BCI's network provides access to independent dealers serving agricultural communities.

• Bradley Caldwell, Inc. (BCI) serves over 8,000 farm, ranch, hardware, and pet supply dealers.
• BCI's initial stocking order was the largest distributor stocking order in SenesTech, Inc.'s history.
• The retail market vertical saw a 478% year-over-year growth in Q2 2025, driven in part by this partnership.
• Retail revenue grew 254% year-over-year in Q3 2025, supported by follow-on orders from Bradley Caldwell, Inc.

Major E-commerce Platforms for Direct Consumer Reach

E-commerce is a primary growth driver, with Evolve available across major online retail sites. This channel is showing rapid expansion, often serving as an initial entry point before in-store expansion at physical retailers.

• E-commerce revenue increased 78% year-over-year in Q2 2025.
• E-commerce accounted for 54% of Q3 2025 sales, marking a 55% growth year-over-year for that quarter.
• Amazon.com specifically is growing at approximately 10-15% month over month.
• Offerings are available on Amazon.com, Walmart.com, and HomeDepot.com.

Pest Management Professionals (PMPs) for Service Integration

PMPs integrate Evolve into their Integrated Pest Management (IPM) programs as a non-lethal alternative. This segment represents a substantial portion of the business.

• Pest management professional (PMP) revenue increased 29% year-over-year in Q3 2025.
• PMPs represented the second-largest vertical, accounting for 19% of Q3 2025 sales.

International Exclusive Distributors for Market Entry

SenesTech, Inc. establishes exclusive distribution relationships in high-growth international markets, contingent on regulatory approval and commitment to sales.

• Commercial deployments have occurred in Hong Kong, the Netherlands, and The Maldives.
• Commercial launch was expected later in 2025 for Australia and New Zealand.
• The addition of the Belize Raptor Center as an Official Distributor was announced in November 2025.

The following table summarizes the performance metrics tied to these key distribution channels as reported through Q3 2025.

Municipal deployments, while a separate vertical, also positively impact retail, e-commerce, and pest control distribution channels. New deployments in Q3 2025 included New York City and Chicago.

SenesTech, Inc. (SNES) - Canvas Business Model: Key Activities

You're looking at the core engine room of SenesTech, Inc. (SNES) as of late 2025. These aren't just tasks; these are the specific, quantifiable actions that drive the business forward, especially as the company pushes toward its breakeven point of approximately $1.5 million in quarterly revenue.

Manufacturing and scaling production of Evolve and ContraPest at the Phoenix facility.

The focus here has been on capacity to meet accelerating demand. SenesTech, Inc. completed its move into a new manufacturing facility in July 2025. This facility incorporates new automated capabilities specifically to drive improvement in capacity and gross margins. The new Phoenix-area facility is positioned to meet demand for the next five years without requiring major cost increases. This scaling is critical as the flagship Evolve product line is the primary growth engine.

Research and Development (R&D) to enhance fertility control technology.

While the focus has clearly shifted to commercial scale, R&D underpins the product advantage. The Evolve Rat and Evolve Mouse products, which are higher-margin, were launched in 2024 and are now the largest revenue drivers. The company's success is built on proprietary know-how, including a filed patent, trade secret formula, and stability science. To be fair, operating expenses in Q4 2024 showed reduced research and development spending as gains in selling, general, and administrative costs offset the reduction.

Direct sales and marketing focused on high-value municipal and industrial accounts.

This vertical is showing explosive growth, indicating successful penetration into high-value segments beyond standard retail. The company's Q3 2025 total revenue reached a record $690,000. The Evolve product line accounted for 85% of that total revenue, growing 77% year-over-year in Q3 2025. Municipal revenue, in particular, grew by an impressive 139% year-over-year in Q3 2025. Pest management professionals (PMPs) contributed nearly 20% of the total Q3 2025 revenue, up 29% year-over-year. Here's the quick math on the revenue mix for the most recent reported quarter:

What this estimate hides is the specific dollar amount derived solely from industrial accounts outside the PMP and Municipal buckets, though the overall growth trajectory is clear.

Managing and expanding the multi-channel distribution network.

SenesTech, Inc. is actively managing a diverse multi-channel strategy, moving beyond its initial direct sales focus. E-commerce remains a dominant channel, with revenue increasing 55% year-over-year in Q3 2025. In Q2 2025, e-commerce represented 56% of overall sales. Brick-and-mortar retail saw a massive surge in Q2 2025, achieving more than $65,000, which was nearly a 500% sequential increase from Q2 2024 when retail sales were virtually zero. The company has expanded its e-commerce presence to include Amazon.com, Walmart.com, TractorSupply.com, HomeDepot.com, Lowes.com, and DIYPestControl.com.

The distribution network expansion includes:

• E-commerce revenue growth of 78% year-over-year in Q2 2025.
• Amazon sales growing at approximately 10-15% month-over-month as of Q3 2025.
• New distribution deal with Bradley Caldwell driving retail sales.
• Expected additional launches in Australia and New Zealand later in 2025.

Securing and maintaining EPA and FIFRA 25(b) regulatory compliance.

Regulatory status is a key competitive moat. SenesTech, Inc. represents that Evolve qualifies as a minimum risk pesticide under FIFRA Section 25(b) and is exempt from registration by the U.S. Environmental Protection Agency (EPA). The company has secured FIFRA 25(b) exemption + 48 state/territory approvals, which competitors face 12-18 months of delay and complexity to match. For the legacy product, ContraPest is registered federally as a General Use Product but requires an RUP license if deployed in Connecticut. Due to conditional registration status, ContraPest is currently not allowed for use in public schools or childcare facilities in California.

Maintaining this status requires adherence to strict rules, such as listing all active and inert ingredients on the label. The company's ability to maintain this designation is a core activity that avoids the normal EPA approval process.

Finance: draft 13-week cash view by Friday.

SenesTech, Inc. (SNES) - Canvas Business Model: Key Resources

You're looking at the core assets SenesTech, Inc. (SNES) relies on to operate and grow in late 2025. These aren't just ideas; they are tangible, regulated, and financial components supporting their unique market position.

The foundation is the proprietary rodent fertility control technology, evidenced by the regulatory status of its two main product lines. This technology is the engine driving their gross margins, which hit 62.8% in Q3 2025.

The product portfolio's regulatory standing is a critical, defensible resource. Here's the breakdown of compliance as of late 2025:

Financially, the company holds a solid liquidity position. Cash and short-term investments totaled approximately $10.2 million as of Q3 2025. This balance supports operations as they pursue profitability, having narrowed their Q3 2025 Adjusted EBITDA loss to a record $1.2 million.

Operational capacity is backed by a physical asset upgrade. SenesTech, Inc. completed its move into a new, larger manufacturing facility in Phoenix (specifically Surprise, AZ) in July 2025. This move was intended to support growing demand and drive improvements in capacity and gross margins.

The expertise of the team is a resource, reflected in the company's structure and market traction. The firm has 23 employees. This expertise translates directly into significant revenue growth across key channels, with Evolve products accounting for 85% of Q3 2025 revenue.

The market acceptance of their science-driven products is a key intangible resource, shown by these Q3 2025 year-over-year growth rates:

• Evolve product sales grew by 77%.
• Municipal sales saw a 139% increase.
• Retail vertical growth reached 254%.
• E-commerce revenue increased by 55%.

Also, operating expenses were managed down by 4% in Q3 2025 compared to the prior year.

Finance: draft 13-week cash view by Friday.

SenesTech, Inc. (SNES) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose SenesTech, Inc. (SNES) products, grounded in the numbers from their late 2025 performance.

Humane, non-lethal rodent control, reducing reliance on poisons.

• The Evolve product line qualifies as a minimum risk pesticide under FIFRA Section 25(b) and is exempt from registration by the U.S. Environmental Protection Agency.
• ContraPest® is the only U.S. EPA-registered contraceptive for male and female rats.

Sustainable, long-term population management, not just temporary kill-off.

The method targets the source of the infestation by restricting fertility, which affects the population growth rate. The effect on the population begins after one to two breeding cycles, which is approximately four to six weeks. This contrasts with lethal methods that only manage the surviving population.

High-margin Evolve soft bait is easy-to-deploy for DIY and professional use.

The Evolve product line is the primary driver of financial performance, showing strong profitability. For the third quarter ended September 30, 2025, the company reported a Gross Profit Margin of 62.8%. The Evolve Rodent Birth Control products accounted for 85% of total revenue in Q3 2025, with sales surging 77% year-over-year. The soft bait format is designed to be familiar and convenient for deployment.

Only EPA-registered contraceptive for male and female rats (ContraPest).

While Evolve is the current revenue leader, the foundational product, ContraPest®, holds the unique regulatory distinction as the only U.S. EPA-registered contraceptive for male and female rats. This regulatory status underpins the entire fertility control platform.

Seamless integration into existing Integrated Pest Management (IPM) programs.

Pest Management Professionals (PMPs) are actively incorporating the technology into their service offerings. In Q3 2025, PMPs represented nearly 20% of the Company's overall revenue, marking a 29% year-over-year boost in that segment. This shows the product works in tandem with traditional tactics to improve overall pest management goals.

Finance: draft 13-week cash view by Friday.

SenesTech, Inc. (SNES) - Canvas Business Model: Customer Relationships

You're looking at how SenesTech, Inc. (SNES) manages its diverse customer base, which spans from individual online shoppers to major metropolitan areas. The relationships are segmented to match the customer type, which is a smart way to scale a novel product.

Automated self-service and digital marketing for e-commerce consumers.

For the direct-to-consumer segment, the focus is on digital availability and automated support. E-commerce revenue was a significant driver, increasing 55% year-over-year in the third quarter of 2025. This channel represented 35% of total Q3 2025 revenue. Growth on Amazon continues at double digits monthly. The platform functionality and digital marketing across sites like Amazon, Walmart, and Tractor Supply fueled a 78% year-over-year increase in e-commerce revenue in Q2 2025.

Dedicated direct sales team for large municipal and industrial accounts.

Large-scale deployments require a more hands-on approach. Municipal sales saw a 139% year-over-year growth in Q3 2025, specifically fueled by expanded deployments in New York City and Chicago. The municipal sales growth year-over-year in Q2 2025 was even higher at +538%. These deployments are crucial for validation, even if they are currently a relatively small percentage of total sales.

Collaborative relationships with distributors for training and market education.

Distributors act as an extension of the sales force, especially into rural and agricultural markets. The partnership with Bradley Caldwell, Inc. (BCI) is a prime example, as this distributor serves over 8,000 farm, ranch, hardware, and pet supply dealers across the United States. This distributor relationship, alongside expanded adoption by Ace Hardware (which more than doubled its coverage area), drove retail revenue up 254% year-over-year in Q3 2025. The initial order from Bradley Caldwell in Q2 was approximately $65,000.

Here's a quick look at how the key non-PMP channels performed in recent quarters:

High-touch support for government and city deployments (e.g., NYC, Chicago).

Government contracts require dedicated management to ensure successful execution of pilot programs. Beyond NYC and Chicago, management reported deployments or orders in Baltimore, Los Angeles County, and Waukesha, Wisconsin. The initial New York City deployment began in April 2025 following City Council approval in September 2024.

Professional engagement with PMPs to integrate products into their services.

Pest management professionals (PMPs) are a core segment, utilizing the Evolve product as part of their Integrated Pest Management (IPM) strategy. PMPs accounted for nearly 20% of the Company's overall Q3 2025 revenue. This segment showed strong sequential growth, being up 72% from the prior quarter, and a 29% year-over-year increase in Q3 2025.

The relationships are clearly tiered:

• Direct digital engagement for individual consumers.
• Dedicated account management for large municipal contracts.
• Channel enablement and training for the 8,000+ dealer network.
• Strategic integration support for PMPs, representing 19% to 20% of sales.

Finance: draft 13-week cash view by Friday.

SenesTech, Inc. (SNES) - Canvas Business Model: Channels

You're looking at how SenesTech, Inc. gets its Evolve® Rodent Birth Control products into the hands of customers as of late 2025. The strategy is definitely multi-channel, which is key to their growth story.

The company's overall Q3 2025 revenue hit a record of $690,000, up 43% from Q3 2024, driven by the high-margin Evolve line which accounted for 85% of that total revenue in the third quarter.

The distribution structure relies on several distinct paths to market:

• E-commerce platforms are seeing accelerating growth across the board.
• Wholesale distributors are moving product into rural and agri-business retail spaces.
• Direct sales target large-scale users like municipalities and pest management professionals (PMPs).
• International expansion is actively adding new distribution points.
• The company-owned site, SenesTech.com, is part of the overall digital push.

E-commerce platforms like Amazon, Walmart.com, and HomeDepot.com are major contributors to the digital segment. E-commerce revenue increased 55% year-over-year in Q3 2025. Amazon sales specifically showed double digit growth monthly in Q3 2025. Furthermore, SenesTech, Inc. announced that Evolve® Rat Birth Control® was available online at Lowes.com as of November 10, 2025.

Wholesale distributors are gaining traction, especially in the retail sector. Retail revenue grew by 254% year-over-year in Q3 2025. This growth was driven by expanded adoption from Ace Hardware, which more than doubled its coverage area during the quarter, and follow-on orders from Bradley Caldwell. Bradley Caldwell is a wholesaler serving over 8,000 retail locations in the Northeast.

The direct sales force and B2B focus are showing strong engagement with professionals and government entities. Pest management professionals (PMPs) accounted for nearly 20% of the Company's overall Q3 2025 revenue. PMP revenue was up 29% year-over-year in Q3 2025. Municipal sales, while a smaller percentage of total sales, saw a significant 139% increase year-over-year in Q3 2025 due to new deployments in Chicago and New York.

For international access, SenesTech, Inc. announced the addition of the Belize Raptor Center as an Official Distributor of Evolve® Rat Birth Control in November 2025. The company is also targeting the $1.2B Australian market.

Here's a quick look at the Q3 2025 revenue mix based on reported segment growth:

Management has a compelling case with major big-box retailers like Lowe's, Walmart, and Home Depot, suggesting in-store offerings may follow successful e-commerce traction in the near future. If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

SenesTech, Inc. (SNES) - Canvas Business Model: Customer Segments

You're looking at the customer base for SenesTech, Inc. (SNES) as of late 2025, and the numbers show a clear pivot toward high-growth, high-margin channels driven by the Evolve® product line.

E-commerce consumers and DIY pest control users represent a massive and rapidly growing segment. In the first quarter of fiscal year 2025 (Q1 FY2025), this channel was clearly the largest contributor, coming in at 61% of overall Q1 sales, which was an increase of 107% compared to Q1 of the prior year. By Q2 FY2025, e-commerce still represented over 50% of total sales, growing 78% year-over-year. For Q3 FY2025, e-commerce revenue increased 55% year-over-year. Key platforms include Amazon, which saw double-digit growth, alongside Walmart.com, TractorSupply.com, and HomeDepot.com.

Pest Management Professionals (PMPs) for commercial and residential services are an important B2B component. The success of the Evolve product line has driven improved adoption within this professional segment. In Q1 FY2025, Evolve revenue growth was attributed in part to improved adoption by PMPs. The multi-channel strategy in Q3 FY2025 reflects integration into professional pest control workflows.

Cities and Government Agencies (e.g., New York, Chicago) for public health programs show the most explosive growth rate. Municipal contracts saw a hefty increase of 139% year-over-year in Q3 FY2025, reflecting expanded deployments in major U.S. cities like New York and Chicago.

Agri-Business and Rural Retail customers (farm, ranch, hardware dealers) are being captured through expanding distribution. Brick-and-Mortar retail, a nascent channel, surged nearly 500% sequentially to approximately $65,000 in Q2 FY2025, following a new distribution deal with Bradley Caldwell. In Q3 2024, Distributor Revenue accounted for 39% of sales, while Brick-and-Mortar Retail was 2% of sales.

Industrial, Warehousing, and Distribution facilities with high-risk rodent issues are served by the core Evolve product line, which now represents 85% of total revenue as of Q3 FY2025. The original ContraPest Ultimate Bait System was specifically noted as perfect for large infestations, which are common in industrial settings.

Here's a look at the reported revenue channel mix from a recent quarter:

The Evolve product line, the primary driver, grew 77% year-over-year in Q3 FY2025, making up 85% of the total $690,000 revenue for that quarter. The older ContraPest product line accounted for 17% of Q2 FY2025 sales.

Finance: review the Q4 2025 channel revenue breakdown against the Q3 2025 figures by next Tuesday.

SenesTech, Inc. (SNES) - Canvas Business Model: Cost Structure

You're looking at the expenses SenesTech, Inc. (SNES) is managing to bring its fertility control products to market. The cost structure is heavily influenced by scaling production and commercialization efforts, which is typical for a company in this growth phase.

High cost of goods sold (COGS) for product manufacturing and materials is implied by the gross margin figures. For the third quarter of 2025, the reported Gross Profit Margin was $62.8\%$. This means the COGS represented approximately $37.2\%$ of the revenue recognized in that period. To be fair, the margin improved significantly year-over-year, with Q1 2025 showing a gross margin of $64.5\%$, suggesting that the cost to produce the higher-margin Evolve product line is a key factor in managing this component of the cost structure.

Significant Selling, General, and Administrative (SG&A) expenses for commercialization form a large part of the operating spend. For the first quarter of 2025, SG&A expenses were reported at $\$1,558,000$. This spend supports the multi-channel rollout, including e-commerce, retail, and municipal sales efforts. The company noted that overall operating expenses were down $12\%$ sequentially in Q3 2025, showing a focus on operational leverage, even with the ongoing commercial push.

Research and Development (R&D) expenses remain a necessary investment for product maintenance and future development. For Q1 2025, R&D expenses were $\$418,000$. This figure represented an increase of $13\%$ compared to the same period last year, indicating continued commitment to innovation despite the focus on commercial scaling.

Here's a quick look at the key expense components from the first half of 2025:

Distribution and logistics costs for a multi-channel network are embedded within COGS and OpEx, but the scale of the channels provides context on the required infrastructure. The company saw significant growth across its distribution network in Q3 2025, which drives logistics complexity and cost:

• E-commerce revenue grew $55\%$ year-over-year.
• Retail revenue surged $254\%$ year-over-year.
• Municipal revenue increased $139\%$ year-over-year.
• Pest management professionals (PMPs) revenue grew $29\%$ year-over-year.

Legal expenses represent unpredictable, non-recurring costs that impact reported profitability. In Q3 2025, SenesTech, Inc. incurred $\$111,000$ in one-time legal expenses related to litigation. Excluding this specific cost, along with a non-cash lease expense, the net loss for Q3 2025 would have been $\$1.1$ million instead of the reported $\$1.3$ million loss. This one-time item definitely weighed on the operating expense line for that quarter.

SenesTech, Inc. (SNES) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how SenesTech, Inc. is bringing in cash as of late 2025. It's all about the shift to the higher-margin product.

The total revenue for the third quarter ended September 30, 2025, was $690,000.

The dependence on the flagship product is clear; Evolve® Rodent Birth Control™ sales drove the bulk of the top line.

SenesTech, Inc. utilizes a multi-channel distribution strategy to realize these revenue figures. The primary revenue drivers by channel for Q3 2025 included:

• E-commerce sales, which accounted for 54% of Q3 2025 total revenue.
• Pest Management Professionals (PMPs), accounting for 19% of Q3 sales.
• Municipal and government contract revenue, which saw a 139% year-over-year growth.
• Brick-and-mortar retail sales, which increased 254% year-over-year.

The e-commerce channel showed a 55% increase year-over-year, driven by platforms like Amazon.com and the recent addition of lowes.com.

For international distribution sales and initial stocking orders, the company secured New Zealand approval and has 18 exclusive distributors working on approvals, positioning for future container orders.