5 June 2023
Itaconix plc
(“Itaconix” or “the Company”)
Final Results
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces its Final Results for the year ended 31 December 2022.
Commenting on the results, John R. Shaw, CEO of Itaconix, said:
“We achieved major steps in FY2022 toward our financial goal of building a large, high gross margin, capital efficient specialty ingredients business. We have delivered revenues in line with previously upgraded market expectations at $5.6m, as our products are now used as performance ingredients in over 145 different consumer brands and are found in major retailers across Europe and North America. These revenues represent 115.7% growth over FY 2021 revenues of $2.6m and highlight both the potential for our proprietary technology platform and our pathway to profitability.”
“Our FY2022 financial results also reflect progress toward safer and more sustainable consumer products that contribute to a new low-carbon economy. We use the safety, functionality, and plant-based content of itaconic acid to make proprietary polymers that enable consumer products with new levels of performance, safety, and sustainability. Growth in our base of recurring revenues from more brands shows that everyday products can both decarbonise and remain competitive.”
“In February 2023, after the reported period, we took a further step toward our goal when we successfully raised gross proceeds of $12.7m through a placing, subscription, and open offer. The funding allows us to advance more product and application revenue opportunities within our technology platform and support our general working capital needs for continued revenue growth. Our stronger balance sheet also offers us the ability to improve some of our gross profit margins, as we restructure customer and vendor arrangements and build up inventory in Europe."