Itaconix plc 
(“Itaconix” or “the Company”) 
156% Revenue Growth for Full Year Results Ended 31 December 2020

Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used as essential ingredients in everyday consumer products, announces Final Results for the year ended 31 December 2020.

Commenting on the results, John R. Shaw, CEO of Itaconix, said:

“We achieved 155.6% growth in revenues to $3.29 million and reduced adjusted EBITDA losses to under $1 million from progress with new and recurring orders in detergent, odour control, and personal care applications. In addition, having completed a successful fundraise, we have also substantially strengthened our balance sheet and had healthy cash balances at the year end.”

“With Polymers for Better Living™, Itaconix is dedicated to decarbonization to reduce the planet’s carbon footprint and address climate change. Our plant-based polymers are essential ingredients in a new generation of safer, more sustainable consumer products.

“2020 was transformational for our Company, as brands increasingly looked to Itaconix to improve the competitive position of their products with new performance and environmental claims. Milestones achieved from major customer projects progressing to launch in 2020 increased our revenues and our revenue potential in a broadening range of home and personal care products. The expanding foundation of formulations among our customers is building a strong base of recurring use to underpin our continued growth.”

Financial Highlights

¹Adjusted for interest, tax, depreciation, amortization, and exceptional items.

Operational Highlights

• Grew revenues by 155.6% and gross profits by 156.4% with a slight improvement in gross profit margins.
• Strong growth in revenues to $3.29 million and gross profits to $1.15 million reduced adjusted EBITDA losses by $1.5 million to less than $1 million.
• Completed successful $2.2 million fundraise in July 2020 via an oversubscribed placing and subscription from existing and new investors.
• New Itaconix® TSI™ 322 polymer launched and is now leading a new generation of dishwashing detergents with excellent performance and high bio-based content, including the launch of two new North American brands in 2020.
• Itaconix’s ZINADOR™ polymers sold through Croda, a global specialty chemicals leader, are seeing broader use for odor control in homes. Demand continued to expand with wider adoption in existing brands and initial usage by new brands.
• Demand for Itaconix’s bio-based hair fixative polymer sold worldwide by Nouryon, a global specialty chemicals leader, continued to grow.
• VELAFRESH™ polymers gained important initial adoption as key ingredients in specialty underarm deodorant brands.
• Completed expansion of the executive team for a full complement of capabilities and capacity to pursue the next phase of revenue development.
• Strong pipeline, with formulation activity using Itaconix® TSI™322 increasing in the second half of 2020.
• Development of Itaconix’s BIO*Asterix™ line of plant-based functional additives presents breakthrough opportunities for increasing the use of safer, sustainable materials through an evolving line of plant-based functional ingredients.

Commenting on the outlook, John R. Shaw, CEO, added:

“With new urgency in consumer markets to address both cleanliness and climate change, our years of development efforts have propelled our commercial activities and results to a new stage of growth. The trend towards sustainable consumer products is only accelerating. As our current customers succeed, we are confident that our products will be increasingly used as ingredients in major brands. Despite some emerging operational headwinds in the supply chain from secondary effects of the Covid-19 pandemic, we expect the commercial momentum in 2020 to progress in 2021, particularly as current customer products succeed in the market and major new customer products continue to launch in 2021.”

“With our strong base for continued revenue growth, we look forward with increased confidence toward the Company’s goal of sustained profitability in the coming years.”

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