Itaconix plc
(“Itaconix” or the “Company”)
Preliminary Results for the Year Ended 31 December 2024

Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces its Preliminary Results for the year ended 31 December 2024.

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

“2024 was a pivotal year in strengthening the foundation of our business, following our decision to rebuild our customer base around the true value of our ingredients. The results are already evident – improved gross margins, a more diverse and resilient customer base, and momentum in Europe and non-cleaning segments.

“We are entering 2025 with a stronger platform for growth, enhanced by the launch of our SPARX™ innovation program, which is already producing promising new products like Itaconix® TSI™ 422. With consumer demand rising for safer, sustainable, and high-performing products, we believe Itaconix is uniquely positioned to scale as a specialty ingredients leader.”

Financial and Operational Highlights

^[1] Adjusted for interest, tax, depreciation, amortization, share based payment charge, and exceptional items.

• Revenue of $6.5 million (2023: $7.9 million), reflecting the strategic decision to exit lower-margin business with a major North American customer. 53.5% growth in remaining revenue base, excluding the discontinued North American merchandiser contract.
• Gross profit margin improved to 34.7% (2023: 31.0%), driven by better pricing, lower input costs and operating efficiencies.
• Adjusted EBITDA loss of $1.8 million (2023: loss of $0.9 million) as the Company continued to invest in growth.
• Cash and investments at year end of $6.7 million, providing a strong foundation for 2025.
• European revenues doubled year-on-year, with regional sales now accounting for nearly 30% of total revenue.
• Strong progress in hygiene and beauty, with hygiene revenue up 49.7% and beauty revenue up 24.0%.
• New detergent polymer, Itaconix® TSI™ 422, launched with early commercial adoption and cost advantages.
• Product pipeline strengthened with innovation across scale inhibition, odour neutralisation, and new process developments.
• Regulatory footprint expanded with approvals in Australia, New Zealand, South Korea, and increased volumes in Europe and China.
• SPARX™ collaboration program launched to accelerate adoption of plant-based performance ingredients in new product formats.
• Jonathan Brooks, a distinguished corporate lawyer with extensive capital markets and growth company experience, appointed as independent Non-Executive Director and Chair of the Nomination Committee.

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

“With the improvement in our revenue base and continued key operating and capital spending on future growth, we are turning our proprietary technology platform into a broad foundation for a large, high-gross margin, specialty ingredients business. Importantly, we are structuring and building our revenues for long-term success with products that are valued and purchased for their performance, that are used across a broad range of customers and applications, and that enable new generations of safer and more sustainable consumer products. With our new SPARX™ program, we work closely with other innovators to speed the introduction of new consumer products that address valuable unmet needs.

“With H2 2024 revenues of $3.7 million verses H2 2023 revenues of $3.9 million, we entered 2025 with a more profitable customer base and revenue momentum across our major applications and geographies. With a strong start to 2025, current trading is in line with the Board’s expectations and the Board remains confident in Itaconix’s mid-term path to profitability and long-term revenue potential.”

- Ends -

Enquiries:

Itaconix plc                                                                                                                            +1 603 775 4400

John R. Shaw / Laura Denner        

Rosewood                                                                                                                             +44 (0) 207 653 8704

Financial PR

John West / Llew Angus  

Canaccord Genuity                                                                                                              +44 (0) 7523 8000

Nominated Adviser and Broker

Adam James / Harry Pardoe         

About Itaconix

Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company's current ingredients are enabling and leading new generations of products in detergents, hygiene, and hair care. Itaconix's products contribute to the global low carbon economy.

www.itaconix.com