REG - Itaconix PLC - H1 2025 Trading Update

ItaconixAnnouncement

23/07/2025 07:00

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RNS Number : 1161S  Itaconix PLC  23 July 2025

For release: 07.00, 23 July
2025

ITACONIX PLC

("Itaconix", the "Company" or the "Group")

H1 2025 Trading Update

Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in plant-based
specialty polymers used to decarbonise everyday consumer products, is pleased
to provide a trading update for the six months ended 30 June 2025 ("HY25"),
which was in line with Board expectations.

The Company achieved record half year results with unaudited HY25 revenues of
$4.8 million (HY24: $2.8 million). These revenues represent 73% growth from
the first half of 2024 and 30% growth over the second half of 2024.
Additionally, the Company maintained overall FY24's gross profit margins to
convert these revenues into record half year unaudited gross profits.

Revenue growth was led by an 87% increase in HY25 Cleaning revenues to $4.3
million (HY24: $2.3 million). This reflected both increased market share for
Itaconix's scale inhibitors in detergents and initial success with the
Company's SPARX™ program for formulated solutions. The Company's hygiene and
beauty products also made commercial progress with 9% HY25 revenue growth over
HY24 to $0.5 million.

Europe led the Company's overall commercial progress with a 149% increase in
HY25 European revenues over HY24 driven mainly by reoccurring orders.
Continued success in diversifying the Company's customer base also generated
53% growth in HY25 North America revenues from HY24, based on both new
accounts and reoccurring orders from existing detergent customers.

In June 2025, the Company announced the commercial launch of BIO*Asterix®, a
new line of specialty monomers and binders targeting the high-value paints,
coatings, and adhesives sectors. This launch marks a major strategic
milestone, establishing a third distinct revenue stream for the business
alongside its existing Itaconix® Performance Ingredients and SPARX™
Formulated Solutions segments.

In July 2025, the Company also announced the extension and expansion of its
global supply and marketing collaboration with Croda Inc. in the growing
market for odour control in homecare applications. The updated agreement
includes a new Itaconix ingredient aimed at the growing market for odour
control in fabric cleaning, highlighting the increasing depth of commercial
and technical cooperation between the two companies.

Unaudited net cash and investments as at 30 June 2025 stood at $5.7 million,
down from $7.8 million at 30 June 2024, largely reflecting investments in raw
material and finished goods inventories.

With H1 trading in line with expectations and a positive start to H2, the
Board's expectations for 2025 remain unchanged. The Board nevertheless
continues to monitor US trade policies, the macro-economic environment and
customer ordering patterns.

Further details on first half results will be provided in the 2025 interim
report, which the Company plans to release in September 2025.

John R. Shaw, CEO of Itaconix, commented:

"Our record half year revenues are another major milestone towards
establishing our products as core ingredients in a new generation of
high-performance sustainable consumer products. Our plant-based scale
inhibition and odour control products are gaining market share across a
diverse customer base. Our new SPARX™ program is also gaining traction as a
faster and more affordable route for both small and larger brands to develop
and introduce innovative new consumer products.

"With a strong balance sheet, a proprietary technology platform, an expanding
line of ingredients, and a robust pipeline of opportunities, we are confident
in delivering sustained revenue and gross profit growth through 2025 and
beyond."

Enquiries:

Itaconix plc

John R. Shaw / Laura Denner

Tel: +1 603 775 4400

Rosewood (Financial PR)

John West / Llew Angus / Lily Pearce

Tel: +44 (0) 20 7653 8704

Canaccord Genuity (Nominated Adviser and Broker)

Adam James / Harry Pardoe

Tel: +44 (0) 20 7523 8000

About Itaconix

Itaconix plc develops and markets sustainable plant-based polymers that
improve the safety, performance, and environmental profile of everyday
consumer and industrial products. Its proprietary platform leverages itaconic
acid to produce unique high-performance materials across multiple markets.

www.itaconix.com (http://www.itaconix.com)

 

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