REG - Itaconix PLC - Preliminary Results
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RNS Number : 7881X Itaconix PLC 24 March 2026
Embargoed: 24 March 2026
ITACONIX PLC
("Itaconix" or the "Company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025
Our most successful year into a new stage of development and growth
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in high-performance
plant-based specialty polymers, is delighted to announce its Preliminary
Results for the year ended 31 December 2025.
Financial and Operational Highlights
2025 2024 2023 2022 2021
(Restated)
$'000 $'000 $'000 $'000 $'000
Revenue 10,499 6,503 7,866 5,600 2,596
Gross profit 3,642 2,260 2,437 1,487 700
Gross profit margin 34.7% 34.7% 31.0% 26.6% 27.0%
Adjusted EBITDA(1) (600) (1,778) (925) (1,395) (1,640)
Cash used from operating activities (1,222) (2,753) (1,923) (219) (2,023)
Net cash and investments at year-end 4,391 6,734 10,023 597 683
( )
(1) Adjusted for interest, tax, depreciation, amortisation, share based
payment charge, and exceptional items.
* Record annual revenues surpassed $10m for the first time, reflecting 61%
year-on-year growth.
* Annual gross profit surpassed $3m for the first time. Maintained overall gross
profit margin of 35%, with gross profit margin in core Itaconix Performance
Ingredients business at 41%.
* Adjusted EBITDA losses improved to $0.6m, from $1.8m in 2024.
* Net losses declined to $1.4m in 2025 from $2.0m in 2024.
* Ended the year with strong working capital position for growth.
* Itaconix® Performance Ingredients and SPARX™ Formulated Solutions
businesses on strong paths towards profitable long-term growth.
* Development of BIO*Asterix® specialty itaconate monomers and resins business
into large new revenue opportunity. Launch of BIO*Asterix® ecommerce site
(www.bioasterix.com) in July 2025.
* Leveraged the performance advantages of scale inhibitors through the SPARX™
Formulated Solutions program, to develop new unit dose detergent formulations
for 17 North American brands.
* Several new ingredients in pre-commercial or early commercial stages.
* The Company has entered 2026 with strong order momentum and a growing pipeline
of projects. Management's expectations for the year to 31 December 2026 remain
unchanged, with strong forecast revenue growth and positive adjusted EBITDA*.
* The Board believes the current market expectations for the year ended 31
December 2026 are as follows: Revenue - $13.3m, Adjusted EBITDA - $0.3m, Net
cash - $3m
(1) Adjusted for interest, tax, depreciation, amortisation, share based
payment charge, and exceptional items.
(2) Unaudited revenues by reporting period.
Commenting on the outlook, John R. Shaw, CEO of Itaconix said:
"Achieving $10.5m in revenues is a major milestone towards our goal of
developing a large, highly profitable, capital efficient specialty ingredient
company.
We sell proprietary ingredients that consumer product brands increasingly want
to use for their safety, performance, affordability, and sustainability. Our
commercial traction, diverse revenue base, customer project pipeline, and
production capacity put us in position for continued growth into a solid
foundation of profitability for both generating shareholder value and pursuing
additional revenue horizons.
Reaching this position while navigating geopolitical turmoil underscores the
strength of our business and the resilience of our supply chain, our
operations, and our organisation to global uncertainties.
We are off to a strong start in 2026 and remain confident that we will meet
the management expectations, including a clear path to positive adjusted
EBITDA in 2026."
- Ends -
Itaconix plc +1 603 775-4400
John R. Shaw / Laura Denner
Rosewood +44 (0)20 7653 8702
John West / Llewellyn Angus / Lily Pearce
Canaccord Genuity - Nominated Adviser and Sole Broker +44 (0) 20 7523 8000
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 cost-effective, decarbonized consumer
products in home and personal care.
www.itaconix.com (http://www.itaconix.com/)
Report & Accounts and Notice of AGM
The Company's statutory accounts for the year ended 31 December 2025, together
with a Notice of Annual General Meeting, are available on the Company's
website (www.itaconix.com (https://itaconix.com/) ) and posted to shareholders
on 24 March 2026. Copies will also be available at the Company's registered
office, Fieldfisher LLP, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R
3TT, United Kingdom.
The Annual General Meeting is due to be held at 14:00 BST on 14 May 2026 at
Fieldfisher LLP, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT,
United Kingdom.
CHAIR'S STATEMENT
For Nature with Nature
Itaconic acid is a natural biological material generated in the human and
plant world. Prior to the founding of Itaconix, it was utilised mainly at low
percentages for the beneficial functional properties it added to polymeric
binders used in carpet backing and high-quality paper, where it is still
used. It is produced at large scale by industrial fermentation using
plant-based feedstock and is widely available on the open market.
We have a broad technology platform, protected by 18 patent families. We use
the beneficial functionality of itaconic acid to produce proprietary polymeric
ingredients that can offer significant safety, performance, cost, and
sustainability advantages over alternative ingredients. Our ingredients
enable plant-based solutions for new generations of cutting-edge consumer
products.
We had a great year. But more importantly we have decades of potential for our
current and future proprietary ingredients to enable better solutions across
broad ranges of consumer and industrial products. We will supply key
ingredients for new generations of end-use products that are better and safer
by how they are produced, how they are used, how they perform, how much they
cost, how they interact with animals, and how they do not persist in the
environment. We will steadily capture this potential without placing costly
burdens on consumers and society.
Our Business Plan
Our goal is to build a large, highly profitable company with re-occurring
revenues from a diverse base of customers that purchase Itaconix products as
key enabling ingredients in new generations of end-products.
Our immediate objective is to organically establish a sound and sustainable
financial foundation that will generate cash from operations to fund long-term
growth, ongoing innovation, and shareholder returns.
To achieve this foundation, we have narrowed our near-term commercial focus on
consumer product applications where Itaconix ingredients offer the most
immediate opportunities for brands to succeed with new products. The
multi-functional advantages of our itaconate ingredients can offer
extraordinary value in the unit dose segments of the consumer laundry and
dishwashing detergent markets. This is a multibillion-dollar market where we
have established success and are gaining broader recognition within brands of
the competitive advantages our ingredients offer in detergent capsules,
tablets, and sheets.
We believe that our base of existing customers and current pipeline of new
customer projects in unit dose detergents will drive us to the financial
foundation we have targeted to expand into broader applications and execute
our business plan to build a large, highly profitable company.
2025
I encourage you to read the details provided throughout this Annual Report on
the broad and substantial progress we achieved in 2025 toward both
establishing a sound financial foundation and generating commercial traction
to propel our near-term and long-term growth.
We surpassed $10m in revenues for the first time. We did so with 61%
year-on-year growth and consecutive growth in half-year revenues. We
maintained overall gross profit margin of 35% in 2025, with gross profit
margin in our core Itaconix® Performance Ingredients business at 41%.
Adjusted EBITDA losses improved from $1.8m in 2024 to $0.6m 2025. Net losses
declined to $1.4m in 2025 from $2.0m in 2024.
We continued to judiciously use our cash resources to invest in our customer
pipeline through new marketing capabilities, new products, additional product
studies, global regulatory approvals, better production, and organisation
development to support our growth.
Summary
2025 marked our most successful year into a new stage of development and
growth. Our Itaconix® Performance Ingredients and SPARX™ Formulated
Solutions businesses are on strong paths towards profitable long-term growth.
We took important steps towards developing our BIO*Asterix® specialty
itaconate monomers and resins business into a large new revenue opportunity.
We remain focussed on our organic near-term financial foundation for funding
our long-term objectives and potential.
Our progress is occurring in a global environment with significant
uncertainties. Views and regulations on the relative safety of chemicals are
fragmenting between consumer market segments and across geographies. Our
purchases of key raw materials and the sales of our ingredients face risks
from political acts that disrupt trade flows and consumer purchasing. As we
monitor and manage these forces to meet the strong underlying needs for our
ingredients, we are confident that Itaconix will create value for our
customers, retail consumers, the environment, our employees, and our
shareholders.
Peter Nieuwenhuizen
Chair
CHIEF EXECUTIVE OFFICER'S STATEMENT
Introduction
Achieving $10.5m in revenue marks an important milestone in the development
towards a large, highly profitable, capital efficient, specialty ingredients
business.
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™ Formulated Solutions programme, we work closely with other innovators
to speed the introduction of new consumer products that address valuable unmet
needs.
Reaching this milestone, while navigating global economic and geopolitical
pressures, underscores the attractiveness of our products as well as the
resilience and adaptability of our organisation, our operations, and our
supply chain.
In my Chief Executive Officer's statement in our 2024 Annual Report, I
outlined four non-financial key performance indicators through 2026 to guide
Itaconix toward near-term profitability while expanding our long-term revenue
potential. I am pleased to report that we have made substantial progress
across all four indicators.
Expand European cleaning revenues with broader adoption for scale inhibition
We grew our Performance Ingredient revenues in Europe, Middle East, and Africa
("EMEA") to $3.9m in 2025, up from $1.9m in 2024, representing 104%
year-on-year growth. This increase was driven primarily by increased adoption
of our scale inhibitors in unit dose dishwashing detergents, both among
existing and new customers. Looking ahead, we remain confident that our strong
pipeline of EMEA detergent projects will continue to deliver attractive growth
from both current and potential customers.
Re-land North American cleaning revenues for scale inhibition at attractive
pricing
We leveraged the performance advantages of our scale inhibitors through our
SPARX™ Formulated Solutions programme to develop new unit dose detergent
formulations for 17 North American brands. So far, eight formulations went
into production in 2025, another seven are expected to go into production in
2026 and two remain in evaluation. The success these formulations are
delivering for both brands and contract manufacturers is driving broader
adoption of our Itaconix® TSI™ polymers as a key ingredient in next
generation unit dose dishwashing detergents.
We anticipate that our current pipeline of North American dishwashing
detergent projects will support another strong year of growth in scale
inhibitor and SPARX™ Formulated Solutions revenues in 2026.
Land and expand North American odour neutralisation revenues in broader home
and industrial applications
Through our SPARX™ Formulated Solutions programme, we successfully expanded
the use of our odour neutralising ingredients in unit dose fabric care
applications. These ingredients are now incorporated into five new unit dose
fabric care detergent formulations in production, or slated for production, at
contract manufacturers for five North American brands. While the majority of
these formulations target pod and tablet formats, we also achieved initial
success in the laundry sheet category.
In 2025 we built a robust pipeline of North American fabric care detergent
projects, which we expect to translate into substantial revenues through 2027.
Additionally, we renewed our supply agreement with Croda, contributing to
increased revenues in 2025, with further growth anticipated in 2026.
Gain initial traction for BIO*Asterix® specialty monomers and binders
We advanced the availability and visibility of our specialty itaconate esters
with the launch of our BIO*Asterix® ecommerce site (www.bioasterix.com) in
July 2025. These esters hold significant potential for the development of new
plant-based resins in paints and coatings, and we are excited to initiate the
long-term development of BIO*Asterix® into a substantial business. The
ecommerce site has successfully generated awareness and enquiries regarding
our itaconate ester offerings and capabilities. We currently offer four
itaconate esters in millilitre volumes to industrial and academic research
laboratories, with additional itaconate materials planned for future release.
As expected, revenues remain modest at this stage.
Our commercial progress and potential are outlined below, with full financial
results detailed in the Financial Review.
Financial Foundation from Consumer Unit Dose Detergent Markets
My Chief Executive Officer's statement in our 2024 Annual Report also outlined
seven applications areas where our technology platform provides alternatives
to acrylic acid polymers, leveraging advantages in chemical functionality.
Within this range of potential applications, our scale inhibitors and odour
neutralisers are gaining strong traction in unit dose dishwashing and fabric
care detergents, driven by their ability to deliver better performance,
affordability, and sustainability.
The consumer unit dose detergent market has favourable dynamics for Itaconix
to grow over at least the next five years. The broader consumer detergent
market provides re-occurring revenues and growth opportunities across both
developed countries and emerging regions, where adoption of laundry and
dishwashing machines continues to expand. Unit dose formats, such as capsules,
tablets, and sheets, are outpacing overall detergent growth, reflecting
evolving consumer preferences and performance advances.
Our polymers offer multi-functional advantages that are especially valuable in
formulating compact unit dose detergents with performance and cost advantages.
Unit dose detergents represent a strong pathway to profitability and
innovation, supporting our long-term growth strategy. We remain focused on
direct selling and technical support to guide brands and contract
manufacturers toward optimal formulations. This approach yielded significant
success in 2025, and we believe our current customer base and project pipeline
will provide a solid foundation to sustain both profitability and innovation.
With ongoing improvements and upgrades to our US operations, we have the
capacity to provide the technical support and production capacity to reach at
least $30m in revenues, with limited investment required to support additional
revenues thereafter.
Decades of Potential
As we establish our first substantial profitable revenue base in consumer
detergents with our current ingredients, our technology platform continues to
present significant opportunities to enhance the safety, performance, and
sustainability of itaconate polymers.
We have several new ingredients in pre-commercial or early commercial stages
and are carefully prioritising where and how to develop additional large,
profitable revenue streams from these innovations.
BIO*Asterix® specialty monomers and binders
We offer a growing portfolio of itaconate monomers and polymeric binders with
performance, safety, and plant-based advantages that are key differentiators
in select segments of the paints and coatings market. We are investing in
products, applications, and patents to develop BIO*Asterix into proprietary
business with significant long-term growth potential.
Looking ahead, we plan to use our BIO*Asterix® monomers as the foundation for
a new class of competitive specialty water-based paints, targeted for
introduction by the second half of 2027. We anticipate that this initial use
will generate substantial revenue over several years and serve as a
springboard for broader adoption of plant-based coatings over the next decade.
Absorption and odour control in hygiene
Our odour neutralisers are already demonstrating effective performance in
select hygiene applications for both humans and pets. We are actively working
with customers to expand their use into areas where fluid absorption using
plant-based superabsorbents is also valued. Building on our prior development
efforts, we have superabsorbent polymers at the pre-commercial stage that
deliver performance approaching that of acrylate superabsorbents, while
offering substantial cost advantage over alternative plant-based approaches,
such as bio-based acrylates.
We are researching applications and evaluating commercial development routes
to integrate our odour neutraliser and superabsorbent into a new generation of
hygiene products. We estimate that material revenues from this work may emerge
within the next five years.
Long-term revenue development
We have initiated the development of future major revenue streams beyond
consumer detergents, scale inhibition, and odour neutralisation. While we
anticipate a longer timeline to achieve significant traction, we are confident
that our ingredients will achieve substantial adoption in paints, coatings,
and hygiene applications, driven by their advantages in safety, performance,
and sustainability.
Next Generation Organisation and Operations
With headcount additions and further optimisation of our production line, we
now have the capacity to achieve at least $30m in revenues with our US
facility. Fluctuations in US trade policy and ongoing global conflicts
continue to present some risks to our supply chains.
While we have avoided major raw material cost increases from tariffs, extended
shipping times and costs have required additional working capital and careful
monitoring of gross profit margins. These factors also highlight the potential
limitations of growing beyond $30m solely from our US operation. Early
feasibility and design work began in 2025 and will continue in 2026 on
scenarios and options for a potential production facility outside of the US by
2031.
At the same time, we are building our organisation with the capabilities and
talent needed for the next stage of growth. In continuation of his dedication
to advances in science, our co-founder Dr. Yvon Durant elected to transition
from CTO to part-time Innovation Director. He will continue to lead Itaconix's
new ingredient and process development efforts while pursue his passion for
skiing.
John Pelech joined us in late 2024 to advance our fulfilment capabilities and
was promoted to Vice President, Operations, expanding his responsibilities and
leadership. After many years of collaboration with Itaconix, Dr. John Tsavalas
joined as Research & Development Director from the University of New
Hampshire's material science programme. Dr. Jim Gordon retired after a
successful tenure building our European customer base. We are recruiting and
developing a growing pool of young innovation and commercial talent, who I
believe will form the core of our next stages of growth.
Outlook
We enter 2026 with strong expectations, while remaining mindful of areas of
uncertainty. We are confident that our current customer base and project
pipeline provide a solid foundation to meet the Board's expectations and
support continued growth.
Global uncertainties continue to present new risks. However, our position to
supplying ingredients for everyday consumer products, combined with reliable
raw material sourcing, creates a fundamentally resilient business model. We
have established strategies and resources to mitigate the risks that we do
face, whilst reducing reliance on elevated inventory levels.
We expect to see significant progress in the adoption of our BIO*Asterix®
specialty monomers and binders in paints and coatings, supporting both
near-term development and longer-term growth potential.
Overall, our continued focus on enabling safer, better performing, and more
affordable everyday consumer products has created a fundamentally resilient
and high-growth business, with a clear path to positive adjusted EBITDA in
2026.
I wish to thank our employees, customers, partners and shareholders for their
continued support. Their commitment and collaboration are central to our
progress and position us well for the opportunities ahead. We look forward to
building on this momentum in 2026 and beyond.
John R. Shaw
Chief Executive Officer
OUR STRATEGY
Principal Activities
Itaconix is a leading innovator in plant‑based specialty polymers that
enhance the performance, safety, and sustainability of everyday consumer and
industrial products. Our technology platform is built around itaconic acid, a
naturally occurring, plant‑derived metabolite recognised for decades for its
multifunctionality, safety, and ability to replace fossil‑based chemistries.
Through proprietary polymerisation processes, we convert readily available
itaconic acid into high‑value functional ingredients used across homecare,
personal care, and industrial applications.
The Group's core activities include the development, production, and global
commercialisation of these proprietary plant‑based polymers, delivered both
directly to manufacturers and through strategic partners. Our ingredients
provide key functional benefits-such as scale inhibition, odour
neutralisation, and hair fixative performance-while enabling brands to meet
rising consumer and regulatory expectations for safer, more sustainable
product formulations.
Most of the Group's efforts are focused on markets where the multifunctional
advantages of our polymers offer significant opportunities to replace
traditional acrylic and styrene‑based materials. Building on strong
commercial traction in dishwashing and laundry detergents, Itaconix continues
to broaden its ingredient portfolio, including early‑stage activities in
specialty monomers and binders, coatings, and other emerging applications,
supported by the expansion of its BIO*Asterix® line of plant‑based building
blocks.
Across all activities, our mission is to deliver high‑performance
plant‑based solutions that support decarbonisation, reduce environmental
impact, and enable the next generation of consumer products without requiring
compromises in cost or efficacy.
Key Performance Indicators (KPIs)
The Directors believe there are financial and non-financial key performance
indicators for the Group. These KPIs are critical for management's aim to
monetise its technology platform through revenues generated by a growing
number of commercial products. Non-financial KPIs are detailed above in the
Chief Executive Officer's Statement.
Financial:
· Revenue
· Adjusted EBITDA, the earnings before interest, tax, depreciation,
amortisation, share based payments, and exceptional items
· Cash
Non-financial:
· Expand European cleaning revenues with broader adoption for scale
inhibition
· Re-land North American cleaning revenues for scale inhibition at
attractive pricing
· Land and expand North American odour neutralisation revenues in
broader home and industrial applications
· Gain initial traction for BIO*Asterix® specialty monomers and
binders
Progress in 2025
In 2025, Itaconix delivered its strongest year of commercial and operational
advancement, achieving significant growth across its core business segments
and strengthening the foundations for near‑term EBITDA profitability. The
Group reported record revenues of $10.5m, a 61% increase from 2024, driven by
expanding adoption of Itaconix® Performance Ingredients and continued
momentum in SPARX™ Formulated Solutions. Revenue growth was broad‑based
geographically, with North America up 44%, EMEA up 104%, and progress
continuing across Rest of World markets.
Gross profit rose to $3.6m, with margins stable at 35%, reflecting disciplined
pricing, stable raw material costs, and improved operational efficiencies.
Itaconix® Performance Ingredients delivered a weighted average margin of 41%,
while SPARX™ Formulated Solutions averaged 17%, both supporting improved
adjusted EBITDA, which narrowed to a loss of $0.6m, a major improvement from
2024.
BIO*Asterix® advanced from concept toward a meaningful future revenue stream
as Itaconix continued developing its specialty itaconate monomers and binders.
The Company produced prototype binders for specialty paint applications,
completed safety studies to support upcoming US regulatory filings, and
progressed a new patent covering a specific itaconate ester application. It
also began selling research quantities in North America, marking the first
step toward broader commercial engagement. While BIO*Asterix® did not
generate revenue in 2025, these technical, regulatory, and early‑market
milestones positioned the platform to become a major long‑term contributor
as it moves toward commercialisation.
The Group advanced its development and commercial activities as detailed in
the Chief Executive Officer's Statement. Below is a table showing the Group's
key performance metrics and financial highlights:
2025 2024 2023 2022 2021
(Restated)
$'000 $'000 $'000 $'000 $'000
Revenue 10,499 6,503 7,866 5,600 2,596
Gross profit 3,642 2,260 2,437 1,487 700
Gross profit margin 34.7% 34.7% 31.0% 26.6% 27.0%
Adjusted EBITDA(1) (600) (1,778) (925) (1,395) (1,640)
Cash used from operating activities (1,222) (2,753) (1,923) (219) (2,023)
Net cash and investments at year-end 4,391 6,734 10,023 597 683
Financial Performance
Revenue
Total revenues for the year ended 31 December 2025 were $10.5m, representing a
61% increase from 2024 revenues of $6.5m. Revenues since 2021 have a compound
annual growth rate of 42%. Revenues have shown strong and consistent growth
over the last 3 halves, with the last two halves having record revenues for
the Group.
Revenues for the period comprised 73% from Itaconix® Performance Ingredients
and 27% from SPARX™ Formulated Solutions. In efforts to most accurately
reflect each of the business segments, certain revenues and costs from the
sale of Itaconix® TSI 422 used in blended products sold though SPARX™
Formulated Solutions were reclassified to Itaconix® Performance
Ingredients. In 2024, this amount was $0.3m in revenues and $0.2m in cost of
sales, having no impact on the gross profits for the year. For additional
information see note 26 to the financial statements.
North America represented 62% of the Group's revenue in 2025 (70% in 2024) and
increased by 44% year-on-year. EMEA represented 38% of the Group's revenues in
2025 (30% in 2024) and increased by 104% year-on-year.
In addition to the geographic diversity, the Group had revenue concentration
in three customers of 48% in 2025 compared to three customers of 40% in
2024. Revenue diversity continues to be an important focus for the Group as
we grow a sustainable revenue base for future growth.
(1) Adjusted for interest, tax, depreciation, amortisation, share based
payment charge, and exceptional items.
(2) Unaudited revenues by reporting period.
Gross profit and adjusted EBITDA(1)
The gross profit margin was 35% in both 2025 and 2024. During an exceptional
growth period, the Group maintained attractive gross profit margins due to
continued discipline in pricing strategy, stable raw materials costs,
favourable foreign currency movement and improved operating efficiencies.
Itaconix® Performance Ingredients have a range of gross profits depending on
the product and end market of 35% to 70% with the weighted average gross
profit for 2025 of 41%, this is consistent with the weighted average gross
profit for 2024 of 43%. SPARX™ Formulated Solutions have a range of 10% to
20% with a weighted average gross profit for 2025 of 17% which is slightly
higher than the equivalent gross profit for 2024 which was 11%.
Adjusted EBITDA is a non-IFRS measure but is widely recognised in financial
markets and it is used within the Group as a key performance indicator.
Adjusted EBITDA was a loss of $0.6m in 2025 (2024: loss of $1.8m) which
improved by 66%. The Group actively monitor administrative expenses and makes
prudent spending decisions to support the Group's strategic objectives.
Below is a reconciliation of Loss for the Year to Adjusted EBITDA:
2025 2024 2023 2022 2021
(Restated)4 (#_ftn4)
$'000 $'000 $'000 $'000 $'000
Loss after tax (1,380) (2,022) (1,536) (2,463) (455)
Taxation 11 - 27 8 7
Depreciation 165 120 194 161 167
Amortisation 218 214 202 202 201
Share based payments 57 72 229 559 -
Interest income (27) (330) (141) - -
Interest expense 159 167 79 - -
Impairment of intangible assets 197
Exceptional revaluation of lease liability - - 21 - -
Exceptional revaluation of contingent consideration - - - 138 (1,560)
Adjusted EBITDA (600) (1,778) (925) (1,395) (1,640)
Administrative expenses
Administrative expenses consist of sales, marketing, operations, research and
development, and public company costs such as legal, finance and the Group
Board. These expenses were $4.7m in 2025 up from $4.4m in 2024. The increase
in administrative expenses was largely due to increased staffing to support
the Group's growth plans.
Costs and investments
As at 31 December 2025, the Group held cash of $2.4m and investments in term
deposits of $2.0m, compared to $5.4m and $1.3m, respectively as at 31 December
2024. Net cash outflows from operating activities of $1.2m in 2025 were used
to support the Group's growth plan while managing working capital needs,
compared to $2.7m in 2024.
Working capital
At the year end, working capital had increased as inventory readiness to
support global volumes grew. Inventories increased to $3.7m in 2025 from $2.3m
in 2024. The Group increased raw material inventories to support revenue
growth and mitigate the risk of US tariff regimes near-term impact on gross
profits. Trade and other receivables increased to $1.7m in 2025 from $1.3m
in 2024. Trade and other payables increased to $2.7m in 2025 from $1.9m in
2024.
1 Adjusted for interest, tax, depreciation, amortisation, share based payment
charge, and exceptional items.
4 See note 26 to the financial statements.
Prior Period Adjustment related to IFRS 16: Lease Accounting
During the year, the Group identified a miscalculation of the interest expense
associated with one of its lease arrangements accounted for in accordance with
IFRS 16 Leases. The error related to the incorrect application of the
effective interest rate method in prior periods, which resulted in an
understatement of interest expense and depreciation by $157k and a
corresponding understatement of the lease liability by $169k and right of use
asset by $12k as at 31 December 2024. For additional information see note 26
to the financial statements.
Financial Reporting
The Group and the Company financial statements have been prepared in
accordance with UK adopted International Accounting Standards ("IFRS") and the
provisions of the Companies Act 2006. There were no new reporting standards
adopted for the year ended 31 December 2025 that have a material impact on the
financial statements.
Going Concern
The financial statements have been prepared on a going concern basis. The
Directors have reviewed the Company's and the Group's going concern position
taking account its current business activities, budgeted performance and the
factors likely to affect its future development, set out in this Annual
Report, and including the Group's objectives, policies and processes for
managing its working capital, its financial risk management objectives and its
exposure to credit and liquidity risks.
The Directors have also taken into consideration the current inflationary
environment and geopolitical uncertainties on the Group's revenues and supply
chain. While there has not been a significant negative impact during the
period on the Group revenues or supply chain, the Directors have applied
sensitivities to the timing, quantum, and growth of new customer projects in
revenue models and have assessed alternate supply chains that have been
developed by the Group to mitigate any issues in deliveries to our customers.
As further detailed in the Directors' Report on page 27 and note 2 to the
financial statements, the Directors have reviewed the Group's cash flow
forecasts covering a period of at least 12 months from the date of approval of
the financial statements, which foresee that the Group will be able to meet
its liabilities as they fall due. However, the success of the business is
dependent on customers continuing to purchase our products in order to
increase revenues and to reduce losses and the Directors continuing to control
the Group's and the Company's cost base.
Shareholdings and Earnings per Share
Itaconix had 13,486,122 shares in issue as at 31 December 2025. The
undiluted weighted average number of shares for the period to 31 December 2025
was 13,486,122. The undiluted weighted average number of shares was used to
calculate the loss per share presented in note 9 to the financial statements.
PRINCIPAL RISKS AND UNCERTAINTIES
The Group operates in dynamic global markets and is exposed to a range of
strategic, operational, financial, and external risks. The Directors have
overall responsibility for establishing and maintaining the Group's risk
management framework, while the management team is responsible for
implementing controls, monitoring emerging risks, and reporting on mitigation
effectiveness. Principal risks are enumerated and reviewed periodically by
Management and by the Directors. The Group's risk appetite is to take on
calculated and manageable risks aligned with its strategic objectives. While
maintaining a low tolerance for risks that could damage its reputation or
regulatory standing, the Directors are willing to accept higher levels of risk
in areas that support innovation, growth and long-term value creation. As the
Group continues to expand its commercial footprint in North America and EMEA,
these risks evolve, driven by market conditions, supply chain factors,
regulatory expectations, and macroeconomic developments.
Commercialisation Activities
The Group achieved record revenue growth this year, driven by strong customer
demand across its performance ingredients and formulated solutions segments.
However, the Group's ability to meet its long-term profitability goals remains
dependent on growing sales volumes, managing customer ordering patterns, and
maintaining momentum in new product adoption. Recent trading updates highlight
both accelerated revenue growth and the expectation that growth rates may
moderate compared to the exceptional increases seen in 2025.
Management of risk: The Group has sought to manage this commercialisation risk
by partnering with market leaders, such as Croda, Nouryon and Brenntag, for
the worldwide promotion of our leading products, continued development of
end-user formulas to provide customers with packaged solutions, and continuous
review of the market needs for Itaconix products.
Recruitment and Retention of Key Staff
The Group relies on experienced scientific, technical, and managerial
personnel. Competition for specialty polymer chemists and skilled operations
staff remains high across the global chemicals industry. Although the Group
expanded its management team in 2025, attracting and retaining high-calibre
personnel continues to be a risk.
Management of risk: The Group offers competitive market rates and benefits to
recruit and retain top talent. Management continues to provide competitive
compensation packages including benefits for employees to be an attractive
employer to work for. In addition, the Group seeks to retain key personnel in
the US using the Company's 2019 Equity Incentive Plan for share option grants,
as disclosed in note 22 to the financial statements.
Key Persons Risk
For senior corporate management, the Group relies on three people, the Chief
Executive Officer, the Chief Financial Officer and the Vice President of
Operations. These people play a pivotal role in shaping the Company's vision,
strategy, and operations. The Board recognises the importance of mitigating
key person risk to ensure the long-term stability of the Company.
Management of risk: The Group has negotiated and is negotiating executive and
senior management employment agreement with certain key employees and uses the
2019 Equity Incentive Plan for share option grants, not only for
incentivisation but also to encourage retention. The Board is developing
contingency plans to address unforeseen circumstances, as well as succession
planning, to ensure that the Company remains resilient and well-positioned for
sustainable growth.
Customer Concentration and Retention
The ability to retain key customers at attractive gross profit margins is
critical to maintaining revenue streams. The loss of key customers or
excessive dependence on a limited number of customers could impact business
results adversely.
Management of risk: We engage with the product managers and formulators,
either directly or through contract manufacturers, to create consumer products
that achieve desired performance claims and overall costs. During the process,
we monitor the estimated value of our ingredients in the end-product
formulations and price our ingredients relative to competitive alternatives.
The revenues for a particular ingredient are often concentrated in a few
customers in the early commercial stages. As we introduce more products and
these products enter new phases of growth, we are seeking to diversify our
customer base and to more consistently achieve pricing that reflects the value
of our ingredients in the end-product formulations.
Regulatory, Legislation and Environmental Impact
Sustainability expectations continue to rise across global consumer,
industrial, and regulatory environments. Customers, retailers, and regulators
increasingly require low‑carbon, non‑persistent, bio‑based ingredients.
Itaconix's polymers directly support these demands, but evolving regulatory
requirements necessitate robust documentation and ongoing research and
development investment.
Management of risk: The value of Itaconix products starts with their safety
and environmental profile. The Group closely monitors the evolving
requirements for substantiating these profiles and regularly conducts
technical studies to reinforce and extend the safety and environmental claims
of Itaconix ingredients.
Competition and Technology
The production and use of Itaconix polymers are subject to technological
change over time. There can be no assurance that developments by others will
not render the Group's product offerings and research activities obsolete or
otherwise uncompetitive.
Management of risk: The Group employs experienced and highly-trained polymer
chemists to develop and protect the Group's intellectual property. These
efforts include continuous work on the performance and cost advantages of
Itaconix polymers. In addition, the staff monitors technologies and patents
through publications, scientific conferences, and collaborations with other
organisations to identify new risks and opportunities.
Manufacturing Risk
Itaconix has one production facility in North America, that supports the
Group's revenues. Key raw materials are sourced globally which can result in
an extended supply chain.
Management of risk: The Group holds additional finished goods and raw material
inventories off site at a warehouse in North America and another in Europe.
Suppliers also hold additional raw materials in North America.
Liquidity Risk
Itaconix seeks to manage financial risk by ensuring adequate liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably. In addition, short-term flexibility is achieved by holding
significant cash balances in Itaconix's functional currencies, notably UK
Sterling and US Dollars.
Management of risk: The Group monitors bank balances held in established
financial institutions and maintains adequate cash balances in its functional
currencies.
Credit Risk
The principal credit risk for Itaconix arises from its trade receivables. To
manage credit risk, new customers are subject to credit review and all
customer accounts are regularly reviewed for debt aging and collection
history. As at 31 December 2025, there were no significant credit risk
balances.
Management of risk: The Group's control environment requires new customers to
establish credit terms through providing credit references and a credit
review. Trade receivables are actively monitored for collection history.
Inflation and Foreign Currency Risk
Raw material and logistics costs have stabilised compared to prior years;
however, inflationary pressures remain across global markets. Selling prices
to international customers increased during 2025, and the Group continues to
manage exposure arising from multi‑currency transactions.
Management of risk: The Group actively monitors raw material costs and works
with vendors to manage these costs. Costs increases are periodically passed
onto customers through pricing increases. The Group also has the ability to
receive various foreign currencies in bank accounts and convert them as market
conditions are favourable.
Foreign Exchange Risk
Itaconix is a holding company publicly traded on the London Stock Exchange.
The Group's primary operations are in the US. These US based operations
transact trades with customers in North America and internationally. Revenue
and costs are exposed to variations in exchange rates and therefore reported
losses. In 2019, the Group elected to convert the reporting currency from UK
Sterling to US Dollars. The US Dollar transactions represent a significant
portion of the functional currency transactions and therefore reduce the
Group's overall exposure to translation exchange risk.
Management of risk: The Group manages foreign exchange risk by maintaining
bank balances in major functional currencies to control the impact on
transaction costs for operational expenses. The Group will continue to monitor
the appropriateness of reporting in US Dollars.
Government and Geopolitical Risk
The Group has potential exposure to government activities related to US-Europe
and US-China trade relations and geopolitical risk, such as through the
procurement and import of itaconic acid from China, and the sale of products
to Europe and Canada. Trade tensions have led to fluctuating tariff regimes
that impact the costs of raw materials, production, distribution, and sales.
The imposition of tariffs on chemicals and specialty ingredients can increase
costs for both manufacturers and end customers, potentially affecting demand
and competitive positioning. This can have a negative impact but in certain
cases can also improve our competitive position relative to other products.
Tariffs or sudden policy shifts may also create supply chain disruptions,
forcing companies to adjust sourcing strategies or seek alternative suppliers,
often at higher costs. Limited availability and extended delivery times may
also trigger increases of raw material or product costs and may continue to
cause volatility.
Management of risk: The Group actively monitors global trade policies and
tariff developments to assess potential cost impacts and mitigate supply chain
risks. The Group also actively monitors raw material sourcing, particularly of
itaconic acid and the impact it could have on the Group's products. It works
with current suppliers on raw materials pricing and mitigating the impact of
tariffs on the pricing of the Group's products. Additionally, the Group
stays informed on potential trade developments and advocates for policies that
support fair and predictable market conditions. By proactively managing these
risks, the Group aims to maintain cost efficiency and supply chain stability
while continuing to serve its customers competitively.
Cyber and Information Risk
There is a growing risk of fraudulent attacks on the business, such attack
could have the potential to significantly disrupt the Group's operations and
result in loss to the business.
Management of risk: The Group monitor IT systems in place to ensure they are
up to date and regularly updated with the latest security protection.
SECTION 172 STATEMENT
Statement of Compliance with Section 172 of the Companies Act 2006
The Directors are required to include a separate statement in this Annual
Report that explains how they have considered broader stakeholder needs when
performing their duty under Section 172(1) of the Companies Act 2006. This
duty requires that a director of a company must act in the way he or she
considers, in good faith, would be most likely to promote the success of the
company for the benefit of its members as a whole, and in doing so have regard
(amongst other matters) to:
· The likely consequences of any decision in the long term;
· The interests of the company's employees;
· The need to foster the company's business relationships with
suppliers, customers, and others;
· The impact of the company's operations on the community and the
environment;
· The desirability of the company to maintain a reputation for high
standards of business conduct; and
· The need to act fairly between members of the company.
In connection with its statement, the Board describes in general terms how key
stakeholders, as well as issues relevant to key decisions are identified, and
also the processes for engaging with key stakeholders including customers,
employees and suppliers, and understanding those issues. It is the Board's
view that these requirements are predominantly addressed in the corporate
governance disclosures made in the Directors' Report, which are themselves
discussed more extensively on the Group's website.
A more detailed description is limited to matters that are of strategic
importance in order to remain meaningful and informative for shareholders. The
Board believes that two decisions taken during the year fall into this
category, and engaged with appropriate internal and external stakeholders on
these decisions, where applicable:
· QCA Code Review and Updates: the Directors evaluated and
implemented the Company's ongoing compliance with the Quoted Companies
Alliance Corporate Governance Code, including enhancements to governance
processes, risk management systems, and transparency. Stakeholder
expectations, including those of investors and regulators, were central to
these deliberations;
· Shareholder "Say on Pay" Considerations: the Directors reviewed
executive remuneration structures with specific attention to shareholder
feedback, alignment with performance objectives, and market standards. The
Board sought to ensure that remuneration policies continued to support
long‑term value creation while maintaining fairness and transparency.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
Notes 2025 2024
(Restated)
Continuing Operations: $'000 $'000
Revenue 2 10,499 6,503
Cost of sales (6,857) (4,243)
Gross profit 3,642 2,260
Administrative expenses (4,682) (4,445)
Operating loss before exceptional items (1,040) (2,185)
Impairment of intangible assets (197) -
Operating loss before tax from operations (1,237) (2,185)
Finance income 27 330
Interest expense (159) (167)
Loss before tax (1,369) (2,022)
Taxation charge (11) -
Loss after tax (1,380) (2,022)
Basic loss per share ¢ (0.10)¢ (0.15)¢
Diluted loss per share ¢ (0.10)¢ (0.15)¢
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the year ended 31 December 2025
2025 2024
(Restated)
Notes $'000 $'000
Loss for the year (1,380) (2,022)
Items that will be reclassified subsequently to profit or loss
Exchange gain in translation of foreign operations 381 (98)
Total comprehensive loss for the year (999) (2,120)
Attributable to:
Equity holders of parent (999) (2,120)
CONSOLIDATED BALANCE SHEET
At 31 December 2025
31 Dec 31 Dec
2025 2024
(Restated)
Notes $'000 $'000
Non-current assets
Intangible assets 237 244
Property, plant and equipment 1,067 584
Right-of-use assets 1,854 2,035
Investment in subsidiary undertakings - -
3,158 2,863
Current assets
Inventories 3,717 2,312
Trade and other receivables 1,691 1,281
Investments 2,020 1,252
Cash and cash equivalents 2,371 5,482
9,799 10,327
Total assets 12,957 13,190
Financed by
Equity shareholders' funds
Equity share capital 8,665 8,665
Equity share premium 58,012 58,012
Own shares reserve (5) (5)
Merger reserve 31,343 31,343
Share based payment reserve 1,001 944
Foreign translation reserve 712 331
Retained deficit (91,494) (90,114)
Total equity 8,234 9,176
Non-current liabilities
Lease liabilities 1,862 1,991
1,862 1,991
Current liabilities
Trade and other payables 2,699 1,876
Lease liabilities 162 147
2,861 2,023
Total liabilities 4,723 4,014
Total equity and liabilities 12,957 13,190
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
At 31 December 2025
Equity share capital Equity share premium Own shares reserve Merger reserve Share based payment reserve Foreign translation reserve Retained deficit (Restated) Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2024 8,665 58,012 (5) 31,343 872 429 (88,092) 11,224
Loss for the year - - - - - - (2,022) (2,022)
Exchange differences on translation of foreign operations - - - - - (98) - (98)
Share based payments - - - - 72 - - 72
At 31 December 2024 (restated) 8,665 58,012 (5) 31,343 944 331 (90,114) 9,176
Loss for the year - - - - - - (1,380) (1,380)
Exchange differences on translation of foreign operations - - - - - 381 - 381
Share based payments - - - - 57 - - 57
At 31 December 2025 8,665 58,012 (5) 31,343 1,001 712 (91,494) 8,234
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025
Group Group
2025 2024
(Restated)
$'000 $'000
Net cash outflow from operating activities (1,222) (2,753)
------ -
------
Interest received 27 330
Purchase of securities (768) -
Deposit of securities - 6,204
Purchase of property, plant and equipment (630) (363)
Development of website - (27)
Capitalisation of development costs (208) (197)
Cash loaned to subsidiary undertakings - -
Net cash (outflow) / inflow from investing activities (1,579) 5,947
Repayment of lease liability (310) (279)
Net cash outflow from financing activities (310) (279)
Net (outflows) / inflow in cash and cash equivalents (3,111) 2,915
Cash and cash equivalents at beginning of year 5,482 2,567
Cash and cash equivalents at end of year 2,371 5,482
NOTES TO THE FINANCIAL INFORMATION
1. Accounting policies
Basis of presentation
The financial information set out in this document does not constitute the
Group's statutory accounts for the years ended 31 December 2024 or 2025.
Statutory accounts for the years ended 31 December 2024 and 31 December 2025,
which were approved by the directors on 23 March 2026, have been reported on
by the Independent Auditors. The Independent Auditor's Reports on the Annual
Report and Financial Statements for 2024 or 2025 was unqualified and
unmodified and neither year did not contain a statement under 498(2) or 498(3)
of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2024 have been filed with
the Registrar of Companies. The statutory accounts for the year ended 31
December 2025 will be delivered to the Registrar of Companies in due
course and will be posted to shareholders on 24 March 2026, and thereafter
will be available from the Group's registered office at Fieldfisher Riverbank
House, 2 Swan Lane, London, United Kingdom, EC4R 3TT and from the Group's
website https://itaconix.com/investor/reports-documents/
(https://itaconix.com/investor/reports-documents/)
The financial information set out in these results has been prepared using the
recognition and measurement principles of International Accounting Standards,
International Financial Reporting Standards and Interpretations in accordance
of UK adopted International Accounting Standards ('IFRS'). The accounting
policies adopted in these results have been consistently applied to all the
years presented and are consistent with the policies used in the preparation
of the financial statements for the year ended 31 December 2024, except for
those that relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 January 2025. There are deemed to
be no new standards, amendments and interpretations to existing standards,
which have been adopted by the Group, that have had a material impact on the
financial statements.
The Group's financial information has been presented in US Dollars (USD).
Going concern
The financial statements have been prepared on a going concern basis. The
Directors have reviewed the Parent Company's and the Group's going concern
position taking account its current business activities, budgeted performance
and the factors likely to affect its future development, set out in the Annual
Report, and including the Group's objectives, policies and processes for
managing its working capital, its financial risk management objectives and its
exposure to credit and liquidity risks.
The Group made a loss for the year of $1.4m, had Net Operating Assets at the
period end of $8.0m and a Net Cash Outflow from Operating Activities of $1.2m.
Primarily, the Group meets its day to day working capital requirements through
existing cash resources and had on hand cash, cash equivalents and investments
at the balance sheet date of $4.4m.
The Directors have reviewed the Group's cash flow forecasts covering a period
of at least 12 months from the date of approval of the financial statements,
which foresee that the Group will be able to meet its liabilities as they fall
due. However, the success of the business is dependent on customers continuing
to purchase the Group's products in order to increase revenue and profit
growth and continuing to control the Group and Parent Company's cost base.
The Directors believe that, taken as a whole, the factors described above
enable the Parent Company and Group to be and continue as a going concern for
the foreseeable future. The financial statements do not include the
adjustments that would be required if the Parent Company and the Group were
unable to continue as a going concern.
2. Revenue
Revenue recognised in the Group income statement is analysed as follows:
Geographical information
Revenues Net assets
2025 2024 2025 2024
$'000 $'000 $'000 $'000
North America 6,537 4,555 4,266 2,990
Europe, Middle East and Africa 3,962 1,938 4,212 6,343
Rest of World - 10 - -
10,499 6,503 8,478 9,333
The revenue information is based on the location of the customer. Net assets
of the Group (being total assets less total liabilities) are attributable to
geographical locations.
Segment information
The Group has four business segments. Itaconix® Performance Ingredients
develops, produces and sells proprietary specialty polymers that are used as
functional ingredients to meet customers' needs in cleaning, beauty and
hygiene products. SPARX™ Formulated Solutions provides technical services
and ingredient supplies for formulated products developed for customers based
on Performance Ingredients. BIO*Asterix® develops, produces, and sells
specialty itaconate monomers as a plant-based alternatives to acrylates and
styrenes in paint, coating, and adhesive applications. These segments make up
the continuing operations. Core Operations include development expense,
general and administrative expense, professional fees, and governance costs to
progress and grow the Groups operations.
Itaconix® SPARX™ BIO*Asterix® Core Operations 2025
Performance Ingredients Formulated Solutions
$'000 $'000 $'000 $'000 $'000
Revenue
Sale of goods 7,638 2,861 - - 10,499
Results:
Depreciation and amortisation (185) - - - (185)
Cost of sales (4,294) (2,378) - - (6,672)
Gross profit 3,159 483 - - 3,642
Administrative expense - - - (4,682) (4,682)
Impairment of intangible assets - - - (197) (197)
Other income - - - 27 27
Interest expense - - - (159) (159)
Taxation charge - - - (11) (11)
Segment performance 3,159 483 - (5,022) (1,380)
Operating assets 6,541 814 18 5,347 12,720
Operating liabilities (2,807) (523) - (1,393) (4,723)
Other disclosure:
Capital expenditure* 116 207 - 307 630
Itaconix® SPARX™ Core Operations 2024
Performance Ingredients Formulated Solutions
(Restated) (Restated) (Restated) (Restated)
$'000 $'000 $'000 $'000
Revenue
Sale of goods 4,773 1,730 - 6,503
Results:
Depreciation and amortisation (203) - - (203)
Cost of sales (2,502) (1,538) - (4,040)
Gross profit 2,068 192 - 2,260
Administrative expense - - (4,445) (4,445)
Other income - - 330 330
Interest expense - - (167) (167)
Taxation charge - - - -
Segment performance 2,068 192 (4,282) (2,022)
Operating assets 5,493 276 5,913 11,682
Operating liabilities (2,420) (237) (1,188) (3,845)
Other disclosure:
Capital expenditure* 57 - 305 362
*Capital expenditure consists of additions of property, plant and equipment.
Customer concentration information
The Group has revenue concentration in three customers of 48% (2024: 40%).
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares in
issue during the year.
2025 2024
(Restated)
Loss $'000 $'000
Loss for the purposes of basic and diluted loss per share (1,379) (2,022)
Weighted average number of ordinary shares for the purposes of basic and 13,486 13,486
diluted loss per share ('000)
Basic and diluted loss per share (10.2)¢ (15.0)¢
Basic and diluted loss per share (post consolidation comparison) (10.2)¢ (15.0)¢
The loss for the period and the weighted average number of ordinary shares for
calculating the diluted earnings per share for the period to 31 December 2025
are identical to those used for the basic earnings per share. This is because
the outstanding share options would have the effect of reducing the loss per
ordinary share and would therefore not be dilutive.
4. Cautionary Statement
This document contains certain forward-looking statements relating to Itaconix
plc (the "Group"). The Group considers any statements that are not historical
facts as "forward-looking statements". They relate to events and trends that
are subject to risk and uncertainty that may cause actual results and the
financial performance of the Company to differ materially from those contained
in any forward-looking statement. These statements are made by the Directors
in good faith based on information available to them and such statements
should be treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying any such forward-looking
information.
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