REG - Itaconix PLC - Half Year Results
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RNS Number : 2322Z Itaconix PLC 15 September 2025
Itaconix plc
("Itaconix" or the "Company")
HALF YEAR RESULTS FOR THE PERIOD ENDED 30 JUNE 2025
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable
plant-based polymers used to decarbonise everyday consumer products, is
pleased to announce its unaudited interim results for the six months ended 30
June 2025.
A live presentation will be held today at 14:00 BST. This presentation is open
to all interested parties. Anyone can sign up for free to the Investor Meet
Company platform and join the live presentation via:
https://www.investormeetcompany.com/itaconix-plc/register-investor
(https://www.investormeetcompany.com/itaconix-plc/register-investor)
A copy of the Interim Report & Accounts is available for download on
Itaconix's website at www.itaconix.com (http://www.itaconix.com) .
Commenting on the results John R. Shaw, CEO of Itaconix, said:
"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. With strong momentum in our
Performance Ingredients business, the successful launch of BIO*Asterix®, and
growing traction for SPARX™ collaborations, we are now scaling into three
distinct and complementary revenue streams.
"Alongside this progress, we have deepened our strategic partnership with
Croda, substantially mitigated international trade risks, and invested in
marketing, organisation, and supply chain resilience. With a strong balance
sheet, a proprietary technology platform, and a robust pipeline of
opportunities, we are confident in delivering sustained growth, margin
expansion, and long-term shareholder value."
Financial Highlights
· First half revenues reached $4.8 million, a 30% increase from $3.7
million in H2 2024, and a 73% increase from $2.8 million in H1 2024.
· Gross profit increased to $1.7 million in H1 2025, a 45% increase from
$1.2 million in H2 2024, and a 55% increase from $1.1 million in H1 2024.
· Overall gross profit margin was 35%, compared to 31% in H2 2024 and
39% in H1 2024. Gross profit margin on Performance Ingredients was 45%
compared to 40% in H2 2024 and 46% in H1 2024. Gross profit margin on SPARX™
Formulated Solutions revenue was 13% compared to 10% in H2 2024 and 13% in H1
2024.
· First half adjusted EBITDA improved to $(0.2) million, compared
to $(0.8) million in H2 2024 and $(1.0) million in H1 2024.
· First half loss after tax improved to $(0.4) million, compared to
$(0.9) million in H2 2024 and $(1.0) million in H1 2024.
· As at 30 June 2025, cash and investments were $5.7 million, compared
to $7.8 million as at 30 June 2024 and $6.7 million as at 31 December 2024.
o The change largely reflects planned investments in raw material and
finished goods inventories in H2 2024 to support customer growth and help
mitigate supply chain risk.
Operating Progress
· Performance Ingredients revenues for cleaning applications continue as
the largest segment at $2.8 million, a 30% increase from $2.2 million in H2
2024, and a 64% increase from $1.7 million in H1 2024. Hygiene and Beauty
revenues were $0.5 million, an increase from $0.4 million in H2 2024 and H1
2024.
· BIO*Asterix® launched in June 2025 as a third revenue stream,
targeting the high-value paints, coatings, and adhesives markets, with initial
ecommerce sales to North American laboratories.
· Croda partnership extended to 2030, including the launch of ZINADOR®
22D, a new dry powder odour-neutralising ingredient, broadening the reach of
Itaconix technology into powder detergents.
· Our customer project pipeline progressed with next generation dish
and fabric detergents for purpose-driven brands and from new scale inhibition
and odour neutralisation inquiries from larger detergent producers.
· Trade resilience: modest tariff impacts substantially mitigated by
selective price adjustments, supply chain efficiencies, and favourable
currency movements, with geographic shifts in detergent supply chains creating
new customer opportunities.
· Continued investment: in marketing, organisation, and supply chain
resilience to support customer adoption, expand capacity, and deliver
long-term growth.
(1) Adjusted EBITDA is defined and reconciled to Operating Loss in Note 4 of
the Interim Report.
Commenting on outlook and current trading John R. Shaw, added:
"Looking ahead, we remain confident in delivering on the Board's full-year
expectations for 2025 and in our mid-term path to profitability. With cash
resources of $5.7 million at 30 June 2025 and a growing pipeline of
opportunities, we are well positioned to continue our progress.
"In summary, we are building a high-margin, specialty ingredients company
rooted in a proprietary, scalable technology platform. Our products are
already establishing themselves as core ingredients in the next generation of
consumer products. With three distinct revenue streams, recurring customer
demand, and a mission aligned with the global drive for safer and more
sustainable chemistry, we believe Itaconix offers a unique and compelling
growth story."
-ends-
For further information please contact:
Itaconix plc +1 603 775-4400
John R. Shaw / Laura Denner
Financial PR +44 (0) 20 7653 8702
John West / Llew Angus
Canaccord Genuity +44 (0) 20 7523 8000
Nominated Adviser and Sole Broker
Adam James / Harry Pardoe
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)
Chief Executive's Statement
Introduction
At Itaconix, we believe that new generations of everyday consumer products can
make the world better. Better in how they are produced, better in how they
are used, and better in the footprint they leave behind. They can be safer for
humans, animals and the environment. They can contribute to rebalancing the
planet's carbon cycle, and they do not need to persist in the environment.
Nature already provides many of the raw materials needed to achieve these
goals, without placing costly new burdens on consumers or society. Itaconic
acid is one of the most attractive opportunities: a natural ingredient found
in both plants and humans with the functional performance to displace
fossil-based chemicals such as acrylic acid or styrene across $20 billion of
potential consumer and industrial applications, from detergents to paints.
We have a broad proprietary technology platform built around the versatility
and safety of itaconic acid as a key building block for new performance
ingredients. Our growing capabilities around our ingredients are enabling new
generations of consumer products that are safer, have excellent performance,
are affordable for the general public, use more sustainable materials, and are
brought to market faster.
We are turning these new generations of consumer products into a solid
foundation for a large, high-margin, specialty ingredient business. As
detailed in our 2024 Annual Report, our key performance indicators for
achieving mid-term profitability while also maintaining our long-term revenue
potential are:
· Rebuild North American cleaning revenues for scale inhibition at
attractive pricing.
· Expand European cleaning revenues with broader adoption for scale
inhibition.
· Land and expand North American odour neutralization revenues in
broader home and industrial applications.
· Gain initial traction for BIO*Asterix® specialty monomers and
binders.
The first half of 2025 was a pivotal period in advancing these performance
indicators and progressing our financial performance closer toward
profitability.
Commercial Progress
We delivered record revenues and gross profits, while expanding our customer
base across regions and applications. These results mark an important
inflection point in our progress. We have advanced from gaining traction for
our scale inhibitors and odour neutralizers to now scaling their usage into a
diverse stream of reoccurring revenues that will support long-term profitable
growth. We have also opened up an entirely new area for revenue potential
with the launch of our BIO*Asterix® specialty monomers.
North American cleaning revenues
We continued to strengthen and diversify our cleaning revenues in North
America with increased revenues generated across existing and new customers.
H1 2025 revenues reached $2.8 million, a 41% increase from $2.0 million in H2
2024, and a 63% increase from $1.7 million in H1 2024. This major growth was
led by customers launching new dishwashing detergents based on the performance
and cost advantages of Itaconix® TSI 422, our latest detergent polymer with
excellent multi-functional scale inhibition. Our SPARX® formulated solutions
programme also attracted purpose-driven brands as new customers that are
seeking to get new, more competitive products to market faster. We expect
continued revenue growth from a strong pipeline of new projects from both
existing and new potential customers.
European and Global cleaning revenues
Key growth for both mid-term profitability and long-term revenue potential is
coming from increasing adoption of our multi-functional scale inhibitors
outside of North America. These revenues grew to $1.5 million in H1 2025, a
17% increase from $1.3 million in H2 2024, and a 161% increase from $0.6
million in H1 2024. This adoption reflects growing understanding by major
detergent players of how to use our scale inhibitors for more competitive
dishwashing and laundry detergents. We have major customer projects and new
advanced polymers in our pipeline that are expected to generate further new
revenues outside of North America.
Odour neutralization revenues
We know that our zinc polyitaconate ingredients have excellent odour
neutralization performance, cost-efficacy, and certain advantages over
competing ingredients in specific applications. Consumers' increasing interest
in effective odour control is advancing important new home care opportunities
through both our direct efforts with our Itaconix ONZ™ ingredients and our
recently expanded and extended supply agreement with Croda for global
marketing and sales of our ZINADOR® products in home care applications.
Hygiene revenues were $0.3 million in H1 2025, $0.3 million in H2 2024, and
$0.2 million in H1 2024. A strong pipeline of new fabric care projects in
North America is expected to accelerate growth.
BIO*Asterix® ecommerce launch
Our official launch of the BIO*Asterix® line in June 2025 marked a major
milestone, establishing a third distinct revenue stream. These specialty
itaconate monomers are targeted for industrial and academic research
laboratories interested in plant-based alternatives to acrylates and styrenes
in paint, coating, and adhesive applications. Initial products are already
available through our new ecommerce platform, with early customers already
from North American research and industrial laboratories. BIO*Asterix®
represents a long-term growth initiative with the potential to open large new
end-markets for the Itaconix technology platform.
Financial Performance
In the first half of 2025 we achieved major advances towards our goal of
profitability.
We delivered record revenues and gross profits, whilst continuing to expand
our customer base across both regions and applications. We are now scaling
into diverse, reoccurring revenue streams that can support long-term
profitable growth.
Revenues reached $4.8 million in H1 2025, a 30% increase from $3.7 million in
H2 2024, and a 73% increase from $2.8 million in H1 2024. This reflects both
increased market share in cleaning applications and the early contribution
from new initiatives, including the SPARX™ programme.
Gross profit increased to $1.7 million in H1 2025, a 45% increase from $1.2
million in H2 2024, and a 55% increase from $1.1 million in H1 2024. Overall
gross profit margin was over 35%, demonstrating the resilience of our
repositioned revenue base and the value of our high-performance ingredients.
The Group made major progress toward reducing losses and approaching
profitability. Loss after tax was $(0.4) million in H1 2025, compared to
$(0.9) million in H2 2024 and $(1.0) million in H1 2024. Adjusted EBITDA was
$(0.2) million in H1 2025, compared to $(0.8) million in H2 2024 and $(1.0)
million in H1 2024. These results highlight the progress made in scaling
revenues while continuing disciplined investment in innovation, product
stewardship, demand generation, and administration.
Cash and investments as at 30 June 2025 stood at $5.7 million (HY24: $7.8
million), compared with $6.7 million at year-end 2024. The change largely
reflects planned increases in raw material and finished goods inventories to
support customer growth and mitigate supply chain risk. The Group's balance
sheet remains strong, providing resources to fund ongoing innovation and
expansion.
Operating Review
We made substantial progress in H1 2025 on our goal to enable safer, better
performing, more affordable, and more sustainable consumer products with our
performance ingredients. We are offering more solutions to more customers
through our direct sales efforts, our new website, our formulation work, and
our partners. More brands in Europe and North America recognize the
competitive value and potential for using our performance ingredients. We
generated more orders for more volumes of our products. We expanded our
inventories in North America and Europe to mitigate international trade risk,
continued to invest in production improvements, delivered on our customer
commitments, and positioned ourselves for current expected production needs
through 2027.
Our technology platform and technical support remain central to customer
adoption, with most revenues influenced by our direct collaboration on
formulations. In the first half of 2025, we saw strong progress across all
three of our businesses: Itaconix® Performance Ingredients, SPARX™
Formulated Solutions, and BIO*Asterix® Building Blocks.
Itaconix® Performance Ingredients
Itaconix's core business is the production and sale of proprietary high-value
performance ingredients. Itaconix® Performance Ingredients revenues grew
strongly to $3.3 million in H1 2025, a 28% increase from $2.6 million in H2
2024, and a 51% increase from $2.2 million in H1 2024. Gross profit margins of
45% continued to reflect the value of our high-performance ingredients,
compared to 40% in H2 2025 and 46% in H1 2024.
North America remains the largest geographic revenue base with $1.8 million in
H1 2025, a 39% increase from $1.3 million in H2 2024, and a 12% increase from
$1.6 million in H1 2024. Europe and Global revenues, however, led growth with
$1.5 million in H1 2025, a 17% increase from $1.3 million in H2 2024, and a
161% increase from $0.6 million in H1 2024. Europe and Global revenues grew to
32% of total revenues in H1 2025 from 30% for FY 2024.
Performance Ingredients revenues for cleaning applications continue as the
largest segment at $2.8 million in H1 2025, a 30% increase from $2.2 million
in H2 2024, and a 64% increase from $1.7 million in H1 2024. Hygiene and
Beauty revenues were $0.5 million in H1 2025, an increase from $0.4 million in
H2 2024 and H1 2024.
SPARX™ Formulated Solutions
Our SPARX™ Formulated Solutions programme meets the needs of smaller brands
for new generations of consumer products that are safer, have excellent
performance, are affordable, are made from renewable materials, and can get to
market quickly. Formulated Solutions revenues were $1.5 million in H1 2025, a
34% increase from $1.1 million in H2 2024, and a 156% increase from $0.6
million in H1 2024. These revenues are for formulation services, blending
services, and certain other performance ingredients that Itaconix provides to
assure the quality and speed of new formulations for smaller brands. Gross
profit margins of 13% for Formulated Solutions in H1 2025 compared to 10% in
H2 2025 and 13% in H1 2024, continuing to reflect the value of using fully
formulated solutions to gain share for Itaconix's performance ingredients.
We continue to assess opportunities to deliver better and faster innovation to
cutting edge brands. As previously announced, we are developing tablet
innovations for North America with Bonals to offer new cost and performance
advantages. This programme is generating high interest from purpose-driven
brands, with the first commercial tablets expected on the North American
market in H1 2026. We are also assessing other novel formats where our
ingredients offer unique multi-functional value.
BIO*Asterix® Building Blocks
June 2025 marked a major milestone with the commercial launch of
BIO*Asterix®, a new line of specialty itaconate monomers and binders for
paints, coatings, and adhesives. This establishes a third revenue stream
beyond cleaning and personal care, with initial ecommerce sales targeting
North American laboratories. BIO*Asterix® provides a clear pathway into the
$2.6 billion butyl acrylates market, with further proprietary products to
follow as we expand the catalogue.
Customer project pipeline
Our increased efforts to engage current and prospective customer in the
potential for new generations of detergent products include extensive
resources for brand managers and formulators on our new website, regular
social media postings on how our ingredients enable key performance claims,
and our SPARX™ program for expediting the formulation and production of
innovative consumer products. The best awareness of our ingredients, however,
is from the growing frequency of our inclusion in the ingredient list of major
consumer products. As the certainty of the value of our ingredients increases,
our customer pipeline is expanding with sizable potential revenues from larger
detergent players. We see similar progress within our partners and
distributors.
Fulfilment
We used our ample US production capacity to meet H1 2025 customer orders,
including supplying our third-party European warehouse with sufficient
inventories to support volume growth in Europe. In addition, we increased our
raw material inventories in H1 2025 to mitigate the early uncertainties
surrounding the new US trade policies. Combined with continuous improvements
to our US production line, we are ready to satisfy any volume growth in H2
2025 and have sufficient capacity to meet current expectations for 2026 and
2027.
Large potential customer volumes and emerging international trade policies are
leading us to assess our long-range production footprint. We see multiple
options to consider that could fit within our current cash resources and offer
us the benefits from producing at another site.
New products, applications, formulations, and formats
Our future progress depends on continually generating innovation that elevates
consumer experiences with better safety, better performance, lower costs, or
more sustainability. We are focussing our innovation on a new range of
proprietary detergent polymers, new proprietary compact dishwash detergents,
new laundry products that eliminate malodours on fabrics, and new
consumer-friendly detergent formats. For BIO*Asterix®, we are developing new
proprietary itaconate monomers, new latex binders based on our itaconate
monomers, and a new class of paints based on our latex binders.
We are at various stages of development on innovations in superabsorbents,
rheology modifiers and sustainable leather, but have extended our commercial
timelines to concentrate on better near-term growth opportunities.
The launch of our BIO*Asterix® ecommerce site highlighted our new
capabilities to quickly access and engage with specific audiences on certain
innovations. We believe this approach offers further opportunities to rapidly
validate our innovations with initial sales that attract brand owners to our
ingredients and formulated solutions.
Trade environment
Our operations have proven to be markedly resilient to the new international
trade conditions that are evolving in 2025. Our raw materials imported from
Asia and the exports of our polymers have so far mostly qualified for either
exemptions or lower-tier tariffs. These modest cost impacts have been offset
by benefits from positive currency movements in Europe and geographic shifts
in detergent supply chains. We have responded with selective price adjustments
to current accounts and conditional price quotes on potential new business.
Current Trading and Outlook
With record half year revenues and gross profits across a diverse range of
customers, products, and geographies, we have entered the second half of the
year with positive momentum from reoccurring orders and new customers.
Our path and key performance indicators to reach mid-term profitability are
clear. We need to convert two or three major customer projects in our current
pipeline to continue increasing our shares of the potential home care markets
for our scale inhibitors and odour neutralizers. We need our SPARX™
programme to attract four to five detergent brands into launching new products
with unique competitive advantage enabled by our ingredients. The Board
believes that these are achievable and substantially within our current scope
of capabilities.
Although we substantially mitigated the international trading risks in the
first half of 2025, we are closely monitoring US trade policies, international
responses to these policies, supply chains, customer ordering patterns,
currency exchange rates, and the broader macro-economic environment. We
believe that our business model, inventory planning, revenue mix by currency,
and selective pricing actions allow considerable risk prevention and
management within the current scope of external pressures.
Looking ahead, we remain confident in delivering on the Board's full-year
expectations for 2025 and in our mid-term path to profitability. With cash
resources of $5.7 million at 30 June 2025 and a growing pipeline of
opportunities, we are well positioned to continue our progress.
In summary, we are building a high-margin, specialty ingredients company
rooted in a proprietary, scalable technology platform. Our products are
already establishing themselves as core ingredients in the next generation of
consumer products. With three distinct revenue streams, reoccurring customer
demand, and a mission aligned with the global drive for safer and more
sustainable chemistry, Itaconix offers a unique and compelling growth story.
I appreciate and thank our employees, customers, shareholders, and partners
for their continued support as we move forward with confidence into the second
half of 2025 and beyond.
John R. Shaw
Chief Executive Officer
12 September 2025
Condensed consolidated income statement and statement of comprehensive income
For the six months ended 30 June 2025
Unaudited Unaudited
6 Months to 6 Months to
30 June 2025
30 June 2024
Continuing Operations: Notes $000 $000
Revenue 5 4,823 2,781
Cost of sales (3,129) (1,686)
Gross profit 1,694 1,095
Administrative expenses (2,132) (2,306)
Operating loss before tax from operations (438) (1,211)
Interest income 39 182
Loss before tax (399) (1,029)
Taxation expense (11) -
Loss after tax 4 (410) (1,029)
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to profit or loss: 514 (54)
Exchange differences on translated foreign operations
Total comprehensive loss for the period 104 (1,083)
Basic and diluted loss per share (£) 6 (0.03£) (0.06£)
Condensed consolidated statement of financial position
As at 30 June 2025
Unaudited Audited
As at As at
30 June 31 December
2025 2024
Notes $000 $000
Non-current assets
Intangible assets 341 244
Property, plant and equipment 1,091 584
Right-of-use asset 1,953 2,023
3,385 2,851
Current assets
Inventories 3,534 2,312
Trade and other receivables 1,320 1,281
Investments 1,372 1,252
Cash and cash equivalents 3 4,284 5,482
10,510 10,327
Total assets 13,895 13,178
Financed by
Equity shareholders' funds
Equity share capital 7 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 986 944
Foreign translation reserve 846 331
Retained losses (90,367) (89,957)
Total equity 9,480 9,333
Non-current liabilities
Long-term lease liability 1,600 1,698
Current liabilities
Trade and other payables 2,547 1,876
Short-term lease liability 268 271
2,815 2,147
Total liabilities 4,415 3,845
Total equity and liabilities 13,895 13,178
Interim condensed consolidated statement of cash flows
For the six months ended 30 June 2025
Unaudited Unaudited
6 Months to 6 Months to
30 June 2025
30 June 2024
$000 $000
Cash flows from operating activities
Operating loss before tax (399) (1,029)
Adjustments for:
Interest received (36) (182)
Depreciation of property, plant and equipment 73 74
Amortisation of right-of-use asset 107 107
Share based payment charge 42 30
Loss /(gain) on foreign exchange 514 (54)
Taxation (11) -
Increase in inventories (1,222) (614)
(Increase) / decrease in receivables (38) 464
Increase / (decrease) in payables 672 (473)
Net cash outflow from operating activities (298) (1,677)
Cash flows from investing activities
Interest received 36 182
Change in Investments in money market account (120) 3,438
Capitalisation of intangible assets (106) (123)
Purchase of leasehold improvements (241) (260)
Purchase of property, plant and equipment (331) (34)
Net cash (outflow) inflow from investing activities (762) 3,203
Cash flows from financing activities
Lease payments (123) (120)
Interest expense on lease payments (15) (9)
Net cash outflow from financing activities (138) (129)
Net (outflows) inflow in cash and cash equivalents (1,198) 1,397
Cash and cash equivalents at beginning of the period 5,482 2,567
Cash and cash equivalents at end of the period 4,284 3,964
Notes to the interim condensed consolidated financial statements
1. General information
These unaudited interim condensed financial statements of Itaconix plc for the
six months ended 30 June 2025 were approved for issue in accordance with a
resolution of the Board on 12 September 2025. Itaconix plc is a public limited
company incorporated in the United Kingdom whose shares are traded on the AIM
Market of the London Stock Exchange.
This half-yearly financial report is also available on the Group's website at
https://itaconix.com/investor/reports-documents/
(https://itaconix.com/investor/reports-documents/) .
2. Accounting policies
These interim consolidated financial statements have been prepared in
accordance with UK adopted International Accounting Standards (collectively
"IFRS"). They do not include all disclosures that would otherwise be required
in a complete set of financial statements and should be read in conjunction
with the 31 December 2024 Annual Report. The financial information for the
half years ended 30 June 2025 and 30 June 2024 does not constitute statutory
accounts within the meaning of Section 434 (3) of the Companies Act 2006 and
both periods are unaudited.
The annual financial statements of Itaconix plc (the "Group") are prepared in
accordance with IFRS. The comparative financial information for the year ended
31 December 2024 included within this report does not constitute the full
statutory Annual Report for that period. The statutory Annual Report and
Financial Statements for 2024 have been filed with the Registrar of Companies.
The Independent Auditors' Report on the Annual Report and Financial Statements
for the year ended 31 December 2024 was unqualified and did not contain a
statement under Sections 498(2) - (3) of the Companies Act 2006.
The interim condensed consolidated financial statements are presented in US
dollars and all values are rounded to the nearest thousand ($'000) except when
otherwise indicated. The interim condensed consolidated financial statements
are prepared on the historical cost basis.
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 31 December 2024
annual financial statements, except for those that relate to new standards and
interpretations effective for the first time for periods beginning on (or
after) 1 January 2025 and will be adopted in the 2025 financial statements.
There are deemed to be no new and amended standards and/or interpretations
that will apply for the first time in the next annual financial statements
that are expected to have a material impact on the Group.
Going concern
This interim report has been prepared on the assumption that the business is a
going concern. In reaching their assessment, the Directors have considered a
period extending at least 12 months from the date of approval of this
half-yearly financial report. This assessment has included consideration of
the forecast performance of the business for the foreseeable future and the
cash available to the Group. As such, the Directors have concluded that the
Group continue as a going concern for the foreseeable future. The interim
financial statements do not include the adjustments that would be required if
the Group were unable to continue as a going concern.
Risks and uncertainties
The principal risks and uncertainties facing the Group remain broadly
consistent with the Principal Risks and Uncertainties reported in Itaconix
plc's 31 December 2024 Annual Report.
3. Cash and cash equivalents
Unaudited Audited
As at As at
30 June 31 December
2025 2024
$000 $000
Cash at bank and in hand 4,284 5,482
4. Reconciliation of Operating Loss to Adjusted EBITDA
The detail below shows the reconciliation of operating loss to earnings share
based payment charge (non-cash), interest, taxes, depreciation and
amortisation (Adjusted EBITDA).
Unaudited Unaudited
6 Months to
6 Months to
30 June 2025
30 June 2024
$000 $000
Loss for the period (410) (1,029)
Share based payment charge 42 30
Interest Income (36) (182)
Taxes 11 -
Depreciation and amortization 181 181
Adjusted EBITDA (212) (1,000)
5. Segmental analysis
Revenue by business segments:
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.
Net assets of the Group are attributable solely to Europe and North America.
Six months ended 30 June 2025
Itaconix® Performance Ingredients SPARX™ BIO*Asterix® Unaudited
Formulated Solutions Core 6 Months to
Operations 30 June 2025
$000 $000 $000 $000 $000
Revenue
Sale of goods 3,305 1,518 - - 4,823
Segment revenue 3,305 1,518 - - 4,823
Results
Depreciation and amortization (85) - - - (85)
Cost of sales (1,729) (1,315) - - (3,044)
Gross profit 1,491 203 - - 1,694
Administrative expense - - - (2,132) (2,132)
Interest income - - - 39 39
Taxation expense - - - (11) (11)
Segment (loss) / gain 1,491 203 - (2,104) (410)
Operating assets 6,945 559 23 4,655 12,182
Operating liabilities (3,159) (332) - (924) (4,415)
Other disclosure:
Capital expenditure* 5 95 - 472 572
Six months ended 30 June 2024 (Restated)
Itaconix® Performance Ingredients SPARX™ Unaudited
Formulated Solutions Core 6 Months to
Operations 30 June 2024
$000 $000 $000 $000
Revenue
Sale of goods 2,188 593 - 2,781
Segment revenue 2,188 593 - 2,781
Results
Depreciation and amortization (121) - - (121)
Cost of sales (1,052) (513) - (1,565)
Gross profit 1,015 80 - 1,095
Administrative expense - - (2,306) (2,306)
Interest income - - 182 182
Taxation expense - - - -
Segment (loss) / gain 1,015 80 (2,124) (1,029)
Operating assets 4,502 446 4,369 9,317
Operating liabilities (1,937) (343) (1,032) (3,312)
Other disclosure:
Capital expenditure* 8 - 409 417
*Capital expenditure consists of additions of property, plant and equipment,
and intangible assets.
Certain revenues and cost of sales related to sales of Itaconix® Performance
Ingredients which were incorporated into a 2024 SPARX™ Formulated Solutions
revenues have been restated to accurately reflect the economic benefit of the
segments. Revenues of $95k and cost of sales of $57k were reclassed in the
six months ended 30 June 2024.
Segmental information
Revenues
Unaudited Unaudited
Six Months to Six Months to
30 June 2025 30 June 2024
$000 $000
Cleaning 4,331 2,312
Hygiene 327 249
Beauty 155 194
Other 10 26
4,823 2,781
Geographical information
Revenues Net assets
Unaudited Unaudited Unaudited Audited
Six Months to Six Months to Six Months to Year to
31 December 2024
30 June 2025 30 June 2024 30 June 2025
$000 $000 $000 $000
Europe 1,522 581 5,990 7,736
North America 3,301 2,200 3,490 2,435
4,823 2,781 9,480 10,171
The revenue information above is based on the location of the customer.
6. Weighted-average number of ordinary shares
Unaudited Unaudited
6 Months to 6 Months to
30 June 2025 30 June 2024
No No
Weighted average number of ordinary shares for the 13,486 13,486
purposes of basic and diluted loss per share ('000)
7. Events after the reporting period
There were no material post balance sheet events.
8. Cautionary statement
This document contains certain forward-looking statements relating to Itaconix
plc. The Company 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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