Interim Results
Summary by AI BETAClose X
Itaconix plc
("Itaconix" or the "Company")
HALF YEAR RESULTS FOR THE PERIOD ENDED 30 JUNE 2026
Strong revenue growth and break-even adjusted EBITDA
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in high-performance plant-based specialty polymers used in everyday consumer products such as homecare detergents, announces its unaudited interim results for the six months ended 30 June 2026.
Financial Summary
|
Six months to 30 June 2026 |
H1 2026 $m |
H1 2025 $m |
Change % |
FY 2025 $m |
|
Total Revenue |
8.3 |
4.8 |
+72% |
10.5 |
|
Itaconix® Performance Ingredients |
6.7 |
3.3 |
+104% |
7.6 |
|
SPARX™ Formulated Solutions |
1.6 |
1.5 |
+3% |
2.9 |
|
Gross profit |
3.0 |
1.7 |
+74% |
3.6 |
|
Gross profit margin % |
35.6% |
35.1% |
|
34.7% |
|
Adjusted EBITDA1 |
- |
(0.2) |
|
(0.6) |
|
PBT |
(0.3) |
(0.4) |
|
(1.1) |
|
Net cash flow from operating activities |
0.9 |
(0.3) |
|
(1.2) |
|
Net cash & investments at period-end |
5.1 |
5.7 |
|
4.4 |
1Adjusted for interest, tax, depreciation, amortisation, share-based payment charge and exceptional items. Adjusted EBITDA is defined and reconciled to Operating Loss in Note 4 of the Interim Report.
Commenting on the results John R. Shaw, CEO of Itaconix, said:
"Our half year results are major milestones for our commercial progress, our revenue potential, and our use of cash. We generated our fourth consecutive half of growth to achieve record revenues and break-even adjusted EBITDA whilst still investing in new long-term revenue opportunities. Our plant-based performance ingredients are enabling new generations of everyday consumer products in EMEA and North America. Our SPARX™ Formulated Solutions programme is accelerating the speed and ease of brands adopting our ingredients in North American unit-dose detergents.
Our operations team is meeting our increased demand and improving production throughput to meet our medium-term $30 million revenue goal. We are also making progress on new revenue potential in paint applications and the uses for our polymers in agriculture. Our focused investment in customer relationships, new products, and production capabilities is generating reoccurring revenues that will propel our growth, profitability, and company value. We expect strong financial performance for FY 2026 with a small positive EBITDA and cash to support our next stage of development. We continue to monitor and manage the potential impact of global conflicts and trade issues on our business, but these have been limited to date. Our aim is to become a large, profitable speciality ingredients company and we are on our way."
First half financial highlights
· Total revenue of $8.3 million, up 72% vs H1 2025
o Itaconix® Performance Ingredients (81% of Group revenue): +104% growth driven by strong reorder volumes and two new large detergent customers in EMEA and North America
o SPARXTM Formulated Solutions (19% of Group revenue): +3.3% growth reflecting increased use of our formulations by brands in North America to produce solid unit-dose dish and laundry detergents at contract manufacturers
o BIO*Asterix®: remains pre-revenue stage as we continue to advance the potential of our proprietary plant-based paints
· Total gross profit of $3.0 million, up 74% (H1 2025: $1.7 million); gross profit margin of 35.6% (H1 2025: 35.1%), broadly stable and reflecting the mix of business segments and products. Itaconix® Performance Ingredients achieved $2.8 million of gross profit with a 41% gross margin, and SPARXTM Formulated Solutions delivered incremental gross profit to the Group of $0.2 million with a gross margin of 12%
· Break-even adjusted EBITDA1 (H1 2025: $(0.2) million), with continued investment in customer, application, product and production capacity to generate further revenue growth
· Cash and investments of $5.1 million ($4.4m million as at 31 December 2025), reflects reduction in working capital from planned adjustments to raw materials and finished goods inventories
First half operational highlights
· Progress in the period demonstrates increasing commercial traction for our multi-functional scale inhibitors and odour neutralisers in both North America and EMEA solid unit-dose detergent markets. Customers increasingly value the performance efficacy, cost benefit, and environmental advantages of Itaconix plant-based polymers:
o The "land and expand" revenue strategy delivered major growth in the period from existing customers re-ordering increasing or steadier volumes
o New revenues were generated from one major new detergent customer in EMEA and one new large detergent customer in North America
o New SPARXTM Formulated Solutions initiatives are generating and accelerating new customer opportunities; introduced our 8-gram plastic-free tablet at the American Cleaning Institute's Innovation Showcase in February 2026 and launched deeperclean.com ecommerce site
o Expected growth from existing customers and a strong pipeline of new customer opportunities gives us continued confidence in reaching $30 million of detergent revenues in the medium term
· We advanced the development of our BIO*Asterix® business with a patent filing on plant-based paints, a trademark filing for plant-based paints, and collaborations with leading companies in the paint industry to optimize and produce potential paint offerings
· We continued to invest in new research and innovation to expand our revenue potential and the breadth of our proprietary technology base:
o We advanced the development of a potential new scale inhibitor polymer to the prototype stage to evaluate environmental profiles, field performance, production costs, market potential, and intellectual property protection.
o We initiated an evaluation of the commercial potential for Itaconix polymers in agriculture with field trials of BioVail™ GRZ™ 200L for improving the uptake of plant nutrients in major US row crops.
o We filed new patents on paint and unit-dose dish detergent formulations and successfully challenged an EU detergent formulation patent that overlapped with an existing Itaconix patent.
Outlook
We are very pleased with our first half progress and expect momentum in Itaconix® Performance Ingredients to remain strong, supported by reoccurring revenues and growing demand in unit-dose detergent markets. While re-order rates take time to firmly establish, customers clearly recognise the efficacy, environmental advantages and cost benefits of Itaconix plant-based polymers. We are balancing investment in future growth with current revenue generation and remain confident in achieving our recently upgraded FY 2026 revenue guidance of at least $14.8 million and a small positive EBITDA.
With production capacity and resources in place to meet growing demand, we are focused on achieving $30 million revenue in the medium term by expanding our volumes with existing customers and landing new accounts from our current new customer pipeline. We remain excited about opportunities to grow beyond $30 million revenue in the long term with new applications for our polymers in additional markets including paints and agriculture.
-ends-
A live virtual presentation will be held on 9 September 2026 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
A copy of the Interim Report & Accounts is available for download on Itaconix's website at www.itaconix.com.
For further information please contact:
|
Itaconix plc |
+1 603 775-4400 |
|
John R. Shaw / Laura Denner |
|
|
Financial PR |
+44 (0) 20 3576 0320 |
|
John West / Llew Angus |
|
|
Canaccord Genuity |
+44 (0) 20 7523 8000 |
|
Nominated Adviser and Sole Broker Adam James / Harry Pardoe |
|
About Itaconix - a brief introduction
Itaconix plc develops, produces and sells high-performance plant-based specialty polymers used in everyday consumer products such as homecare detergents. Our ambition is to become a large, highly profitable specialty ingredients company with reoccurring revenues generated from a diverse, global customer base.
Our chemistry is based on itaconic acid, a naturally occurring metabolite in animals and plants that is commercially produced by industrial fermentation. It is recognised for its multifunctionality, safety and ability to replace fossil-based chemicals such as acrylic acid. Through our proprietary polymerisation processes, we convert itaconic acid into high-value, patented functional ingredients used across new generations of consumer products and emerging applications in paints and agriculture.
Itaconix ingredients provide key multi-functional benefits - such as scale inhibition and odour neutralisation - which offer brands performance and cost advantages while meeting new regulatory demands and environmental expectations. We work with brand managers and end-product formulators directly, as well as through intermediaries such as contract manufacturers, to develop new products that utilise our ingredients to succeed in highly competitive consumer segments. Our primary focus today is selling ingredients for use in purpose-driven and private label consumer brands in North America and EMEA unit-dose format detergent markets. We also collaborate with distributors and category leaders such Croda in homecare and Nouryon in personal care on broader geographic and application opportunities.
Our Itaconix® Performance Ingredients and SPARX™ Formulated Solutions businesses are on strong paths towards profitable long-term growth. Building on commercial traction in dishwashing and laundry detergents, we continue to broaden our ingredient and applications portfolio, including early-stage activities in crop nutrients and plant-based paints.
Itaconix Corporation was founded in 2008 and merged with Revolymer plc in 2016 to create Itaconix plc. Our commercial operations are based in Stratham, New Hampshire.
ITACONIX PLC HALF YEAR RESULTS FOR THE PERIOD ENDED 30 JUNE 2026
CHIEF EXECUTIVE OFFICER'S STATEMENT
Financial summary
In H1 2026 we delivered another strong period of growth and development for Itaconix as we pursue our ambition to become a large, profitable specialty ingredients company.
Revenue of $8.3 million was up 72% year on year, driven by higher re-ordering volumes from existing customers and two large new customers coming on stream. EMEA revenues were up 166% and now account for 49% of Group revenue (H1 2025: 32%) and North America revenue grew by 29%. By business segment, Itaconix® Performance Ingredients was the core driver, with revenue of $6.7m, up 104%.
Gross profit rose 74% to $3.0 million, with margins stable at 35.6%, reflecting the evolving range of products and segmental mix of our business. We have managed our overall gross profit margin in the midst of numerous global trade disruptions with selective updated pricing based on raw material and transportation costs. Itaconix® Performance Ingredients delivered $2.8 million in gross profit, representing a weighted average gross margin of 41%, while SPARX™ Formulated Solutions averaged 12%, an incremental $0.2 million gross profit and strategic value from accelerating Performance Ingredients adoption. BIO*Asterix® remains pre-revenue and is focused on progressing new product development and commercial relationships.
The uplift in revenue and stable gross margins resulted in Itaconix achieving its first period of break-even adjusted EBITDA, a significant improvement from a loss of $0.2 million in H1 2025 and $1.0 million in H1 2024. We delivered this performance while investing in headcount, product development and business functions to ensure the resource and capacity is in place to deliver both our medium-term revenue ambitions and longer-term growth opportunities. Accordingly, administrative expenses rose by 49% to $3.2 million in the first half based on new product, application, and process development spend that is expected to be lower in the second half.
The Group generated operating cash flow of $0.9 million compared to an outflow of $(0.4) million in the prior period, primarily reflecting underlying growth and a reduction in inventory balances. Inventory levels at the end of 2025 were above normal levels to mitigate potential trade and supply chain uncertainties. During H1 2026, inventories were normalized, although finished goods were lower than typical due to a large customers order cycle, and raw materials were also below anticipated levels due to minor shipping delays from Asia. This improvement in working capital supported a strong cash and investment position of $5.1 million at period end.
Operational review
Itaconix's growth driver today is the production and sale of our scale inhibition polymers for use in solid unit-dose dishwasher detergents. We are also starting to generate significant revenues in laundry from various unit-dose formats such as tablets, capsules and sheets that contain our odour neutralisers. These ingredients are gaining strong traction in dishwashing and fabric care detergents for purpose-driven and private label brands as they strive to keep pace with the performance of global brands.
Demand for our detergent ingredients, specifically automatic dishwash unit-doses, is driven by several factors including:
· Equal or better performance - fewer spots, less film, better cleaning
· Cost effectiveness - achieve desired performance with overall lighter weight formulations
· Environmental benefits and sustainability - meeting rising consumer and regulatory demands for safer and more sustainable consumer products, especially detergents
The home dishwasher detergent market, including tablets and capsules, has favourable growth dynamics for Itaconix over the medium and long term. Over 60% of European and North American households have dishwashers, and they are used on average over 200 times per year. The adoption of next generation formulations based on Itaconix ingredients is producing a growing stream of reoccurring revenues. The increased penetration and usage of dishwashers in households across major parts of the Middle East, Africa, South America, and Asia is offering new expansion opportunities for Itaconix to understand and potentially pursue. Overall, we estimate that 70 billion dishwasher cycles per year are in countries that we can serve with our current fulfillment capabilities and that our H1 2026 dishwasher detergent revenues reflect less than 4% of the current market.
Our polymers are also used in applications beyond homecare, such as hair & beauty products, but these represent a smaller portion of our current revenue than the fast-growing unit-dose detergents we are focused on today.
We report our performance in three business segments as described below.
Itaconix® Performance Ingredients
Itaconix® Performance Ingredients is our largest revenue segment and core value driver. It develops, produces and sells proprietary high-value speciality polymers directly to consumer goods brands and manufacturers, operating primarily in North America and EMEA and through global partners.
Revenue of $6.7 million was up 104%, driven by our "land and expand" customers re-ordering at higher volumes and two large new customers coming on stream in H1 2026. North American revenues were $2.6 million, up 50% and EMEA revenues were $4.0 million, up 166%. Gross margin was 41%, consistent with FY 2025 and reflecting the geographic mix effect of new revenue streams.
We estimate approximately 89% of Itaconix® Performance Ingredients revenues were derived from unit-dose dishwasher and laundry detergents, with demand across our geographies being driven by increased adoption of our scale inhibitor and odour neutraliser ingredients.
In North America we used our detergent formulation capabilities to land a large new detergent brand that produces its detergents at multiple contract manufacturing sites. With additional new unit-dose detergent volumes expected in H2 2026, we believe we will achieve our near-term target of 600 million unit-dose detergent per year in North America.
In the EMEA region our goal is to grow volumes from two existing major accounts and add two more large customers. We grew revenues to our two existing customers and secured one large new customer in H1 2026 that we expect to grow in H2 2026 and into 2027. We are making progress on the second new customer with favourable testing results, but do not have definitive indication on adoption or the timing of adoption.
Together the pipeline of opportunities within these regional goals combined with growth from our existing customers give us confidence we will reach our medium-term revenue ambition of $30 million.
SPARXTM Formulated Solutions
SPARXTM Formulated Solutions revenues are generated from the sale of other key ingredients needed for brands to produce Itaconix formulations at their contract manufacturing sites in North America. The sale of these other ingredients in addition to the Itaconix ingredients assures the quality and cost of the Itaconix formulations and generates additional gross profit to support the cost to develop Itaconix formulations.
New SPARXTM Formulated Solutions initiatives are generating and accelerating new customer opportunities. Two new proprietary unit-dose dish detergent formulations were introduced, including an 8-gram plastic-free tablet at the American Cleaning Institute's Innovation Showcase in February 2026. The deeperclean.com ecommerce site was launched to attract more North American brands with ready access to Itaconix-based detergents for evaluating end-product marketing claims and production costs.
Revenue was $1.6 million, up 3.3% and reflecting increased volumes to contract manufacturers in North America for unit-dose dishwasher and laundry detergents. Gross margin of 12% was within our expected range, with the business generating an incremental $0.2 million of gross profit for the Group. The gross margin is lower than Itaconix® Performance Ingredients, but the business segment leverages our existing supply chain network and capabilities, generating value for Itaconix as a whole.
BIO*Asterix®
BIO*Asterix® is 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 paint market. We are investing selectively in applications, products, and patents to develop BIO*Asterix into a proprietary business with significant long-term growth potential. Launched in June 2025, the BIO*Asterix ecommerce site provides industrial researchers with ready access to itaconate monomers but is not intended to generate significant revenues at this time. Commercial progress is focused on work with established leaders in the paint industry to complete the development of a new class of plant-based paints.
R&D and innovation progress
We are investing in product, application, and process innovations that will contribute to our long-term revenue objectives. A new polymer for scale inhibition is at the prototype stage and undergoing extensive evaluations for a patent filing, regulatory filings, and commercial assessments. BioVail™ GRZ™ 200L for improved uptake of nutrients in plants is also at the prototype stage and in field trials on US row crops to evaluate efficacy in increasing crop yields. Our new plant-based paints are progressing through development. New patents were filed in H1 2026 for proprietary formulations using Itaconix ingredients in unit-dose dishwashing detergents and in paints. We successfully challenged the granting of an EU detergent formulation patent that infringed an existing Itaconix patent. Further work on our plant-based superabsorbent is currently on hold until viable paths for commercial production and revenues are determined.
Outlook
Trading in the second half to date supports our confidence in achieving recent updated market guidance of at least $14.8 million in revenue and a small positive EBITDA for FY 2026.
We remain focused on increasing our market share in unit-dose detergent polymers across our core markets:
· EMEA and North America - scale inhibition polymers for unit-dose detergent applications
· North America - odour neutralisation polymers for laundry applications
With the key products, resources and production capacity now in place, we believe we are well positioned to achieve revenues of $30 million in the medium term.
We continue to monitor global conflicts and trade disruptions closely and are managing our overall gross profit margin with selective updated pricing based on raw material and transportation costs inflation. Having successfully navigated significant market fluctuations in recent years, we believe the business is resilient and well placed to manage current uncertainties.
Beyond our medium-term revenue ambition, we will continue to invest in and develop polymers for paints and crop nutrients. We believe these applications can support the next revenue milestones for Itaconix.
John R. Shaw
Chief Executive Officer
7 September 2026
Condensed consolidated income statement and statement of comprehensive income
For the six months ended 30 June 2026
|
|
|
Unaudited |
Unaudited |
|
|
|
6 Months to
|
6 Months to (restated) |
|
|
|
|
|
|
Continuing Operations: |
Notes |
$000 |
$000 |
|
Revenue |
5 |
8,292 |
4,823 |
|
Cost of sales |
|
(5,341) |
(3,129) |
|
Gross profit |
|
2,951 |
1,694 |
|
Administrative expenses |
|
(3,178) |
(2,132) |
|
Operating loss before tax from operations |
|
(227) |
(438) |
|
Finance income |
|
17 |
39 |
|
Interest expense |
|
(74) |
(79) |
|
Loss before tax |
|
(284) |
(478) |
|
Taxation expense |
|
- |
(11) |
|
Loss after tax |
4 |
(284) |
(489) |
|
Other comprehensive income, net of income tax |
|
|
|
|
Items that may be reclassified subsequently to profit or loss: Exchange differences on translated foreign operations |
|
(9) |
514 |
|
Total comprehensive loss for the period |
|
(293) |
25 |
|
|
|
|
|
|
Basic and diluted loss per share (£) |
6 |
(0.02£) |
(0.03£) |
Condensed consolidated statement of financial position
As at 30 June 2026
|
|
|
Unaudited |
Audited |
|
||
|
|
|
As at |
As at |
|
||
|
|
|
30 June |
31 December |
|
||
|
|
|
2026 |
2025 |
|
||
|
|
|
|
|
|
||
|
|
Notes |
$000 |
$000 |
|
||
|
Non-current assets |
|
|
|
|
||
|
Intangible assets |
|
311 |
237 |
|
||
|
Property, plant and equipment |
|
1,099 |
1,067 |
|
||
|
Right-of-use asset |
|
1,749 |
1,854 |
|
||
|
|
|
3,159 |
3,158 |
|
||
|
Current assets |
|
|
|
|
||
|
Inventories |
|
2,600 |
3,717 |
|
||
|
Trade and other receivables |
|
2,278 |
1,691 |
|
||
|
Investments |
|
2,350 |
2,020 |
|
||
|
Cash and cash equivalents |
3 |
2,718 |
2,371 |
|
||
|
|
|
9,946 |
9,799 |
|
||
|
Total assets |
|
13,105 |
12,957 |
|
||
|
|
|
|
|
|
||
|
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 |
|
1,035 |
1,001 |
|
||
|
Foreign translation reserve |
|
703 |
712 |
|
||
|
Retained losses |
|
(91,778) |
(91,494) |
|
||
|
Total equity |
|
7,975 |
8,234 |
|
||
|
|
|
|
|
|
||
|
Non-current liabilities |
|
|
|
|
||
|
Long-term lease liability |
|
1,776 |
1,862 |
|
||
|
|
|
|
|
|
||
|
Current liabilities |
|
|
|
|||
|
Trade and other payables |
|
3,187 |
2,699 |
|||
|
Short-term lease liability |
|
167 |
162 |
|||
|
|
|
3,354 |
2,861 |
|||
|
|
|
|
|
|||
|
Total liabilities |
|
5,130 |
4,723 |
|||
|
|
|
|
|
|||
|
Total equity and liabilities |
|
13,105 |
12,957 |
|||
Interim condensed consolidated statement of cash flows
For the six months ended 30 June 2026
|
|
|
Unaudited |
Unaudited |
|
|
|
6 Months to
|
6 Months to (restated) |
|
|
|
|
|
|
|
|
$000 |
$000 |
|
Cash flows from operating activities |
|
|
|
|
Operating loss before tax |
|
(284) |
(478) |
|
Adjustments for: |
|
|
|
|
Interest received |
|
(17) |
(36) |
|
Depreciation of property, plant and equipment |
|
86 |
73 |
|
Amortisation of right-of-use asset |
|
108 |
107 |
|
Amortisation of website |
|
8 |
- |
|
Share based payment charge |
|
34 |
42 |
|
Loss /(gain) on foreign exchange |
|
(9) |
514 |
|
Taxation |
|
- |
(11) |
|
Decrease / (increase) in inventories |
|
1,116 |
(1,222) |
|
Increase in receivables |
|
(587) |
(38) |
|
Increase in payables |
|
487 |
672 |
|
Net cash inflow/(outflow) from operating activities |
|
942 |
(377) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Interest received |
|
17 |
36 |
|
Change in Investments in money market account |
|
(329) |
(120) |
|
Capitalisation of intangible assets |
|
(82) |
(106) |
|
Purchase of leasehold improvements |
|
- |
(241) |
|
Purchase of property, plant and equipment |
|
(119) |
(331) |
|
Net cash outflow from investing activities |
|
(513) |
(762) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Repayment of lease liability |
|
(82) |
(59) |
|
Net cash outflow from financing activities |
|
(82) |
(59) |
|
|
|
|
|
|
Net inflow/(outflow) in cash and cash equivalents |
|
347 |
(1,198) |
|
Cash and cash equivalents at beginning of the period |
|
2,371 |
5,482 |
|
Cash and cash equivalents at end of the period |
|
2,718 |
4,284 |
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 2026 were approved for issue in accordance with a resolution of the Board on 7 September 2026. 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/.
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 2025 Annual Report. The financial information for the half years ended 30 June 2026 and 30 June 2025 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 2025 included within this report does not constitute the full statutory Annual Report for that period. The statutory Annual Report and Financial Statements for 2025 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 2025 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 2025 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 2026 and will be adopted in the 2026 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.
Restatement
During the annual audit for FY 2025, a prior period adjustment for 2024 was made to the accounting for IFRS 16: lease accounting. For consistency the H1 2025 financials have been restated to reflect the correction identified during the audit. The error related to the incorrect application of the effective interest rate method, which resulted in an understatement of interest expense of $79k during the period ended 30 June 2025.
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. Accordingly, the Directors have concluded that the Group will 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 2025 Annual Report.
3. Cash and cash equivalents
|
|
Unaudited |
Audited |
|
|
As at |
As at |
|
|
30 June |
31 December |
|
|
2026 |
2025 |
|
|
|
|
|
|
$000 |
$000 |
|
Cash at bank and in hand |
2,718 |
2,371 |
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 (restated) |
|
|
|
$000 |
$000 |
|
Loss for the period |
|
(284) |
(489) |
|
Share-based payment charge |
|
34 |
42 |
|
Finance income |
|
(17) |
(36) |
|
Interest expense |
|
74 |
79 |
|
Taxes |
|
- |
11 |
|
Depreciation and amortization |
|
200 |
181 |
|
Adjusted EBITDA |
|
7 |
(212) |
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 homecare and personal care products. SPARX™ Formulated Solutions provides technical services and ingredient supplies for formulated products developed for customers based on Itaconix® Performance Ingredients. BIO*Asterix® develops, produces and sells specialty itaconate monomers as plant-based alternatives to acrylates in paint, coating and adhesive applications. These segments make up the continuing operations. Core Operations includes development expenses, general and administrative expenses, professional fees and governance costs incurred to progress and grow the Group's operations.
Net assets of the Group are attributable solely to North America and EMEA.
Six months ended 30 June 2026
|
|
Itaconix® Performance Ingredients |
SPARX™ Formulated Solutions |
BIO*Asterix® |
Core Operations |
Unaudited 6 Months to 30 June 2026 |
|
|
|
|
|
|
|
|
|
$000 |
$000 |
$000 |
$000 |
$000 |
|
Revenue |
|
|
|
|
|
|
Sale of goods |
6,726 |
1,566 |
- |
- |
8,292 |
|
Results |
|
|
|
|
|
|
Depreciation and amortisation |
(77) |
(7) |
- |
- |
(84) |
|
Cost of sales |
(3,886) |
(1,371) |
- |
- |
(5,257) |
|
Gross profit |
2,763 |
188 |
- |
- |
2,951 |
|
Administrative expense |
- |
- |
- |
(3,178) |
(3,178) |
|
Interest expense |
- |
- |
- |
(74) |
(74) |
|
Finance income |
- |
- |
- |
17 |
17 |
|
Taxation expense |
- |
- |
- |
- |
- |
|
Segment (loss) / gain |
2,763 |
188 |
- |
(3,235) |
(284) |
|
Operating assets |
6,148 |
837 |
19 |
3,440 |
10,444 |
|
Operating liabilities |
(3,220) |
(367) |
(1) |
(1,542) |
(5,130) |
|
Other disclosure: |
|
|
|
|
|
|
Capital expenditure* |
45 |
1 |
- |
73 |
119 |
Six months ended 30 June 2025
|
|
Itaconix® Performance Ingredients
|
SPARX™ Formulated Solutions
|
BIO*Asterix®
|
Core Operations |
Unaudited 6 Months to 30 June 2025 (restated) |
|
|
$000 |
$000 |
$000 |
$000 |
$000 |
|
Revenue |
|
|
|
|
|
|
Sale of goods |
3,305 |
1,518 |
- |
- |
4,823 |
|
Results |
|
|
|
|
|
|
Depreciation and amortisation |
(85) |
- |
- |
- |
(85) |
|
Cost of sales |
(1,729) |
(1,315) |
- |
- |
(3,044) |
|
Gross profit |
1,491 |
203 |
- |
- |
1,694 |
|
Administrative expense |
- |
- |
- |
(2,132) |
(2,132) |
|
Finance income |
- |
- |
- |
39 |
39 |
|
Interest expense |
- |
- |
- |
(79) |
(79) |
|
Taxation expense |
- |
- |
- |
(11) |
(11) |
|
Segment (loss) / gain |
1,491 |
203 |
- |
(2,183) |
(489) |
|
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 |
*Capital expenditure consists of additions of property, plant and equipment, and intangible assets.
Geographical information
|
|
Revenues |
|
Net assets |
|
|
||||||||
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Audited |
|
|||||
|
|
Six Months to |
|
Six Months to |
|
Six Months to |
|
Year to |
|
|||||
|
|
30 June 2026 |
|
30 June 2025 |
|
30 June 2026 |
|
31 Dec 2025 |
|
|||||
|
|
$'000 |
|
$'000 |
|
$'000 |
|
$'000 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
North America |
4,248 |
|
3,301 |
|
1,784 |
|
4,266 |
|
|||||
|
Europe, Middle East and Africa |
4,044 |
|
1,522 |
|
6,191 |
|
4,212 |
|
|||||
|
Rest of World |
- |
|
- |
|
- |
|
- |
|
|||||
|
|
8,292 |
|
4,823 |
|
7,975 |
|
8,478 |
|
|||||
The revenue information above is based on the location of the customer.
6. Weighted-average number of ordinary shares
|
|
Unaudited |
Unaudited |
|
|
6 Months to 30 June 2026 |
6 Months to 30 June 2025 |
|
|
No |
No |
|
Weighted average number of ordinary shares for the purposes of basic and diluted loss per share ('000) |
13,486 |
13,486 |
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 9 hours ago Johnson Matthey
- 10 hours ago Galliford Try
- 10 hours ago Galliford Try
- 10 hours ago Centrica
- 11 hours ago Smith & Nephew