Itaconix (ITX) H2 2025 earnings summary

Executive summary

• Achieved record revenues and gross profits in 2025, with 61% year-over-year revenue growth to GBP 10.5 million and gross profit of GBP 3.6 million, maintaining a 35% gross margin.

• Significant progress toward profitability, reducing adjusted EBITDA loss to GBP 600,000 and targeting breakeven in 2026.

• Strong cash position and ample working capital to support growth initiatives.

• Expanded customer base and product applications, with over 200 consumer products using six ingredient classes.

Financial highlights

• Revenue grew 61% year-over-year to GBP 10.5 million, with three consecutive halves of revenue growth.

• Gross profit reached GBP 3.6 million, up GBP 1.4 million from 2024, with a gross margin of 35%.

• Adjusted EBITDA loss reduced to GBP 600,000, with a clear path to breakeven.

• Performance Ingredients segment revenue rose 60% to GBP 7.6 million, with a 41% average gross margin.

• SPARX Formulated Solutions revenue grew 65% to GBP 2.9 million, with gross margins of 10–20%.

Outlook and guidance

• Management expects continued revenue growth in line with consensus (GBP 13.3 million for 2026) and positive adjusted EBITDA (GBP 300,000).

• Targeting GBP 25–30 million in revenue within five years, focusing on EMEA detergent accounts and North American dish detergent volumes.

• Anticipates EBITDA profitability in H2 2026, with positive adjusted EBITDA for the full year.

• Plans to reduce working capital days and maintain strong cash reserves.