Itaconix (ITX) Trading update summary

Financial performance and trading update

• 2024 unaudited revenues reached $6.5 million, with gross profit margins rising to approximately 35% from 31% in 2023, reflecting improved market positioning.

• Revenue diversification increased, with broader product and customer contributions supporting future growth as a higher margin business.

• Net cash and investments at year-end were $6.7 million, down from $10.0 million in 2023, due to investments in marketing, new products, studies, regulatory approvals, and higher inventory for European growth.

Sector and product highlights

• Cleaning sector remains a key revenue driver, with significant European volume growth offsetting a planned decline in North America after exiting a low-margin customer.

• Hygiene and Beauty sectors saw sizable year-on-year revenue growth, driven by increased volumes from major customers and high-value ingredients.

• Formulated Solutions segment expanded, with the SPARXT™ program expected to launch at least 10 new products and generate additional revenue in 2025.

Strategic outlook and ESG

• Board remains optimistic for 2025, citing strong customer and consumer demand for sustainable, effective, and cost-efficient products.

• The company maintains a strong balance sheet and is prepared for macroeconomic and geopolitical risks, including potential tariff increases on Asian raw materials.

• ESG impact highlighted, with the 2023 ESG report available for review.