John Shaw of Itaconix outlines their progress on new and recurring orders from their growing customer base

John Shaw CEO of Itaconix #ITX outlines their progress on new and recurring orders from their growing customer base as they release their interims today.

Interim Highlights

·       First half revenues of $1.4 million were 26% higher than the first half of 2020.  Due to customer ordering patterns, these first half revenues were 36% lower than in the second half of 2020. 

·       Gross profits were $0.5 million, representing an increase of 30% over the first half of 2020 and decrease of 30% over the second half of 2020.  

·       Gross profit margin was 38% compared to 35% for the full year of 2020, remaining in line with Company expectations for a specialty ingredient company. 

·       Adjusted EBITDA1 was a loss of $0.7 million, compared to a loss of $0.6 million for the same period in 2020, reflecting some increase in investment spending on new products and applications. 

·       Loss before taxes was $0.2 million, represented a decrease of 78% from losses of $0.8 million in both the first and second halves of 2020.  Revaluation of the contingent consideration liability as a non-cash item contributed $0.5 million to this decrease.  Forgiveness of the US PPP loan for Covid-19 government assistance contributed another $0.2 million to this decrease.  

·       Cash and cash equivalents as at 30 June 2021 was $1.4 million, compared to $1.4 million as at 31 December 2020. 

·       In June 2021, the Company completed an equity raise with gross proceeds of $1.5 million to fund general working capital needs and new product development. 

·       The Company received the London Stock Exchange's Green Economy Mark in recognition for its contributions to the global green economy.

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 products in detergents, hygiene, and hair care.  Itaconix's contributions to the global low carbon economy are recognised by the London Stock Exchange's Green Economy Mark.