Itaconix PLC (AIM:ITX, OTCQB:ITXXF), which specialises in plant-based polymers designed to reduce the environmental impact of everyday products, has reported record revenue growth for the first six months of the year.
They rose 73% to $4.8 million compared with the same period last year, beating the $2.8 million generated in the same period last year. This growth also represents a 30% increase over the second half of 2024.
Investors were told the performance was in line with market expectations.
CEO John Shaw 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."
The surge was largely driven by Itaconix’s cleaning products segment, which saw top-line growth of 87% to $4.3 million.
This reflects the company gaining market share for its scale inhibitors, chemicals that prevent mineral build-up in detergents, as well as initial success with its SPARX programme, which offers custom-formulated cleaning solutions.
The hygiene and beauty segment grew 9% to $0.5 million.
Regionally, Europe stood out with a 149% increase in revenues, supported by repeat orders.
North America also saw strong growth of 53%, thanks to new customer accounts and ongoing orders from existing detergent clients.
In June, Itaconix launched BIO*Asterix, a new line of speciality monomers and binders aimed at high-value sectors such as paints, coatings and adhesives.
This product range marks a strategic expansion, adding a third distinct revenue stream alongside the company’s existing Itaconix Performance Ingredients and SPARX Formulated Solutions.
The company also expanded its collaboration with chemicals giant Croda earlier this month, extending their global supply and marketing agreement focused on odour control in homecare.
The updated deal includes a new ingredient targeting fabric cleaning, highlighting deeper commercial and technical cooperation.
Cash and investments stood at $5.7 million at the end of June, down from $7.8 million a year earlier, primarily due to increased investment in raw materials and finished goods.
CEO Shaw said: "Our plant-based scale inhibition and odour control products are gaining market share across a diverse customer base.
"Our new SPARX programme is also gaining traction as a faster and more affordable route for both small and larger brands to develop and introduce innovative new consumer products.
"With a strong balance sheet, a proprietary technology platform, an expanding line of ingredients, and a robust pipeline of opportunities, we are confident in delivering sustained revenue and gross profit growth through 2025 and beyond."