In its final results for FY22, Itaconix (ITX),a producer of sustainable plant-based polymers, delivered a 115.7% surge in revenues, driven primarily by its success in its cleaning segment. This growth has propelled the company's presence in the key North American market and Europe.
Itaconix also noted that revenues from 2019 to 2022 grew at a compound annual growth rate of 63.1%, demonstrating the company's ability to navigate economic fluctuations and resilient demand.
The company's financial position has been strengthened through successful fundraises, including a $0.4 million raise in April 2022 and $12.7 million in February 2023.
Itaconix has expanded its commercial base by integrating its polymers into over 145 consumer brands, available in major retailers across North America and Europem supporting revenue growth in all geographical regions in the period. North America represents 90.7% of the company's revenue, with sales there more than doubling last year thanks to strong demand in the cleaning segment. Europe represents 9.3% of the Group's revenue, and grew even faster, with sales up 180.6%.
Commenting on the results, John R. Shaw, CEO of Itaconix, said: "We achieved major steps in FY2022 toward our financial goal of building a large, high gross margin, capital efficient specialty ingredients business. We have delivered revenues in line with previously upgraded market expectations at $5.6m, as our products are now used as performance ingredients in over 145 different consumer brands and are found in major retailers across Europe and North America.”
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Itaconix designs and manufactures polymers that are used in a range of consumer products, including laundry detergents, auto dish wash pods, odor management products and hair styling.
The company’s aim is to help the world shift away from chemicals that have poor toxicity profiles and which are made from fossil-based feedstocks, and instead use plant-based ingredients that are more sustainable, while also delivering cost advantages to its customers.
Itaconic acid is a natural ingredient produced in the human and plant world that is at the core of Itaconix’s technology platform. This type of polymer boasts a range of advantages, such as its versatility - itaconic acid works as the building blocks for large numbers of compounds - as well as being safe and environmentally friendly.
With its remarkable revenue growth, improved financial standing, expanded commercial reach, and robust patent portfolio, Itaconix is well-positioned for continued success in 2023 and beyond.
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