Itaconix (ITX) , a producer of sustainable plant-based polymers, announced its interim results for the half year ended June 30, 2025 (H1 2025).
Itaconix reported record H1 2025 revenues of US$4.8m, up 30% half-on-half from $3.7m in H2 2024, and up 73% year-on-year from US$2.8m in H1 2024. Likewise, gross profit jumped to US$1.7m, up 55% year-on-year, while overall gross profit margin was 35%, up 4pts from H2 2024. Within ITX's core Performance Ingredients business, gross profit margin was up 5pts to 45%, while the SPARX Formulated Solutions division saw profit margins rise 3pts to 13%.
The company made substantial progress toward profitability in H1 2025, with adjusted EBITDA improving to $(0.2)m, compared to $(0.8)m in H2 2024 and $(1.0)m in H1 2024. Loss after tax also improved to $(0.4)m, compared to $(0.9)m in H2 2024 and $(1.0)m in H1 2024.
In terms of balance sheet, ITX ended the period with a comfortable cash balance of US$5.7m - a moderate reduction from the US$6.7m reported at year-end FY24, reflecting significant investments in raw material and finished goods inventories to support customer growth and mitigate supply chain risk.
John R. Shaw, CEO, on current trading and outlook: "Looking ahead, we remain confident in delivering on the Board's full-year expectations for 2025 and in our mid-term path to profitability. With cash resources of $5.7 million at 30 June 2025 and a growing pipeline of opportunities, we are well positioned to continue our progress."
View from Vox
A highly positive interim update from Itaconix as it reports record revenues and gross profits, growing margins, and a solid balance sheet to support future expansion. Momentum in its core Performance Ingredients business remains strong, while the recent launch of BIO Asterix adds a third revenue stream, and uptake in the SPARX program continues to build. With these drivers in place, the company is scaling rapidly toward profitability, reaffirming its full-year forecast.
The strong results mark an inflection point for ITX, reflecting its evolution beyond its core business of scale inhibitors and odour neutralisers into a diverse stream of recurring revenues that underpin long-term profitable growth. The launch of the BIO Asterix specialty monomers represents another milestone in this evolution.
Turnover was US$4.8m in H1 2025, a 73% jump year-on-year, reflecting both increased market share in cleaning applications and the early contribution from the new initiatives, including the SPARX program. Gross profit margin was over 35%, demonstrating the strength of the repositioned revenue base and value of the company's ingredients. Loss after tax halved from H2 2024 to $(0.4)m, and is on a clear trajectory to breakeven in the medium term.
Looking ahead, ITX entered the second half with strong sales momentum and on track to meet full-year expectations. Tariffs have not had a significant impact, being mitigated by ITX's selective price adjustments and supply chain shifts, and favourable currency movements. With a robust cash balance of US$5.7m on June 30, 2025 and a steadily growing pipeline, ITX is well-positioned for further growth.
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