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John Shaw, CEO of Itaconix discusses their final results for 2022 which saw revenue increase by 115% and their recent fundraise allows them to continue this revenue growth for this year and next.
Financial and Operational Highlights
- Increased revenues by 115.7% driven by success in the cleaning segment in North America and Europe
- revenues from 2019 to 2022 growing at a compound annual growth rate of 63.1%
- Much improved balance sheet with two successful fundraises
- Gross proceeds of $0.4m in April 2022 and $12.7m in February 2023
- Expanded commercial base with more uses in more brands sold in more retail outlets
- Polymers are key functional ingredients for new generations of consumer products in cleaning, beauty, and hygiene
- Products are now found in over 145 different consumer brands and in major retailers across both North America and Europe
- Sixteen families of patents including an important new patent filing in 2022 for uses in advanced composites
- Awarded a Frost & Sullivan 2022 Enabling Technology Leadership Award
- Renewed supply agreement for our ZINADOR™ polymers sold through Croda for odour neutralisation to extend a supply collaboration that began in 2017
- Entered new marketing agreement with Brenntag North America to promote sustainable cleaning in household, industrial, and institutional cleaning applications to over 2,000 customers in the US and Canada
- Itaconix® TSI® 322 driving new generation of non-phosphate dishwashing detergents and now found in growing number of brands in Europe and North America
- Polymers for hairstyling sold through Nouryon as Amaze® SP and by Itaconix as VELASOFT® NE 100 are gaining use through excellent curl retention, novel soft feel for "weightless" hairstyling, and high plant-based content