Itaconix (AIM:ITX), the AIM-listed developer of plant-based speciality polymers used in homecare detergents, reported revenue of $8.3 million for the six months ended 30 June, up 72% on the first half of 2025.
The growth marks the company's fourth consecutive half of expansion, driven by higher reorder volumes from existing customers and two large new detergent customers in EMEA and North America.
Itaconix Performance Ingredients, the core segment at 81% of group revenue, grew 104% to $6.7 million, while SPARX™ Formulated Solutions rose 3.3% to $1.6 million.
Gross profit climbed 74% to $3 million, with margin broadly stable at 35.6% against 35.1% a year earlier.
Adjusted EBITDA reached break-even, a marked improvement from a $0.2 million loss in the first half of 2025 and a $1.0 million loss in the first half of 2024, achieved despite a 49% rise in administrative expenses to $3.2 million on new product and process development.
Operating cash flow turned positive at $0.9 million, against an outflow of $0.4 million a year earlier, helped by normalised inventory levels, lifting cash and investments to $5.1 million from $4.4 million at the end of December.
"Our half-year results are major milestones for our commercial progress, our revenue potential, and our use of cash," said chief executive John R. Shaw.
The company reiterated its recently upgraded full-year guidance of at least $14.8 million in revenue and a small positive EBITDA, citing trading in the second half to date.
News Intelligence what this means for the company
Itaconix swung to break-even adjusted EBITDA in H1 2026 on 72% revenue growth to $8.3 million, driven by reorders from existing customers and two large new detergent wins in EMEA and North America. The core Performance Ingredients segment nearly doubled to $6.7 million (81% of revenue), while operating cash flow turned positive at $0.9 million and cash rose to $5.1 million. The company reiterated full-year guidance of at least $14.8 million revenue with small positive EBITDA, anchoring the milestone claim on trading momentum into the second half.
Break-even EBITDA on 72% revenue growth and positive operating cash flow materially strengthen the path to sustainable profitability, though the company remains pre-scale with H1 revenue of $8.3 million against $5.1 million in cash and investments. Execution risk remains on contract manufacturer adoption and cost competitiveness at scale, but the addition of two large new customers and broad-based growth across both segments supports the raised full-year guidance.
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