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Itaconix
(LSE:ITX)
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Rating:58Neutral
Price Target:
205.00 p
▲(1.99% Upside)
Action:Reiterated
Date:09/15/26
The score is held back primarily by weak financial performance (continued losses and persistent negative operating/free cash flow), partially offset by constructive technical momentum and a very positive earnings-call outlook that highlights accelerating revenue and an emerging path to EBITDA profitability. Valuation is also a modest negative due to the company still being loss-making and offering no stated dividend yield.
Positive Factors
Phosphate Replacement Opportunity
Phosphate restrictions create a durable substitution opportunity for Itaconix's additives in detergents. The stated ability to use less polymer while preserving or improving performance can strengthen customer economics, support formulation adoption, and provide a regulatory-driven runway for repeat ingredient sales.
Negative Factors
Persistent Cash Burn
Persistent negative operating and free cash flow means growth is not yet self-funded, even though cash burn improved in 2025. Continued cash consumption can require external capital or use balance-sheet resources, limiting flexibility to invest while the company scales.
Read all positive and negative factors
Positive Factors
Negative Factors
Phosphate Replacement Opportunity
Phosphate restrictions create a durable substitution opportunity for Itaconix's additives in detergents. The stated ability to use less polymer while preserving or improving performance can strengthen customer economics, support formulation adoption, and provide a regulatory-driven runway for repeat ingredient sales.
Read all positive factors
Itaconix (ITX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£25.62M
Dividend YieldN/A
Average Volume (3M)20.86K
Price to Earnings (P/E)―
Beta (1Y)0.08
Revenue Growth57.55%
EPS Growth2.94%
CountryUK
Employees28
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-0.09
Shares Outstanding13,486,122
10 Day Avg. Volume18,299
30 Day Avg. Volume20,861
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.76
Price to Sales (P/S)1.38
P/FCF Ratio-7.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£375.00Price Target Upside86.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)£10.92M
Itaconix Business Overview & Revenue Model
Company Description
Itaconix plc, alongside its affiliated entities, specializes in the creation, production, and distribution of bio-based polymers. These innovative materials serve the personal care, household product, and industrial sectors throughout North Americ...
How the Company Makes Money
Itaconix makes money by selling specialty chemical ingredients (its proprietary, phosphate-free performance additives) to formulators and manufacturers of cleaning and detergent products. Revenue is generated primarily from product sales (typicall...
Itaconix Earnings Call Summary
Earnings Call Date:Sep 08, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 30, 2027
Earnings Call Sentiment Positive
The call was strongly optimistic, supported by record first-half revenue, 72% half-over-half growth, a 166% increase in EMEA revenue, stable 36% gross margins, first-time adjusted EBITDA break-even, expanding customer adoption, and a strong cash position. Management also described substantial opportunities in detergents, paints, and crops and outlined a path toward $30 million of revenue in three to four years. The main challenges were higher administrative expenses, reliance on reorders and additional customer wins, China-only itaconic acid supply, tariff and shipping volatility, and several emerging applications that remain in development or have not yet produced consistent reorders.Positive Updates
Record Revenue and First EBITDA Break-Even
Itaconix delivered record first-half revenue of $8.3 million, up 72% half over half, and achieved adjusted EBITDA break-even for the first time in the company's history, compared with a $200,000 loss in the first half of 2025.
Negative Updates
Administrative Expenses Increased
Administrative expenses increased by approximately $1 million and rose about 49% half over half to approximately $3.2 million. Management attributed the increase to additional personnel, product development, transportation costs associated with higher EMEA demand, and commercial activities.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and First EBITDA Break-Even
Itaconix delivered record first-half revenue of $8.3 million, up 72% half over half, and achieved adjusted EBITDA break-even for the first time in the company's history, compared with a $200,000 loss in the first half of 2025.
Read all positive updates
Company Guidance
Guidance included achieving 600 million unit dose detergent pods in North America in 2026, exceeding $14.8 million in revenues in the second half of 2026 with clear EBITDA profitability, and achieving a small positive EBITDA for the full year; the company believes it can reach $30 million in revenues in the next three to four years with its existing U.S. operations and has a true potential of at least $100 million, expects to invest back into working capital $300,000-$400,000, expects firm crop evaluations by later this year, early next year and, if these go well, expects to scale to at least 10,000 acres next year, expects a final laundry tablet in the next couple of months and said brands may discuss its launch in the first half of 2027, while in paints it expects to be comfortable sometime in 2027.Itaconix Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.83M | 10.50M | 8.14M | 7.87M | 5.61M | 2.60M |
| Gross Profit | 4.85M | 3.64M | 2.83M | 2.44M | 1.49M | 699.95K |
| EBITDA | -623.43K | -827.00K | -1.98M | ― | -1.96M | -1.66M |
| Net Income | -1.25M | -1.38M | -2.33M | ― | -2.47M | -446.27K |
Balance Sheet | ||||||
| Total Assets | 13.17M | 12.96M | 13.18M | 15.14M | 2.52M | 3.28M |
| Cash, Cash Equivalents and Short-Term Investments | 5.09M | 4.39M | 6.73M | 8.68M | 606.98K | 682.95K |
| Total Debt | 1.95M | 2.02M | 2.14M | 3.10M | 526.14K | 493.96K |
| Total Liabilities | 5.16M | 4.72M | 3.85M | 3.91M | 3.30M | 2.63M |
| Stockholders Equity | 8.02M | 8.24M | 9.33M | 11.22M | -776.50K | 648.95K |
Cash Flow | ||||||
| Free Cash Flow | -144.91K | -1.86M | -3.34M | -2.18M | -278.54K | -2.09M |
| Operating Cash Flow | 11.22K | -1.22M | -2.75M | -1.92M | -219.42K | -2.02M |
| Investing Cash Flow | -1.31M | -1.64M | 5.95M | -7.84M | -59.11K | -47.08K |
| Financing Cash Flow | -248.67K | -316.50K | -279.00K | 11.58M | 192.37K | 1.31M |
Itaconix Technical Analysis
Positive
201.00
Price Trends
188.63
Positive
155.16
Positive
133.17
Positive
Market Momentum
-0.03
Positive
51.89
Neutral
23.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ITX, the sentiment is Positive. The current price of 201 is above the 20-day moving average (MA) of 189.38, above the 50-day MA of 188.63, and above the 200-day MA of 133.17, indicating a bullish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 51.89 is Neutral, neither overbought nor oversold. The STOCH value of 23.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ITX.
Itaconix Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | £4.77B | 60.41 | 3.65% | 3.25% | 3.36% | -43.08% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £1.03B | 18.56 | 11.29% | 1.83% | -11.73% | ― | |
58 Neutral | £25.62M | -26.98 | -15.42% | ― | 57.55% | 2.94% | |
53 Neutral | £175.42M | -1.46 | -13.27% | 9.77% | -4.98% | -43.98% | |
45 Neutral | £21.69M | -1.99 | -85.45% | ― | ― | ― |
* Basic Materials Sector Average
GB:ITX
Itaconix
190.00
82.50
76.74%
GB:CRDA
Croda International
3,417.00
773.63
29.27%
GB:ELM
Elementis
182.00
22.60
14.18%
GB:HAYD
Haydale Graphene
0.28
-0.37
-57.08%
GB:SYNT
Synthomer
107.00
45.60
74.27%
Itaconix Corporate Events
Business Operations and StrategyFinancial Disclosures
Itaconix Hits Break-Even EBITDA on Surging Plant-Based Polymer Sales
Positive
Sep 8, 2026
Itaconix reported unaudited half-year results to 30 June 2026 showing strong revenue growth and improved profitability as it pushes to scale its plant-based specialty polymers business. Total revenue rose 72% year on year to $8.3 million, driven b...
Business Operations and StrategyFinancial Disclosures
Itaconix Sets Date for Interim Results and Investor Presentation
Positive
Aug 20, 2026
Itaconix has scheduled the release of its interim results for the period ended 30 June 2026 on 8 September 2026. The announcement underscores the company’s aim to keep investors informed on its financial performance and operational progress ...
Business Operations and StrategyFinancial Disclosures
Itaconix Lifts 2026 Revenue Outlook After Record First Half
Positive
Jul 17, 2026
Itaconix reported a record first half for 2026, with unaudited revenues rising 72% year-on-year to $8.3 million and gross margins holding at 36%, supported by broad-based growth across major product segments. Performance Ingredients for dish and l...
Business Operations and StrategyProduct-Related Announcements
Itaconix Secures First Supply Deal for Plastic-Free Dish Detergent Tablets in North America
Positive
Jul 14, 2026
Itaconix has secured its first customer supply agreement for 8-gram plastic-free dish detergent tablets with a purpose-driven North American brand, produced via its SPARX Formulated Solutions business at its North American Innovation Center. The t...
Business Operations and StrategyProduct-Related Announcements
Itaconix Extends Bonals Deal to Push Plastic-Free Detergent Tablets in North America
Positive
Jul 8, 2026
Itaconix has extended its collaboration with Bonals Technologies through December 2028 under its SPARX Formulated Solutions business to accelerate the rollout of safer, cost-effective and more sustainable unit-dose detergent tablets in the U.S. an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.