Itaconix Plc Share Chat (ITX)

Sorry about that typo put 2025 instead of 2026 for the first shipment

09/03/2026, 09/03/2026 & 29/03/2026 3 shipments of circa 20 Metric Tonnes, busy, busy, busy

ATB

AJP

Here you go U, a little bone to chew on

Update on Exports

https://importkey.com/search/ITACONIX%20CO%20LTD

click on the blue export data box and you will see the latest shipments

09/03/2025, 09/03/2026 & 29/03/2026 3 shipments of circa 20 Metric Tonnes, busy, busy, busy

That's 11 shipments sine July 2025 of circa 20 Metric tonnes a shipment (circa 220 Metric Tonnes in 9 months)

ATB

AJP

Another possibility is that the adjournment (to June 10th) followed the realisation that the director share buy on 8th May would have been within the 30 day no trading period if a trading update or accounts had been released alongside the AGM? June 10th is about as soon as they could hold it to retain the 30 day window.

More likelihood of us just getting boned by him

Couple of nice buy gone through on the OTC over the last few days

https://www.otcmarkets.com/stock/ITXXF/overview

Come on John, throw us a bone 🦴

ATB

AJP

Interesting analysis of the pros and cons of Itaconix. Though it does need updating with the 2025 results as it was written in November 2025.

https://koalagains.com/stocks/AIM/ITX

Hi G

Maybe held back and a 2 for 1 RNS tomorrow with a TU as well?

ATB

AJP

The RNS announcement today concerning the AGM adjournment has not triggered on this site,yet.

Poor.

I agree, and as said, will seriously mull over a fairly chunky (for me) increase in my holding. A significant SP increase over the next couple of years seems very achievable. If octopus wasn't selling, I believe we would be quite a bit higher today.

Hi Com

"It's always darkest before the dawn" is a proverb meaning the hardest times often come just before a positive turning point. It offers hope during intense struggles, suggesting that, like a natural cycle, severe difficulties are temporary and signify that improvements are close."

I still believe good times are around the corner.

ATB

AJP

Oh, perhaps my order broke the system?! That's it, I'm ooouutt!

Another European one

https://lafourche.fr/products/la-fourche-lessive-en-poudre-blanc-et-couleurs-certifiee-ecodetergent-1kg

ATB

AJP

I think it won’t contain any info other than announcing the AGM. I’m not expecting any update until mid-July. Hopefully the investor event in June will generate some new investors. I wish someone would buy Octopus Investment out.

Alternatively I’d rather Octopus dumped all their shares in one go. Yes that would crash the price temporarily but I think we would all grab shares on the dip and then see massive percentage returns by the end of the year.

The constant drip drip sell is keeping us in a holding pattern and preventing take-off. Seriously annoying.

The moment Octopus Investment F*** Off I will mortgage the house to buy Itaconix

Just for info

https://www.linkedin.com/posts/itaconix-corporation_itaconix-fornaturewithnature-plantbasedcleaning-activity-7459691261961134080-XXij

up to 1110 followers

Point to ponder we usually get an RNS about the AGM?

Maybe tomorrow with an update ?

ATB

AJP

Thanks Geraldus that explanation makes a lot of sense. Must admit I missed that point completely during the presentation. Glad they have the IP on this as halving the dose size is a game changer. Pity we will have to wait to late 2027 to see the financial benefit from it. Patience remains the order of the day.

Had another listen to the Investormeet with JS talking about the new pods at 25 mins.

He states that they have a small volume tablet machine in house to produce the 8 gram tablet.

This is before they can get it to the large scale manufacturing stage in 18 -24 months.

So the new site is solely their own manufacturing arm with should be higher GM.

Kept this underwraps and I could not see a link from the main ITX site.

Itaconix management will be presenting at Mello 2026 on the 2nd June.

If you are not familiar with us at MELLO, we have created a two-day investor conference that will include top quality keynote speakers including Georgina Brittain (JP Morgan AM), Christopher Mills (Harwood Capital Management), Richard Staveley (Rockwood Strategic) and Lord John Lee (leading UK Private Investor).

The conference will feature panel sessions such as our popular Mello BASH (Buy, Avoid, Sell, Hold) with professional investors and analysts like Paul Scott. There will be over 50 exhibiting & presenting companies including Vanquis, TPFG, TheWorks, EagleEye, Kooth, Harbourvest, BP Marsh, Amcomri and many more.

Use code LSE25 for 25% off general sale tickets (making it just £96 for a two day or £59 for a one day ticket). tickets available via the mello events website (melloevents .com)

Just for info

Dealing Policy (Rule 21): AIM companies must have a formal policy restricting directors and applicable employees from dealing in securities during close periods, which generally cover the 30-day period before the release of interim or annual results.

Maybe it was not Octopus, maybe it was the bad salesman?

ATB

AJP

Geraldus you make a valid point. Under FCA rules on disclosure of price-sensitive information it does look like the next significant update will be the TU in mid-July.

That combined with yesterday’s large sale leave me feeling rather Bearish in the short term. I presume and hope it was Octopus Investments continuing to sell because if not them, then who else?

Long term the Bull hypothesis is intact and supported by non-exec director dealings, trading updates and analyst predictions. However, I think we will have to wait a while longer before we see the share price start to move up.

No doubt I will receive flack for stating my opinion but please remember it is just my opinion and you should always do your own research and follow your own instincts.

PS - so called ‘good salesmen’ are just as dangerous as so called ‘bad salesmen’ if the advice they give you is without balance.

As suggested in my post yesterday at 15.05, sure enough a massive sale (probably octopus investments) has just been posted a day late for 45,281 shares at £47.55k. This is why all the buys yesterday barely moved the share price.

Yes, director buys are always good, even if small.

And another 45k of (probable) Octopus sales went through yesterday morning by the looks of it.

Also should mean that no immediate dial moving news is due.

Yes, we don't have any evidence Octopus are planning to liquidate their entire holding. The only evidence we have (a near static share price combined with improving fundamentals) indicates to me that they are still drip feeding shares into the market for now but they may stop doing so while retaining a smaller position. All guess work as SI says.

The way I see it at the moment, there are 4 potential bull case upsides for Itaconix from here.

1) the fundamentals indicate the share is underpriced and when Octopus complete their selling, we will see a natural rise in SP without other news.

2) there is a good chance that the next two/three quarterly reports confirm positive ebitda in the current year. Small cap institutional buyers may look at ITX again if if they see that combined with repeatable $10m + revenues

3) the company has indicated revenues of $25-30m within 3-5 years. If that produced ebitda of say, $6m, the mcap might reasonably rise to $60m to $120m over that period depending on the PE ratio. A return of 4X to 8X from here.

4) If Bioasterisk takes off and the company gets traction in the paints and coatings market, that could see much larger revenues over the 3-10 year period.

AJP we all hope you are right but the truth is none of us know. Unless I’ve missed it, nowhere is it written that they are divesting all their shares or holding their remaining shares. All we can go by are the TR-1 updates every 3 months. Next one would be due end of July at current rate. However, we will know before then by the size of any sells and this will also be reflected in the share price. If the share price starts to steadily rise over a few weeks this would be an indication that the selling has stopped.

Apologies if I have missed something please can you send the direct link to the information.

Hi

Is there not a flaw in your cunning plan, that Octopus have no plans to divest all of its holdings in ITX?

As of early May 2026, Octopus Investments Limited remains a significant stakeholder in Itaconix PLC (ITX), with recent regulatory filings showing a reduction in their holding to 7.87% of voting rights as of April 24, 2026.While there were earlier indications (mid-2025) that Octopus was looking to divest its position as part of internal portfolio management, Itaconix has continued to feature within the Octopus AIM VCT portfolios.Here is the current situation regarding the investment and the company:

1. Octopus Holdings & Strategy (2026)Reduced Holding: According to an RNS [TR-1] release on April 27, 2026, Octopus Investments Ltd held 7.87% of voting rights, reduced from previous levels.Portfolio Status: Despite the reduction, Itaconix (producer of plant-based polymers) has remained part of the Octopus AIM VCT 2 plc portfolio as of March 2026, even while the VCT has disposed of other, larger holdings (e.g., Breedon Group, Learning Technologies Group).Context: The reduction is considered an internal portfolio management decision—rebalancing between VCTs or taking profits—rather than a direct reflection of negative business performance

.2. Itaconix Business Situation (2026)Milestone Results: Itaconix has reported strong commercial momentum, having surpassed $10 million in revenue in 2025, which it described as a "milestone year".Entering 2026: The company entered 2026 with strong order momentum, a growing project pipeline, and a goal to move into positive Adjusted EBITDA.Outlook: Management expects to maintain growth and scale in 2026, with revenue projections around $13.3m.

3. VCT Context (2025-2026)Market Environment: The Octopus AIM VCTs have navigated a volatile period for smaller company investments, with a focus on raising new capital to support existing portfolio companies while aiming for 5% dividend yields.Reforms: New VCT rule changes effective from April 6, 2026, are expected to provide more flexibility for VCTs to support scaling AIM-listed companies like Itaconix.

ATB

AJP

Thanks SI.

Agreed, my point wasn’t that it would be 35 days but that if we saw today’s volume every day, it could be as short as that. Far more likely to be towards the end of the year although confirmation of a strong H1 in June could accelerate things.

@Concentr8ed great to hear from another voice. I think your post makes complete sense. I’m confident the company will execute its strategy as it has delivered every recent trajectory forecast by brokers.

The only part I disagree with is the 35 - 40 trading days. I wish we saw big volumes of buys like today every day, but unfortunately such days are rare. Perhaps we have turned a corner and volumes increase moving forward. If so, your hypothesis holds true. If not, we will need to be patient a while longer.

Moving forward I will keep a close eye on trading volumes and if these do increase then I will add more to my decent holding as volume is the key. At the moment I’m sitting on dry powder waiting to see evidence of upward movement.

Another European one I have not seen before

https://www.dm.at/p/d/1722561/planet-pure-geschirrspuel-tabs-dosier-classic

ATB

AJP

An assortment contained within, 55 products/ 5 pages

https://www.ewg.org/skindeep/browse/ingredients/862608-SODIUM_POLYITACONATE/?ingredient_id=862608-SODIUM_POLYITACONATE&page=1

ATB

AJP

AJP I didn’t as I think it will go to the same team and get the same answer. Please see if you have any more luck getting any more info but I doubt they will say anything else.

Hi

Since early 2025 they have reduced from

10.73% = 1352146

to

7.87% = 1061401 as of 24/04/26

Hi S did you manage email the fund managers as per the link I sent you?

ATB

AJP

They owned 10.7% of the company shares last August but now hold 7.9% which is just over a million shares.

The stock chart may be lacking the future dynamics, especially Octopus behaviour which makes it meaningless from a backward looking observation due to: 1. Octopus may cease selling, say, if it has a lower threshold exit price ar approx. 1gbp. 2. Octopus could have stopped selling today making new trend line forecast with buyers exceeding sellers. 3. ITX seems to have a strong defensive low price point at 1gbp. Maybe its due to the prior seller dynamics. Who knows.

I think this chart analysis sums up the current debate very well. Something for both the optimists and pessimists.

https://stockinvest.us/stock/ITX.L

Just for info

https://www.linkedin.com/posts/itaconix-corporation_aocs-annual-meeting-expo-may-3-6-2026-activity-7451995305190842368-TFpO

wonder if we have anything new to showcase over the next few days?

up at 1101 followers ever increasing.

Hi M

Probably no uptick on SP due to it matching the sales of the bad salesman earlier in the week?

ATB

AJP

Hi D

By the trade price of 109p ?

Thoughts

ATB

AJP

Silly question but how do we know it's a buy and not a sell?

@AJP08 Yes another £10k but zero impact on the SP

Is that another 10k shares purchased this morning?

ATB

AJP

Hi S

I think that the consensus was that they were rebalancing their portfolio and had move on the share that they no longer wanted to hold. If they had wanted to get out of ITX they could have done so by seeking a buyer or been much more ruthless in their approach to reducing their holding?

I always come back to my mantra on this “ everyone is a salesman” and is motivated by their own personal goals.

Holiday weekend just around the corner and 10 weeks imo till we see first half revenues.

ATB

AJP

I think we need to look at the facts. The TR-1 says the date the new threshold was reached was 24th April. This means up to last Friday at least they are continuing to sell. Given they are continuing to sell when Itaconix is ‘on the up’ infers to me that a decision has been taken by OI to sell out. Otherwise why would they keep selling?

It is frankly a self-defeating and short-sighted move by OI who will have lost a lot on their initial investment bought at a much higher cost. Unfortunately the indirect consequence of their actions is impacting on all of us LTHs.

None of this is a reflection on Itaconix and I had planned to plough in a lot more at this lowly price because the company itself is doing great. But I’m worried from an investment perspective that we are simply buying the shares OI are getting rid of which means we could have a long period where the share price growth we should be enjoying is negated by OI’s actions.

Hi S

Thanks for that, very prompt response.

An alternative route may be below

Fund manager

Freda Isingoma (30/11/2023), Kate Tidbury (01/08/2008), Mark Symington (30/11/2018), Martin Jager (30/11/2018), Dominic Weller (30/11/2018)

support@octopusinvestments.com

You never know?

ATB

AJP

Done and here is the reply (with names redacted):

Good morning xxxxxxx,

I hope you are well.

Unfortunately the only information I would have on this would be that it is an AIM listed holding so would be part of the AIM team's portfolio and would be dealt with by that team.

As it is a discretionary managed portfolio, they don't even really tell us what their plans are in terms of selling or buying certain holdings until that has already occurred so I wouldn't have that information to give out unfortunately.

Please let me know if you have any further questions or queries.

Kind regards,

xxxxxxxxx

Hi S

You could drop them an email and see what response you get?

Nothing ventured nothing gained?

Email: investorsupport@octopusinvestments.com

ATB

AJP

Just for info

https://www.linkedin.com/posts/itaconix-corporation_aocs2026-detergentformulation-cleaningproductformulation-activity-7454573277504655361-YLjm

Hopefully Octopus are finished with their reorganisation now?

Looks like we had another sizeable purchase this morning?

Guessing about 10 weeks for half year revenues, still reckoning between $7 & $8 million for the first six months 🤞

ATB

AJP

Indeed! With the top line and bottom line relentlesly pivoting upwards, new investors have to eventually cotton on and realise that ITX is a very high growth , investible stock, especially given ts current over sold Market cap.

Perhaps just a canny investor who realises that the current price is an anomaly caused by octopus investments. I sense that the bottom is in now and think octopus have finished their internal readjustments so that drag on price should be done. Otherwise I think we would have been around 200p by now. I’m feeling very positive about this year.

Sorry

£43.2 K

ATB

AJP

Hi S

Possibly a director buy?

Either way you do not splash £42.2K on just a punt eh.

I wonder if revenues have spiked due to the Middle East issues with a shortage of oil and inflated prices, ITX are a perfect alternative?

Onwards and upwards

ATB

AJP

In March, the US Court of International Trade ordered customs officials to refund the more than $160bn (£121bn) the government had collected in tariffs, putting roughly 330,000 importers in line for potential reimbursements.

Some new some old

https://www.makingcosmetics.com/DEOS-SODZNCPOLY-01.html?lang=en_US

https://www.amazon.fr/Crème-rebouclante-sans-parfum-Sans/dp/B0CQ3N3L27?th=1

https://inhairitance.fr/products/curl-devotion-gelly?srsltid=AfmBOorCWRh6fF2zBsq2sefRGULV4ZBRoPdGis9pjgRjjVGhA1qySkGy&shpxid=2ffadaff-a42f-427f-a3c6-59ad6fa53e81

https://detoxie.in/products/hard-water-defense-bundle?srsltid=AfmBOoquT4c0c6UucKh40Y1IxOL_ERl4fzxlqluLn338f7spcP6KqjuC

https://www.ulta.com/p/curl-talk-root-lift-spray-pimprod2056097?sku=2649500

https://www.beautycoiffure.com/lang-en/madame-la-presidente/113285-madam-president-curly-hair-shampoo-250ml.html?srsltid=AfmBOoqlwDB738XNQLVmLmG0rXCsflT3wHBBe7BroAp2KlJNKC_K_Rl3

https://www.biobay.de/die-kraeutermagie-haarstyle-puder-60-ml

https://www.oasishealth.app/search/item/204093?name=clean-people-coconut-%26-vanilla-laundry-detergent-pods

https://www.bodewell.com/p/bodewellbcdd060ptnua/01tKe0000008hAnIAI

https://www.famaideal.co.uk/styling/10991-nirvel-naturals-curly-conditioner-200ml.html

https://urbanhair.se/products/true-defining-gel

https://www.got2b.com/hair-styling/product/gel-cream-wax/got2b-curlz-defining-jelly.html/%7B%7Burl_key%7D%7D/%7B%7Bsku%7D%7D.html

https://tahecosmetics.com/intl-en/tahe-botanic-sun-sun-protection-hair-cream?srsltid=AfmBOoqTWAP2byRpxeSuUJhV-V-t4P_q5LAqDDyY0aCPJBapEmSXnxMi

https://www.basler-beauty.ie/brands/previa/previa-curlfriends-luscious-curls-spray-200-ml.html

https://www.boozyshop.co.uk/products/shea-moisture-raw-shea-butter-bar-soap?shpxid=5d6169d0-d0f4-49ac-8fc2-aaed9e29ad19

https://www.rossmann.de/de/haushalt-eco-freude-vollwaschmittel-20-wl/p/4305615834917

https://www.rossmann.pl/Produkt/Proszki-do-prania/Eco-Freude-proszek-do-prania-tkanin-kolorowych-1-35-kg,376662,19228?srsltid=AfmBOoo7EPeEWfhenTo6N0GxC8GB7TRB2IPNzoXqL5j3xPlnRkFHGEL3

https://www.rossmann.pl/Produkt/Woski-i-pudry-do-wlosow/MR-Look-by-Lukasz-Ploszajski-wosk-do-wlosow-stylizujacy-100-g,410254,13207?srsltid=AfmBOorfx2VvzHKCbUZ1e0VlTPTPMXr_SLFDe7MQD9C8RvayA-6XCcud

https://www.rossmann.dk/media-neu/124/MAM_12410016/MAM_12410016_CONTENT_1.4.pdf?srsltid=AfmBOoo8ToJV7o3A6_lsW4tUMQfLVVnwUHTUgB4CX4ekxzg969CnAr6n

https://www.oasishealth.app/search/item/131136?name=clean-revolution-dishwasher-detergent-pads-lemon-scent

ATB

AJP

Great spot AJP, FANTASTIC FOR ITX EUROPE 26/27/28 GROWTH OUTLOOK provably at better prices!

Hi

Quick question

Currently I have tracked 8 shipments of circa 20 metric tonnes of finished goods, and the site I use is approximately 6/8 weeks behind actual deliveries, so currently looks like we are delivering circa 20 metric tonnes a month to Belgium.

John stated in the presentation that ITX are currently holding 3 months worth of ingredients as to keep customers supplied.

so if we say that a safety stock of circa 60 metric tonnes is held in reserve, then we are currently selling circa 20 Metric Tonnes a month into Europe?

Please correct me if you think there is an error

20 Mertic Tonnes a month say at somewhere between 800,000€ to 1,000,000€ a month is that an unrealistic forecast, 10/12 million Euros a year?

And that is just from Europe

Thoughts please

ATB

AJP

Yes,nothing like legislation to make the decision for the companies involved.

That is excellent news AJP. Can’t believe I missed it. Has massive implications, no wonder business in Europe is flying!

Hi S

well done you.

I have as far as I can see been very conservative with the revenues we should be getting and the euro/dollar rate being circa 1.18 makes it even better.

https://www.alexmo-cosmetics.de/A-Polymer-SP_1

ATB

AJP

Hi AJP your calculations about Europe look logical. I can see Europe overtaking North America sales at this rate especially as the legislation is moving faster over here. Can’t believe the share price is still so cheap but its good for topping up my ISA. Feels increasingly like a multi-bagger investment now that my average is 120p.

Hi S

See we are now up at 1086 followers as well.

ATB

AJP

Itaconix is returning to the AOCS Annual Meeting & Expo in a couple weeks!

On May 3-6, Itaconix will join other global technical leaders for a week of presentations, networking, and exchanging ideas and innovations. Our team is looking forward to connecting in-person with industry peers, leaders, and partners.

Attending AOCS and want to connect with us directly? Head to our site for more info and to schedule a time to meet with our Technical Product Manager John Fernald: https://lnkd.in/dJwfyaTn

Good point. It certainly put me off a top up. Let's hope that encourages some buys

Not seen the spread this low for a long time 1% !!

Great new hire senior head of R&D!

Just for info

https://www.linkedin.com/posts/itaconix-corporation_how-do-phosphate-free-detergents-work-activity-7448354176062914560-GCy6

Quite a jump in the last few days, now up at 1059 followers, hopefully some formulators?

ATB

AJP

Just got info

https://www.linkedin.com/posts/itaconix-corporation_rdleadership-polymerscience-sustainableingredients-activity-7447717093430497280-BRX3

Now up at 1045 followers as well 🥳

ATB

AJP

Well put Smart!

more ip

automatic dishwashing composition comprising a protease

(240) also, preferred for use herein are partially decarboxylated polyitaconic acid ****polymers, preferably having a level of decarboxylation is in the range of 50 mole % to 90 mole %. especially preferred polymer for use herein is itaconix tsi® provided by itaconix. the crystal growth inhibitors are present preferably in a quantity from about 0.01 to about 10%, particularly from about 0.02 to about 5% and in particular, from 0.05 to 3% by weight of the composition.

https://www.uspto.gov/patents/search/patent-public-search

use the site, link above.,

choose "basic search" option

scroll down to basic search option on this page

enter "itaconix" in the first "for" box, change the operator to show "or, add "polyitaconate" to the second "for" box and then hit the "search button"

you should bring up all the latest ip for these two words, i usually click on the text link then to review the document.

find "itaconix"

atb

ajp

Not another penny from me until they make a profit, regardless of the share price

I thought my 80p prediction was a bit of a stretch as it leaves ITX with a market cap (£10.8m) more or less equal to recently reported revenue (£10.5m). My feeling is that something has to go very wrong for a company with a gross margin around 35% to be valued at a discount to annual revenue. So 80p was a very low ball (tongue in cheek) valuation by me. Bare in mind that even at 80p the market is ignoring ITX history of high revenue growth. But I'll stick to my 80p prediction on the basis of Octopus having perhaps a one year window to offload 10% of the company equity into a market that currently demonstrates little appetite for green sustainable investments (that could change post Trump). I suggest 70p could only happen if Octopus have a much shorter exit strategy. Say, 6 months.

I’ll buy back in when they dip to 70p and recuperate some of my losses, then hold for a buyout at £2 next year

@lootgaloot I understand your theory but as soon as the share price dips under £1 the shares are instantly snatched up, usually the same day. I know this market is bonkers but 80p seems one heck of a stretch.

Its two years to the day since ITX jettisoned 50% of its revenue from the low margin customer. The share price crashed from 260p to about 150p and has never recovered since. in fact, a series of macroeconomic events have once again dragged the price to near all-time post consolidation lows. At the time, the loss of the low margin customer raised several questions in my mind as to the viability of the business model. However, the lost revenue has been recovered and the company has more than addressed the concerns I had at the time.

Today, the market values ITX at around annual sales. Fair value for a mature steady business but ITX continues to demonstrate high growth and new markets. Anyone buying at today's price must surely see a profit three years from now? I'm not quite ready to invest yet. I'll wait for Octopus to exit. As with the Woodford exit, I expect them to sell their final 20-25% aggressively. I'll wait for 80p entry price but may accumulate at anything lower than 90p.

But volume could come from new ISA limit and take it to 1.25-1.35 then we drift again.

My main holding that Im down on, Im hoping for a sale that will no doubt happen in the future - we just dont know when

DYOR

Short answer is ‘No’. Trading volumes are relatively low as most of us here are long term holders.

Todays price action demonstrated the point I made in an earlier post that there is strong support at £1 so extremely unlikely you will be able to buy back in at a lower cost than you sell at.

I’m just tucking my shares away for now and will add more shares when the new ISA season kicks in.

With 1 day of trading left in the fiscal year do we think we will get some volume in the next few sessions?

Ive made a lot of money on this share in the past but now sitting on a loss of over half my gains I took - bought a few twice this week but probably to trade for 10% as its so low.

Been reading the boards a lot but just registered to ask the question

GLA

There is growing opinion that tech stocks are heavily oversold. Yesterday the Nasdaq started to rise as sentiment switches from maximum fear to hope. At some point sentiment will also switch here as there is nothing wrong with the business fundamentals at Itaconix.

With the Exception of what we consider a worthy RNS versus what the company thinks should be a RNS, I really can’t complain about anything they are doing. Revenue, margins, profitability, innovation, expansion etc are all going in the right direction and they will be generating free cash flow in 2027.

Personally I have been using the current sell off in stocks as an opportunity to add shares at what I consider a basement price. As Elsol says there is a massive disconnect between share price and business value. This will change.

Totally agree AJP. Thanks for thoughtful note. I also believe one person who thinks they are a cuning "sales person" is playing 'good cop, bad cop' which is expecially unhelpful at this moment in time.

This also is somewhat unnecessarily holding SP growth on top of everything geopolitical and historical (pre 2024 strategic pivot) at the moment.

The ITX minority level share price is now detached (majorly) from the intrinsic value of the business, I remain confident of strong value in ITX not least due major revenue growth and business KPIs being smashed and delivered (25/26). Investor nerves have won the day for now. But time heals wounds. Every quarter means the underlying business enterprise value is rising (EV accretive). You do not see it, or feel it in the SP yet but it will sort itself out in future given defensive / counter cyclical growth fundamentals / characteristics of ITX . For now the high oil price is ' fuelling ' ITX sales. I agree that John's base (as per normal prudent) forecast will be broken again in FY26, and $15m is my guide marker mid point for exit. I agree with SI that it's crazy to sell at this price since 325 p is the lowest EV benchmark an acquirer today could reasonsbly offer. (Obviously it is more they would have to pay in 2026 H2 and 2027 to acquire this company!).

I’m of the opinion that everyone is a salesman - either a bad salesman or a nice salesman.

Here is me being the nice (positive) salesman who is looking to add positivity to the proceedings (lol).

Personally, I thought it was one of the best presentations in the many years I have been here.

Maybe John has been caught out previously so therefore tries to keep expectations as realistic objectives.

Guess he looks at it that it is better to not make outlandish statements, in particular on revenue predictions, these are generally always understated and usually exceptionally surpassed.

This is why I am putting $15 mill down as revenue for 2026.

Several times he alluded to the fact that “we were off to yet another excellent start to 2026.”

Still think it would be of huge benefit to get quarterly revenue updates, to try and maintain momentum?

https://www.linkedin.com/posts/itaconix-corporation_itaconix-plc-2025-preliminary-results-presentation-activity-7442646549823926272-kbUy

I am not for one minute an advocate of war, but unfortunately these things are out with our powers of control and are left in the hands of elected lunatics (personal opinion there) to put economies and people’s lives at risk, but as alluded to at 53 minutes in, the price of oil (rising all the time) and its bi-products (becoming more scarce and ever more costly) could play into ITX’s hands, the oil situation will take years to recover to where we were before the war in the Middle East kicked off, as a magic switch cannot be flicked to make this happen, and majors like P&G and Unilever still need to keep the wheels turning.

We are in a position to step in and supply the plant-based ingredients to keep products on the shelves and once they adopt these products, they may consider it a very good option to have and not have all their eggs in one volatile basket?

Thoughts?

ATB

AJP

Just for info

https://www.linkedin.com/posts/itaconix-corporation_detergent-cleaningproducts-formulation-activity-7442918319084519424-WB40

ATB

AJP

Hi G

It looks like they have consolidated this under the terms "Performance Ingredients"?

Itaconix® Performance Ingredients have a range of gross profits depending on the product and end market of 35% to 70% with the weighted average gross profit for 2025 of 41%,

ATB

AJP

Just for info

https://www.linkedin.com/posts/itaconix-corporation_phosphatefree-greenchemistry-sustainability-activity-7444730254692118528-XbnV

ATB

AJP

When asked why the company did not releases more RNS about developments we find out about informally, by trawling patent websites and following LinkedIn etc, JS replied that they only posted RNS which had a materially impact on their current financial position. I understand his view but I disagree with it. A RNS can be used to talk about developments which help generate interest in small fast growing companies such as Itaconix. I do hope they will reconsider this but suspect they won’t as they seem rather stuck in their ways.

@Arkham, in light of this, you may be correct about the share price trading sideways for some time as we already know from the broker forecasts the estimated revenue and EBITDA position for 2026, so upcoming trading updates just reiterate the company is expanding as planned. That’s fine but it’s not going to generate the excitement which we all crave. Long term they are an excellent investment, and I will keep ploughing money into my ISA at these prices, but I agree it may take some time to see the multibagger returns we are all aiming for.

Couldn't have wrote that better myself,spot on.

I've noticed that announcements or things we think herald great revenue growth have a tendency to 'fizzle out' at ITX. The extra capacity needed possibly in 2027, which suggested anticipation of a big customer,... now we suddenly have enough capacity until 2030. The Sparx program, on which we would receive regular updates- John seemed to me to take every opportunity in the presentation to play down its significance. Bioasterix announced in 2020 then radio silence until it is re-launced last year. I fervently hope the same does not happen to the small tablets. Honestly looks like a treading water year, so expect the sp to be stuck here for some time. Another ISA year to top up for the true belivers. And I do believe this has serious multibagger potential. And I don't know how much longer John will want to continue working. The SP will be a lot higher if $30m revenue by 2030 but not nearly enough to reward long-term holders.

These won't be available at this price for long ......you'll have to pay a £1 for them soon lol , world events I'm afraid , this share pancaked in COVID. All good though ,still looking forward to a cheeky takeover offer here £3 and you can have mine

I took losses throughout 2025 cov (much against my usual strategy) because the opportunity cost of holding was staring me in the face given substantial rises and potential elsewhere. The same is true today - even more so given recent events. I look in occasionally for old time's sake for any hint that the broker "prediction" of £3+ (is that 6p in old money so no chance of 17p in my lifetime) will ever come to pass despite the "green" revolution. New ISA year coming up but I fear that ITX is not on my buy list. Best wishes if you continue to hold.

Maybe, but I've made no return for years now, when other shares I own have done well.

Being so far under water is the only thing stopping me selling a portion of my holding.

Anyone selling must be doing so at a loss, perhaps in the hope of buying in cheaper. However, we know from history that as soon as the share price dips to 95p to 100p there is a strong buy reaction from the market. So IMHO selling at 105p really makes little sense especially once you factor in the buy/sell spread in AIM.

Another way the company can get the share price moving other than director buys, is to start buying back shares.

The past equity raises were necessary but the downside is that there are now a lot of shares out there. Notably they are much cheaper than the equity raised at the time so it would actually be very good business for Itaconix to start buying shares back. Probably not feasible until next year when they become cash positive but if they did start to do that, it would drive the price up quickly, so a win-win for Itaconix.

Hi E

Also good to see super absorbents back on the agenda, must have made strides to get this on a more cost effective playing field up against the petrochemical derived competition.

ATB

AJP

Thx for posting. Very confident on growth, performance, and operational strategy design:

1 Several months of 2025 ITX were EBITDA positive

2. Resilience of supply chain planning and stock strategy focus

3. Targeting $25-30m revs in 3-5 year horizon with existing products and hunting bigger brands to convert (1 already won. )

4. Plus other ingredient market upsides on this platform like Bio* and spec monomers.

Thanks T

Very positive and upbeat, John has confidence that we will get there, an even better year this year to look forward to and profitability, will get my prediction in early $15 mill in revenues for 2026.

ATB

AJP

Https://www.proactiveinvestors.co.uk/companies/news/1089467/itaconix-ceo-on-61-revenue-surge-to-10-5m-ebitda-path-market-expansion-1089467.html