Member Info for Elsol

The shareholders won't accept a low ball offer because they know what's coming down the tracks in rest of 26 and 27! Profit transition near term and further bisiness and commercial derisking. Also there are many underwater here still after historical dip. But all looks green for go once OI fook off or realise a common sense view and decide enough selling for now and await share price growth.

Team ITX the important aspect is that ITX is definitely heading intrinsic value positive in 26/27 ( accretive not destructive). In the end that will feed shareholder value at some point. I recognise though if a shareholder is exiting still it will bias the price dynamics until they finish selling or recognise the growth potential and just stop selling irrespective if they need the cash today to pay running costs.

And furthermore, if ITX do this well we are 100% a prime acquisition target to acquire the company by one of the big brands like P&G. 👍 In the U.S., the top producer of dishwasher tabs is Procter & Gamble, with their brand Cascade holding about a 28 percent market share, followed by Reckitt Benckiser with their Finish brand, and Henkel with Somat and Persil. For laundry tabs, Procter & Gamble also leads with Tide PODS, followed by Henkel with Persil and Unilever. Overall, single-dose formats like pods and tabs are becoming increasingly popular in both categories.

They could easily leverage DTC marketing strategy via Meta and Google ads that are AI precision driven

Brilliant. @Smart maybe reconsider your offshoring allocation strategy to other assets my friend...this means say by 2030 a stretch goal to convert 10% of US households (say 14m = 140m x 10%) , then x 100USD/ YEAR home sales. = $1.4bn revenue potential. Conservative 5% of homes equates to $700m sales likely at a good margin.

@ Smart - looks like EV/ SALES is well above 1:1 you quoted given GBP TO USD conversion, probably above 1.5x+ on 2025A and say 1.3x+ on F 2026. It's still undervalued and awaiting near term re-rating on profit transition. Will be interesting H1 to see of 2026 F is higher than mgt base case.

I also find it very odd the mixed messaging on the 8g tab formulation. One minute it's still in development with 1 year to launch, next minute it's OTC direct to consumer in USA that will have taken at least 3 months to plan, implement and launch. Unless the larger players were colluding to block this ITX supply innovation through unnecessary stability testing or smoke and morror tactics- no idea. Definitely need some urgent management clarity on this one. 🤔

Yes B2C looks a VERY interesting development. I also emailed ITX about something related 1 week ago but they have not responded. Obviously alot going on over the pond. They could use Meta and Google direct-to-consumer immersive video ad. reels if they wanted pushing into post code regions to assess ROI. and uptake. As others said already takes the middle man out and we can price lower ti get mire scale or take a larger margin at existing end prices.

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.

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.

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.

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

Well done AJP! 👏

Great new hire senior head of R&D!

Well put Smart!

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!).

No. Didn't hear that.

Spot on AJP. My feedback on Meet-me platform:

"Brilliant presentation today John and Laura - well done and well prepared for that extensive shareholder Q&A!"

I have also shared my only continuing gripe re: RNS news flows and the recent notable example of the 8g opportunity. I'm going to follow-up email the company on this point and strongly share further perspectives. However, after today I believe shareholders are all much clearer as to ITX's near-term growth trajectory and the key strategic drivers of the company. The future looks very bright with a commercial tactical plan aligned to the higher return opportunities and attaining breakeven during 2026/27. Also good to know we appear to be heading towards the first paint development contract in H2 2026 that is just around the corner.

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.

DD77 I get why your frustrated. But today in 2026 this is actually the best performance shape ITX has ever been in - just breaking the $10m sales barrier. That's why you're still here I guess and you have the likes of SI and AJP loyalists in the background. For patient investors, its just a matter of time and we will all get a very handsome return @ 4.0x + sales on a trade sale (2026 H2 / 27 / 28) as ITX grows, or from delayed catchup SP accretive growth. That's why I'm still here and haven't sold much if any at all (e.g. low risk cashflow platform from 2027+ onwards based on further scaling, highly diversified downstream client brands - defensive ingredients difficult to displace, IP moat, SPARX, Bio* upsides etc etc). From today's bargain basement price and given I invested back 5+ years ago its looking like ITX could be a great cash generative annuity once it gets momentum again. You've seen how confidence in this business can quickly revive and ignite - it just takes a ground-breaking client deal, collaboration or go-to-market alliance with a big chem company. The business is now alive, kicking with strong growth fundamentals - highly investible growth story for inbound investors at this price.