Member Info for Elsol

Complete change of ITX strategic direction to bin low margin - blended bulk vol (diluting our value added ingredient) product merchandiser - we pivoted to high value-non diluted pure ITX ingredient supply segments = high profit margin now is my understanding. It was a hell of a shock at the time but perfect strategic sense with the benefit of hindsight! So in that context good bye old customer as you are no longer core to ITX 2.0

Apols - typo predictive text :-) "letting go of the rudder"

Thank you DD - I totally get it - if I have an opportunity to broach this subject with John in future I will sensitively attempt to relay this key message along in the context of his growing commercial team and up scaling of ITX go to market-activity. I guess the recent CFO delivery on social media (without John) may be a good example of him letter go of the rudder so to speak so lets hope this continues at pace.

Another thought to unpack before we close on this topic: Lets not forget that JS is significantly on the hook into making ITX a great success in the near term - obviously a key shareholder with major share options etc. and beyond this a lasting legacy/professional reputation to maintain - so I would imagine he is 250%+ laser focused on driving the share price, revenue and profitability - if he fails, he will not be enjoying the sort of quality life in retirement that he aspires to. That's probably why he is unwilling to sell the company short and reluctant to give away help for free to other larger entities that would just otherwise potentially abuse the goodwill of smaller companies like ITX .

The Croda product area is quite strategic for high growth applications so I would be very surprised if we lost this account. I think 2025 growrh is 50%+ p.a. and if there are continuing collaborative development thats great but obviously not friction free. Product Supplied:

Itaconix supplies Croda with proprietary ZINADOR® odor neutralizing ingredients, specifically ZINADOR® 22L and 35L

No brainer given tariff reset and recent CFO comms (rarely so bullish so early in a financial year). Sad that I just don't have any trading cash to make most of it! :-) bummer. But for anyone with cash behind sofa, great time to hop onboard

Very interesting for sure. I'm not surprised if this is back in the R&D collaborative phase and ITX wanting some cost contribution like an external development contractor. I suspect now it's a win - win for both parties with a growing volume supply chain and patent protection upsides. I don't doubt John has had to be quite "firm but fair" maybe a tad aggressive for ITX to gain a slice of decent profit and not get screwed over by a large corporate. They seem now to be much more commercially savvy with all the experienced industry NEDs around the main lead company Directors so John must be learning, honing and developing his BD skills is my guess and the business appears to on a strong upward trajectory, especially now with tariffs slashed to more manageable levels.

Re : US port vols, and not caring..Trump the numb-skull WILL care when he gets a good kicking from news channel commentary and consumers and companies all complaining with no products on shelves and bankruptcy....just wait a few more weeks for the backlash to this orange idiot.

Yes - makes more sense now - so its a specialist manufacturing kit for making mini-compacted ingredient tablets in our US plant or for onward sale to a third party customer, in part to lock in our supply for ITX-Bonals collaborative improved tab. format/manufacturing line technology?

No idea..but CFO did say revs were off to a very good start for Q1. Perhaps this is part of that. Think Bonals were looming to penetrate USA right? Specialist tableting Machinery plus product supply.

Looks like smart supply chain management to me to add value/change form of product via EU destination point B instead of direct import from China to USA - as we are already seeing used elsewhere as supply chain dynamic changes in face of US

unreasonable tariffs.

Thanks AJP, interesting contraband...country of origin disguise? Its all the rage across Asia apparently with toy products out of China. For clarity was the shipment from Belgium to USA or reverse direction? At least Bonals must be doing some business following the ITX strategic alliance announcement!

Seems like MMs holding the price down no idea why since company seems to be aligned on 10m USD 2025 revenue and breakeven soon

The $10m revenue target if confirmed soon at half year performance interim may add incremental fuel to Broker "take-out" comments, since ITX will be getting noticed at that point by peers and those with M&A search mandates looking for strong growth asset platforms.

There is a new broker report out today - I no longer have access unfortunately ----> Smart are you able to access it and paste highlights? Will be very interesting if they are maintaining TP c. 325p and to inform/ understanding detail of the forecast +/- changes.

ITX confirms its a proper commercial savvy company. Good RNS. Well done team ITX Great news!

Looks like trump is planning on reducing US car industry parts import tariffs...exception. Thus same logic and challenge to administration , probably ITX has the same argumentation. Why destroy other good majority US manufactures and why stop at car producers? Looking more positive as analogy if this happens

Message to myself (wildcat) :-) as I have stated previously I believe the Board must see what evolves in near term re US and China before making any major hasty, strategic investments or next steps- but presume they have business scenario planning in place to trigger (as most well run companies do) for A ,B and C outcomes just in case. I will hold fire on re- emailing ITX but hope they have already commenced protectionist legal warning letters with possible damages claims to US government like many others ( companies, universities, US States etc) for illegal use of emergency US legislation for inappropriate purposes - once a fellon always a fellon I guess!

Yes that suggestion is utterly rediculous but if wildcat is male and more handsome, my wife my like a change ha ha...

Interesting read from BBC - Why China has the negotiating edge on USA.

https://www.bbc.com/news/articles/c0kxe1m1y26o