Member Info for Elsol

I think some of the senior web developers/creators may have been ITX buying shares and hence the slight uptick recently and 'Unknown' labels (USA?)

A fantastic thing of beauty if you do the full web review of pages. Very high quality layout and "greenwashed throughout" - it was well worth the wait after 1 year.....I connected with the Mkt Comms. Director about 6 weeks ago to enquire where it was and he said it was almost there.

Really nice are all the multiple, clever "ASK ITX" call out tabs all through the main pages to pick up new client enquiries. Back in the Ark era of 1988-90 a spec. chems company I worked for had to use project instrument/engineering type magazines with rip out posting cardboard inserts for mail in. We got about 10 new client prospects / responses per week at the peak so this could work well when/if they get web site traffic.

Some interesting 'likes' for this post including mainly senior and technical roles - more diverse sustainability interests/mkt awareness growth is my take:

1. Brenntag Germany

2. Specialities SRL Italy

3. Lonza US

4. Biotech Ulysee Canada

5. BMS Pharma US

6. Gevo US

For one I will be monitoring closely any further mention of ITX's Superabsorbents (SA) now reaching market equivalent technical performance which was mentioned by John recently after some silence in early 2024. If ITX do reconfirm SA technical spec. = existing hydrocarbon based vendors I think we can all look forward to 2025 with great optimism since some SA FMCG manufacturers must be trialing ITX materials if this is the case.

From the interview sounds like they have achieved comparable (but green) super absorbency characteristics with bench top synthesis so just need to scale up at mkt. price points. Will have to wait till year end on this but if they can break into super absorbants, thats a v. large FMCG recurring volume market to convert to bio friendly consumer products. :-)

However, Ulveston (near old GSK plant) is quite a bleak place to live if you like sunshine and dry grass to cut your lawn!

Dougerboy! - thx for noticing Jim Gordon not seen him before; just checked him out on LinkedIN - indeed looks very snr & influential + great CV incl. as you mention Unilever and Robert McBride whom I used to deal with in the late 80s in spec. chem areas. Good spot my friend.

Thanks Troajan - looks v positive again for H2/H1 25 and some new insights disclosed on Super As

I think we have a persistent accumulator in the background - they just try to wait and hoover any non-sticky shareholders. Active order in background to buy on the cheap. DYOR

Odd again some unusual large off book buys at volume total with other trades c.28k GBP all at 144 BUT not moved share price. Weird. Is someone accumulating or just mkt makers moving stock around for fun??

Odd duplicated trades again today AJP - anyone with any thoughts??

Wierd...no idea

DocD if you believe that end stage viral/ oportunistic bacterial respiratory disease represents the sole sweet spot for SNG001 therapeutically (which I very much doubt) then fine otherwise your answer is just more unreasonable abuse of other members as per past form.

Price Target 325p BUY [Unedited summary text direct from Broker content at source]

We continue to see strong underlying demand growth and note the well-capitalized position of the group.

(a) Regulatory clearances ongoing:

In the period, Itaconix completed studies on the biodegradability of its water-soluble polymers, supporting regulatory approvals in China, Australia and New Zealand. We continue to see a structural advantage for Itaconix's plant-derived ingredients and additives, helping to drive further regulatory approvals worldwide

(b) Rebuilding the revenue base:

We estimate that Itaconix grew revenue in 1H outside its one large low-margin

merchandizing relationship at more than 60% y/y, comparable to the similar pace it achieved in 2023. We note the 38%

gross margin achieved in 1H 2024, up from just 28% in 1H 2023, the direct result of this strategy. We note that merchandizing customer is still making orders, we understand now at much improved margins

(c) Growth/ Sales (%)

2021 -21%

2022 +116%

2023 +40%

2024E -21%

2025E +55%

2026E +39%

(d) Earnings outlook: moving EBITDA positive in 2H25E:

We are making no changes to our earnings forecasts with this update. We continue to

expect positive EBITDA for 2026E as a whole, thanks to continued strong revenue growth. The strong result in gross margin is supportive of this, bringing forward the point where the company is fully free cash generative.

(e) Valuation: 325p target and BUY rating unchanged:

We continue to base our price target on the multiples applicable to a high-growth company such as Itaconix, and on the value that we believe is applicable to Itaconix's differentiated market position as it would be relevant to an industrial third party. At our 325p target, the stock would trade at 5x/4x 2025/6E EV/revenue, which we believe is competitive given

the large addressable markets and proven margin generation.

Thx AJP - new product channel I was not aware of! Thanks for sharing

Working through the RNS today, I concur with MikeW on 'cash'/gross profit generation fairly neutral impacts for the new ITX strategy (following the"profit max") plus refocusing the customer platform to more diverse (rev./profit opportune) channels and hence underlies the ITX Board's tough decision to push back on the marginal profit merchandiser. Yes, optically, revenues took a large 2024 haircut and that hit the SP badly in H1, but if you cast the numbers you notice H1 Gross Profit (GP) contribution 'With' or 'Without' the said merchandiser is roughly the same $1.06m v's $1.12m at GP level. When you project 2024 full year (assuming pretty good visibility on orders / run rate as at July 24 and ramp up of new customer adds/new ingredients for H2), you also get a similar overall picture (marginally behind or possibly neutral for GP contribution in FY2024 v's FY2023). So total GP in FY 2024 could easily be neutral both 'With' or 'Without' the said merchandiser. "IF" we finish the year on ITX market guidance then H1 to H2 growth will be c.23% and we may not be too far off underlying portfolio annual growth run rate of c.35%-40% (e.g.diversification customers + existing customers + new ingredient launches) so this remains a great growth stock at not an excessive SP.

I agree with many of SI's more balanced comments (now back as an official shareholder in ITX). However, the stock remains in a strong rebound zone for any further news/indications of positive events/progress through the year (new wins etc) and also looks like we are firmly established on our wider diversification journey with leather and minerals processing (albeit small revs. I suspect at start of adoption curve). Super As - I think ITX still have to reach a commercial threshold on performance - work in process.

Re: SI comments [my comments]- "I’ve always thought the company would make a good acquisition for a larger company because of its patents and product range [agree]. I also think a larger company would have the firepower to drive utilisation much faster. [agree] But I don’t think John Shaw is interested in that path, otherwise he wouldn’t have raised all that money and given away another chunk of his company" [Strongly disagree - the cash was raised at c.250p so a really fantastic financing win for ITX enabling the company to 1. Pivot to its 'Strategy max' approach 2. Explore new market channels 3. Build profitability 4. React to all new emerging market opps 5. Invest in better operational efficiencies 6. To build working capital. 7. Invest in wider R&D pipeline possibilities. A premature sale of the business will not maximise shareholder value but agree would give significant jam if it happened today. BUT the ITX pragmatic plan is grow the company into a profitable high growth ingredients business first THEN get a higher market price premium with better trade sale valuation multiple. This is the end game for John and his team, possibly, 2027-30 exi

AJP are you sure its 2 trades since exact same time and volume. Odd glitch? If someone has been quietly accumulating on a big trade(s) its disgusting the SP has not appreciated in value. MMs playing the market to screw over multiple small sellers ! Rich get richer poor get poorer manipulation of the SP.

Clueless The 10m raise was to help company value maximise all their portfolio opps and channels to market, partly through applied co-development with new customers and as we know potentially diversify way from that low profit merchandiser. Gives flexibility for new EU plant build expansion when needed or demanded and comfort to customers we are resilient to any unexpected bumps.

Thx AJP im surprised no dip in 2024 input vols to date, but maybe they are building some more stock as they mentioned H2 was back ended loaded from a sales perspective relative to H1. Lets wait and see summary half year results.

"RE: COVID not going anywhere" Yes, as long as a Rogue Nation State (there are a few as you know with intent!) doesn't genetically engineer another pathogenic WW3 style SARS Cov-3 variant and issue its entire population an SNG001 generic inhaler 'at home' protection system. :-)