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Oh, FYI..."don't throw the baby out with the bathwater" is perhaps the best catch phrase for ITX during Dec & Q1 2026! 😆

Smart I would go with that conclusion. BTW, I see your other car battery investment as quite high risk given focused technology subject to adoption and displacement uncertainty; at least here we have very diverse customers already in place many of which are difficult to switch to other ingredients with better performance! Growth inbound and profitability near term.

Hi Wacca, good evening. I agree with all your and other investor frustrations and understandable gripes. My view though, is the company is still just an emerging small high growth business, with very cautious expense management and limited FTE resources. Its not a major PLC with almost limitless Investor Relations capabilities with weekly RNSs on tap that we tend to benchmark ITX against. Having said that it does offer far greater future SP growth opportunities given present tiny £15m mkt cap than the average listed PLC in the near term. That's why I'm still holding my decent clutch of shares for better monetization during 26-27. I may trade few along the way bit largely I believe we are undervalued relative to underlying performance coming through now.

I'm going to send John a belated note after thanksgiving to encourage more incremental or granular performance RNS newsflows since ITX can't be growing at c50% a year without something or client drivers that are material to the share price.

I agree AJP, the company haa been more focused on its target market applications from mid 2024+ and interesting to see all the great web content that harvests / drives new lead enquiries due to its high impact: Top of the list is 'performance' and 'value for money', then the list of sustainability criteria and safety / environmental attributes. All looking compelling to mid cap and large cap ESG corporate entities needing to point to tangible ESG transformation to their C suite executives. ESG accountability is gaining traction still and I believe we are being welcomed into reformulation discussions rather than needing a hard sell . Some web content below:

The Power of Nature

We learn from the natural world as much as possible and use what we learn to develop and improve our ingredients and solutions.

Carbon Cycle

To help rebalance the carbon cycle and reduce CO₂ and greenhouse gas emissions, we create products that reduce reliance on fossil-based chemicals and sequester biogenic carbon.

Safer World

We enable the creation of consumer products that are safer for people and the environment.

Community & Environmental Impact

We add to the safety and equity of the communities and environments where we operate.

Itaconic Acid

We use the functionality and safety of itaconic acid to drive new generations of consumer products.

Sustainable Production

We use renewable resources that are readily available on the open market to produce our specialty ingredients.

AJP, it's very likely that a large plant or chems firm outside the USA could produce final or

near to finished goods items with good economics under a suitable IP License agreement from ITX. Its also very likely that any large new customer applications (eluded to by JS re: our growing pipeline ) would want dual supply channels in place to avoid feedstock risks from just China in case of (1)Trump disruption factors or (2) emerging China- Taiwan situation. This is one possibility but yes we need to probe more on next Q&A session for sure.

If the original professional investor case at c250p equivalent is playing out and getting delivered and derisked in slow motion, I'm expecting that as markets wake up to this fact over next 3-6 months the price will revert over time to that investor benchmark base case which is a professional value indication that is becoming realised in 2026 by the business.

Hi AJP, I suspect ITX are strategically diversifying their supply chain and feedstock channels (was this a new India supplier?). Due to global tariff issues, maximising their supply chain optionality in the face of Trump uncertainties. In any case Trumpian pressures appear to be waning (eg anti-POTUS backlash in USA on inflation impacts is reducing his ctedibility and flexibility to be reckless on tariffs). Alternatively if they have sub- licensed rights to manufacture elsewhere to ship to non USA locations is another possibility and this could be a test batch to USA.

FY2025 - It's certainly material enough, as to whether ITX are on track/ above/ below their $9.5- 10m rev. target so its definitely price sensitive for an RNS.

Forgot to mention, a key competitive advantage for economic hand dispenser systems is their ability to create maximum " foam", reducing the unit volume of ingredient cost of the soap formula and also to deliver a creamy luxurious effect that consumers like given the easy spread effects on the hands with no cold temperature effects. Years gone by I performed an IP valuation of a patented soap dispenser device and injector technology that's why I'm aware of the marketplace.

Thanks for Linked in post AJP. If we are getting into commercial and industrial hand cleaning area with extra foaming agent that's great news. Tidy market.

Hi Smart, we haven't always seen eye to eye on ITX perspectives but I think you are spot on with your comment re: downside risk and upside opportunity SP dynamics in near term with this stock.

No AJP , sorry been v. busy but will get to it.

:-). Long wait over many years, but we have finally arrived as a high-growth speciality chems company. Not through opportunistic green exclusively but via cost effective performance-aligned ingredients. Nice to have sustainable accreditation badge as additional market switching catalyst though.

I agree 'Trump volatility' has been a major driver of investor reservations on ITX - holding the SP around 2p-3p in old capital structure equivalent. However, today POTUS is clearly a very wounded President and his time in office is numbered. China is biding time until he is tossed aside. The clever money knows this and 1GBP (2p) per share is rediculously low compared to 2p equivalent in years gone by with so much more risk to extinguish. Its just a matter of time now when ITX SP goes materially higher driven from new rev. milestones being breached and that eagerly awaited breakeven transition.

Don't think majority of shareholders would sell for less than £3 per share anyway. The SP is "minority" based and a large bid/control premium would come into play to acquire all the equity given the intrinsic worth of the company (in its entirety), and the fact that it is definitely delivering on its strategy of high rev. growth, customer diversificaton and near term profitability (risk reduction). Investors are best to wait near term upside events and catalysts since we know (or think we know) better times and profit performance are ahead for value maximisation or exit. I plan to send John an email re: Investor newsflow strategy.

Thx for sharing AJP..Great advertising video on Dropps . trying to get segment of folks to use alongside other laundry tabs for each wash...nice idea for the more smelly people or those with mild OCD 😃 . I'm also with you now on $10-11m sales exit for FY2025, there is too much evidence now pointing to outperform.

I disagree Smart. If all shareholders were massively positive in chat rooms Or all shareholders were massively negative or dissatisfied there would be a markedly different dynamic of new buyers and seller behaviours. In the former case, probably reducing new investor propensity to buy the stock - that's called market sentiment / specific asset sentiment and hurd nature of people I'm afraid. You are correct value fundamentals and performance are primary quantitative factors but perceptions and market sentiment is the qualitative overlay that can subltly modulate expectations. That's part of the reason why you get deviations of over valuation and under valuation, amongst other factors.

Pasting detail here re: safer ITX polymers “that perform like the best in the market without persisting in the environment.” Mango Materials’ Molly Morse closed by stating “the future is biodegradable.”.......see below

With next generation ingredients, performance and sustainability can (and should) go hand in hand.

Itaconix CEO John R. Shaw delivered a talk at the Bioeconomy 500 for 2025 awards ceremony, highlighting the safety and performance of plant-based polymers. We're proud to be recognized alongside other innovators in the bioeconomy space - thank you Jim Lane for the shoutout!

View Jim Lane’s graphic link

Jim LaneJim Lane

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At the Global Leadership Summit at ABLC NEXT, Christophe Schilling of Geno detailed progress in renewable BDO and nylon-6, proving “the same exact chemical” can be made sustainably. John R. Shaw of Itaconix described safer polymers “that perform like the best in the market without persisting in the environment.” Mike McCurdy of ICF cautioned that “feedstock supply is the bottleneck,” even as incentives expand. Lauren Magnusson of Merrick advised, “make mistakes on paper before you make them in steel.” Mango Materials’ Molly Morse closed by stating “the future is biodegradable.”

Just a reminder.....bad shareholder comments have about 10x the impact effect of positive ones on new investor inclination to buying into any stock.

Are we to blame as LTSHs being overly brutal and critical to ITX since I think we all agree that TODAY the company is performing really well (amazing revenue growth and outlook, stronger margins, new 2024+ strategy / great pipeline / SPARX marketing / Stellar Web site / operational improvements / new client patenting with ITX ingredients etc etc etc) and as Smart put it we are at a bargain basement price. If we could somehow think today what this company is worth, I know it's been a longer journey but it looks great for new investors right now. I'm going to email John re: message flows soon to reinforce and try to gey him to reset SH momentum and SP trajectory.