Specialty polymers innovator Itaconix (LON:ITX) reiterated its FY26 guidance of ‘at least’ $14.8 million in revenue and a small positive EBITDA. Guided by CEO John R. Shaw, the plant-based polymers maker plans to more than double revenues to $30 million in the medium term.
For the uninitiated, New Hampshire-based Itaconix produces and sells high-performance plant-based specialty polymers. These are used in everyday consumer products including homecare detergents.
However, the total addressable market for the company’s polymers is far broader. It encompasses a wide range of consumer, healthcare, industrial and agricultural sectors.
EBITDA breakthrough
Results for the six months to June 2026 showed a fourth consecutive half of growth. Total revenue increased 72% to a record $8.3 million amid continued growth in the core dishwash tablet and laundry markets. Furthermore, the micro-cap company broke even at the adjusted EBITDA level.
| Year to December | FY25A | FY26E | FY27E |
| Revenue ($m) | 10.5 | 14.8 | 16.2 |
| Adjusted EBITDA ($m) | (0.6) | 0.3 | 0.7 |
| EPS (c) | (8.4) | (0.2) | 1.9 |
Source: Canaccord Genuity
Growth was driven by strong repeat orders from existing customers and two new large detergent customers in EMEA and North America. Itaconix insists that customers increasingly value the performance efficacy, cost benefit and environmental advantages of its plant-based polymers.
‘In product development, Itaconix is investing in new longer-term revenue potential with its BioVail soil additive product,’ noted Canaccord Genuity, ‘in addition to the BIO*Asterix paint ingredients.’
What did Shaw say?
‘Our plant-based performance ingredients are enabling new generations of everyday consumer products in EMEA and North America,’ said Shaw.
‘We expect strong financial performance for FY26 with a small positive EBITDA and cash to support our next stage of development.
‘We continue to monitor and manage the potential impact of global conflicts and trade issues on our business, but these have been limited to date. Our aim is to become a large, profitable speciality ingredients company and we are on our way.’
Shares in Itaconix have had a strong run since we flagged their speculative attractions back in March. Major shareholder Shaw sees a large global addressable market for the company’s polymers. As such, we think the shares should interest risk-tolerant investors.
With production capacity and resources in place to meet growing demand, Itaconix is focused on growing sales to $30 million in the medium term by expanding volumes with existing customers and landing new accounts.
Over the long term, Shaw is confident his charge can grow beyond $30 million in revenue. New applications for the firm’s polymers are opening up in markets including paints and agriculture. And Canaccord Genuity is sticking with its ‘buy’ rating and a 375p price target.
