In This Article:
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Revenue: $6.5 million in 2024, down 17% from $7.8 million in 2023.
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Second Half Revenue 2024: $3.7 million, one of the largest halves in company history.
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Gross Profit Margin: Improved by 3.7 percentage points to 34.7% in 2024.
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Revenue Growth (2021-2024): 35% compound annual growth rate.
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European Revenue: Increased from just under $1 million in 2023 to about $2 million in 2024.
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Customer Base Diversification: No single customer accounted for more than 20% of revenues in 2024.
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Top Five Customer Revenue: Shifted with two new customers entering the mix.
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Other Customer Revenue: Increased from $1.3 million to $2.6 million.
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Fixed Asset Turn Ratio: 11 times, significantly higher than industry comparatives.
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Intangible Assets: Net asset balance of about $200,000, including capitalized process development work.
Release Date: March 31, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Itaconix PLC (ITXXF) achieved $3.7 million in revenues in the second half of 2024, marking one of its largest halves ever.
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The company has improved its gross profit margins by 3.7 percentage points, maintaining almost the same gross profits as the previous year.
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Itaconix PLC (ITXXF) has diversified its customer base, reducing reliance on top customers and increasing revenue from smaller accounts.
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The company has a strong technology platform with 17 different products across four functional areas, offering significant market potential.
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Itaconix PLC (ITXXF) has a secure supply chain and sufficient production capacity to meet needs through 2025 and 2026.
Negative Points
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Revenues for 2024 were down 17% from 2023, primarily due to backing away from a merchandiser due to pricing issues.
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The company is not expecting to reach break-even profitability in 2025, although losses are expected to decrease.
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There is a significant fluctuation in share price due to thin trading volumes.
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The super absorbent program has been postponed due to lack of established customer demand and competition from other plant-based chemistries.
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Itaconix PLC (ITXXF) faces challenges in expanding its customer base in Europe due to different detergent formulations and contract manufacturers compared to North America.
Q & A Highlights
Q: Will the company reach break-even this year? A: We are not expecting break-even profitability this year. We do expect our losses to come down significantly. - John Shaw, CEO
Q: Why doesn't the company provide more regular RNS updates on developments? A: We do provide RNS updates regularly. Since our last trading update, there was political turmoil, but you will see a regular pace of commercial progress announced throughout the year. - John Shaw, CEO