Itaconix reported record first-half 2026 revenue of $8.3 million, up 72% year over year, as increasing adoption of its plant-based specialty polymers drove substantial growth in its Performance Ingredients business.
Itaconix Performance Ingredients revenue increased 104% to $6.7 million, while SPARX Formulated Solutions revenue increased 3% to $1.6 million. Gross profit increased 74% to $3 million, with gross margin improving to 35.6% from 35.1%.
The company reached break-even adjusted EBITDA for the first time, compared with a $0.2 million loss in the first half of 2025 and a $1 million loss in the comparable 2024 period.
Operating cash flow improved to $0.9 million, while cash and investments ended the period at $5.1 million.
Growth was driven by increasing reorder volumes from existing customers and the addition of two large detergent customers. EMEA revenue increased 166% and represented 49% of group revenue, while North American revenue increased 29%.
Itaconix’s primary growth engine is its plant-based scale-inhibition polymers used in solid unit-dose dishwasher detergents, along with odor-neutralizing polymers used in laundry tablets, capsules and sheets. Approximately 89% of Performance Ingredients revenue came from unit-dose dishwasher and laundry detergents.
The company estimates its first-half dishwasher detergent revenue represents less than 4% of the market currently addressable through its fulfillment capabilities, which encompasses an estimated 70 billion dishwasher cycles annually.
Itaconix is also developing plant-based polymers for paints and agricultural applications. During the period, it advanced BIO*Asterix plant-based paints, filed additional patents and began U.S. row-crop field trials for BioVail GRZ 200L.
Following the strong first half, Itaconix maintained its recently upgraded fiscal 2026 guidance for at least $14.8 million in revenue and a small positive EBITDA.
The company’s medium-term target is $30 million in revenue, with longer-term growth expected to come from expanding its detergent business and developing applications in areas including paints and agriculture.
KEY QUOTE:
“Our half year results are major milestones for our commercial progress, our revenue potential, and our use of cash. We generated our fourth consecutive half of growth to achieve record revenues and break-even adjusted EBITDA whilst still investing in new long-term revenue opportunities. Our plant-based performance ingredients are enabling new generations of everyday consumer products in EMEA and North America. Our SPARX™ Formulated Solutions programme is accelerating the speed and ease of brands adopting our ingredients in North American unit-dose detergents.
Our operations team is meeting our increased demand and improving production throughput to meet our medium-term $30 million revenue goal. We are also making progress on new revenue potential in paint applications and the uses for our polymers in agriculture. Our focused investment in customer relationships, new products, and production capabilities is generating reoccurring revenues that will propel our growth, profitability, and company value. We expect strong financial performance for FY 2026 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.”
John R. Shaw, CEO of Itaconix
