ITACONIX : FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

5 June 2023

Itaconix plc

("Itaconix" or "the Company")

Final Results

Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces its Final Results for the year ended 31 December 2022.

Commenting on the results, John R. Shaw, CEO of Itaconix, said:

"We achieved major steps in FY2022 toward our financial goal of building a large, high gross margin, capital efficient specialty ingredients business. We have delivered revenues in line with previously upgraded market expectations at $5.6m, as our products are now used as performance ingredients in over 145 different consumer brands and are found in major retailers across Europe and North America. These revenues represent 115.7% growth over FY 2021 revenues of $2.6m and highlight both the potential for our proprietary technology platform and our pathway to profitability."

"Our FY2022 financial results also reflect progress toward safer and more sustainable consumer products that contribute to a new low-carbon economy. We use the safety, functionality, and plant-based content of itaconic acid to make proprietary polymers that enable consumer products with new levels of performance, safety, and sustainability. Growth in our base of recurring revenues from more brands shows that everyday products can both decarbonise and remain competitive."

"In February 2023, after the reported period, we took a further step toward our goal when we successfully raised gross proceeds of $12.7m through a placing, subscription, and open offer. The funding allows us to advance more product and application revenue opportunities within our technology platform and support our general working capital needs for continued revenue growth. Our stronger balance sheet also offers us the ability to improve some of our gross profit margins, as we restructure customer and vendor arrangements and build up inventory in Europe."

Financial and Operational Highlights
	2022	2021	2020	2019	2018
	$'000	$'000	$'000	$'000	$'000
Revenue	5,600	2,596	3,292	1,288	881
Gross profit	1,487	700	1,154	450	140
Gross profit margin	26.6%	27.0%	35.1%	34.9%	15.9%
Adjusted EBITDA1	(1,395)	(1,640)	(993)	(2,457)	(5,370)
Cash used from operating activities	(219)	(2,023)	(1,157)	(1,831)	(6,973)
Net cash at year-end	597	683	1,448	765	2,655

1 Adjusted for interest, tax, depreciation, amortization, share based payment charge, and exceptional items.

• Increased revenues by 115.7% driven by success in the cleaning segment in North America and Europe o revenues from 2019 to 2022 growing at a compound annual growth rate of 63.1%
• Much improved balance sheet with two successful fundraises

• 1. gross proceeds of $0.4m in April 2022 and $12.7m in February 2023
• Expanded commercial base with more uses in more brands sold in more retail outlets
• 1. polymers are key functional ingredients for new generations of consumer products in cleaning, beauty,

and hygiene

• 1. products are now found in over 145 different consumer brands and in major retailers across both North America and Europe
• Sixteen families of patents including an important new patent filing in 2022 for uses in advanced composites

• Awarded a Frost & Sullivan 2022 Enabling Technology Leadership Award
• Renewed supply agreement for our ZINADOR™ polymers sold through Croda for odour neutralisation to extend a supply collaboration that began in 2017
• Entered new marketing agreement with Brenntag North America to promote sustainable cleaning in household, industrial, and institutional cleaning applications to over 2,000 customers in the US and Canada
• Itaconix® TSI® 322 driving new generation of non-phosphate dishwashing detergents and now found in growing number of brands in Europe and North America
• Polymers for hairstyling sold through Nouryon as Amaze® SP and by Itaconix as VELASOFT® NE 100 are gaining use through excellent curl retention, novel soft feel for "weightless" hairstyling, and high plant-based content
• Appointed new directors to support the next stage of growth and development:

1. Peter Nieuwenhuizen, as non-executive Chair, o Laura Denner as executive director; and
   o Paul LeBlanc as non-executive director.

Commenting on the outlook, John R. Shaw, CEO, added:

"I have spoken in the past about Itaconix emerging into a new stage of development in our plans to build a large specialty ingredient company around our itaconate technology platform. We are now in that new stage. With more customers, more opportunities, and more resources than we have ever had, we are in position to both fulfil the promise of our current products and pursue larger opportunities. We are putting new growth initiatives into place while maintaining our focus on growing near-term revenues, improving some gross profit margins, and managing operating expenses. As we make commercial progress in line with Board expectations for 2023, we approach the future with more potential and more optimism than ever before."

Enquiries:
Itaconix plc	[phone]
John R. Shaw / Laura Denner
Belvedere Communications	[phone]
John West / Llew Angus
finnCap	[phone]
Nominated Adviser & Joint Broker
Ed Frisby / Abigail Kelly / Milesh Hindocha (Corporate Finance)
Andrew Burdis / Sunila de Silva (ECM)
Canaccord Genuity	[phone]
Joint Broker
Adam James / Patrick Dolaghan

About Itaconix

Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company's current ingredients are enabling and leading new generations of products in cleaning, hygiene, and beauty.

www.itaconix.com

Itaconix plc's broker, finnCap Limited, provides equity research on the Company, and the Company considers finnCap's revenue forecast to represent market expectations of $8.0m in the year ending 31 December 2023 and $10.5m in 2024.

Report & Accounts and Notice of AGM

The Company's statutory accounts, together with a Notice of Annual General Meeting, are due to be made available on the Company's website (www.itaconix.com ) and posted to shareholders on 5 June 2023. Copies will also be available at the Company's registered office, Fieldfisher LLP, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT, United Kingdom. The Annual General Meeting is due to be held at 11:00am on 28 June 2023 at Fieldfisher LLP, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT, United Kingdom.

CHAIRMAN'S STATEMENT

Our purpose

Itaconix plc is using the ingenuity of nature to make the world a safer and better place.

We see innovations in biology and chemistry that we can harness to offer new answers for improving the health of our environment and rebalancing the planet's carbon cycle. We believe many of these answers do not have to depend on government actions or costly burdens to consumers.

We are dedicated to finding plant-based solutions that create new generations of cutting-edge consumer products that are safer and more sustainable without compromising on performance or cost.

Our Vision

We are using nature's ingenuity to lead a shift away from chemicals that have poor toxicity profiles and are made from fossil-based feedstocks.

Itaconic acid is a natural ingredient produced in the human and plant world that is at the core of our technology platform. We want to harness the broad functional, safety, and sustainability advantages of itaconic acid to displace acrylic acid or styrene across $20B of potential applications ranging from cleaning and beauty to paints and composites.

Our Business Plan

Our goal is to build a large, highly profitable specialty ingredients company.

We are using our technology platform to create a steady stream of new plant-based ingredients that meet specific customer needs or opportunities for better and more competitive consumer products. Increasing usage in everyday products, particularly in the 360 million North American and European households, will form a broad growing base of recurring revenues from consumer brands that rely on our ingredients for safety, performance, cost, and sustainability.

Our Progress

Before joining as a Non-Executive Director and Interim Chair in July 2022 and becoming Chair in January 2023, I followed Itaconix with great interest and excitement as a scientist, as an advocate for a new low-carbon economy, and as a shareholder. From all these vantage points, I am pleased to report a year of sustained progress for Itaconix, validating the technology platform and setting the stage for further growth.

We have sixteen families of patents that protect key competitive aspects of our technology platform, including an important new patent filing in 2022 for uses in advanced composites.

Our polymers are key functional ingredients for new generations of consumer products in cleaning, beauty, and hygiene. From detergents and air fresheners to pet care and hair sprays, our products are found in over 145 different consumer brands and in major retailers across both North America and Europe.

Where 2021 was marked by pandemic related challenges, 2022 delivered on the promise of our technology. New and recurring orders from our growing customer base increased our revenues to $5.6m in 2022 and form a strong foundation for continued growth toward profitability. Notably, with our successful fundraise in early 2023, we have the resources to create even more new products and to extend into new applications, while maintaining strong operations.

Corporate Governance

We made several changes to our corporate structure in 2022 and plan to add at least one additional non-executive director to further build our governance.

Dr Bryan Dobson stepped down, and Charlean Gmunder was appointed as Non-Executive Director of the Board, in April 2022. John Snow was not re-elected and Charlean Gmunder was not elected as Non-Executive Directors at the Company's Annual General Meeting in July 2022. Dr James Barber stepped down as Chair and Non-Executive Director of the Board, and I was appointed Interim Chair and Non-Executive Director in July 2022, becoming Chair in January 2023. The Company's CFO Laura Denner was appointed to the Board as an Executive Director in July 2022.

Dr Barber and Dr Dobson each served the Company as Chairs and each provided valuable guidance and direction to the development and commercial progress of the Company for over a decade. Mr Snow served as our Audit Chair since 2018 and provided steady guidance through the financial and operating challenges of the Covid-19 pandemic. The Board greatly appreciates the years of service and many contributions that they all made to Itaconix. The Board also thanks Ms Gmunder for her time on the Board.

Ms Denner has assumed increasing finance, accounting, and operations responsibilities since joining us in 2013 and has served as the Company's Chief Financial Officer since 2018. She has played a key role in developing Itaconix together with John Shaw and Dr Yvon Durant, and has valuable financial experience, knowledge, and acumen for our next stage of growth.

Paul LeBlanc was appointed on 5 January 2023 as an independent Non-Executive Director and Chair of the Audit Committee. Paul has valuable operating experience for the Company's next stage of growth from his role as Chief Financial Officer and Treasurer of Bemis Associates, a global manufacturer of specialty films and adhesives for the apparel and industrial markets.

Summary

In summary, 2022 was a pivotal period for Itaconix's entry into a new stage of development and growth. We have validated our vision and business plan with a technology platform that generates valuable products, a broad base of recurring revenues, and attractive applications for far higher revenues. With funding in place and a strong pipeline of opportunities, we are on an exciting path to continue our growth and reaching profitability, becoming a large highly-profitable specialty ingredients business, and making the world a better and safer place.

Peter Nieuwenhuizen

Chair

2 June 2023