Good afternoon. Welcome to the Itaconix plc investor presentation. Throughout this recorded presentation, investors will be in a listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. The company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to John Shaw, CEO. Good afternoon, sir. Good afternoon. We look forward to presenting our 2023 full year results to you. I'll present an overview, then our CFO, Laura Denner, will present the financial results, and I'll come back and talk about our strategic progress. In terms of the headlines, we had record revenues in 2023, in line with expectations, GBP 7.9 billion in revenue, 40.5% revenue growth over 2023. Equally important, we increased our gross profit margins to 31%, an important milestone for us. We had our adjusted EBITDA loss down below $1 million. On developing our future and continued investment in our future, we did complete a $12.7 million fundraise in early 2023. We are using those proceeds for selective increases in our headcount to support commercial growth, but more importantly, using it for new revenue opportunities for our next chapter of growth. A key metric for us is what our revenues are per household. We want to bring safer, better performing products into everyday use in consumer products. A key metric for us is what our revenue is per 1,000 households. We've grown from a relatively small level to actually reaching GBP 49 per 1,000 households in North America and overall across Europe and North America, GBP 22 per 1,000 households. North America has been a key for us because that's a metric in terms of what the potential is for our ingredients and a leading indicator for us. Our goal is to expand that reach into Europe and to raise our revenue per household across Europe and North America. We have achieved some important milestones in terms of bringing safer ingredients to consumer products based on performance and cost, with the additional advantages of sustainability. First of all, in cleaning, we're really in takeoff stage. We've established the use of our ingredients across a broad range of cleaning products. In particular, Itaconix TSI 322, which is used for generating shine, particularly in automatic dish detergents, is expanded. It's used from North America and into Europe, a very important milestone for us in 2023. It will continue in 2024. We are continuing to expand our sustainability credentials for our products as demands from consumers, regulators, and brands increase around the sustainability of all the ingredients, including the life cycle analysis of the carbon footprint, and the environmental fate of the products when they go out into the environment post-use. We continue to work on improving those credentials. As I said before, we're increasing our gross profit margins really across all of our areas. It was important milestones for us in beauty and hygiene after a bit of a post-pandemic lull in activity, that in 2023, we did restore revenue growth in that area where volumes and activity kind of recovered from that in both areas for it. In terms of technology side of it, we're continuing development of new hair care ingredients. We do have our VELASOFT VR300 that's continuing under development. We had hoped to launch it last year. We are continuing to work on the stability of the product in end product formulations. We did not fully achieve our goal that year. That's something we hope to do this year. We do have a new dry form of our zinc polyitaconate for odor control, for non-liquid formulations. We have that now available, and in inventory, and we'll start the sales and marketing of it this year. In terms of large potential, what we have for safer ingredients for performance and cost across our areas, we had GBP 7.2 million in revenue in cleaning, GBP 400,000 in hygiene, and GBP 300,000 in beauty. These are still very small numbers relative to the market potential of the addressable market that we see in each one of our areas. In cleaning, our lead product is Itaconix TSI 322, used in automatic dish detergents, to manage water hardness, increase shine, and manage calcium on it. In the odor neutralization, we have two lead products. One is ZINADOR, which is sold through Croda in various forms, and then we have our own version, VELAFRESH ZP30 and VELAFRESH ZP20 in liquid form and VELAFRESH ZP 75 and VELAFRESH ZP95, which are the solid forms. In beauty, we sell Amaze SP through Nouryon for hairstyling. We also have our own version of VELASOFT NE 100. Then for foam enhancement to give nice creamy foam, we have VELASOFT sf 505. These are all great products for bringing safer ingredients for performance and cost. We have minor penetration so far into what are very large addressable markets, where we think there's great potential for us to be a much larger company. I'll turn it over to Laura Denner, our CFO, for the financial review. Thank you, John. As John has already indicated, we had an amazing financial and commercial year. We did improve on all of our financial KPIs this year. We improved our revenue volumes by 41% from last year. We also improved our gross profit margin. We improved our EBITDA loss, we reduced our EBITDA loss, as well as the company is put in a good financial position for cash. As we dig into the revenue growth, revenue growth was really driven by our current existing customers. We saw revenue growth of GBP 1.8 million from those existing accounts, which represented about 78% of the overall growth. Another key indicator of our future growth is our new accounts that we brought on. We had more than 10 new accounts this year that came on, only representing about GBP 500,000 in revenues for this current period. We anticipate that these will continue to grow in the future as they all get a full year next year of revenue volumes, and then continue to proliferate into their end markets. One thing we did want to go over is our revenue concentration. We do have two key customers that represented about 63% of our overall revenues. When we look at our customers, we really look at the contract manufacturing sites that we deliver to. Sometimes we will work with a merchandiser or a retailer to generate a formulation. That retailer then goes to a contract manufacturer. We sell to that contract manufacturer. Contract manufacturers can do various products for many different customers. One contract manufacturer can do multiple products that we have formulated into. Customer three and four, which to highlight them, were new in 2022, had substantial growth in 2023. They had about $300,000-$400,000 in revenue growth for Itaconix. They're well positioned to continue growing in their respective markets as well. We're very excited about a lot of our customer growth going forward. Continuing moving down the income statement, the gross profit margin, we moved from 26.6% to 31%. A lot of this is attributed to the improvement in cost of sales. We had better plant utilization. We were putting more products through the plant, as well as we did see raw materials come back down. Ocean freight kind of came back to a new norm, kind of that pre-pandemic pricing. We did see some relief on just logistics costs for our raw materials. Two other key areas were the sales mix, as John indicated. We grew across all three end markets, so cleaning, beauty, and hygiene. Our beauty and hygiene have very good gross profit margins, they did help contribute to the improvement in our overall gross profit margin. Lastly, we didn't do a lot of pricing adjustments for our customers this year, but we had one pricing adjustment at the beginning of this year that did attribute to some strong gross profit. As we move down to the very bottom where we talk about EBITDA, one of our key goals is to continue to make it to break even EBITDA. Part of what has been the improvement in our EBITDA was just that improvement in our gross profit. We brought down an additional GBP 1 million to our EBITDA line this year. We did continue to invest in the growth of the company from increased headcount, applications testing, polymer testing, improving our commercial team. Across all areas, that did represent some additional spending to continue on the growth path that we're moving on. Our last KPI is the cash and investments. Big thanks to our existing shareholders, as well as some new shareholders that came onto our registry in 2023. We had a very successful fundraise. In February of 2023, we brought in gross proceeds of GBP 12.7 million. We did utilize some of this to just grow the business, so that did impact our EBITDA loss. We did infuse some of the working capital so that we're well-positioned with inventories in the right locations to meet all of our customer needs. Lastly, we did have some CapEx investment that was primarily in the lab so that we can develop new applications and new work, new polymer work that we're doing. A lot of great growth, but in a really good cash position at the end of the year. Just to kind of dig into some of the revenues by market, cleaning is kind of our flagship. It continues to drive the business. We saw a lot of growth in our cleaning side of the business, about 42%. We did bring a substantial improvement to our gross profit margins. We brought them up to about 28%. Good progress there. We're going to continue to see this gross profit margin improve as our polymer sales continue to increase. Beauty and hygiene as well, had good traction. Beauty nearly doubled this year. Again, as we get out of the pandemic, more formulation work is being done. We're seeing that now translate into revenue growth. Beauty and hygiene, although representing a small portion of our overall revenues, have a huge impact on our gross profit as their gross profit margins are in the upwards of 60%. What that translated to was an overall gross profit margin for the company of 31%, bringing us down our targeted gross profit margin for the company of 35%. We're on that path to continue to improve gross profit margin. As we look for revenues by segment, performance ingredients are polymers that we generate here. They are those TSIs, the VELAFRESH, the ZINADORs that we sell into the market that can help provide key claims. We did see revenue growth in our polymer sales by about 27%. We saw a good improvement in our gross profit margin. In that segment, we had about 38% gross profit margin in our polymer sales of the business. Formulation solutions is a service that we offer to some of our cleaning customers so that they can help generate a fully formulated product. These are support ingredients that are identified when we do the formulating work. We help provide those into the pod manufacturing. That grew as well as the overall pod market grew, as well as the overall cleaning market grew. They do represent a small portion of gross profit. They only contribute about 9% gross profit margin, but they do help us to provide those key claims that our customers are looking for of certain performance, shine, and clean. I'll turn it back over to John to kind of walk you through what our next stages are. Thanks. I'll go through some key aspects of our strategic progress, both in 2024, and what we achieved in 2023. As I've described in the past, we are in a new era of development. We started the company in 2008. After many years of work was done, of trying to make polymers of itaconic acid, we established the use of polymers of itaconic acid as ingredients. Really, by 2018 is when we really were able to position a number of ingredients for key values in formulations. We are now well into that phase, and with the funding that we have, are going to continue to advance a broad range of applications into a customer base of recurring revenues. The key aspect that we focus on is itaconic acid as a starting material. Again, we purchase itaconic acid on the open market. We run it through our production process here to create a polymer. What we do, from the functionality of our polymers, compete against a lot of acrylic acid polymers, primarily, and also some styrene polymers. A key aspect of Itaconic acid is its safety profile, and its feedstock base. Itaconic acid is produced by the fermentation, using some form of sugar. Right now, it's corn sugars, where it's fermented. An organism eats the sugar and spits out itaconic acid. Right now, all of the plants, production facilities for that are in China. We import it here into our facility and run it through our proprietary process. Itaconic acid is a natural metabolite that's actually produced in our bodies, and it's produced in the plant world, and it has an excellent safety profile. It also has excellent functionality to have, relative to the acrylic acid, where in certain applications, we have unique functional advantages to be able to bring to bear in certain applications. There's a wide range of potential applications from industrial water solutions, food and agriculture, paints and coatings, composites, hygiene. Very broad area, the kind of the GBP 20 billion sandbox that we get to operate in. To date, we have identified with specific products that we've brought forward, GBP 2.3 billion in addressable market. Our targets for 2024 are to increase our volumes from existing European cleaning accounts. As Laura said, that some of these just came on in 2023. We expect to see a steady progression with new accounts, where they might have started the middle of the year, earlier in the year, relatively low volumes, then they start increasing the use of our polymer progressively over a number of years. We expect to increase the volumes from existing cleaning accounts, where we're seeing some excellent success. We also expect to bring on some new accounts in the cleaning area in both Europe and North America, to increase our revenues from non-cleaning applications. These are important milestones for us. We also do want to continue to increase our gross profit margins. We want to get more sales from some smaller accounts, increase our revenues from non-cleaning applications, where, as you can see from Laura's data, our gross profit margins are higher in non-cleaning applications. We are also updating prices to our larger accounts to make sure we maintain our gross profit per pound. Even though some of the prices may come down because our material costs have come down, we still want to keep that absolute dollar per pound gross profit the same. We also want to increase our production throughput to get our overhead rates per pound down. We think we can achieve all three of these. Lastly is to diversify our revenue base. We're pursuing new purpose-driven North American cleaning brands that have the need for our formulation expertise that we can bring to them. A number of new European cleaning accounts, and importantly, some non-cleaning accounts and applications. One of the areas we've discussed in the past is in the sustainable fashion area, which for us is in leather. We expect that to be a very attractive area for us, and a growing area for us. We actually have had our first pair of shoes made with leather that's been used, where polyitaconic acid, our polymer, has been used in the retanning process to produce the leather and actually get into shoe production with these. Very exciting progress for us. We think these are important targets for us. I do want to come back and specifically address the situation that we've run into in the first quarter here regarding a large merchandiser that we work with and our adjustments and our revenue expectations for 2024. Take a step back and just take a look at what the composition of a dishwasher detergent, the costs are, the ingredient cost level, and I've indexed it to 100 for a North American premium formula. If you look at the two green, starting from the bottom, the two green colors are the shine, what creates a nice shiny glass for you, where you need to manage the calcium and the water hardness so it does not leave a deposit on your glasses. The second portion up in the lighter blue is cleaning. That's to make sure that the pasta and the mince meat and all the soils on your plates get removed. The top darker blue part is the aesthetics, fragrances, any colors that might be in it, anything to kind of catch the eye in the sensory aspect of it. As you'll note, is that when you go from an economy formula to a premium formula, actually, the shine part of it that we contribute to, doesn't increase that much, actually. The big difference between an economy formula and a premium formula will be the amount of cleaning that it does. Within the shine portion, we're about 50%. Our polymer would be about 50% of the cost of the shine aspect of it. That tends to be maybe GBP 0.005, GBP 0.006, GBP 0.007, GBP 0.008 per pod in it. There are other ingredients that go into creating the shine. On an overall aspect, although our polymer is an expensive portion of it, and maybe one of the single most expensive ingredients in it, in the overall formulation in terms of achieving the desired performance and cost for a formula, we're a relatively small portion of it. Even further, to take a look at what the ingredient cost is relative to what you'll see in the price out in the market. The total ingredients cost that I just talked about is usually less than half of the total production cost of an automatic dish detergent pod in North America. You'll see that those pods, so they'll sell, the cost may be anywhere from $0.007 to maybe just under $0.10 per pod. These pods will then go out into the market and sell from anywhere from $0.12 to $0.35 per pod. Again, the portion that we are putting a very important value into the overall performance of the formulation, but in terms of the overall impact of the cost of the formulation in relative to retail price, it's relatively minor. The situation that we got into with a leading merchandiser is that, if I look back at the We've done the full formulations, they've done a lot of cost pressure on the overall ingredient cost, the situation came into what did we deserve, and where were the cost issues, and what did we deserve for the value of our ingredient? These are ongoing discussions, the merchandiser has concerns about the overall cost of their formula, we have terms that we need to get for the value of our ingredient for that small portion of it. It's a dynamic situation. These have been ongoing discussions. It's important for us going forward as a company to make sure that we capture the value for our ingredient and not start absorbing the cost of any issue with the overall cost of the formula by decreasing the cost of our polymer. It's just a very difficult cycle to get into. One of the key values that we had with the money that we raised last year is that it actually gave us the freedom to make sure that we could go out and make sure that we get the value for our ingredient within this aspect. We've done the full formulations. We know what the value is. We believe we do have a low-cost formulation on it, and we believe that if we can present our polymer that way and maybe extract ourselves out of some of the rest of the overall formulation costs, that'll be helpful. That being said, I can assure you that every customer that we have out there has alternative formulations that may or may not include our material in it. That's just the competitive nature of it. There are many formulations out there that do not use our polymer. The global brand leaders of both Procter & Gamble and for Reckitt Benckiser with Finish do not use our polymer, and they have very effective products out there. We also know that there is a segment of the market where we can deliver that value, and it's very important for us going forward that we capture that value for what we bring to the formula on it. That's what got us to the point, a few weeks ago, where the negotiations had got to the point where we did not believe we would come to reconcile it. The decision was made by the board, with Laura and I certainly in agreement in it, that it's something we needed to announce this to the market. It was a significant potential change in our business conditions. That's the transparency that we need to have, that we want to have and do have and will have with the market in terms of what our immediate business condition is. That's why we took that action a few weeks ago. We were not convinced of that back in February in our previous trading update, but it did come to the point where we believed that that was required for us to do. We do know in the midst of that, though, that we have very high value in delivering low-cost, high-performing shine into automatic dish formulations. We are finding that in Europe. We are finding that with new customers in North America. I think that as we go forward, being the cash position that we have will allow us to negotiate better terms and diversify our customer base to build a large company. In terms of our outlook, our current market expectations are GBP 6 million-GBP 6.5 million for revenues, is what we've put in our RNS. We still stand by that. We have current market expectations for adjusted EBITDA or a GBP 1.6 million loss of EBITDA. With that loss, we've added a year to it. That's where we are now. We hope to do much better than that through the year. Most importantly, though, is setting up for profitable years ahead, is to be able to improve our profit margins and our mix of customers and applications to have that diversified customer base and application base at high margins and grow from there. It's important to take that action now while we have the freedom to do that, so that as we go forward, we can build the type of company that we want to be a GBP 100 million company with a broad range of diversified customers and applications. From an investment standpoint, we've already made important investments in lab upgrades. You'll be seeing developments coming out of our work in the lab in the coming year. Some of those will eventually make it out into some improvements in our production process where we would expect to spend some money. We plan to continue production here in North America at this facility. We have plenty of capacity available here, and we have some production improvements we can do to expand our product offerings from this site. We do not see a need for a new plant elsewhere at this time. We have done some selective increases in our operating expenses. We've added some staff. We were running extremely lean at the end of 2022. We needed to build up our back bench of support. We've selectively done that with some headcount on it to support our commercial development and operational growth. We think we have some hiring done. We have some replacements to do to fill in some positions where people have rotated out. Overall, it's something that we expect a very manageable amount on operating expenses, particularly relative to what actually develops on the revenue side. We continue to bring a performance, cost, and sustainability to the marketplace. We do have an established customer base that's going through a bit of an adjustment right now. We think that's a healthy adjustment to make sure that we have value for our polymer within our revenue base on it. We have a 16 patent family of proprietary technologies to build off of. Relatively low levels, direct competition. No one is producing our polymers. We do, in each application area, compete against specific formulations on it. In terms of direct competition, low level. Continue to have relatively low capital requirements and have high-quality recurring revenues that we want to make sure they maintain their high quality by having a high level of profitability within those revenues. We're excited about our position. It was a difficult decision that we made in the beginning of this year. We're excited about where we can build off from it. Go back up. That's our presentation for today. We look forward to answering your questions on it. John, Laura, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the tab situated on the right-hand corner of your screen. While the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we have received a number of questions about today's presentation. I'll please ask you to read out the questions and give responses where appropriate to do so. I'll pick up from you at the end. Great. We always enjoy the question and answer period here to make sure we address all of your concerns directly. First question submitted was, "Please provide guidance on revenue growth expectations." As I said earlier, our guidance is GBP 6 million-GBP 6.5 million on revenues for this year. Second question, "The company had previously referred on many occasions to sticky revenues." The recent loss of Itaconix largest customer has therefore shaken investors' confidence, as reflected in the share price. "What assurance can the company give the investors about future growth trajectories?" We believe our revenues are sticky. We have some control over that in terms of what terms and conditions our customers are asking for, whether or not that's attractive business to do. At some level, there are always alternative ways and alternative formulations. There's a certain level that we get to where we believe that, by our analysis, that we have priced the product right, and we will see whether the customer can formulate a better product out of it. That's a very fluid situation, but I can say, overall, we are gaining more customers because of the value of our polymers, and we want to make sure that we capture the profitability from the value of our polymers. "Why did the board have to announce customer loss when it did, instead of including it in the RNS announcing the full-year results?" That was a matter of timing and meeting the AIM requirements for disclosing changes in business conditions. Here, we want to maintain very high transparencies, and meet all of our obligations as an AIM company for disclosure to our investors on it. Next, "I understand that your share price fell recently because a U.S. customer did not wish to pay more. You're trying to improve your gross profit margins, so I can understand what is involved being an accountant. Did you not say whether the customer would still have dealt with at the existing price?" It's a very complex set of negotiations across a number of formulations and a number of ingredients of it. The key one was, the industry is generally aware that raw material prices have come down. soda ash prices have come down, citric acid prices have come down, surfactant prices have come down. The question was how much of the decrease in price were we going to pass on, decrease in cost we're going to pass on. So we weren't trying to increase our price. We were trying to reduce our price while maintaining an attractive gross profit margin. Those are always ongoing negotiations of it. It really is around pricing to the value. I think the second part here is that, "You have recently performed a share consolidation to help with dealing in the U.S., but this appears to have the opposite effect. I would be tempted to have a look at your figures if you had been closer." The question about the share consolidation, that was done last year for our U.S. shareholder base. It's important that our U.S. shareholders, which there are a sizable number of them, have the same benefits that our U.K. shareholders have in terms of holding their Itaconix shares in their brokerage account. That was not possible prior to the share consolidation, and now it is. That was our first step and goal with the share consolidation. Now we actually can hold it in our brokerage account like U.K. shareholders can. The next step is to expand awareness of the Itaconix shares beyond the U.K. We do have efforts underway in that. We've contracted with Proactive. We do have equity research coming out that will be available outside of the U.K. on it. We are expanding our sales and marketing capabilities. They are not all in place yet, but they will be. What methods do you use to obtain new customers? Do you have an active sales force, or do you rely on cold calls from your office? We have several channels that we go through. First and foremost, we have a direct sales force that calls on all the major detergent companies in North America and Europe. We have very good relationships with all of them, even the global brands that aren't using us yet. We have partnerships in certain channels. In hairstyling, we use Nouryon that takes our Amaze SP globally. Croda in home care area takes our odor neutralization globally. We have selective distributors in both Europe and the U.S. that bring us to market. It's primarily direct sales, either ourselves or through a distributor or a partner. The recent Canaccord brokers report contains major CapEx of in 2024 through 2026. I'll just address that, is that to date, we've funded lab upgrades and some selective upgrades to our sales and marketing capabilities, which will be emerging. We are reserving spending for some of the process development work that we expect to come out of the laboratory that would turn into improvements to our production process that would expand our production capabilities. That's what we've reserved that in there, well within the cash that we have available, and important to advancing the company further. Laura, you want to take it? There are a number of positions. There are a number of positions. The question is, there are a number of positions currently open on BambooHR, chemical production operator, overnight chemical production, et cetera. Are these positions still a requirement given the projection reductions in revenues, presumably reduced production over the coming months? Do we still have something in the pipeline which will replace/increase our production requirements going forward? We are taking a look at our growth plan, our growth strategy coming forward. We'll assess each of these roles that we have. We're always on the look for a good fit for our growing operations. We do have kind of just general HR efforts out there to make sure that we've got the best team in place to keep growing the business. There's another question about the consolidation was done to facilitate increased activity in the U.S. directed to the best interest of the company. I think this is all about the consolidation again. The first most important part of it was that the U.S. shareholders have the rights and benefits to holding their shares in brokerage accounts that U.K. shareholders have, and that the next stage for us is to expand our investor relationship promotion outside of the U.K. Itaconix has a project partner and a funded grant looking into new branched polymers excipients. I think this is relative to a U.K. grant that was done, one of the universities. We do support university research when we can. Part of that is to make sure that we maintain some connection with the university research, that they are looking at itaconic acid use. There's nothing specific coming out of any of the university research that we've done to date that we see commercializing in the near future. When will VELAFRESH SAP 80 and VELASOFT VR300 be launched? In both situations, we are working on optimizing the products. The VELASOFT VR300, we're continuing to work on the optimization of that ingredient when it's in formulation. We had good optimization of it as a standalone ingredient, and then you have to go test it in a wide range of formulations of where customers might use it, and we found that we need to do some further optimization work on that. We will probably know by the end of this year whether or not that the result of that is that we continue to bring it forward. There's some probability that we can't optimize it satisfactorily for commercial use. The SAP 80 was a current method for producing the SAP that got us to a certain level of performance. We decided that we only had about 50% of the absorption capacity of a polyacrylate, and we were at a price premium. What we believed is that we can get to equal absorption capacity per gram as a polyacrylate. Again, it will be at a price premium to the polyacrylate, but not as high. The combination of lack of lower absorption and high cost, although we think there would be some market for it, we did not want to go out with an inferior product when we think we have a superior one available. It will take some process development work to be able to produce one that matches the performance. We do have prototypes of that working in our lab and in testing, but it's going to take some process improvements to do that. There's a number of steps to get us there. We expect that progress to be coming in late 2024 in terms of the technical development of it, and steps towards commercialization, more to come in 2025. I think there's one last bit of that question. What is happening with sustainable fashion? First ordered in December of 2021. We're still seeing a lot of activity in sustainable fashion. We've successfully had some products made with the itaconic polymers in the leather tanning. We've got some itaconic shoes, so hopefully see you in the fall fashion season of 2024. Cut those jokes on. We're making excellent progress on the leather side right now. We think this will be one of our more exciting areas this year, into this year, 2025, and 2026, some major progress in that area. Major players, become apparent from research that there are many cosmetic products available to purchase online, are now being produced by a number of bigger players. Is this an area you are looking to increase your presence? Unilever, Shiseido, Henkel. This is work that is being done, excellent work by Nouryon. They've been a great partner for us. After that lull in the pandemic, we see nice increase in activity there. It's great to see more products coming out and to see more activity coming. You talked of a newly formulated product for the Croda collaboration, yet there is nothing on their website. We do have a new form of a dry form of our zinc polyitaconate, that we have for ourselves and are in ongoing discussions with Croda, to make available to them. Despite the large loss of business with your major merchandiser, how do you expect them to replace your polymer? We'll be watching closely to see how they do it. There is ways to do it with using petroleum-based ingredients. There are ways to do it. We do not know exactly how they plan to do it, whether they're going to be able to do it across all of the brands that they participate in. We'll be watching intently on it. What chance of the SAP ever becoming a success that has now been pushed back? I think I covered that pretty closely. That is really the performance per gram, absorption per gram, that we wanted to advance. It's a fairly sophisticated polymer to make. It's not as straightforward as our DSP 2K or our TSI 322. It takes quite a bit of an optimization to have a competitive one. Particularly, it's like our first generation one, and we're out competing against 10th generation polyacrylates that have been optimized for the last 30 years. The expansion of the ingredient portfolio, how do you prioritize new development initiatives here? I think our CTO, Dr. Yvonne Durant, brings forward ideas for what we have for novel chemistries of it. Our sales and marketing department, myself and Jim Gordon in Europe, bring forward what customer needs are. We line those up to see what we think the revenue opportunities are, how quickly we can get into it, and what the development time will be. One thing that having some cash allows us to, whereas before when we were cash constrained, we had to work on very short-term opportunities. The prioritization was like, how fast can we get it out in the market and get revenues of it? Almost even if some of them were relatively smaller opportunities, the cash that we have available does allow us some flexibility to pursue larger opportunities that might take longer to develop. I would like to highlight this, is that what you see here, through our bio extracts, we have developed a prototype for artistic paint. We've actually had our first professional artistic piece done using paints that were actually formulated here in our lab. They're not optimized from any standpoint, but it's a pretty nice painting on it though, too. This is an area, again, where the funds that we have available are going to give us an opportunity to move forward in an area that we weren't able to do before. James S asks, "What is the cash runway? We believe with the fundraise that happened in February of 2023, we're well-positioned for any cash needs that we'll have. We do expect that with the loss of our major merchandising customer, that our cash runway or our projections have moved one year to the right. We have enough cash to deal with that, but our cash runway is more than sufficient to get to breakeven EBITDA. Mr. Shaw, Aaron, at the start of his talk, he said there was a large increase in turnover in 2023 over 2023. I presume he meant 2022. I was one cup of coffee short this morning, on that one. Yes, it was increase in 2023 over 2022. After the recent loss of a major existing customer in North America, how long is your cash runway expected to last? We have plenty of cash. We don't see any scenario where we don't have plenty of cash to make it through for a number of years and meet our objectives for growth. Can we expect to see a concentration of revenues move away from current levels as clients increase? Yes. It is one of our goals. When we look strategically to be a GBP 100 million company, we have ideas of what we'd like in terms of diversity, of concentration of customers, and of applications of it. We think that's important to have leverage on your pricing to any one customer, and exposure in any particular application. It is not healthy to have a high concentration where a customer may have undue negotiating pressure on you in terms of what your overall revenues are. What are the targeted EBITDA breakeven and positive cash flow from operations? I'm sorry, I think we missed- Oh, did I miss one? Can you give us some idea of the size of other customers with whom your margins may not be at levels acceptable to you? I think the early on in the leather area, we are giving some pretty aggressive pricing in that area, so that early on in an application area like that, you need to keep the threshold pretty low for trial when we look at what the opportunity is to get people used to using your product and seeing the benefits of the product out in the market. Sometimes you have to get the use of your product out in the market so they can see the value of it. You can keep some relatively aggressive pricing, which I think there is in leather. The rest of it's all really volume related in terms of getting the commitments that we need so that we can really optimize the supply chain into a particular customer for a particular volume. Sorry about that. Want to go? We kind of touched on already EBITDA breakeven. It's kind of slid 12 months to the right. We expect probably, not this year, but 2025, we would be EBITDA. Our target is to be EBITDA breakeven, and then subsequently, positive cash flow from operations would be in the coming year after that. If Itaconix products offer a cost advantage, then why don't the majors of P&G look to use in their products? They do look to use that. They do look at it. We have very good relations with both companies. The main barrier we have is in Europe is that they continue to use phosphonates. Phosphonates are very inexpensive products for scale inhibition. They aren't phosphate, but they're kind of in the realm of phosphates. We think as they look at taking the phosphonates out, we think we're an excellent alternative to it. Every brand is making a choice. Some of our customers in Europe have already taken the phosphonates out. We expect over time as they come out, and you see those coming off of labels, that we'll continue to have growth around that. While Reckitt and Unilever already have alternative formulations that can deliver the same quality and functionality as achievable through the Itaconix, are those alternative formulations equally cost-effective as well? They are cost-effective on it, particularly when they're bundled in bundled pricing to the large companies, the Unilevers. They'll get very aggressive pricing from the very large specialty chemical companies. That's why we find some of the smaller accounts better for us on it, because they just get better pricing of it. I think we're going to continue to be able to put pressure on those. We have very good discussions and engage with all of them in discussions around it. One is, as I mentioned earlier, we are continuing to work on the environmental profile and substantiating the environmental profile of our polymers relative to other ones. We continue to work on areas like what the environmental fate is for our product when it gets out into the marketplace. We're making technical presentations to the industry with a very significant investment we put into, through our laboratories, of substantiating the sustainability credentials of our polymers. Those are important to bring to the largest companies. "Reduction in ocean shipping costs helped the 2023 growth. Is there a risk that the recent rise in prices on the back of might hurt our routes unaffected by the Suez? It currently has not affected the pricing. We continue to monitor it with our vendors. They constantly keep us informed of our international freight costs. As of right now, there's not been an impact on our current raw material pricing. Our shipping comes from Asia directly across to the West Coast of the U.S., so none of it goes through the Suez Canal or around those shipping channels. Clearly, the cleaning side of the business is well advanced compared to the beauty and hygiene. What have you learned from the cleaning market that you're putting into practice in the other two markets as you evolve your business? I think what we've found is we want to be as close to the customer as possible. What we found in cleaning, and this happened a little bit to us with our large account, our products started passing through too many people's hands. For everybody that puts their hand on your product, they like to add their margin on top of it, so you start adding 10%, 15% on top of it at the blender, and then people add it on. That all takes away from the actual value that we can charge for that. We are learning to be closer to the customer and the actual formulations that are being done to make sure that we can have that value. I think you'll see some initiatives later on this year that will demonstrate that. Thank you for addressing directly and openly the problem with North American dishwashing detergent customer. Can you explain where that customer sits within the customer concentration diagram? Are they one of the ones sitting behind the contract manufacturer, or are they one of the other direct customers? Yes, they are sitting behind one of the contract manufacturers. They use multiple sites within our customer concentration to produce their pods. They produce pods through customer one and customer two. They're not 100% of those customers, but they do work with two of our customers to produce pods. It is not a direct relationship. It is through the contract manufacturers, our customers. I see that you don't capitalize much, almost anything, in terms of development costs for the products. Please could you talk about why that is and whether your auditors might pressure you to capitalize certain expenses in future? We have discussed this with our auditors. We do continue to look at our research and development costs. The rules and guidance around that is pretty specific. We have to be doing certain activities that can be capitalized. We've not determined that those costs that we are currently incurring are capitalizable. We expense them in the current year. Do we understand that the revenue loss is a strategic decision based on pricing negotiations?" Yes, it is. These pricing negotiations go back well over a year and a half of discussions, when discussions began in terms of where to price it, particularly as some of the other ingredient costs started coming down, the surfactants, the soda ash, citric acid. There've been ongoing negotiations. It was actually extended into this year of what our 2024 pricing was going to be. We had not come to terms for what the 2024 pricing was going to be. It really got to the point where we did not see the opportunity. We saw many opportunities to reduce the overall cost of the formulation and what got down to what part of it we were willing to do by the decrease in ours, we came to a point where we really needed to hold the line on our pricing of it. There are continuing negotiations in it, and we shall see. "Are you aware of any new regulations that would be favorable to Itaconix products?" I mentioned the phosphonates. I don't think there'll be a regulation necessarily on phosphonates. I think there may be more consumer pressure on the phosphonates, but that remains to be seen. Phosphonates are a very effective product in formulations of it, but that remains to be seen. What are your timelines to become a GBP 100 million company?" We don't specifically give one, but I think our next goal is to get to profitability. The next stage of development for us is to get to profitability with a broad range of applications and customers, and that we have progress made in each one of the areas that we need to make to be a GBP 100 million company. That would be in cleaning and in hygiene, and you get off into some paints and coatings areas, like we've talked about here. I can't find an up-to-date company investor presentation on your website. We will upload it following this presentation, so you should have access to that. How do I get access to your projected financial forecast if I'm not a premium account holder with Canaccord? We'll have to get back on that. Laura and I are not I think there are ways to access research through some portals, but we'll have to come back on that one. Will you be issuing an RNS for any kind of new first diversification order wins? We will be updating the market on progress that we're making across the board on it. We expect to have new supply agreements. We expect to keep the market updated in terms of any change in our business conditions, positive or negative. We do expect to be able to be bringing news to the market in the coming months. Those are our questions. John- Those are our answers to your questions. Yeah. John, Laura, thank you for answering all those questions you can from investors. Of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, John, can I please just ask you for a few closing comments? It was a great 2023 in many respects to have the resources that we need to create a great company and expand to meet our ambitions of being a GBP 100 million company. It is difficult to start the year out with how we have in the first quarter, having to adjust our revenue expectations. That does not change at all our ambitions and potential to be what we want to be as a company. It really shows you the capabilities and the efforts we're going to make, that when we get there's a very healthy set of revenues that we have at the margins that we know we deserve for our ingredients on it. I think that's our obligation to all the work that we've put in. It's our obligation to shareholders that we get the value that we know our ingredients bring to it, and to find more and more opportunities to do it, which I think we are. We look forward to reporting on continued progress through the rest of 2024. John- Thank you for your time. Really appreciate it. John, Laura, thank you for updating investors today. Can I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of Itaconix plc, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thank you.