Iofina plc (LSE:IOF) reported a 7% increase in revenue to a record $31.3 million for the first half of 2026, with adjusted EBITDA more than doubling to $6.6 million as iodine production increased and cost of sales declined.
The iodine producer and specialty chemicals manufacturer reported an 8% reduction in cost of sales, contributing to a 62% increase in gross profit to $10.2 million.
Operating profit rose 178% to $4.9 million, while the group reported a net cash position of $7.2 million at the period-end.
Iofina produced 393.3 metric tonnes of crystalline iodine during the six months, representing a 29% increase year on year and exceeding its revised production target.
The company said iodine prices remained firm during the period, while increased sales of crystalline iodine and iodine derivatives contributed to its financial performance.
Capital expenditure totalled $5.8 million in the first half as Iofina continued investing in additional production capacity.
The expansion programme includes IO#12, the company’s largest iodine extraction plant, located in the Permian Basin, alongside the development of IO#13 and IO#14 in central Oklahoma.
Management is directing operating cash flow towards these projects as part of its strategy to increase iodine production.
Iofina is targeting record annual iodine output in 2026 and continues to pursue its longer-term objective of reaching 2,000 metric tonnes of annual production capacity.
The company currently operates eight IOsorb iodine extraction plants in Oklahoma and describes itself as the second-largest iodine producer in North America.
Its operations use proprietary WET IOsorb technology to recover iodine from brine produced during oil and gas extraction in the United States.
The group operates through Iofina Resources, which focuses on iodine extraction, and Iofina Chemical, which manufactures iodine derivatives and other specialty chemicals.
Iofina’s immediate priorities include progressing construction of its additional extraction plants and increasing production as it works towards its annual output and longer-term capacity targets.
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