SPINNOVA PLC, COMPANY RELEASE, 12 FEBRUARY 2026, 08:30 A.M. UCT+2
Spinnova Plc's Financial Statements Bulletin January-December 2025: Spinnova developed its technology to be more cost-efficient and advanced the consortium building
This release is a summary of Spinnova's Financial Statements Bulletin January-December 2025. The complete report is attached to this release as a PDF file and is also available on the company website at https://spinnovagroup.com/reports/.
JANUARY-DECEMBER 2025 HIGHLIGHTS
(Comparison figures in parentheses are for the same period in 2024 if nothing else is communicated)
Financial
- Revenue was EUR 344 thousand (EUR 762 thousand).
- Operating result for the period was EUR -41 338 thousand (EUR -18 349 thousand). The result was negatively affected by an impairment loss totalling EUR -18 433 thousand on Spinnova's share of the joint venture Woodspin.
- Total investments were EUR 1 311 thousand (EUR 5 783 thousand).
- Net cash at the end of 2025 was EUR 18 161 thousand (EUR 40 881 thousand). The decrease in the Group's net cash position is explained by an increase in lease liabilities, primarily related to the lease liability of Woodspin Oy's production facility, amounting to EUR 15 051 thousand in total.
- At the time of preparation of the financial statements, Spinnova's liquid funds amounted to EUR 44 425 thousand, consisting of cash and cash equivalents and short-term investments.
- The number of permanent employees at the end of the period was 84 (57). The increase in the Group's personnel is attributable to the acquisitions of Woodspin and Suzano Finland, and the majority of the employees of the acquired companies remain temporarily laid off.
Operational & strategic
- A strategic review of the joint venture Woodspin was initiated in February 2025. As a result of the strategic review, Spinnova and Suzano signed a non-binding agreement in June, under which Spinnova acquired full ownership of Woodspin Oy and Suzano Finland Oy. The final agreement was concluded in August.
- Spinnova announced its own updated strategy on 10 June 2025.
- Spinnova completed the transaction to buy Suzano's stake in Woodspin Oy and Suzano Finland Oy in October 2025.
- First collaboration agreement announcements regarding the Spinnova ecosystem (consortium) building with ARMEDANGELS, Fashion for Good, and TOMMY HILFIGER.
Management & personnel
- Spinnova's CEO Tuomas Oijala informed on 12 March that he will leave the Company.
- Spinnova's Board of Directors appointed Janne Poranen as CEO effective 20 March 2025. He also continued as Chair of the Board.
- During the period, Spinnova made changes in its Management Team to align roles better according to the current development stage.
- Spinnova adjusted its organisational structure to the company's current development stage and the changed operating environment.
SIGNIFICANT EVENTS AFTER THE PERIOD
- Spinnova appointed Mikko Lassila as Chief Commercial Officer and management team member, and he will start in his position at the latest on 15 April 2026.
July- December 2025
- Revenue was 244 EUR thousand (EUR 400 thousand).
- Operating result for the period was EUR -14 465 thousand (EUR -8 443 thousand).
- Total investments were 339 EUR thousand (EUR 2 431 thousand).
- The strategic assessment of Spinnova's Woodspin joint venture was finalised.
GROUP KEY FIGURES
EUR (thousand) | 7-12/2025 | 7-12/2024 | 1-12/2025 | 1-12/2024 |
Revenue (net sales) | 244 | 400 | 344 | 762 |
Impairment loss of joint ventures | - | - | -18 433 | - |
Operating result (EBIT) | -14 465 | -8 443 | -41 338 | -18 349 |
Profit for the period | -14 404 | -7 680 | -40 694 | -16 833 |
Earnings per share (EUR, diluted and undiluted) 1) | -0.28 | -0.15 | -0.78 | -0.32 |
Net cash | 18 161 | 40 881 | 18 161 | 40 881 |
Equity ratio, % | 48% | 85% | 48% | 85% |
Number of permanent employees, end of period | 84 | 57 | 84 | 57 |
Number of permanent employees, average | 67 | 63 | 61 | 68 |
1) The company's potential dilutive instruments consist of stock options and other share-based incentives. As the company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in measuring the dilutive loss per share. Thus, there is no difference between the undiluted and diluted loss per share.
The number of shares used in the key performance indicators table are found in the Appendix on page 23.
This Financial Statements Bulletin was prepared according to the requirements in IAS 34 (Interim Financial Reporting) standard. The information for the entire financial year 2024 and 2025 is based on the published audited IFRS financial statements for 2024 and 2025.
THE BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFITS
Considering the company's current development stage and changes in the operating environment, the company does not expect to distribute a dividend in the short to medium term.
The distributable unrestricted equity of the Parent company Spinnova Plc on 31 December 2025 was EUR 33 399 thousand, of which the result of the period was EUR -34 317 thousand. The Board of Directors proposes to the Annual General Meeting that no dividend be distributed for the financial year January-December 2025, and that the loss of the financial year is recorded in the retained earnings.
OUTLOOK
Financial Guidance for 2026 (reiterated)
Spinnova does not provide financial guidance for year 2026.
CEO JANNE PORANEN'S REVIEW ON YEAR 2025
The year 2025 was significant for Spinnova and had an impact on our choices both strategically and operationally. We updated our strategy to reflect the changes in the market environment and focused especially on improving the cost-efficiency of our production process, expanding the raw material base, developing the properties of the fibre, and building an international business consortium.
During the year, we terminated the joint venture agreement with Suzano, and Spinnova acquired the shares of Woodspin Oy and Suzano Finland Oy in full. The termination of the agreement will enable the licensing of Spinnova's technology in the future without restrictions, also for wood pulps. As a result of the ownership arrangement, the demo factories, including the infrastructure and equipment for production of SPINNOVA® fibre and the manufacturing of its raw material (MFC, microfibrillated cellulose), were transferred to Spinnova. Production at the demo factories has been halted for the time being. The SPINNOVA® fibres produced at the demo factory in early 2025 are sufficient for the needs of the current partnerships. Any resumption of production will be done when it is rational business-wise or strategically. This is currently being evaluated.
Our pilot plants for the production of MFC and SPINNOVA® fibre have been in active use throughout the year. The results achieved in the development of the technology are based on the work done in these development environments.
The development of Respin progressed as planned. In the autumn, Respin successfully produced leather waste-based fibre for our partner ECCO' for a planned product launch in 2026. Leather waste-based textile fibre is a very interesting topic, especially for luxury brands, many of which also have their own leather production. We have progressed in discussions with several luxury brands and believe that with them, we are able to accelerate the scaling of Respin.
During the year, our development work focused on reducing production and investment costs to make our technology concept more attractive to future partners.
A significant result is that the energy consumption of MFC's manufacturing has been reduced by more than 50% compared to the previous concept used at the Woodspin factory. In practice, this means that we have a good idea of what the industrial-scale MFC concept will be like. The fibre recipe was developed to improve cost-effectiveness, and as a result, the quality of the fibre also improved, which further improves the functionality of the fibre in the following production processes. We were also able to reduce the cost of additives in the recipe by about a fifth. With these improvements alone, the production costs of SPINNOVA® fibre will be clearly reduced, and we will continue our development work in the same direction.
Towards the end of the year, we started the development of the fibre finishing concept. Pilot-scale tests have yielded good results on the functionality of the concept, and the work is progressing towards demo scale. Until now, the fibre has been finished by our downstream processing partners, but it has been both expensive and uneven in quality. With the developed concept, we are able to better manage the quality of the end-product and reduce total costs.
The development of the new drying concept has progressed to the testing phase. If the concept works as expected, it is expected to significantly reduce investment costs in relation to production capacity. In addition, investment costs can also be reduced with the right supplier and location choices. Thus, at the beginning of this year, we started looking into this more closely.
Research and testing of different wood-based pulps were carried out with several different industrial partners. We have obtained promising results from both wood-based pulps and, e.g. the use of oat husk as a raw material for SPINNOVA® fibre. These projects will be advanced during the coming spring, and negotiations will also be held simultaneously on how to take the projects towards industrial scaling.
In addition to raw materials, various fibre applications outside of textiles were actively explored in order to find markets with higher added value. We are actively working on several collaborations, which potential will clarify during the current year.
We continued our cooperation with our brand partners with a slightly changed emphasis. During the second half of the year, we focused on developing an international business consortium that aims to bring together different players in the value chain and thus accelerate the scaling of our technology. We had active negotiations with several dozen partners, and at the end of the year we were already able to announce that the German fashion brand ARMEDANGELS and TOMMY HILFIGER joined our consortium. Also, Fashion for Good, which is respected in the industry, participates in the development of the consortium.
Although partnerships are not yet notably reflected in turnover, their significance is great. Our goal is to find the right partners with whom we can advance the commercial scaling of our technology. The process takes time, but the interest is strong, and the vision of changing the sustainable raw material base resonates widely. Discussions with players in different industries and value chains continue very actively.
During the year, we renewed our organisation and adapted our operations through change negotiations to the company's current development stage and operating environment. In early 2026, we announced the appointment of a new Chief Commercial Officer, Mikko Lassila. He will further strengthen our team with his solid experience in sales management and support our growth targets.
We moved into 2026 with strong forward-looking energy and will continue to work determinedly to achieve our goals. I would like to warmly thank our partners for their good cooperation and trust in Spinnova. I would like to thank Spinnova's entire team for their excellent work and significant results despite the challenges of the past year. Thank you to all our owners for your trust. We can promise that the Spinnova team will always do their best and everything towards our common vision!
Janne Poranen
CEO and Chair of the Board
Spinnova Financial Statements Bulletin 2025 -webcast
Spinnova arranges a webcast event on Thursday 12 February 2026, at 10.00 a.m. UCT+2, during which Spinnova's CEO Janne Poranen will discuss the company's January-December 2025 events and financial performance.
The event is in Finnish. Register and log in to the webcast via the link below. Once the event starts, the event page will switch to the presentation mode automatically.
Spinnova Financial Statements Bulletin 2025 -registration link
A English subtitled recording will be available within 24 hours on the investor website: https://spinnovagroup.com/reports/.
Upcoming financial disclosures
- Spinnova's Annual General Meeting will be held on Wednesday, 15 April 2026. The Board of Directors will convene the meeting separately.
- Half-year financial report for 1 January - 30 June 2026 on Tuesday 25 August 2026.
Spinnova Plc
For further information, please contact:
Janne Poranen, CEO and Chair of the Board
Santeri Heinonen, Chief Finance and People Officer
Johanna Valkama, General Counsel
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098
Distribution:
Nasdaq Helsinki
Major media
Spinnova - The textile material innovation
Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood pulp or waste, such as leather, textile, or agricultural cropping waste, without harmful chemicals or dissolving.?
Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.
Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.?
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
