SPINNNasdaq HelsinkiTextile ManufacturingIFRS · EUR

Spinnova Oyj

Spinnova is a Finnish materials technology company that develops patented processes for making textile fibre from wood pulp and waste-based raw materials without dissolving chemicals. The company operates through Spinnova Plc and related joint venture and subsidiary entities, with headquarters in Jyväskylä, Finland and shares listed on Nasdaq First North Growth Market Finland.

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Revenue0.3m EUR
−54.9 %y/y
Operating profit (EBIT)-41.3m EUR
−125.3 %y/y
EBIT margin-12,016.9%
−9,608.9 ppy/y
Net income40.7m EUR
+703.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-60-40-2002040m EUR2020: 0.25 m EUR2020: EBIT -5.5 m EUR20202021: 6.1 m EUR2021: EBIT -7.2 m EUR20212022: 24 m EUR2022: EBIT -12 m EUR20222023: 11 m EUR2023: EBIT -21 m EUR20232024: 0.76 m EUR2024: EBIT -18 m EUR20242025: 0.34 m EUR2025: EBIT -41 m EUR20250.34-41
RevenueOperating profit (EBIT)
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Business

Share of revenue
Technology sales70 %

Licensing and sale of Spinnova's fibre production technology to industrial customers.

Technology services20 %

Engineering, project support and delivery services tied to customer factory implementations.

Joint venture-related income10 %

Revenue and service activity linked to Woodspin and Respin development projects.

Customers

Spinnova sells primarily to industrial partners that want to build or scale SPINNOVA® fibre production capacity. Its customer base includes upstream raw-material partners, downstream textile manufacturers, and joint venture partners that commercialize fibre production facilities. End-market demand ultimately depends on brands and supply-chain participants that want lower-impact textile inputs.

Raw-material partners

Partners that supply wood pulp or waste feedstocks and buy technology to convert them into fibre.

Textile manufacturers

Industrial customers that invest in fibre production facilities and pay for technology delivery.

Joint venture partners

Partners such as Woodspin and Respin that develop and scale specific commercial production routes.

Retail brands and supply-chain partners

Downstream stakeholders that support adoption of SPINNOVA® fibre in finished products.

Strategy

Spinnova's strategy centers on technology sales and delivering its fibre process together with partners to customers building production facilities. The company is also developing multiple raw-material routes and using partner ecosystems to accelerate adoption, scale-up and commercialization of SPINNOVA® fibre.

Technology sales to industrial customersShort term

Licensing and delivery are the core monetization path for the business model.

Scale-up and cost reductionMedium term

Lower cost and capex per tonne improve customer economics and adoption potential.

Partner-led commercializationMedium term

Partnerships help convert technology into industrial capacity and market access.

Geography

Spinnova is headquartered in Jyväskylä, Finland and operates from a Finnish corporate base, with listed shares on Nasdaq First North Growth Market Finland. Its commercial model is international in nature because technology sales are tied to partner factories and textile supply chains rather than a single domestic market. The company’s exposure is therefore shaped by where partners choose to build fibre capacity and where end-market textile demand develops.

Risks

Spinnova depends on successful scale-up of its fibre technology and on customers committing capital to new production capacity, so delays or technical setbacks can directly affect revenue timing. The business is also exposed to macroeconomic, financing, cyber-security, IP and talent risks, which matter because the model relies on long development cycles, protected know-how and partner execution.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Technology scale-up risk1Customer project timing risk2Macroeconomic and financing risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Technology scale-up riskImpact: HighLikelihood: High

    If the process cannot be scaled economically, customer adoption and strategy targets may be delayed.

    Exposure: SPINNOVA® fibre production technology

  2. Customer project timing riskImpact: HighLikelihood: High

    Revenue depends on when partners decide to build or expand production capacity.

    Exposure: Technology sales and delivery contracts

  3. Macroeconomic and financing riskImpact: MediumLikelihood: High

    Weak financing conditions can slow investment in new fibre capacity.

    Exposure: Partner factory build-outs

  4. Cyber security and IP riskImpact: Medium

    The company relies on proprietary technology and must protect know-how and systems.

    ExposurePatentsTrade secretsDigital systems
  5. Talent retention riskImpact: Medium

    Specialized staff are needed to develop, scale and deliver the technology.

    Exposure: R&D and project execution

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Accounting

Judgemental items
Revenue recognition for technology services

Revenue depends on when services and delivery obligations are satisfied in partner projects.

Impact: Can create large period-to-period swings in reported revenue

Equity-accounted joint ventures

Woodspin and Respin contribute through share of results rather than consolidated sales.

Impact: Affects operating result and net income volatility

Share-based compensation

Stock option programs affect personnel expense and equity.

Impact: Can materially change operating costs

IFRS 16 leases

Office and equipment leases create right-of-use assets and lease liabilities.

Impact: Affects EBITDA-like measures, depreciation and finance costs

Estimates and judgments

Management must estimate useful lives, project outcomes and other assumptions.

Impact: Can affect asset carrying values and future adjustments

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Last updated: 24/09/2026