Spinnova's H1 revenue increases to 7.6 million euros

Spinnova’s revenue for the first half period was 7,635 thousand euros compared to 370 thousand euros for the same period last year.

During the period, the company said in a statement, the vast majority of the revenue was derived from the technology delivery projects to Woodspin’s one thousand tonne production facility and to Respin. The remainder of the revenue during the period consisted primarily of R&D services and development projects provided to Spinnova’s partners.

The company’s operating loss was 5,825 thousand euros compared to 3,093 thousand loss for the six months period last year. The company attributed the increase in operating loss to hiring new employees to key roles in the organisation, developing tools around key business processes and accelerating sales, marketing and branding activities.

The company added that the medium-term business targets Spinnova has set in June 2021 are to achieve 150 thousand tonnes of production capacity, to be EBIT positive and have up to 20 brand partners.

Spinnova expects to complete the building of the first Woodspin factory on time and for it to be operational at the end of 2022. During 2022, Spinnova’s revenues are expected to grow in comparison to 2021, driven primarily by higher technology sales of the project deliveries to Woodspin and Respin. During 2022, whilst Spinnova focuses on investing in growth and production scaling, the company is not expected to be profitable.

On May 5, 2022, the company’s AGM confirmed the number of members of the board to be eight and re-elected Timo Soininen, Gert Kroner, Hanna Liiri, Vinicius Nonino, Juha Salmela and Harri Sundvik. Sari Pohjonen and Janne Poranen were also elected as new members.

The new board of directors held its constitutive meeting on May 11, 2022 and elected Harri Sundvik as its chair. Sari Pohjonen (Chair), Vinicius Nonino and Harri Sundvik were selected as members of the audit committee and Hanna Liiri (chair), Vinicius Nonino and Harri Sundvik as members of the remuneration committee.