Spinnova losses deepen in 2025, revenue drops 54 percent

Finnish textile technology company Spinnova Plc experienced a decline in revenue and higher losses in the 2025 financial year. The results were revealed in a business report published on Thursday.

Revenue for the past year amounted to 344,000 euros (408,890 dollars). This represents a 54 percent decrease compared to 2024. The operating loss (EBIT) was 41.3 million euros, more than double the previous year's figure of 18.3 million euros. According to the company, this was largely due to impairment charges amounting to 18.4 million euros. The reported net loss increased from 16.8 to 40.7 million euros.

Management focuses on a new strategy

For Spinnova, 2025 was another year of transition. After its Brazilian partner Suzano announced it would not invest further in the company, management presented a new strategy in June. This strategy focuses on further cost-saving measures, efficiency improvements and structural reforms. It also involves building a consortium with companies and organisations from the textile industry to further advance the development and production of the innovative wood-based Spinnova fibres.

In autumn, the company also completed the full acquisition of the two companies Woodspin and Suzano Finland, which were previously managed as joint ventures with Suzano. At the time, it was stated that this gave Spinnova “full control” over the production of its fibres. However, production at Woodspin is currently suspended until further notice. Spinnova has now announced that operations will only resume when it is “commercially and strategically justified”.

The company is confident that its new partnership-based business model will bear fruit. In recent months, it has secured offtake agreements for its products with well-known clothing suppliers such as Armedangels and Tommy Hilfiger. The company has also gained the support of the global platform Fashion for Good, which promotes sustainable solutions in the textile industry. Spinnova explained that while the partnerships are not yet reflected in sales, they are “extremely important” for future development. Given the numerous uncertainties, management has once again refrained from providing a forecast for future business performance.

This article was translated to English using an AI tool.

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