Spinnova Plc has released its Financial Statements Bulletin for January–December 2024, highlighting significant developments in its technology sales strategy and key partnerships. The company’s revenue for the year was €762,000, a decrease from €10.64 million in 2023, primarily due to the completion of the technology project at Woodspin’s production facility in 2023. The operating result stood at €-18.35 million, an improvement from €-20.93 million the previous year.

In March 2024, Spinnova updated its strategy to focus on technology sales. To support this shift and achieve profitability targets, the company-initiated change negotiations and announced management team adjustments. Notably, Spinnova signed a non-binding Letter of Intent with Suzano S.A. for a potential new production facility for wood-based Spinnova fibre. However, the targeted process metrics required to advance were not met during 2024, delaying the project’s progression to the pre-engineering phase.

Additionally, Spinnova entered into a Letter of Intent with Ecco regarding future plans for their joint venture, Respin, and signed a Partnership Agreement with Valmet for the delivery of process equipment to Spinnova’s customers. The company’s joint venture, Woodspin, also established a multi-year Letter of Intent with PUMA to secure Spinnova fibre volumes.

Financially, Spinnova’s total investments were €5.78 million, down from €8.96 million in 2023. The net cash position at the end of 2024 was €40.88 million, compared to €54.43 million the previous year. The number of permanent employees decreased to 57 from 76 in 2023.

CEO Tuomas Oijala described 2024 as transformative, emphasising the company’s renewed focus on technology sales and the establishment of significant partnerships. He noted that while the validation of process efficiency metrics faced delays, alternative plans are being pursued with Suzano to expedite progress. Oijala expressed confidence in achieving future milestones and thanked stakeholders for their support during this period of change.

For more information, visit: https://spinnovagroup.com/reports/.