Spinnova’s 2023 revenue declined to 10,640 thousand euros and operating result for the period was negative 20, 926 thousand euros.

For the second half, revenue declined to 1, 820 thousand euros and operating result was negative 9, 931 thousand euros.

As part of the new strategy, Spinnova will focus on technology sales and delivering the technology together with its partners. Technology sales will be targeted at where it creates the most value, with upstream raw material partners or downstream textile manufacturers.

“I joined Spinnova as CEO on December 11, 2023. For me, this is a unique and challenging opportunity to commercialise Spinnova’s sustainable technology innovation. The current tough economic climate is not the easiest for scaling a growth company,” said Tuomas Oijala, CEO, Spinnova.

During the year under review, the company handed over the first factory producing wood-based Spinnova fibre to the joint venture partner Woodspin. The company also launched a halti parka jacket made of Spinnova fibre and cotton.

The company received a grant of 1.9 million euros from Business Finland for its research and development (R&D) work for textile and agricultural waste streams.

Spinnova also entered into a yarn development co-operation agreement with Tearfil and along with Swedish textile recycling innovator Renewcell, the company launched a plan to develop textile waste-based fibre.

Spinnova CEO Kim Poulsen stepped down on April 21, 2023. The company appointed Tuomas Oijala as the new CEO and interim CEO Ben Selby as deputy CEO on August 31, 2023. The company also named Santeri Heinonen as chief human resources officer and management team member on March 1, 2023.

In the new year, Spinnova and Suzano signed an agreement to develop a new wood-based fibre production factory. Suzano plans to own and operate the factory at their own site. The targeted annual capacity of the factory is 20 thousand tonnes of fibre.

In 2024, the company said, revenues are estimated to be lower than in 2023. The operating result is expected to improve from 2023 but to continue to be negative.