Spinnova Plc’s half-year report January-June 2021 (Unaudited) – Strong joint ventures and successful IPO provide springboard for growth and scaleup

January to June 2021

Significant events during H1 / 2021

Spinnova Plc’s key figures

EUR Thousand 1-6/2021 1-6/2020 1-12/2020
Revenue 370 87 254
Operating profit / loss -3 093 -1 993 -5 473
Earnings per share (EUR, diluted and undiluted) 1) -0.30 -0.06 -0.17
Net debt -98 354 -3 010 -1 372
Equity ratio, % 90% 61% 54%
Number of permanent employees at the end of the period 49 28 40
Number of permanent employees, average 43 26 34


1) The company’s potential dilutive instruments consist of stock options. As the company’s business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in measuring the dilutive loss per share. Thus, there is no difference between the undiluted and diluted loss per share. The number of shares in the historical figures is adjusted with the two share splits that took place first in May 2020 in which the number of shares was multiplied by 10 and then in May 2021 in which the number of shares was multiplied by 30.

CEO’s Review – Janne Poranen:

In the first half of 2021, Spinnova reached the most important milestones of its journey so far. Spinnova started building the first commercial factory for Woodspin, the joint venture that we own 50/50 with our strategic partner Suzano, and we jointly agreed the plan to ensure commercial scaling of SPINNOVA® wood-based fibre. We started building a proof-of-concept production line for leather waste-based fibre for Respin, the joint venture that Spinnova owns 50/50 with ECCO’s sister company KT Innovations AG. In June, we met the key capital requirement for our growth plan by listing Spinnova on the Nasdaq Helsinki First North Growth Market.

Brand partnerships developed favourably

In the first half of 2021, we were proud to announce that both adidas and the H&M Group joined our brand partners. Innovative product development also continued with other brand partners including Bergans, Bestseller, ECCO, Icebreaker and Marimekko, paving the way to a joint commercial future. With adidas’ cornerstone investment in Spinnova’s initial public offering, adidas intends to secure access to significant volumes of SPINNOVA® material in the future. Our partner ECCO showed its strong support for us by investing in Spinnova shares in our initial public offering.

After the reporting period, we were proud to announce our collaboration with The North Face, with the goal of commercializing sustainable products using SPINNOVA® materials and securing access to the first commercial volumes of the fibre.

Suzano committed to Woodspin scaleup

The wood-based SPINNOVA® fibre and the value-added products made of it, such as fabrics, are now our priority. Spinnova began construction work for the first Woodspin commercial factory in Jyväskylä, Central Finland during the reporting period.

The factory is expected to be completed at the end of 2022. Spinnova is the exclusive technology provider for Woodspin as well as Respin. In the spring, we agreed on a co-operation with Valmet, a global leader in pulp and paper technology, who will provide drying components for the first Woodspin production line.

Suzano supports our scaling plans and has committed to the Woodspin joint venture producing more than one million tonnes of SPINNOVA® fibre per year within a decade. Suzano is investing in a micro fibrillated cellulose production facility next to the Woodspin factory in Jyväskylä. Spinnova is a strategically important new business investment and collaboration for Suzano. 

IPO proceeds support growth plan

We raised 115 million euros through our successful initial public offering in June with approximately 20 000 investors participating. Spinnova’s key long-term partners Suzano and Lenzing continued as significant shareholders and, in addition to numerous private and institutional investors, Spinnova’s strategic partners adidas and ECCO joined Spinnova as shareholders. This IPO financing plays an important part in securing our growth plan.

The execution of our strategy is proceeding well. With demand from world class brands and with strategic partners for both raw material supply and industrial scaling, we now have the building blocks in place to execute our strategy and complete our commercialisation and production scaleup plans.

Significant events after the period

Half-year report webcast

Spinnova arranges a half-year webcast event on Thursday, 16 September at 1.15 pm EET, where Spinnova’s CEO and co-founder Janne Poranen and CFO Ben Selby will comment on the company’s January-June events and financial performance from the Jyväskylä factory. In addition, there will be a guest speaker from Suzano.

A recording of the event will be available on the investor website shortly after. The event is open to all investors and media representatives.

A registration is required and can be done at:

The half-year report is available in full as an attachment of this release and on the company's investor website at https://spinnovagroup.com.

Spinnova’s next financial disclosure

Spinnova will publish its Financial statement bulletin for 1 January – 31 December, 2021 on Thursday, 24 February, 2022.