Finnish textile technology company Spinnova Plc suffered a decline in sales and higher losses in the 2025 financial year. This emerges from a current annual report that was published on Thursday.
Accordingly, sales last year amounted to 344,000 euros. This means that it slipped by 54 percent compared to 2024. At 41.3 million euros, the operating loss (EBIT) was more than twice as high as in the previous year, when it was 18.3 million euros. According to the company, this was due not least to value adjustments amounting to 18.4 million euros. The reported net loss rose from 16.8 to 40.7 million euros.
Management is relying on a new strategy
For Spinnova, 2025 was another year of upheaval. After Brazilian partner Suzano announced that it would no longer invest in the company, management presented a new strategy in June. This relies on further savings measures, efficiency improvements and structural reforms as well as the establishment of a consortium with companies and organizations from the textile industry in order to further advance the development and production of the innovative wood-based Spinnova fibers.
In the fall, the company also completed the complete takeover of the two companies Woodspin Oy and Suzano Finland Oy, which were previously managed as joint ventures with Suzano. Spinnova thus secured “full control” over the production of its fibers, it was said at the time. However, production at Woodspin is currently suspended until further notice. Spinnova has now announced that operations will only be resumed when this is “commercially and strategically justified”.
The company is betting that its new, partnership-based business model will bear fruit. In recent months, it has been able to conclude purchase agreements for its products with well-known clothing suppliers such as Armedangels and Tommy Hilfiger and secure the support of the global platform Fashion for Good, which supports sustainable solutions in the textile industry. The partnerships are not yet reflected in sales, but are “extremely important” for further development, explained Spinnova. In view of the numerous uncertainties, management once again refrained from making any forecasts for future business development.
