Spinnova Plc’s Half-Year Report January-June 2026: Spinnova progressed the test runs at the Woodspin demonstration plant while continuing to develop an ecosystem of partners across the textile value chain

Spinnova Plc’s Half-Year Report January–June 2026 (unaudited)

In January-June 2026, Spinnova progressed the test runs at the Woodspin demonstration plant while continuing to develop an ecosystem that brings together partners from across the textile value chain.

January-June 2026
(Comparison figures in parentheses are for the same period in 2025 if nothing else is communicated)

Financial

• Revenue was EUR 286 thousand (EUR 100 thousand).
• Operating result for the period was EUR -6 889 thousand (EUR -26 873 thousand). The improvement in operating result was mainly due to an impairment loss of EUR 18 433 thousand recognised in the corresponding period of the previous year in relation to Spinnova’s shares of the joint venture Woodspin.
• Total investments were EUR 381 thousand (EUR 972 thousand).
• Net cash at the end of the period was EUR 13 196 thousand (EUR 33 269 thousand). The decrease in the Group’s net cash position is explained by an increase in lease liabilities, primarily related to the lease liability of Woodspin Oy’s production facility, amounting to EUR 14 370 thousand in total.
• At the time of preparation of the half-year report, Spinnova’s liquid funds amounted to EUR 38 468 thousand, consisting of cash and cash equivalents and short-term investments.
• The number of permanent employees at the end of the period was 58 (51).

Operational & strategic

• Spinnova announced the start of trial runs at the Woodspin demonstration plant and is preparing to restart production
• Spinnova expanded its ecosystem to advance the scale-up of its technology:
  • Spinnova signed a non-binding Letter of Intent with Tearfil Textile Yarns to support the availability and industrial adoption of SPINNOVA® fibre.
  • Spinnova signed a non-binding Letter of Intent with INSIDER regarding access to SPINNOVA® fibre for future collections.
  • Circulose joined Spinnova’s ecosystem as a key circularity partner with raw material based on recycled textiles.
  • Sulzer joined the ecosystem, contributing its expertise and supporting the development of Spinnova’s technology.
  • NZ TEX GROUP joined the Spinnova ecosystem to support the scaling of the fibre.
• JJXX, the womenswear brand of JACK & JONES, introduced new outfits made with SPINNOVA® fibre into its collection.
• ECCO released a limited edition of ECCO BIOM® 720 shoes developed in collaboration with Spinnova, using an innovative protein-based textile fibre.

Management & personnel

• Spinnova appointed Mikko Lassila as Chief Commercial Officer and a member of the Management Team.

After the reporting period

• Spinnova Plc’s Chief Product and Sustainability Officer and member of the Management Team, Shahriare Mahmood, informed the company of his decision to leave his position. He will remain in his role until 20 October 2026.
• Spinnova appointed Sampo Immonen as Chief Technology Officer (CTO) and a member of the Management Team. Juha Salmela, previously CTO, will continue as a member of the Management Team in the newly established role of Chief Technology Strategy and Innovation Officer (CTSIO).
• On 13 August 2026, Spinnova announced intention to pursue U.S. Initial Public Offering and dual listing on the Nasdaq Capital Market.

 
Group key figures¹

¹⁾ The company’s potential dilutive instruments consist of stock options and other share-based incentives. As the company’s business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not considered in measuring the dilutive loss per share. Thus, there is no difference between the undiluted and diluted loss per share.

The number of shares used in the key performance indicators table is found in the Appendix on page 25.
This January-June Half-Year Report was prepared according to the requirements in IAS 34 (Interim Financial Reporting) standard. The information for the entire financial year 2025 is based on the published audited IFRS financial statements for 2025.

Outlook

Financial Guidance for 2026

Spinnova will not give financial guidance for the year 2026.
 
Comments from the CEO and Chair of the Board, Janne Poranen

During the first half of the year, we strengthened our commercial capabilities, initiated test runs at the Woodspin demo factory, and continued developing the ecosystem of partners across the textile value chain.

Under the leadership of Chief Commercial Officer Mikko Lassila, who was appointed earlier this year, we have accelerated collaboration with both existing and new brand partners, while discussions with potential ecosystem partners have remained active. We have received positive market feedback on the properties of SPINNOVA® fibre. It is also evident that there is strong interest in, and preliminary commitment to the broader commercial adoption of our fibre.

In April, we announced the start of test runs at the Woodspin demo factory and our objective to advance preparations for the restart of the facility. During the test runs, we validated solutions previously developed at pilot scale to improve production efficiency and fibre quality. The initial test runs were completed as planned, and we quickly achieved production volumes and quality levels comparable to the factory's previous operating performance. These results support our view of the production concept's functionality and operational flexibility.

We continue to focus on improving cost efficiency in both pilot and demo factory environments. At the same time, together with our partners, we are optimising production at a scale smaller than the demo factory. The objective is to further develop the future factory concept in a cost-efficient manner. During the autumn, we will continue test runs and prepare for a broader production ramp-up. Based on discussions with both existing and potential new partners, it is already clear that commercial demand for SPINNOVA® fibre exceeds current capacity.

In raw material development, we have seen growing interest particularly in recycled textile-based and recyclable solutions. We have carried out systematic development work in this area and are now aiming to expand the use of recycled textiles as a raw material. In addition, interest in utilising agricultural side streams as feedstock for textile fibres has increased in several markets, including India. These developments further support interest in Spinnova's technology, which enables the conversion of recycled raw materials into textile fibre.

At Respin, we progressed to the launch of a commercial product. In collaboration with Spinnova, ECCO launched a limited edition of BIOM® 720 shoes incorporating the leather waste-based protein fibre. The product was well received, and the launch increased interest in leather waste-based fibre solutions. Interest has been particularly strong among luxury brands, and we have initiated development work with a new partner that has also generated revenue for Respin.

Market conditions in the textile fibre industry remained challenging, particularly in Europe, where several fibre technologies have faced commercialisation and cost competitiveness challenges. We see opportunities for Spinnova in this environment, as we offer an alternative to dissolution-based fibre technologies, combining natural fibre-like properties with compatibility across a range of fibre blends. SPINNOVA® fibre is positioned closer to natural fibres such as wool and linen. These fibres are typically priced above mainstream textile fibres, and in this respect SPINNOVA® fibre is competitive in terms of operating production costs.

After the review period, we announced our intention to pursue a public offering in the United States and to apply for the listing of our shares on the Nasdaq Capital Market. A potential U.S. listing would provide access to a broader investor base and support the execution of our strategy, the development of our licensing model, and our position in the global textile industry. At the same time, we continue discussions with potential partners regarding future production and licensing opportunities in the United States. We believe a local presence would support collaboration with global brands and strengthen our position in key markets.

Following the review period, changes were announced in our Management Team. Chief Product and Sustainability Officer Shahriare Mahmood informed us of his decision to leave the company. I would like to thank Shahriare for his significant contribution to the development of Spinnova's product and sustainability work over the years and wish him every success in the future.

In July, we appointed Sampo Immonen as Chief Technology Officer to support the industrial scaling of our technology. Sampo strengthens our team with extensive experience in machinery and technology development. Juha Salmela will continue as a member of the Management Team, responsible for technology strategy and innovations, focusing on the development of future technologies, intellectual property, and strategic opportunities.

The first half of the year demonstrated continued progress toward our objectives in commercialisation, technology development, and ecosystem building. I would like to thank our partners and shareholders for their continued trust in Spinnova. I also want to thank our employees for their strong commitment. The progress achieved during the period provides a solid foundation for the next stages of our journey.

Janne Poranen
CEO and Chair of the Board
 
Half-Year Results 2026 Webcast
 
A webcast event in Finnish will be held on Monday, 31 August 2026, at 10.00 AM Finnish time, where Spinnova’s CEO Janne Poranen will comment on the company’s January-June 2026 events and financial performance.

The recording of the webcast, including English subtitles, and the presentation material will be available on the investor website after the event. The webcast is open to all investors and media representatives.

Registration for the webcast and access to the live broadcast are available through this link: https://spinnova.events.inderes.com/h1-2026

Spinnova Plc
 
For further information, please contact:
Janne Poranen, CEO
Johanna Valkama, General Counsel
Tel. +358 20 703 2430
ir@spinnova.fi

Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098

Distribution:
Nasdaq Helsinki
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