Spinnova (SPINN) H1 2025 earnings summary

Executive summary

• Strategic review and restructuring followed Suzano's decision to halt further investment in the Woodspin joint venture, leading to full ownership acquisition and a €5 million capital contribution from Suzano.

• A new strategy was announced in June, focusing on cost efficiency, technology development, and building an international consortium to scale operations.

• CEO transition occurred in March 2025, with Janne Poranen appointed as CEO and Chair, and significant management and organizational changes implemented.

Financial highlights

• Revenue for H1 2025 was €100k, down from €362k in H1 2024, mainly due to reduced service sales to Woodspin.

• Operating result (EBIT) was -€26.9m, significantly impacted by an €18.4m impairment loss related to the Woodspin joint venture.

• Net loss for the period was -€26.3m, compared to -€9.2m in H1 2024.

• Earnings per share (diluted and undiluted) was -€0.50, down from -€0.18 year-over-year.

• Net cash position at period end was €33.3m, down from €46.6m a year earlier.

Outlook and guidance

• No financial guidance will be provided for 2025 and 2026.

• Short-term impact of the Woodspin transaction is not expected to negatively affect cash flow, but will have a negative net effect on 2025 results.

• Focus remains on improving cost efficiency and building an international consortium to scale technology.