Spinnova (SPINN) H2 2024 earnings summary

Executive summary

• Revenue declined sharply in 2024 to EUR 762k from EUR 10.6m in 2023, mainly due to the completion of the Woodspin technology project.

• Operating loss improved to EUR -18.3m from EUR -20.9m year-over-year, driven by cost savings and lower personnel expenses.

• Strategic shift to technology sales and services, with a capital-light model and focus on cost competitiveness and cash generation.

• Key partnerships and LOIs signed with major brands and industry players, including Jack & Jones, Puma, Suzano, Ecco, and Valmet.

• Cost savings program reduced headcount and external expenses, achieving EUR 1.6m annual run-rate savings.

Financial highlights

• Revenue for 2024 was EUR 762k, down from EUR 10.64m in 2023.

• Operating loss (EBIT) improved to EUR -18.3m from EUR -20.9m year-over-year.

• Net cash at year-end was EUR 40.9m, down from EUR 54.4m at the end of 2023.

• Investments decreased to EUR 5.8m from EUR 9.0m, with less R&D machinery spend.

• Earnings per share for 2024 was EUR -0.32, compared to EUR -0.38 in 2023.

Outlook and guidance

• No financial guidance for 2025 provided due to ongoing process efficiency validation with Suzano.

• Aim to update guidance in the coming months as project milestones are clarified.

• Focus remains on demonstrating cost-competitive fiber production and expanding technology sales pipeline.

• Strong long-term demand for sustainable fibers expected, with more LOIs anticipated.