Spinnova (SPINN) Registration filing summary

Company overview and business model

• Developed a proprietary, IP-protected mechanical process for producing sustainable, natural-like textile fiber from renewable and recycled feedstocks, using minimal water and no harmful chemicals.

• Business model centers on technology licensing, technology sales, and fiber sales, targeting large-scale industrial adoption through partnerships and joint ventures.

• Focused on scaling operations, validating technology at demonstration scale, and building a global partner ecosystem across the textile value chain.

• Holds 68 granted patents and 99 pending applications as of December 31, 2025, with a strong trademark portfolio and ongoing efforts to secure ISO recognition for its fiber.

Financial performance and metrics

• Revenue for 2025 was €344k, down from €762k in 2024, primarily from technology services to joint ventures.

• Operating loss increased to €23.8M in 2025 from €16.0M in 2024, driven by higher R&D, scaling costs, and significant impairment charges.

• Net loss for 2025 was €40.7M, compared to €16.8M in 2024; accumulated deficit reached €104.6M.

• Cash and current investments totaled €44.4M at year-end 2025, with net cash of €18.2M after accounting for borrowings and lease liabilities.

• Equity ratio declined to 48% at end of 2025 from 85% in 2024.

Use of proceeds and capital allocation

• Net proceeds from the IPO are intended to support ramp-up of the Eteläportti demonstration facility, advance commercialization, and provide working capital and general corporate purposes.

• Management retains broad discretion over capital allocation, with a focus on scaling technology and supporting operational needs.