Spinnova (SPINN) Registration filing summary

Company overview and business model

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

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

• Focused on scaling operations, validating technology at demonstration scale, and enabling commercial adoption with global apparel brands.

• Holds a robust global IP portfolio with 68 granted patents and 99 pending applications as of December 2025.

• Transitioned to direct ownership of key manufacturing assets after ending a major joint venture, reflecting a strategic shift for greater control.

Financial performance and metrics

• Revenue for the year ended December 31, 2025 was €344k, down from €762k in 2024; H1 2026 revenue was €286k.

• Net loss for 2025 was €40.7m, compared to €16.8m in 2024; H1 2026 net loss was €6.9m, a significant improvement over H1 2025.

• Cash and cash equivalents plus current investments totaled €38.5m as of June 30, 2026; equity was €23.8m.

• Operating losses reflect ongoing investment in R&D, technology development, and scaling activities.

• Management expects current cash resources to fund operations for at least 12 months, with additional financing likely needed for long-term growth.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to ramp up the Eteläportti demonstration facility, advance commercialization, and for working capital and general corporate purposes.

• Management retains broad discretion over the use of funds, with priorities subject to change as business conditions evolve.