Spinnova revenues increase but operating loss widens

Spinnova Plc’s revenue grew to 24,279 thousand euros in the first half period, while operating result was negative 12,309 thousand euros compared to negative 7,172 thousand euros in the previous year.

For the period between July to December 2022, the company’s revenue grew to 16,644 thousand euros, while operating result for the period was negative 6,486 thousand euros compared to negative 4,079 thousand euros in the previous year.

“Spinnova had record revenues in 2022. At the same time the operating loss increased primarily due to the company investing in future growth. Challenges in the global supply chain, uncertain market conditions and increasing inflation increased the costs of materials and services in 2022, while the impact from increased energy prices was a minor factor on the company’s results,” said Kim Poulsen, the company’s CEO.

The company said in a release that total investments during the period under review were 16,293 thousand euros, mainly related to the Woodspin joint venture. The company completed building its first commercial factory for Woodspin and feasibility planning for Woodspin’s second factory is ongoing.

Spinnova also continued to introduce new commercial products with brand partners, including Adidas, Marimekko and Bestseller.

Spinnova added that the company will continue to work towards its long- and medium-term business targets and that the timing of the final investment decisions of the next Woodspin and Respin plants will be key factors in the timing of Spinnova’s technology revenues.

In 2023, revenues are estimated to be lower than in 2022, impacted by expected phasing of technology sales fees, while the loss is expected to increase during 2023 as the company is ramping up operations.