The Finnish sustainable textile materials company published its annual report on Thursday (13 February) in which it recorded a yearly revenue of just under €8m (€762k), compared to €10.6m in 2023.

The company, which specialises in sustainable fibre production processes, recorded an operating loss of €18.3m in 2024, compared to €20.9m in 2023. Net loss decreased by 14% to €16.8m.

Spinnova attributed the decline in revenue to the completion of its technology project for its joint production facility Woodspin in 2023. As part of its new strategy, the company largely limited itself to service activities in the past