Aankondiging • Jul 21
Spinnova plc Announces Resignation of Shahriare Mahmood as Chief Product and Sustainability Officer Spinnova Plc announced that Shahriare Mahmood had decided to leave his position as Chief Product and Sustainability Officer and member of the Management Team. Mahmood had served as a member of Spinnova’s Management Team since 2021. Shahriare Mahmood will continue in his current role during his three-month notice period. Board Change • May 20
High number of new directors Director Carlos Anibal de Almeida was the last director to join the board, commencing their role in 2025. Aankondiging • Jan 09
Spinnova Plc Appoints Mikko Lassila As Chief Commercial Officer And Management Team Member, Effective April 15, 2026 Spinnova Plc has appointed Mikko Lassila as Chief Commercial Officer and a member of the Spinnova management. Mikko Lassila holds an MBA and has over a decade of experience in sales leadership. Mikko joins from UPM, where he has worked in leadership roles in sales and business development positions. Prior to UPM, Mikko worked in Exel Composites. He will report to CEO Janne Poranen. He will start in his position latest on April 15, 2026. As of Mikko Lassila starting at Spinnova, the Management Team will constitute of the following members: Janne Poranen, CEO; Santeri Heinonen, Chief Finance (CFO) and People Officer; Johanna Valkama, General Counsel; Shahriare Mahmood, Chief Product and Sustainability Officer; Juha Salmela, Chief Technology Officer; Mikko Lassila, Chief Commercial Officer. Aankondiging • Sep 04
Spinnova Plc Announces Composition of the Shareholders' Nomination Board Spinnova Plc announced Composition of the Shareholders' Nomination Board of the company. The following members have been elected to form the Nomination Board of the company for the next term: Carlos Aníbal de Almeida Jr, Suzano S.A.; Hanna Liiri, Besodos Investors Oy; Ilkka Kivimäki, Maki.vc Fund I Ky; Janne Poranen, Chair of the Board of Directors of Spinnova Plc. In accordance with the Charter of Spinnova Plc's Shareholders' Nomination Board, the Nomination Board has 4 members. 3 of those members are representatives appointed by the three largest shareholders, and 1 member is a board member appointed by the Company's Board of Directors from amongst themselves. Aankondiging • Apr 10
Spinnova Oyj Announces Board Changes Spinnova Oyj resolved to elect Carlos Aníbal de Almeida Jr. as a new member of the Board of Directors for a term of office ending at the close of the Annual General Meeting 2026. The elected members of the Board of Directors are independent of the company, with the exception of Carlos Aníbal de Almeida Jr., due to his role in the management of Suzano S.A. which has a close cooperation relationship with the company. At the Board of Directors’ constitutive meeting held after the AGM, the Board of Directors of Spinnova Plc elected Janne Poranen as its Chair and Petri Kalliokoski as the Deputy Chair. The Board of Directors elected Vesa Silaskivi as Chair and Hanna Liiri and Petri Kalliokoski as members of the Audit Committee. Aankondiging • Mar 12
Spinnova Oyj Announces Resignation of Tuomas Oijala as Chief Executive Officer, Leave At the Latest on 12 September 2025 Spinnova's Chief Executive Officer, Tuomas Oijala, has informed the Board of Directors of his intention to resign from his position. Mr. Oijala will continue in his position during the 6 months' notice period, leading the ongoing strategy work among other things, and leave at the latest on 12 September 2025. The Board of Directors immediately initiates a process to find his successor. Aankondiging • Feb 13
Spinnova Oyj to Report First Half, 2025 Results on Aug 08, 2025 Spinnova Oyj announced that they will report first half, 2025 results on Aug 08, 2025 New Risk • Aug 26
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €18m Forecast net loss in 3 years: €5.8m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€5.8m net loss in 3 years). Revenue is less than US$5m (€2.2m revenue, or US$2.4m). Market cap is less than US$100m (€84.2m market cap, or US$94.1m). Reported Earnings • Aug 26
First half 2024 earnings released: €0.17 loss per share (vs €0.20 loss in 1H 2023) First half 2024 results: €0.17 loss per share (improved from €0.20 loss in 1H 2023). Net loss: €9.15m (loss narrowed 13% from 1H 2023). Revenue is expected to decline by 31% p.a. on average during the next 3 years, while revenues in the Luxury industry in Europe are expected to grow by 7.5%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Board Change • May 15
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Hanna Liiri is the most experienced director on the board, commencing their role in 2018. Independent Director Petri Kalliokoski was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • May 08
Spinnova plc Announces Board and Committee Elections Spinnova Plc at the Annual General Meeting held on 7 May 2024, elected Jari Vähäpesola, Vesa Silaskivi and Sebastian Vinsten as new members of the Board of Directors. The Board of Directors elected Vesa Silaskivi as Chair and Hanna Liiri and Petri Kalliokoski as members of the Audit Committee. Aankondiging • Apr 03
Spinnova plc Announces Retirements from the Board Spinnova plc announced that the current board members, Juha Salmela, Harri Sundvik and Kirsi Sormunen will not stand for re-election for the next period of office. Reported Earnings • Mar 14
Full year 2023 earnings released: €0.38 loss per share (vs €0.28 loss in FY 2022) Full year 2023 results: €0.38 loss per share (further deteriorated from €0.28 loss in FY 2022). Revenue: €10.6m (down 56% from FY 2022). Net loss: €19.6m (loss widened 39% from FY 2022). Revenue is forecast to grow 74% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Luxury industry in Europe. Aankondiging • Feb 12
Spinnova Oyj to Report Fiscal Year 2023 Final Results on Apr 15, 2024 Spinnova Oyj announced that they will report fiscal year 2023 final results on Apr 15, 2024 Aankondiging • Dec 23
Spinnova Oyj to Report Q2, 2025 Results on Aug 28, 2025 Spinnova Oyj announced that they will report Q2, 2025 results on Aug 28, 2025 New Risk • Nov 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.4m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€91.4m market cap, or US$99.7m). New Risk • Oct 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Aankondiging • Sep 05
Spinnova Oyj Announces Composition of the Nomination Board Spinnova Oyj announced that The following members have been elected to form the Nomination Board of Spinnova Plc for the next term: Julio Ramundo, Suzano S.A. Hanna Liiri, Besodos Investors Oy. Ilkka Kivimäki, Maki.vc Fund I Ky. Janne Poranen, Chair of the Board of Directors of Spinnova Plc. Reported Earnings • Sep 04
First half 2023 earnings released: €0.20 loss per share (vs €0.15 loss in 1H 2022) First half 2023 results: €0.20 loss per share (further deteriorated from €0.15 loss in 1H 2022). Revenue: €8.82m (up 16% from 1H 2022). Net loss: €10.6m (loss widened 40% from 1H 2022). Aankondiging • Sep 01
Spinnova plc Announces Executive Changes Spinnova's Board of Directors has appointed Tuomas Oijala(born 1985, M.Sc. (Tech.)), CEO of Spinnova Plc, effective as of 1 January 2024 at the latest. Tuomas has had a long and successful career at KONE Corporation in strategy, commercial and business development roles. More recently he was the managing director for KONE in Denmark and he is currently Senior Vice President for the global New Building Solutions business. According to Janne Poranen, Chair of Spinnova's Board of Directors, Tuomas will bring the right kind of competence and experience to the company. "Tuomas has a strong track record of leading international businesses in a competitive global market. He has successfully developed businesses and carried out changes securing profitable growth. His energetic, bold and forward-looking approach is a great fit for Spinnova and important in the company's growth phase. CFO Ben Selby will continue to serve as Spinnova’s interim CEO until Tuomas Oijala starts in the CEO role. Thereafter Ben Selby will continue as deputy CEO and CFO. Aankondiging • Aug 31
Spinnova Oyj Announces Revenue Guidance for 2023 Spinnova Oyj announced revenue guidance for 2023. For the year the company announced that revenues are estimated to be lower than in 2022, impacted by expected phasing of technology sales fees. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Petri Kalliokoski was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • May 14
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Sari Pohjonen was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • May 06
Spinnova Oyj Announces Board Changes Spinnova Oyj at the AGM, the shareholders approved the Petri Kalliokoski, Julio Ramundo and Kirsi Sormunen were elected as new members of the Board of Directors. Reported Earnings • Apr 08
Full year 2022 earnings released: €0.28 loss per share (vs €0.36 loss in FY 2021) Full year 2022 results: €0.28 loss per share (improved from €0.36 loss in FY 2021). Revenue: €24.3m (up 300% from FY 2021). Net loss: €14.1m (loss narrowed 8.5% from FY 2021). Reported Earnings • Mar 03
Full year 2022 earnings released Full year 2022 results: Revenue: €24.3m (up 300% from FY 2021). Net loss: €14.1m (loss narrowed 8.5% from FY 2021). Aankondiging • Sep 22
Spinnova plc Announces Steeping Down of Timo Soininen as Member of Board of Directors, Effective September 30, 2022 Spinnova Plc announced Timo Soininen has decided to step down from his role as a member of Spinnova's Board of Directors to allocate more time for his other roles and commitments. The change will take effect as of 30 September 2022. Soininen is a founding partner of Spinnova and has been a board member since the founding of the company in 2014. Reported Earnings • Sep 11
First half 2022 earnings released: €0.15 loss per share (vs €0.30 loss in 1H 2021) First half 2022 results: €0.15 loss per share (improved from €0.30 loss in 1H 2021). Revenue: €7.64m (up €7.27m from 1H 2021). Net loss: €7.54m (loss narrowed 27% from 1H 2021). Revenue is forecast to grow 127% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Luxury industry in Germany. Aankondiging • Sep 09
Spinnova Oyj Provides Earnings Guidance for the Full Year of 2022 Spinnova Oyj provided earnings guidance for the full year of 2022. For the year, the company’s revenues are expected to grow in comparison to 2021, driven primarily by higher technology sales of the project deliveries to Woodspin and Respin. During 2022, whilst Spinnova focuses on investing in growth and production scaling, the company is not expected to be profitable. Aankondiging • Sep 08
Spinnova Oyj Announces Board Appointments Spinnova Oyj announced that the following members have been elected to form the Nomination Board of Spinnova Plc for the next term: Vinicius Nonino, Suzano S.A. Hanna Liiri, Besodos Investors Oy. Ilkka Kivimäki, Maki.vc Fund I Ky. Janne Poranen, Chair of the Board of Directors of Spinnova Plc. In accordance with the Charter of Spinnova Plc's Shareholders' Nomination Board, the Nomination Board has four (4) members. Three (3) of those members are representatives appointed by the three large shareholders, and one (1) member is a board member appointed by the Company's Board of Directors from amongst themselves. The Nomination Board of Spinnova Plc is responsible for preparing proposals to upcoming annual general meetings and, where necessary, to any extraordinary general meetings, concerning the election and remuneration of the members of the Board of Directors and the remuneration of board committee members. The Nomination Board is also responsible for ensuring that the Board of Directors and its members have a sufficient level of knowledge and experience that corresponds to the needs of the Company. Aankondiging • Aug 30
Marimekko Releases Capsule Collection Made with Responsible Spinnova Fiber Marimekko and Finnish sustainable textile material company Spinnova present their capsule collection, which contains the first ever commercially available printed products made using responsible SPINNOVA fiber. The capsule collection combines Spinnova’s innovative technology with Marimekko’s art of printmaking. The collection is a step toward Marimekko’s ambition that in the future, timeless and sustainable products will be made in balance with the environment, in line with the principles of the circular economy. The capsule includes a denim-inspired smart utility overshirt, a pair of trousers and a tote bag, all with the iconic Unikko (poppy) print by Maija Isola from 1964. This capsule represents the first ever printed products made using SPINNOVA fiber blend that are commercially available. The denim-like material blend consists of approximately 20% SPINNOVA fiber. The rest of the blend is cotton, of which about 70% is organic cotton. Spinnova’s innovative textile fiber is made of certified wood sourced from responsibly managed forests and is fully recyclable. According to a study by Spinnova, the production of SPINNOVA fiber consumes approximately 99.9% less water in comparison to conventional cotton. Spinnova uses zero harmful chemicals in the production of the fiber. Aankondiging • Jun 15
Spinnova Oyj Announces Executive Appointments Kim Poulsen appointed CEO of Spinnova, Janne Poranen appointed Chair and Harri Sundvik appointed Deputy Chair of Spinnova Board of Directors. The Board of Directors of Spinnova Plc has appointed Kim Poulsen, M.Sc. (Econ.), as the Company's new CEO (b.1966). He will assume his duties on 1 August, 2022. At the same time, the Company's Board of Directors has appointed Spinnova's co-founder and current CEO Janne Poranen as the Chair of the Board of Directors and current Chair Harri Sundvik as the Deputy Chair of the Board of Directors as of August 1, 2022. Kim Poulsen's most recent executive leadership position was President of the Pulp & Paper segment and member of the Group Executive Management Team at Kemira Plc. He has a strong forest and materials industry background combined with years of international leadership experience with Kemira in the US (from 2018 to 2020) and in China (from 2015 to 2016). Prior to serving Kemira, Kim was a member of the Executive Board of UPM Plc and based in China (from 2013 to 2015) and in a senior leadership position at UPM Wood (from 2011 to 2013). Prior to UPM, Kim worked for Metsä Group from 1996 to 2010. The Board of Directors of Spinnova Plc has appointed Janne Poranen as the the Chair of the Board of Directors, and Harri Sundvik as the Deputy Chair of the Board of Directors. In his role as Executive Chair, Poranen will focus on long-term value creation and continue to actively engage in key strategic initiatives and supportrelationships with the Company's strategic partners. As the Deputy Chair, Sundvik will focus on supporting long-term strategy formulation and engagement with the capital markets. Aankondiging • Jun 14
Spinnova Oyj Appoints Kim Poulsen as CEO, Effective August 1, 2022 Spinnova Oyj announced that it has appointed Kim Poulsen, M.Sc. (Econ.), as the Company's new CEO (b.1966). At the same time, the Company's Board of Directors has appointed Spinnova's co-founder and current CEO Janne Poranen as the Chair of the Board of Directors. Kim Poulsen will assume his duties on 1 August, 2022. Kim Poulsen's most recent executive leadership position was President of the Pulp & Paper segment and member of the Group Executive Management Team at Kemira Plc. He has a strong forest and materials industry background combined with years of international leadership experience with Kemira in the US (from 2018 to 2020) and in China (from 2015 to 2016). Prior to serving Kemira, Kim was a member of the Executive Board of UPM Plc and based in China (from 2013 to 2015) and in a senior leadership position at UPM Wood (from 2011 to 2013). Prior to UPM, Kim worked for Metsä Group from 1996 to 2010. Aankondiging • Jun 03
Spinnova Oyj Announces the Resignation of Lotta Kopra from Her Operative Role as the Chief Product Officer and the Management Team Member Spinnova Oyj announced that Lotta Kopra has resigned from her operative role as the Chief Product Officer and the Management Team member. She will continue to support the management and the growth of the company in the role of an Advisor to the company. Her operative responsibilities and tasks will be transferred to other Management Team members until a new person has been appointed. Aankondiging • Jun 02
Spinnova Oyj Restates Revenue Guidance for the Year 2022 Spinnova Oyj restated revenue guidance for the year 2022. For the year, the company's revenues are expected to grow in comparison to 2021, driven primarily by higher technology sales of the project deliveries to Woodspin and Respin, and that during 2022, whilst Spinnova focuses on investing in growth and production scaling, the company is not expected to be profitable. Aankondiging • May 20
Teemu Lindberg Joins Spinnova to Lead Production Scaling Spinnova has appointed Teemu Lindberg as Executive Vice President, Production Scaling and member of the management team. This new role leads Spinnova's fibre production scaling and new factory projects globally. Teemu Lindberg will join Spinnova at the latest on 15 August 2022 and will report to the CEO. Teemu Lindberg has a solid production background and strong experience in scaling new technologies to industrial scale, most recently from the forest and biofuel industry. He will join Spinnova from UPM Kymmene, where he acted as Refining Director in the UPM Biorefining business from 2016 to 2022 and before that, in several production and technology management and specialist roles in the UPM Biofuels business from 2010 to 2016. Aankondiging • May 13
Spinnova Oyj Announces Board Appointments Spinnova Plc's new Board of Directors held its constitutive meeting on 11 May 2022. The Board of Directors elected Harri Sundvik as its Chair. The other members of the Board are Gert Kroner, Hanna Liiri, Vinicius Nonino, Sari Pohjonen, Janne Poranen, Juha Salmela and Timo Soininen. In addition to the election of Chair, the Board elected members of the Board of Directors' Audit Committee and the Remuneration Committee. The Board of Directors decided to elect Sari Pohjonen, Vinicius Nonino and Harri Sundvik as members of the Audit Committee and Sari Pohjonen as the Chair of the Audit Committee. The Board of Directors decided to elect Hanna Liiri, Vinicius Nonino and Harri Sundvik as members of the Remuneration Committee and Hanna Liiri as the Chair of the Remuneration Committee. Aankondiging • May 06
Spinnova Oyj Announces Board Appointments Spinnova Oyj announced the appointment of Sari Pohjonen and Janne Poranen as new members of the Board of Directors. Aankondiging • May 03
Spinnova Plc Appoints Allan Andersen as Chief Sales Officer and Member of Management Team Spinnova Plc has appointed Allan Andersen as Chief Sales Officer and a member of the management team. This position is new in the company and is an essential role supporting company's growth and scaling. He starts in his position 2 May 2022 and reports to the CEO. Allan Andersen has 20 years of experience from various Commercial and Business Development roles in the sporting goods industry. Prior to joining the company, he worked for Under Armour from 2013 to 2022 in several positions including Director of Sales, Director of Commercial Optimization and Go-to-Market, Chief of Staff of Global Revenue and Director of International Business Development. From 2001 to 2013 he worked for Adidas Nordic and Adidas Latin America gaining significant experience in sporting goods sales and advancing ultimately to the role of Sales Director of Adidas Latin America. Lotta Kopra continues as Chief Product Officer and member of the company management team, reporting to the CEO. Reported Earnings • Apr 08
Full year 2021 earnings released: €0.36 loss per share (vs €0.17 loss in FY 2020) Full year 2021 results: €0.36 loss per share (down from €0.17 loss in FY 2020). Net loss: €15.4m (loss widened 173% from FY 2020). Over the next year, revenue is forecast to grow 329%, compared to a 13% growth forecast for the industry in Germany. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Net loss: €15.4m (loss widened 173% from FY 2020). Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 329%, compared to a 5.3% growth forecast for the industry in Germany. Aankondiging • Sep 09
Spinnova and Ka Wa Key Introduce Capsule Collection At New York Fashion Week duo Ka Wa Key is the latest brand to use sustainable SPINNOVA® materials. The brand's new capsule collection made of SPINNOVA® fabrics and yarns is introduced at the New York Fashion Week (NYFW) on September 8. Ka Wa Key and sustainable textile material company Spinnova are showcasing a new, sustainable capsule collection at the New York Fashion Week. Ka Wa Key's designers Key Chow and Jarno Leppänen used different SPINNOVA® materials such as fabrics and yarns in the collection. The capsule collection will also be shown in Paris in October but will not be available to purchase. The capsule collection inspired by a Finnish film Hardly a Butterfly includes knitwear and woven styles such as printed twill. Just like other Ka Wa Key garments, the collection is genderfluid. The color palette also draws inspiration from Finland, specifically the country's national butterfly Holly blue. The collection uses sustainable and fully circular SPINNOVA® fibre, which is made out of wood or waste and produced without harmful chemicals. The SPINNOVA® fibre uses 99% less water and produces significantly less CO2 emissions than cotton production.Spinnova has also partnered with leading clothing and apparel brands including adidas, The North Face, H&M Group, Marimekko and Bergans. Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals. The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste.