Analyst Comment
Latin American fashion brand INSIDER joins Spinnova's consortium
Summary
- Spinnova has signed a non-binding letter of intent with Brazilian techwear brand INSIDER to provide access to SPINNOVA® fiber for future collections, marking its first brand partnership in Latin America.
- This agreement is part of Spinnova's strategy to build a consortium around its fiber, similar to recent collaborations with Tearfil and ARMEDANGELS, to boost demand and supply in the market.
- The partnership supports Spinnova's commercialization efforts, though it has no immediate financial impact; the focus remains on reducing technology costs and securing production investments.
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Translation: Original published in Finnish on 1/21/2026 at 8:32 am EET.
Spinnova announced on Tuesday that it had signed a letter of intent with the Brazilian techwear brand INSIDER. The new brand partnership is a continuation of similar agreements announced in recent months and expands the company's foothold in Latin America.
INSIDER joins Spinnova's ecosystem
Spinnova announced on Tuesday that it had signed a non-binding letter of intent with Brazilian techwear brand INSIDER. The aim of the collaboration is to ensure INSIDER's access to SPINNOVA® fiber volumes for future collections and to expand the use of lower environmental impact materials in functional apparel. INSIDER is a brand focused on technical and sustainable fashion, and with this agreement, it becomes Spinnova's first brand partner in Latin America.
The news is a continuation of the consortium building
The news is similar in nature to recently announced collaborations with Tearfil and ARMEDANGELS. The agreement is part of Spinnova's strategy to build an ecosystem (consortium) around the fiber, which promotes the demand and supply of the fiber in the market, ultimately leading to production facilities built on Spinnova's technology. In our view, the purpose of agreements with apparel brands is to demonstrate that there is demand for fiber volumes in the value chain.
The agreement has no immediate financial impact on Spinnova
We view the news positively, as it supports the commercialization path of fiber produced with Spinnova's technology. The most critical aspect for Spinnova's investment story and value creation remains the technology sales at the core of the company's strategy, which, in addition to building a consortium, requires reducing the technology's investment and production costs to a competitive level. In our view, the most challenging and potentially final piece in building the consortium is finding parties interested in production investments.
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Spinnova operates in the textile industry. The company has developed a production technology for textile fibers, known as SPINNOVA® fiber, which is manufactured using a mechanical production process. In addition to its main business, research and development is conducted in the area, and the company offers service and related peripheral services. The company operates on a global level with headquarters in Jyväskylä.
Read more on company pageKey Estimate Figures29.08.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 0.8 | 0.4 | 0.3 |
| growth-% | -92.8 % | -47.5 % | -13.8 % |
| EBIT (adj.) | -18.3 | -15.3 | -14.8 |
| EBIT-% (adj.) | -2,408.0 % | -3,818.2 % | -4,301.7 % |
| EPS (adj.) | -0.32 | -0.34 | -0.28 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
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