Translation: Original published in Finnish on 8/26/2026 at 7:30 am EEST.

Source: Inderes

Spinnova will publish its H1 report on Monday, August 31. In the report, we will be particularly interested in the development of the technology's cost competitiveness and the results of the test runs at the Jyväskylä demo facility, which began in the spring. Additionally, the progress of the partner network being built around the fiber and the advancement of discussions with parties interested in production investments will be of interest. The recently announced plan to list the company in the United States will also be a key focus, although the company may not yet have any new information to share on the matter. 

New evidence of technological development is expected

The reduction of production and investment costs has been at the core of Spinnova's technology development, in which the company reported making progress in connection with the H2'25 earnings release. During H1, Spinnova started test runs at the Jyväskylä demo factory aimed at verifying improvements achieved in the laboratory on a larger scale. Therefore, in the report, we will pay particular attention to the results of the test runs and the company's assessment of the development of the technology's cost competitiveness (incl. CAPEX and OPEX), as we consider its verification to be a key prerequisite for progress in technology sales.

Spinnova's partner network has also expanded in the beginning of the year. This development supports the company's path to commercialization, but, from the perspective of the investment case, progress toward actual production investments remains the most essential factor. No concrete public evidence of these has emerged yet. Therefore, we will pay particular attention to the company's comments on the progress of discussions with potential production investors.

After the review period, Spinnova announced plans for an initial public offering of at least 15 MUSD in the United States and a dual listing on the Nasdaq Capital Market. A successful arrangement would strengthen the company's financial position and provide more flexibility for commercialization, but the arrangement's structure, terms, and timeline are still open. We will be interested in any further information on the arrangement in the report, although additional funding does not, of course, resolve the key uncertainties of commercialization in itself. The SEC process related to the listing is underway, and the implementation of the plan also requires the approval of Spinnova's extraordinary general meeting. Therefore, we consider it possible that the company does not yet have any material new information to share regarding the US listing project.

Still expecting modest numbers

Spinnova did not have any technology delivery projects underway in H1, so we expect revenue to have remained minimal. However, the company's cost level should be decreasing, supported by the cost-saving measures implemented in 2025, despite the fact that technology development work maintains the cost level. Additionally, the scale of the test runs at the Jyväskylä demo factory is a variable that is difficult to estimate from outside the company. Therefore, we estimate Spinnova's operating loss to have been around 5.5 MEUR in H1.

We estimate Spinnova's gross cash to have decreased to approximately 38–40 MEUR (H2'25: 44 MEUR). The cash position has been weighed down by negative cash flow from operating activities and certain investments. Therefore, the cash position remains moderate, and we have estimated that the current financial position gives the company around 2–3 years to advance commercialization, though this timeframe may also be affected by the company's strategic choices. The IPO plan, announced after the review period, could strengthen the company's financial position as well, if implemented.

Spinnova has not provided financial guidance for 2026, and we do not expect the company to provide any in connection with the H1 report either.