The company has submitted a registration statement to the US Securities and Exchange Commission (SEC) relating to the initial public offering (IPO) of its shares in the country, although it has not yet determined the number and type of securities to be offered or the price range of the offering. The gross proceeds to be raised through the offering have been preliminarily set at a minimum of $15 million (approximately €12.8 million).
Spinnova expects the offering to take place between September and October 2026, although the timetable is subject to market conditions and may be changed or even cancelled altogether. Completion of the transaction depends, among other factors, on shareholder approval, a resolution by the board of directors, the registration statement becoming effective, Nasdaq approval for admission to trading and other regulatory approvals.
If the transaction goes ahead, the Finnish company plans to use the net proceeds to support an increase in the capacity of its Eteläportti demonstration facility in Finland, advance the commercialisation of its technology and for general corporate purposes. The transaction also aims to broaden its investor base and provide access to US capital markets.
The offering will consist of new shares, thereby increasing the total number of shares outstanding and resulting in dilution for existing shareholders. Spinnova intends to obtain a dual listing on a US stock exchange, while maintaining the current listing of its shares on the Nasdaq First North Growth Market Finland. Existing shareholders will not have to take any action in connection with the offering or the US listing and will be able to continue holding and trading Spinnova shares in Finland.
«The US Listing would provide Spinnova with access to a broader investor base as we scale production, expand our licensing model, and continue to build a global ecosystem around our technology. As part of our US market outreach, we will make our US debut at New York Climate Week in September through an industry event convened with Eco Age, bringing together industry leaders, brand partners and investors», says Janne Poranen, co-founder and CEO of Spinnova.
Improved results
Between January and June 2026, Spinnova recorded revenue of €286,000, up from €100,000 in the same period of 2025. The operating result improved from a loss of €26.9 million to a loss of €6.9 million.
The company attributes the improvement in its operating result mainly to the impairment of around €18.4 million recognised in the first half of last year in relation to Spinnova’s stake in the Woodspin joint venture.
Spinnova has moved forward with tests at Woodspin’s demonstration factory and is preparing to restart production. According to the company, the first tests validated solutions previously developed at pilot scale to improve production efficiency and fibre quality. «The initial test runs were completed as planned, and we quickly achieved production volumes and quality levels comparable to the factory’s previous operating performance», says Janne Poranen.
The company will continue testing during the autumn and prepare for a broader ramp-up in production. According to the CEO, «based on discussions with both existing and potential new partners, it is already clear that commercial demand for Spinnova fibre exceeds current capacity».
During the first half of the year, Spinnova expanded its partner ecosystem to support the scaling up of its technology. The company signed letters of intent with Tearfil, to support the availability and industrial adoption of Spinnova fibre, and with Insider, to facilitate access to the fibre for future collections. Circulose joined the ecosystem as a circularity partner, supplying raw material based on recycled textiles, while Sulzer joined as a partner to contribute specialist expertise and support the development of the technology.
«Market conditions in the textile fibre industry remained challenging, particularly in Europe, where several fibre technologies have faced commercialisation and cost competitiveness challenges. We see opportunities for Spinnova in this environment, as we offer an alternative to dissolution-based fibre technologies, combining natural fibre-like properties with compatibility across a range of fibre blends», concludes Janne Poranen.
