The operating result (EBIT) for the period was down by 90% to a loss of just under €11 million while profit for the period fell by 37.6% to a loss of €10.5 million.

The company highlighted that, in July, it received a research and development grant of €1.9 million from Business Finland for its materials development, which includes wastes from the tanning process. Spinnova received a previous grant from the organisation in 2022.

Meanwhile, CEO Kim Poulsen stepped down from her role and CFO Ben Selby became interim CEO. Alongside the first half results, Spinnova announced that Tuomas Oijala will take over as CEO as of January 1, 2024.

Oijala said: “I am honoured to join the Spinnova team at this exciting time in the company’s journey towards becoming a key player in sustainable materials and changing the world. It quickly became evident to me that the company has an amazing and unique technology with a lot of potential, important partnerships around the world even at this early stage, and a very strong team of dedicated people.”

Looking forward, the business continues to expect revenues and profit to drop compared to 2022 as it ramps up operations.