The company’s operating result was a loss of €20.9 million, a decline of 59% year-on-year, while total investments came in at €8.96 million, falling by 47%.

Revenue for the second half of the year alone was down by 89% to just €1.82 million, with an operating loss of €9.93 million, down 34.5%, with total investments down 67% to €2.9 million.

The company ended 2023 with 76 employees, growing by one person, and reported that it successfully handed over the first factory producing wood-based Spinnova fibre to the joint venture Woodspin.

Other notable changes for Spinnova included a change of CEO from Kim Poulsen to Tuomas Oijala, while the management team saw a slew of other changes in the year.

Looking forward, the company expects revenues to be lower in 2024, with an operating result that should improve but remain negative.

Oijala said: “I joined Spinnova as CEO on December 11, 2023. For me, this is a unique and challenging opportunity to commercialise Spinnova’s sustainable technology innovation. The current tough economic climate is not the easiest for scaling a growth company. During my first months, I have got to know our operations and people with the aim to bring clarity, focus and prioritisation.

“We are making progress step by step on our journey to increase the production volumes of Spinnova fibre and to bring the fibre to the market in product applications through our committed supply chain and brand partners. It is clear to me that macroeconomic trends, constraints in the global fibre supply chain, and the need for the textile industry to meet its sustainability targets present us with a significant and inspiring opportunity to capture.”