Analyst Comment
Yarn spinner Tearfil continues as Spinnova's partner in technology commercialization project
Summary
- Spinnova has signed a non-binding letter of intent with Tearfil Textile Yarns to ensure the future availability and industrial adoption of SPINNOVA® fibers, signaling value chain commitment.
- Tearfil, a familiar partner, plans to introduce yarn blends with SPINNOVA® fiber to the European market, continuing Spinnova's efforts to build a supportive ecosystem for the fiber.
- The agreement, similar to a previous one with ARMEDANGELS, aims to demonstrate demand for fiber volumes and processing opportunities across the value chain.
- While the agreement has no immediate financial impact, it supports Spinnova's commercialization strategy, which hinges on reducing technology costs and securing production investments.
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Translation: Original published in Finnish on 1/15/2026 at 8:08 am EET.
Spinnova announced on Wednesday that it had signed a non-binding letter of intent with the Portuguese yarn spinner Tearfil Textile Yarns. The aim of the agreement is to ensure the future availability of SPINNOVA® fibers and to support the industrial adoption of the fiber. We consider the news a slightly positive signal of value chain commitment.
Tearfil is a familiar partner to Spinnova as part of its ecosystem
Tearfil is already a familiar partner to Spinnova. The company plans to introduce yarn blends utilizing SPINNOVA® fiber to the European textile market. The letter of intent now signed is a continuation of Spinnova's efforts to build an ecosystem (consortium) around the fiber, which will promote the demand and supply of the fiber in the market, ultimately leading to production facilities built on Spinnova's technology. The agreement is similar in nature to the cooperation with ARMEDANGELS announced in December. In our view, the purpose of the agreements is to demonstrate that there is demand for fiber volumes and processing opportunities at various stages of 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.
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 Figures2025-08-29
| 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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