Spinnova announced on Friday that Suzano has decided to withdraw its planned investment in Spinnova's fiber production facilities.

We have not made any material changes to our forecasts for the commercialization progress of Spinnova's technology portfolio since the company's H2 report. In our view, the share still offers positive expected value considering the company's current market capitalization and the trajectory of our estimates, even though the range of different scenarios is wide and the realization of the story will require time and positive news flow from H1.

Spinnova released its H2 report this morning. H2 was largely in line with our expectations in terms of figures, although the year-end net cash position was better than expected.

Spinnova will publish its H2 report on Thursday at 8:30 am EEST. Spinnova did not have any technology delivery projects in H2, so the company's revenue remained marginal at the end of the year. However, we expect Spinnova's loss and negative cash flow to have narrowed year-on-year due to the change in strategy and cost-cutting measures.

Spinnova's revenue and operating loss decreased and cash burn slowed down from the comparison period. This was largely in line with our expectations. As expected, the company also reiterated its guidance for the current year.