Canatu
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Canatu (CANATU) investor relations material

Canatu H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary3 Mar, 2026

Executive summary

  • Revenue for 2025 declined 29.2% year-over-year to EUR 15.6 million, mainly due to delayed reactor orders and slower customer approvals.

  • Gross margin improved to 72.5% from 62.5% year-over-year, reflecting a higher share of licensing revenue.

  • Automotive segment revenue more than doubled, driven by strategic partnership with DENSO and growth in battery electric vehicle and sensor applications.

  • Significant investments were made in medical diagnostics, personnel, R&D, and manufacturing capacity, including a new factory and expanded team.

  • The first CNT100 SEMI reactor was licensed and shipped to FST, enabling mass production of CNT pellicle membranes.

Financial highlights

  • Revenue: EUR 15.6 million (down 29.2% year-over-year); gross profit: EUR 11.3 million; gross margin: 72.5%.

  • Adjusted EBIT: EUR -10.2 million (margin -65.3%), reflecting lower revenue and increased operating expenses.

  • Cash and cash equivalents: EUR 22.1 million; net debt: EUR -89.9 million; equity ratio: 93.2%.

  • Capital expenditure stable at EUR 5.0 million for the year, focused on patents, machinery, and new factory development.

  • Over 90% of revenue from five main customers.

Outlook and guidance

  • No specific numerical guidance for 2026 due to ongoing customer negotiations, strategy update, and market volatility.

  • Long-term financial targets for 2027 (EUR 100 million revenue, >30% EBIT margin) withdrawn; new targets to be announced at Capital Markets Day or before March 2026.

  • Key 2026 operational targets include completing customer approval for a second foundry reactor, selling at least one new CNT100 reactor, starting mass production of ADAS camera heaters, and advancing medical diagnostics prototypes.

Detail the strategic adjustments following 2027 target withdrawal
What is the expected timeline for ASML certification of CNT pellicles?
Identify key growth drivers beyond semiconductor reactors
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Frequently asked questions

Canatu is a Finnish technology company specializing in the development and production of flexible, transparent conductive films and touch sensors. The company’s proprietary carbon nanomaterial, known as Carbon NanoBud (CNB), is used to create flexible and durable touch sensors and heating elements for various applications. Canatu’s technology is primarily utilized in the automotive, consumer electronics, and semiconductor industries, supporting innovations in areas like 3D touch surfaces, in-vehicle displays, and advanced driver-assistance systems (ADAS). The company is headquartered in Vantaa, Finland.

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