Canatu (CANATU) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 fell 34.1% year-over-year to EUR 7.3 million, mainly due to semiconductor industry delays and slower customer approvals for CNT reactors.

• Gross margin improved to 67.3% from 62.1% due to favorable product mix, despite a decline in gross profit.

• First CNT100 SEMI reactor achieved customer approval and is ready for mass production, with ongoing negotiations for new orders.

• Strategic investments continue in new factory capacity, medical diagnostics, and business development for high-value applications.

• Competitive position in CNT pellicles remains strong, with accelerated growth and diversification initiatives.

Financial highlights

• H1 2025 revenue: EUR 7.3 million, down 34.1% year-over-year.

• Gross profit: EUR 4.9 million; gross margin 67.3% (up from 62.1%).

• Adjusted EBIT margin: -66.4% (down from -20.6%); EBITDA: EUR -4.0 million.

• Net loss: EUR -4.2 million; EPS: EUR -0.12.

• Equity ratio: 94.1%; cash and cash equivalents: EUR 28.9 million; financial securities: EUR 70.0 million.

Outlook and guidance

• Revenue for 2025 is expected to decline from 2024’s EUR 22 million if no new reactor orders are received in H2.

• No specific numeric guidance for the rest of the year due to revenue visibility uncertainties.

• Long-term targets for 2027: over EUR 100 million revenue and EBIT margin above 30%, but timeline risk has increased due to industry delays.

• Semiconductor expected to remain the largest revenue contributor; Medical Diagnostics to have limited impact in 2025.

• Key assumptions: strong CNT pellicle position, timely high-power scanner deployment, and successful ramp-up in automotive and medical diagnostics.