Canatu (CANATU) H1 2026 earnings summary

Executive summary

• H1 2026 marked a period of transformation with a new CEO, executive team, and a sharpened strategy focused on scalable, high-value CNT applications in semiconductor, robotics, mobility, defence, and medical diagnostics.

• Launched the Polaris transformation program, including management reorganization, cost measures, headcount reduction, and business model simplification.

• Strategy review completed, targeting over EUR 100 million revenue by 2030 and EUR 300 million by 2035, with 20%+ CAGR through 2035.

• Deep relationships with global leaders in semiconductor, automotive, and defense sectors.

• Discontinued low-value and non-scalable R&D and engineering projects to focus on scalable product businesses.

Financial highlights

• H1 2026 revenue was EUR 4.2 million, down 42.7% year-over-year; gross profit EUR 2.2 million, gross margin 52.7%.

• Adjusted EBIT at EUR -12.6 million, margin -300.9%; EBITDA at EUR -11.4 million, margin -272.4%.

• Net loss EUR -12.2 million, EPS EUR -0.36.

• CapEx peaked at EUR 10.5 million in H1, with full-year CapEx expected at EUR 13 million, then capped at EUR 6 million annually through 2030.

• Maintained a debt-free balance sheet, equity ratio 91.7%, and strong cash position of EUR 22.5 million.

Outlook and guidance

• Revenue for FY 2026 expected to decline significantly from EUR 15.6 million in 2025; no specific numerical guidance due to volatile customer negotiations and market timing.

• Long-term targets: over EUR 100 million revenue by 2030, >20% CAGR to 2035, revenue per employee >EUR 400,000, and annual CapEx <EUR 6 million from 2027.

• Minimum 10 reactors to be sold by 2030, with majority of revenue expected from recurring product, royalty, and fee streams.

• No annual revenue guidance provided due to customer-dependent timing risks.