Canatu Plc Company release 29 August 2025 at 9:00 am EEST
Canatu's Half-year financial report January-June 2025: Operational performance and competitive position strengthened, despite delay in revenue; updates 2025 outlook
This is a summary of Canatu Plc's Half-year financial report January-June 2025. The complete Half-year financial report is attached to this company release and is available at: https://canatu.com/investors/reports-and-presentations/.
January-June 2025 in brief
- During H1, Canatu received customer approval for its first CNT100 SEMI reactor and post-processing equipment, which are now ready to start mass production of CNT pellicle membranes
- Revenue decreased by 34.1% to EUR 7.3 million (11.1)
- Gross profit decreased by 28.5% to EUR 4.9 million (6.9), i.e. 67.3% (62.1%) of revenue
- EBITDA was EUR -4.0 million (-1.7), i.e. -55.5% (-15.1%) of revenue
- Adjusted EBIT was EUR -4.8 million (-2.3), i.e. -66.4% (-20.6%) of revenue
- Operating profit (loss) was EUR -5.1 million (-2.5)
- Earnings per share, basic and diluted were EUR -0.12 (-0.02)
- The amount of full-time equivalent employees increased to 132 (117), ending the reporting period with a total headcount of 147 (128).
Key figures (unaudited, comparison periods in pro forma figures)
| EUR million | 1-6/2025 | 1-6/2024 | Change % | 1-12/2024 |
| Revenue | 7.3 | 11.1 | -34.1% | 22.0 |
| Gross profit | 4.9 | 6.9 | -28.5% | 13.8 |
| as percentage of revenue, % | 67.3% | 62.1% | 62.5% | |
| EBITDA | -4.0 | -1.7 | -142.4% | -3.6 |
| as percentage of revenue, % | -55.5% | -15.1% | -16.1% | |
| Operating profit/loss (EBIT) | -5.1 | -2.5 | -101.4% | -5.3 |
| as percentage of revenue, % | -69.6% | -22.7% | -24.1% | |
| Adjusted EBIT* | -4.8 | -2.3 | -111.8% | -4.8 |
| as percentage of revenue, % | -66.4% | -20.6% | -21.9% | |
| Profit (loss) for the financial period | -4.2 | -0.7 | -478.6% | -1.7 |
| Cash flow from operating activities | 2.5 | 2.4 | 2.0% | -2.1 |
| Capital expenditure | 2.2 | 3.2 | -31.5% | 5.0 |
| Net debt** | -96.2 | -0.1 | N/A | -91.9 |
| Equity ratio, %** | 94.1% | 98.7% | 90.6% | |
| Return on equity (ROE), %** | -7.9% | 2.3% | -3.3% | |
| Research and development costs expensed through profit or loss | 2.6 | 1.9 | 34.3% | 4.3 |
| Average number of employees during the period | 132 | 117 | 12.8% | 123 |
| Personnel at the end of period | 147 | 128 | 14.8% | 137 |
| Earnings per share (EUR), basic and diluted | -0.12 | -0.02 | -473.9% | -0.05 |
*Operating profit (loss) (EBIT) adjusted for special items related to amortization of goodwill, totaling EUR 0.2 million for 1-6/2025 (1-6/2024: EUR 0.2 million and 1-12/2024: EUR 0.5 million).
**Comparison periods in consolidated figures
CEO Juha Kokkonen:
Rapid AI growth is fueling demand for advanced chips, driving adoption of CNT pellicles. Despite delayed revenue, our competitive edge in CNT pellicles has remained strong or improved. Solid operational progress was marked by customer approval of the first CNT100 SEMI reactor and post-processing equipment, now ready for mass production of CNT pellicle membranes. To drive further growth and diversification, we made the decision to double our premises, reinforced our strategic, long-term commitment to Medical Diagnostics, and recreated new business development to accelerate time-to-market for high-value applications. We are confident that Canatu's competitive position in CNT pellicles is now significantly stronger compared to the time of our listing in 2024.
Advanced chips (< 7nm features) are the fastest growing segment in the semiconductor industry, projected to grow at roughly 20% annually, with logic chips growing at 10-20% and DRAM 15-25% annually between 2025-2030. (ASML). Industry sources anticipate that advanced chip manufacturing with 600W power scanners will start by 2027. This is expected to be the inflection point for wider usage of CNT pellicles. However, we expect some usage of CNT pellicles also with 500W scanners due to their high transmission and productivity gains. Although the adoption of 600W scanners is delayed, Canatu's competitive edge in CNT pellicles has remained strong or improved. In parallel, we are negotiating new orders with existing and prospective customers across the ecosystem.
Although our fundamentals remain strong, H1 revenue did not meet our expectations. Revenue declined to EUR 7.3 million, down from EUR 11.1 million in H1 2024, representing a decrease of 34.1%. Decrease was mainly caused by semiconductor industry's delay to adopt high-power scanners, slower-than-anticipated customer approvals (Site Acceptance Test, SAT) of CNT100 SEMI reactors-which delayed both revenue recognition and potential follow-on reactor orders from existing customers-and general market uncertainty. Gross profit was EUR 4.9 million, a decrease of 28.5%. Gross margin increased to 67.3% (62.1%) and was driven by the changes in product mix. The development of adjusted EBIT margin, -66.4% (-20.6%), was primarily attributable to the decrease in revenue and secondarily to the increase in headcount.
Despite delayed revenue, we made strong operative progress. The first CNT100 SEMI reactor and post-processing equipment received customer approval and are now ready to start mass production of CNT pellicle membranes. Before pilot and risk mass production, the customer must secure approval for the complete coated CNT pellicle product. After successful pilot and risk production, high-volume production of CNT pellicle membranes will commence. Mass production will generate Canatu revenue from consumables and sold CNT pellicles.
For the second reactor, the timeline for obtaining the customer approval (SAT) is not fully within Canatu's control and the risk of delays cannot therefore be excluded. We remain actively engaged with both customers to support their transition toward high-volume mass production.
Our market position in inspection membranes remained strong. We continued supplying membranes for EUV mask inspection, including High Numerical Aperture (High-NA).? Building on Canatu's track record of mass-producing inspection membranes since 2021, we received a purchase order from a long-standing, top-tier customer, reinforcing our leadership in the field.
We also took significant steps in investing in long-term growth and diversification. To support increasing demand and enable future expansion, we are doubling our premises with a new facility. Located next to our headquarters and factory in Vantaa, the 3,000m² facility addresses growing operational needs, supports future scale-up, and provides additional office space for our expanding team.
We reinforced our strategic, long-term commitment to Medical Diagnostics. Our focus continues to be on point-of-care in infectious diseases and hormone monitoring. In addition, we have strengthened our leadership and team capabilities with new hires, and most recently published two scientific papers.
Recognizing the need for greater agility in capturing emerging opportunities, we recreated our new business development by deploying enhanced resources and a dedicated team, with the goal of systemic assessment of new high-value applications for our advanced CNT and bringing them to market faster. For example, the development work of next-generation solar panel applications aims at generating power using CNT electrodes. In another area, we are producing sensors protecting advanced electronic devices in the defense industry. These initiatives demonstrate Canatu's ability to serve demanding, emerging applications and highlight both the versatility of our CNT technology and the reliability of our manufacturing.
In March, Canatu was selected as a Leading Company (Veturi) by Business Finland and awarded up to EUR 10 million in funding to accelerate the onset of the Carbon Age. Canatu will lead the creation of an industrial ecosystem to drive innovation and growth, with total funding for partners reaching up to EUR 20M. The program also aims to standardize CNT structures and establish design and manufacturing guidelines to enable next-generation semiconductor solutions.
We continued to strengthen our organization, expanding the team during H1 with a net addition of 10 employees. Canatu's average number of employees during the review period was 132 (117) in terms of full-time employees. The number of personnel employed at the end of the review period was 147 (128). We made three key recruitments to strengthen the Management Team and support Canatu's growth strategy. Mikko Vesterinen joined Canatu in January 2025 as Chief Financial Officer. Tapani Salminen was appointed Chief Operating Officer in April, and Nedal Safwat became Chief Development Officer and President of Canatu Inc in June, leading the Medical Diagnostics business unit.
Investment in growth is set to accelerate, with a significant increase expected in the second half of the year. After the reporting period, Canatu ordered a PELMIS EUV pellicle inspection system from Lasertec to improve quality control and metrology capabilities. This investment is a key enabler for the long-term development of our CNT SEMI reactor and pellicle membrane business, strengthening our competitiveness, raising quality standards, and ensuring we meet the stringent requirements of semiconductor customers.
For 2025, we expect a revenue delay due to slower-than-anticipated market deployment of high-power scanners as reflected in our updated 2025 outlook. However, we remain confident in our path forward and firmly believe that Canatu is well-positioned for sustained growth in the long-term. Backed by rapid growth of advanced chips market, Canatu is well-positioned to capture market share, with an even stronger competitive position. We are moving full speed ahead, investing in future growth through a refined Medical Diagnostics strategy, expansion into the defense industry, next-generation solar cell solutions, and other emerging opportunities. We are taking steps toward the (Nano) Carbon Age.
Updated 2025 outlook
Canatu sees that the company's long-term potential in the three business focus areas-Semiconductor, Automotive, and Medical Diagnostics-has remained unchanged.
Canatu expects that its revenue for the financial year 2025 will decline compared to the 2024 unaudited pro forma revenue of EUR 22 million. If no new CNT100 SEMI reactor orders are received during H2/2025, the revenue for the financial year 2025 is expected to decline significantly compared to the unaudited pro forma revenue of EUR 22 million. In accordance with its disclosure policy, Canatu does not issue any specific numerical guidance for the financial year 2025.
In the near term, Canatu sees that there are certain factors, which affect the revenue visibility and may increase the volatility of the company's revenue development, particularly in the Semiconductor and Automotive businesses. For example, the roll-out of ready CNT pellicles ultimately depends on Canatu's customers and their processes. Further, the timeline for obtaining the second CNT100 SEMI reactor customer approval (SAT) is not fully within Canatu's control, and the risk of delays cannot therefore be excluded.
Previous 2025 outlook published on 28 March 2025
Canatu sees that the company's long-term potential in the three business focus areas-Semiconductor, Automotive, and Medical Diagnostics-has remained unchanged.
Canatu expects that its revenue for the financial year 2025 will be weighted towards the second half of the year. This is primarily driven by the anticipated timing of potential new CNT100 SEMI reactor orders and the associated revenue recognition of such orders.
In the near term, Canatu sees that there are certain factors, which affect the revenue visibility and may increase the volatility of the company's revenue development, particularly in the Semiconductor and Automotive businesses. For example, the roll-out of ready CNT pellicles ultimately depends on Canatu's customers and their processes.
In accordance with its disclosure policy, Canatu does not issue any specific numerical guidance or other financial outlook for the financial year 2025 at this point. However, the company will assess the possibility of issuing such guidance or outlook later during the financial year.
Business area outlook
Semiconductor outlook
In the near-term, Canatu expects that royalty and consumable revenue from existing CNT100 SEMI reactor customers will depend on three key steps: (i) the customers need to complete the final Site Acceptance Tests (SAT) of the first two CNT100 SEMI reactors and related equipment Canatu shipped in 2024, of which the first was completed in H1/2025; (ii) the customers need to receive certain internal and/or external approvals for their ready CNT pellicles; and (iii) the customers need to ramp-up high-volume production of ready CNT pellicles. Since Canatu has agreed to deliver the reactors for CNT pellicle membrane production, the final timing of steps two and three and hence of such royalty and consumable revenue depends on the customers and their processes, not on Canatu.
Furthermore, Canatu expects that any potential follow-on CNT100 SEMI reactor orders from existing customers will likely also be subject to the successful completion of the final SATs for the first two CNT100 SEMI reactors and peripherals Canatu shipped in 2024. The SAT of the first CNT100 SEMI reactor and related peripherals was completed in H1/2025. With regards to the second CNT100 SEMI reactor, the timeline for obtaining the customer approval (SAT) is not fully within Canatu's control and the risk of delays cannot therefore be excluded.
Canatu expects to sustain its position as a leading supplier of inspection membranes used in patterned EUV mask inspection for debris filtering in the financial year 2025.
As a key priority for 2025, Canatu focuses on supporting its customers to reach the capability to launch the production of ready CNT pellicles. At the same time, Canatu continues to invest in the development of new inspection membrane products and the next-generation CNT SEMI reactors.
Canatu expects that the Semiconductor business will be the largest contributor to the group's revenue in the financial year 2025.
Automotive outlook
In the Automotive Business, the ramp-up of ADAS camera heater mass production has been delayed due to certain customer processes. The timing of the start of the mass production ramp-up depends on customers and their processes.
In April 2025 Canatu announced a new joint development agreement (JDA) with DENSO to improve carbon nanotube performance. The JDA is expected to have a positive impact on automotive business unit's revenue in 2025. However, any potential revenue or profit from future commercialization opportunities are subject to material uncertainties, including the outcomes of the JDA program.
Medical Diagnostics outlook
Medical Diagnostics is in the development stage. During H1, Canatu refined its strategy and focused on the development of point-of-care testing for infectious diseases and hormone monitoring.
Canatu expects that the Medical Diagnostics business will make a non-material contribution to the 2025 financial year revenue relative to the contributions by the Semiconductor and Automotive businesses.
Financial reporting and Annual General Meeting in 2026
The Board of Directors of Canatu Plc has confirmed the following dates for its financial reporting and the annual general meeting in 2026 as follows:
- 3 March 2026: Financial Statements Bulletin (January-December 2025)
- Week 11: Annual Report including Financial Statements and the Report of the Board of Directors
- Week 13: Capital Markets Day for investors, analysts and media representatives
- 16 April 2026: Annual General Meeting. The Board of Directors of Canatu Plc will convene the meeting separately on a later date
- 25 August 2026: Half year financial report (January-June 2026)
News conference
A live webcast for investors, analysts and media will be held today, Friday 29 August at 12:00-13:00 EEST. The event will be held in English. CEO Juha Kokkonen, Chief Financial Officer Mikko Vesterinen and Chief Development Officer Nedal Safwat will be presenting at the event. The webcast can be followed live at https://canatu.videosync.fi/q2-2025/register. A recording of the webcast will be made available later at https://canatu.com/investors/reports-and-presentations/.
Additional information
Juha Kokkonen, CEO, juha.kokkonen@canatu.com, +358 40 543 0367
Mikko Vesterinen, CFO, mikko.vesterinen@canatu.com, +358 50 521 7908
Mari Makkonen, VP, IR, Communications & Marketing, mari.makkonen@canatu.com, +358 50 442 2343
Certified adviser
DNB Carnegie Investment Bank AB (publ), tel. +46 (0) 8 588 685 70
About Canatu
Canatu (CANATU, Nasdaq First North, Finland) is a fast-growing deep technology company creating advanced carbon nanotubes (Canatu CNTs), related products, and manufacturing equipment for the semiconductor, automotive, and medical diagnostics industries. Canatu partners with forerunner companies, together transforming products for better tomorrows with nano carbon.
Canatu's versatile platform technology has broad potential applications. Its current core includes CNT membranes for extreme ultraviolet (EUV) processes in the semiconductor industry, enabling more effective manufacturing of the most advanced chips, as well as film heaters for advanced driver-assistance systems (ADAS) in the automotive industry. Additionally, electrochemical sensors for medical diagnostics are in the development phase. Canatu's patented CNT reactors and Dry DepositionTM method yield clean and pristine CNTs. The company operates through two business models: selling CNT products directly, as well as selling CNT reactors and licensing the related technology so that customers can produce CNT products under a limited license.
Headquartered in Finland, Canatu also operates in the US, Japan and Taiwan. Founded in 2004 as a spin-off from Aalto University's Nanomaterials Group, Canatu currently has close to 150 employees representing over 30 nationalities, with nearly 20% holding or pursuing doctorates. Discover more at www.canatu.com and follow us on LinkedIn.
