Canatu Plc Company announcement 3 March 2026 at 9:00 a.m. EET
Canatu's Financial Statements Bulletin 2025
This is a summary of Canatu Plc's Financial Statements Bulletin for the year 2025. The complete Financial Statements Bulletin is attached to this company release and is available at: https://canatu.com/investors/reports-and-presentations/
July-December 2025 in brief*
- The first customer-approved CNT100 SEMI reactor and post-processing equipment was licensed, marking a step toward commercial adoption of CNT pellicle membranes
- Revenue decreased by 24.2% to EUR 8.3 million (11.0)
- Gross profit decreased by 7.4% to EUR 6.4 million (6.9), i.e. 77.0% (63.0%) of revenue
- EBITDA was EUR -4.4 million (-1.9), i.e. -52.5% (-17.2%) of revenue
- Adjusted EBIT was EUR -5.4 million (-2.5), i.e. -64.4% (-23.2%) of revenue
- Operating profit (loss) was EUR -5.6 million (-2.8)
- Earnings per share, basic and diluted were EUR -0.17 (-0.03)
- The amount of full-time equivalent employees increased to 157 (130), ending the reporting period with a total headcount of 181 (137).
January-December 2025 in brief*
- Revenue decreased by 29.2% to EUR 15.6 million (22.0)
- Gross profit decreased by 17.9% to EUR 11.3 million (13.8), i.e. 72.5% (62.5%) of revenue
- EBITDA was EUR -8.4 million (-3.6), i.e. -53.9% (-16.1%) of revenue
- Adjusted EBIT was EUR -10.2 million (-4.8), i.e. -65.3% (-21.9%) of revenue
- Operating profit (loss) was EUR -10.7 million (-5.3)
- Earnings per share, basic and diluted were EUR -0.29 (-0.05)
- The amount of full-time equivalent employees increased to 145 (123), ending the reporting period with a total headcount of 181 (137).
* Comparison periods in pro forma figures
Key figures (comparison periods in pro forma figures)
| EUR million | 7-12/2025 | 7-12/2024 | Change % | 1-12/2025 | 1-12/2024 | Change % |
| Revenue | 8.3 | 11.0 | -24.2% | 15.6 | 22.0 | -29.2% |
| Gross profit | 6.4 | 6.9 | -7.4% | 11.3 | 13.8 | -17.9% |
| as percentage of revenue, % | 77.0% | 63.0% | 72.5% | 62.5% | ||
| EBITDA | -4.4 | -1.9 | -132.1% | -8.4 | -3.6 | -136.9% |
| as percentage of revenue, % | -52.5% | -17.2% | -53.9% | -16.1% | ||
| Operating profit/loss (EBIT) | -5.6 | -2.8 | -100.9% | -10.7 | -5.3 | -101.2% |
| as percentage of revenue, % | -67.2% | -25.4% | -68.3% | -24.1% | ||
| Adjusted EBIT* | -5.4 | -2.5 | -110.1% | -10.2 | -4.8 | -110.9% |
| as percentage of revenue, % | -64.4% | -23.2% | -65.3% | -21.9% | ||
| Profit (loss) for the financial period | -5.6 | -1.0 | -458.0% | -9.7 | -1.7 | -466.6% |
| Cash flow from operating activities | -3.5 | -4.5 | 21.1% | -1.1 | -2.1 | 48.2% |
| Capital expenditure | 2.8 | 1.8 | 53.6% | 5.0 | 5.0 | -0.5% |
| Net debt** | -89.9 | -91.9 | 2.1% | |||
| Equity ratio, %** | 93.2% | 90.6% | ||||
| Return on equity (ROE), %** | -8.7% | -3.3% | ||||
| Research and development costs expensed through profit or loss | 3.4 | 2.4 | 42.8% | 6.0 | 4.3 | 38.9% |
| Average number of employees during the period | 157 | 130 | 20.8% | 145 | 123 | 17.9% |
| Personnel at the end of period | 181 | 137 | 32.1% | |||
| Earnings per share (EUR), basic and diluted | -0.17 | -0.03 | -451.9% | -0.29 | -0.05 | -461.1% |
*Operating profit (loss) (EBIT) adjusted for special items related to amortization of goodwill, totaling EUR 0.2 million for 7-12/2025 and EUR 0.5 million for 1-12/2025 (7-12/2024: EUR 0.2 million and 1-12/2024: EUR 0.5 million).
** Comparison periods in consolidated figures
Juha Kokkonen, CEO of Canatu:
Canatu enters 2026 with a strong market position in CNT pellicles and a strengthened team driving execution. While 2025 was a year of laying the foundation for future growth, the fundamental drivers of our long-term growth remain intact. Rapid AI growth is driving demand for advanced chips, which we expect to support the adoption of CNT pellicles. During the year, we granted a commercial production license for the first CNT100 SEMI reactor, marking an important step toward mass production. We deepened our long-standing partnership with DENSO, strengthened new business and product development, and continued investing in future growth and competitiveness.
Canatu's revenue and new reactor orders are largely tied to its first CNT100 SEMI reactor customers successfully moving from reactor installation to pilot and risk mass production of CNT pellicle membranes. This process has experienced some initial delays but continues to progress. As a result, our 2025 revenue decreased to EUR 15.6 million from EUR 22.0 million in the previous year. The decline was mainly due to slower-than-anticipated customer approvals, which delayed revenue recognition and follow-on reactor orders from existing customers.
Gross profit was EUR 11.3 million (13.8), with gross margin increasing to 72.5% (62.5%). The stronger gross margin mainly reflects a higher contribution from licensing revenue and a smaller share of reactor sales. Adjusted EBIT margin declined to -65.3% (-21.9%) due to lower revenue and increased personnel costs incurred in line with our growth plan. Still, our balance sheet remains strong and provides the flexibility to continue investing in our core portfolio as well as in selected new business and product development initiatives.
Despite revenue headwinds, 2025 was a year of meaningful capability building. We continued to invest in people and expertise required to drive long-term growth. Our management team was strengthened through key appointments across Finance, Operations, Semiconductor, and Medical Diagnostics. In addition, we expanded our organization from 123 to 145 full-time equivalent employees (FTEs), adding critical new roles across the business.
The AI and semiconductor ecosystem is on a strong and accelerating growth trajectory. Rising demand for advanced chips continues to drive adoption of high-power EUV scanners and CNT pellicles. Advanced chip manufacturing with 600W EUV scanners is expected to begin by 2027, which we believe will mark an inflection point for the potential broader adoption of CNT pellicles. Although this transition has progressed slower than anticipated at the time of our 2024 listing, we see that Canatu's competitive position has remained strong and continued to advance. Progress in CNT pellicle validation, combined with deepened relationships and technical discussions with major players in the ecosystem, is supporting active negotiations on new orders with both existing and prospective customers.
Operationally, 2025 was a year of significant progress. A key milestone was achieved when the first CNT100 SEMI reactor and post-processing equipment, shipped to Fine Semitech Corp. (FST) in September 2024, received customer approval (SAT) in July and was granted commercial production license for CNT pellicle membranes in October. This milestone demonstrates the advancing industrial validation of CNT pellicle technology and moves FST closer to mass production to meet strong market demand. Third-party certification for safety and performance by ASML is required before CNT pellicles can be used in EUV scanners. The start of commercial production is expected to create two new revenue streams for Canatu: consumable sales and royalties on each CNT pellicle sold by FST to its end customers. Meanwhile, the customer approval (SAT) process of the second CNT100 SEMI reactor shipped to a global semiconductor leader in December 2024 is ongoing, with the timeline partially subject to the customer's schedule.
Regarding product sales, we maintained our position as a leading supplier of inspection membranes to a long-standing, top-tier customer for EUV mask inspection, including use in High Numerical Aperture (High-NA) EUV lithography. Overall, Canatu carried out mass production across 14 programs, including both CNT products and reactors. Since 2015, Canatu has delivered over 1.1 million sensors with zero field returns.
In Automotive, the adoption of higher-level advanced driver assistance systems (ADAS) and the thermal energy optimization of battery electric vehicles (BEVs) remain key value drivers for Canatu. Higher automation levels require an increasing number of sensors with higher optical performance requirements. In management's view, OEMs are increasingly favoring primarily camera-based ADAS over more expensive sensor-fusion systems. The shift from 12V to 48V vehicle architecture provides additional power, enabling faster de-icing and defogging, as well as larger heaters without compromising performance. With their high optical performance and electrical conductivity, Canatu CNT film heaters are well-suited for ADAS camera applications, and integrating them into windshields is a critical step towards mass production.
For BEVs, optimizing total energy efficiency through advanced HVAC systems, localized heating that minimizes thermal losses compared to blown-air cabin heating, and next-generation solar panels for independent energy generation can enhance overall energy-efficiency and range.
We deepened our long-standing collaboration with DENSO to improve CNT conductivity and to develop advanced manufacturing equipment for producing larger CNT films for future automotive applications, such as full-windshield heaters and next-generation solar cells. In April 2025, we announced a Joint Development Agreement (JDA) focused on enhancing CNT conductivity to improve the performance of ADAS camera heaters while unlocking new high-value use cases for our advanced CNTs. In January 2026, we signed another JDA to develop a large-scale chamber, which is required to scale CNT sheet size for potential future applications. These initiatives build on earlier Joint Development Programs with DENSO since 2017, which have successfully improved CNT performance and manufacturing productivity and cost through higher throughput enabled by high-performance CNT100 HPR reactors.
In Medical Diagnostics, we accelerated investments in ultra-sensitive, low-cost, and scalable point-of-care diagnostics; built an expert team and advanced technical capabilities, with a clear focus on delivering the first proof-of-concept and alpha prototype for hormone testing in 2026. Our aim is to become a leading point-of-care solution provider in hormones and infectious diseases, addressing the current sensitivity gap. We recruited top global talent, advanced product roadmap, and demonstrated strong scientific progress with two published papers and a third under peer review, showing notable progress in testosterone and circulating tumor DNA testing. While near-term revenue contribution is expected to remain limited relative to Semiconductor and Automotive, Medical Diagnostics represents a strategically important long-term opportunity, pursued with a controlled and disciplined investment approach.
We built new business and product development to create a solid pipeline of new high-value applications for our CNT that are synergistic with our existing portfolio, with a focus on microsystems, electrochemical sensing, and emerging frontiers where Canatu's advanced CNTs can potentially deliver significant performance advantages. We are strengthening ecosystem collaboration and providing a CNT platform that others can build upon, while leveraging public funding to accelerate time-to-market for new high-value applications. To support this, Canatu was selected as a Leading Company (Veturi) by Business Finland and awarded EUR 10 million to build a world-class industrial ecosystem and accelerate the development and standardization of next-generation CNT-based solutions.
We upgraded our manufacturing capability for higher volumes with a second factory, expanding total production space to 5,400?m² and enabling multiple parallel reactor builds. The infrastructure is now complete, and the cleanroom remains on track for completion in H1/2026.
2025 marked the first full year operating as a publicly listed company following the 2024 listing on Nasdaq First North Growth Market Finland. We reinforced governance, reporting, and efficiency while executing strategy and investing for future growth and competitiveness.
Looking ahead to 2026 and beyond, we remain confident in Canatu's long-term trajectory, building on a strong technology platform, advancing industrial validation and disciplined execution. The company's long-term potential across semiconductor, automotive, and medical diagnostics remains strong.
I would like to thank our customers, investors, employees, and partners for their continued trust and commitment. Canatu's journey toward the Carbon Age continues with focus and determination.
2026 outlook
Canatu continues to see strong long-term potential in its three business focus areas: Semiconductor, Automotive, and Medical Diagnostics.
In accordance with its disclosure policy, Canatu does not issue any specific numerical guidance for the financial year 2026.
- In the near term, Canatu sees that there are certain factors which affect the revenue visibility and continue to increase the volatility, in the Semiconductor and Automotive businesses.
- Canatu has ongoing customer negotiations, the timing and outcome of which remain uncertain.
- The commercial roll-out of ready CNT pellicles, for example, ultimately depends on Canatu's customers' processes and timelines.
- 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.
Long-term targets
Due to the ongoing strategy update, slower-than-expected market transition and recent delays especially in anticipated new customer projects, the Board of Directors has assessed and today decided to withdraw its previously communicated long-term financial targets of over EUR 100 million revenue and an EBIT margin of over 30% in 2027.
Canatu monitors its long-term financial targets on a continuous basis and reviews them more comprehensively, at least annually as part of its strategy review process. Canatu will communicate the results of its strategy update before the Capital Markets Day on 26 March 2026.
Key operative targets for 2026
Semiconductor
- Maintain and strengthen competitive position in CNT reactor technology and inspection membranes
- Complete the customer approval (Site Acceptance Test, SAT) for the 2nd CNT100 SEMI reactor
- Sell at least one new CNT100 SEMI reactor during 2026
- Receive recurring revenue from consumables and royalties on CNT pellicles sold
- Enable multiple parallel reactor builds
Automotive
- Start mass production of ADAS camera heaters with a lead customer
- Complete ongoing joint development programs on CNT conductivity and large-scale chamber
- Advance the development of ADAS camera heater concept with an enhanced material configuration in windshield glass
- Continue developing full windshield heaters and next-generation solar cells
- Sell one high-performance CNT100 HPR reactor
Medical Diagnostics
- Develop one integrated proof-of-concept system and a functional alpha prototype for hormone monitoring
- Publish scientific papers to build strong proof points
New business development
- Evaluate 10 new applications and identify the most promising business cases, primarily from the microsystems and electrochemical sensing domains?
- Sign 1 new development agreement with a credible industrial player
Proposal of the Board of Directors for distribution of profit
Canatu Plc's distributable earnings on 31 December 2025 totaled EUR 120,122,219.53 of which loss for the year was EUR -1,269,266.52. The Board of Directors proposes to the Annual General Meeting that no dividend is distributed for the financial year ended on 31 December 2025, and that the result for the financial year is recognized in the retained earnings.
Annual Report 2025
Canatu will publish its Annual Report for the year 2025, including the Financial Statements and the Report of the Board of Directors, on week 11.
Annual General Meeting 2026
The Annual General Meeting of Canatu Plc is scheduled to be held on 16 April 2026. The notice of the Annual General Meeting, which includes the board's proposals, will be published as a separate company release.
Webcast
A live webcast for investors, analysts and media will be held today, Tuesday 3 March at 12:00-13:00 EET. The event will be held in English. CEO Juha Kokkonen and Chief Financial Officer Mikko Vesterinen will be presenting at the event. The webcast can be followed live at https://canatu.events.inderes.com/q4-2025. A recording of the webcast will be made available later at 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 145 full-time equivalent employees representing over 35 nationalities, with nearly 20% holding or pursuing doctorates. Discover more at www.canatu.com and follow us on LinkedIn.
