Canatu continues strong revenue growth driven by EUV membranes for the semiconductor industry

VANTAA, FINLAND – April 3rd, 2024– Canatu, the global leader in developing advanced carbon nanotubes (Canatu CNTs) and manufacturing equipment for the semiconductor and automotive industries, announced the following financial results for 2023.

Read press release in Finnish

2023 Financial highlights

• Achieved 73% year-over-year revenue growth, totaling €16.6M ($18.3M USD), over three consecutive years.
• Realized a remarkable 99% year-over-year revenue growth in the semiconductor industry.
• Successfully attained the first EBITDA-positive year.
• Made significant investments of $4.7M ($5.2M USD) in manufacturing automation and capacity.
• Doubled the number of employees in the past 18 months.

The semiconductor business emerged as an integral component of Canatu’s revenue stream, representing 82% of sales revenue with an impressive 99% year-over-year growth. The continued mass production of consumable debris filters for EUV lithography ensured consistent revenues. Momentum was further fueled by a significant CNT manufacturing equipment deal, underscoring Canatu’s increasing focus on supplying equipment and licensing its technology to enable customers to produce CNT membranes themselves.

“Canatu has experienced tremendous revenue growth, driven by a breakthrough in EUV membrane technology. This innovation has positioned Canatu as an attractive supplier of membranes and equipment alike to the semiconductor industry, further highlighting the growing importance of this sector of our business.”

Juha Kokkonen, chief executive officer of Canatu

“2023 was an exceptional year for Canatu, achieving our first EBITDA positive year. We’re pleased with our equipment sales growth driven by EUV tech, solidifying its role in our strategy.”

Timo Suominen, chief financial officer of Canatu

Canatu’s advanced CNT membranes can be used as e.g. as EUV pellicles in the most advanced chipmaking tools. Canatu’s solution surpasses conventional EUV pellicles, delivering a 15% improvement in throughput (the number of wafers processed per hour) making Canatu a compelling choice for the future of chip manufacturing.

Canatu operates through two business models: Firstly, it conducts in-house development and mass production of CNT membranes. Secondly, it licenses its technology and sells manufacturing equipment, allowing customers to produce CNT membranes by themselves. Notably, Canatu has been mass-producing debris filters for the semiconductor industry since 2021.

While the semiconductor industry has become a key business driver, Canatu’s film heater technology tackles a critical hurdle for autonomous vehicles: ensuring ADAS sensor reliability in harsh weather. By eliminating ice, fog, and snow disruptions with innovative heating solutions, Canatu paves the way for autonomous driving in any weather.

Looking beyond established markets, Canatu is actively strengthening its electrochemical sensing team to explore the potential of CNTs for electrochemical detection in medical diagnostics and other industries. This strategic investment puts Canatu at the forefront of a rapidly growing field, poised to transform medical diagnostics with highly sensitive electrochemical biosensor technology.

Canatu continues its commitment to driving innovation with 13 new patents granted in 2023, bringing its total portfolio to over 180 patents across 32 distinct families. This robust Intellectual Property Rights (IPR) gives them full control over the development and manufacturing of these materials and manufacturing methods with the freedom to innovate and advance Canatu CNT for various applications. Furthermore, Canatu’s dedication to ESG was rewarded EcoVadis Gold, scoring within top 5 % in the industry and within the top 8 % of all companies evaluated by EcoVadis globally.

About Canatu
Canatu is a carbon nanomaterial developer creating the most advanced carbon nanotubes for industry-transforming products. The Canatu carbon nanotube (CNT) technology has been created with a unique process that ensures the required versatility and reliability for highly engineered solutions. Canatu partners with forerunner companies, together transforming products for better tomorrows with nano carbon. The company’s focus is on the semiconductor and automotive industries with the portfolio’s core spanning from EUV membranes to film heaters for ADAS. The experts at Canatu think big and create impacts on the tiniest scale – nano solutions for massive impact. Canatu’s headquarters are in Finland with sales offices also in the US, Japan, and Taiwan. Discover more at www.canatu.com and follow us on LinkedIn.