Deloitte Technology Fast 50 program ranks Canatu as one of the fastest-growing technology companies in Finland

VANTAA, FINLAND – November 11, 2024 — Canatu (CANATU, Nasdaq First North, Finland), a fast growing deep-tech company creating advanced carbon nanotubes (Canatu CNTs), related products, and manufacturing equipment for the semiconductor, automotive, and medical diagnostics industries, announced today that it has been recognized by the Deloitte Technology Fast 50 program as one of Finland’s fastest-growing technology companies.

The Deloitte Technology Fast 50 Finland ranks the fastest-growing technology companies in Finland, both public or private, based on percentage sales growth over four years, from 2020 to 2023, as reported in official financial statements. During this period, Canatu achieved a remarkable revenue growth rate of 799%, securing 21st place on the list. The top three fastest-growing companies were IQM, Kempower, and Metacore.

“I’ve been following Canatu for over a decade, and it’s fantastic to see a Finnish deep-tech company rooted in scientific discovery achieving a commercial breakthrough. It’s not easy for any R&D- and capital-intensive material technology company to find customers whose products and applications align with the solutions companies like Canatu offer, yet Canatu has succeeded exceptionally well in creating demand for its advanced CNT solutions. This journey has likely involved many trials and errors, but also numerous right decisions. Canatu’s success sets a strong example and shows the way for other Finnish deep-tech innovators—a sector that will undoubtedly play a key role in Finland’s economic growth and competitiveness in the decades ahead.”

Petteri Tulikoura, Director, Corporate Finance, Deloitte

“We’re truly honored to be recognized alongside an outstanding group of Finnish technology companies that are driving growth and redefining industries with technology,” said Juha Kokkonen, CEO, Canatu Oyj “This award reflects our team’s ability to promote and sell advanced CNT solutions globally which is reflected in strong sales growth.”

The 2024 Technology Fast 50 list for Finland spans a range of industry segments, with an average growth rate of 706%. Individual company growth rates ranged from 367% to 22,485%, and the fastest-growing industries over the past four years included Environmental Tech (868%), MedTech (791%), and Media & Entertainment (655%).

In recent years, Canatu’s revenue has grown substantially, with net turnover rising from EUR 1.5 million in 2020 to EUR 13.6 million in 2023. This growth corresponds to a compound annual growth rate (CAGR) of 108% and a total increase of 799%. Canatu’s gross margins have also shown significant improvement, reaching 71% in 2023, up from 61% in 2021. Canatu’s net turnover for the 2024 financial year is estimated to be between EUR 20 million and EUR 25 million.

Canatu focuses on the semiconductor, automotive, and medical diagnostics industries, which require high-quality carbon nanotubes and offer strong growth and profitability potential. Each of these industries is undergoing a significant technological disruption. Canatu expects that demand for advanced, sub-7nm chips continues to grow in the semiconductor industry, driven by advancements in artificial intelligence and computing. The automotive sector is shifting toward assisted and autonomous driving technologies and electric vehicles. Medical diagnostics is shifting towards point-of-care diagnostics, reducing reliance on centralized, laboratory-based testing for specific parts of the care chain. Canatu is well-positioned to support these industry transformations with its CNT solutions.

To qualify for the Technology Fast 50, companies must meet several key criteria. The company and its parent company must be registered in Finland with a registration date before January 1, 2020. The company must have operated for at least four years, with first-year revenues of at least €50,000 and fourth-year revenues reaching a minimum of €1,000,000. Additionally, each company must be a technology-focused entity that either (1) develops or owns proprietary technology contributing significantly to its operating revenues, (2) manufactures a technology-related product, (3) allocates a substantial portion of operating revenues to technology research and development, or (4) is technology-intensive, using unique technology to address specific challenges. 2024 marks the program’s 19th anniversary.

Additional information
CEO Juha Kokkonen, tel. +358 405 430 367

Certified Adviser
Carnegie Investment Bank AB (publ), tel. +46 (0)73 856 42 65

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 the 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 Deposition^® 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 around 130 employees representing over 30 nationalities, with 20 percent holding or pursuing doctorates. Discover more at www.canatu.com and follow us on LinkedIn.