Financial targets

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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.

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.

Long-term financial targets

Canatu’s long-term financial targets are:

  • Over EUR 100 million revenue in 2027
  • EBIT margin (adjusted for goodwill amortization in accordance with the Finnish Accounting Standards) over 30% in 2027.


Canatu expects the relative contribution to the targeted revenue by Semiconductor to be large, by Automotive medium, and by Medical Diagnostics limited.

Canatu expects that the current level of capital expenditure, EUR 5–6 million annually on average, is adequate for reaching the long-term financial targets in 2027, and that reaching the long-term financial targets in 2027 may require to grow the headcount by 25–35 FTEs annually.

Additionally, Canatu may also do certain targeted recruitments and investments to support higher revenue growth and growth beyond 2027.
These targets are grounded in (i) existing customer relationships, (ii) the current or currently developed offering in three focus industries, (iii) assessment of its gross profit potential, and (iv) the more conservative assumptions from the market analysis.
Uncertainty concerning the timeline for achieving the long-term financial targets has materially increased, based mainly on the semiconductor industry’s delay in adopting high-power scanners.

Canatu monitors its long-term financial targets on a continuous basis and reviews them at least annually in connection with its annual strategy process. Canatu will provide an update on its next annual strategy process at the Capital Markets Day scheduled to be held in March 2026.

The following assumptions are highly important in achieving the long-term financial targets:

Semiconductor:

  • Canatu’s position in CNT pellicles and inspection membranes remains strong.
  • ASML high-power (600 W) scanner, deployment to start by 2027, with CNT pellicles emerging as the primary solution for high-power scanners.

Automotive:

  • ADAS camera heaters are in mass production with lead customers.

Medical Diagnostics:

  • Proof-of-concepts to progress and generate development revenue.

Long-term financial targets are not predicated on substantial upside scenarios, such as (i) broader adoption of CNT pellicles in memory chip production (ii) adoption of CNT pellicles in <500 W machines, (iii) broader adoption of inspection membranes for blank mask inspection or as optical filters, (iv) rapid expansion into new markets, or (v) potential additional investments enabled by the over EUR 100 million capital from Lifeline SPAC I.