Strategy

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Canatu’s strategy

In the 2025–2027 strategy, Canatu aims to drive strong growth, with the semiconductor sector as its primary focus. Our long-term financial targets are over EUR 100 million in revenue and an adjusted EBIT of more than 30% by 2027.

Semiconductor strategy

Canatu’s growth strategy aims to establish us as a leading provider of CNT pellicle membranes, inspection membranes, optical filters, and related CNT manufacturing equipment.

Canatu’s revenue growth is expected to be driven primarily by the semiconductor industry, with growth coming from upselling to existing customers, and gradually expanding both the customer base and product offering. Growth is driven by the increasing adoption of next-generation, high-power (>500W) EUV lithography machines. However, Canatu’s revenue growth will depend on whether and when current and potential customers place orders for the CNT100 SEMI reactors, which are linked to high-volume EUVL manufacturing schedules, meaning significant uncertainties remain.

We continue to invest in technology and capabilities to ensure our CNT pellicle membranes meet the requirements of the EUV lithography roadmap while also invest in the development of optical filter product for the inspection membrane market.

Automotive strategy

Our growth strategy is focused on becoming a leading manufacturer of advanced film-based ADAS camera heaters, while also working on developing future solar cells in collaboration with a strategic partner.

In the automotive market, Canatu will prioritize the development of ADAS camera heater product and the acquisition of new business, while shifting away from LiDAR heaters due to delayed adoption and the relatively small TAM.

Canatu is also exploring to advance future solar cell technology in partnership with a strategic partner. Current silicon solar cells are limited to 25% efficiency, and the goal is to develop dual-stack solar cells achieving potentially 35% efficiency using CNT as an interlayer, overcoming the limitations of silicon-based solar energy conversion.

Medical diagnostics

In 2024, Canatu had no medical diagnostics products in mass production, as this domain is still under development. Key market drivers include the shift from centralized to point-of-care (POC) testing and the increasing demand for higher sensitivity in diagnostic tests. This transition is driven by the growing preference for faster, more affordable, and convenient tests that can be performed at the point of care.

Canatu aims to become the leader in highly sensitive point-of-care (POC) diagnostic sensors with strong emphasis on developing focused applications.

To drive this forward, Canatu is currently developing a new strategy with external advisors to sharpen its application and go-to-market strategy.

Canatu has identified several potential applications for its biosensors in human health. The first application under development is paracetamol detection, which is expected to be commercialized within 1–5 years. Canatu continues technological development for the lung and breast cancer.

In addition, Canatu is also exploring the development of selected new application areas such as virus and bacteria for its electrochemical biosensors.

Canatu is also preparing for ISO 13485 certification, to ensure compliance with medical device standards.

Building future foundations

Canatu is planning to establish a CTO team to help develop emerging new applications for advanced CNT through active and systematic opportunity screening, aiming to become a leading provider of technology platforms, systems, and materials in the nano carbon industry. The team will focus on high-value opportunities that deliver superior performance, with a long-term goal of positioning Canatu’s CNTs as the foundational platform for next-generation advanced applications.

Key enablers

  • We will organize our operations for rapid scaling and increase the role of Business Units to accelerate growth.
  • We will make sizable CAPEX and headcount investments, primarily focusing on the semiconductor business.
  • We will transform data into a technology and manufacturing asset.

2025 investments

In 2025, Canatu continues to invest to support its existing product portfolio and develop new businesses and products, supported by its current strong balance sheet with over EUR 100 million in capital at the end of 2024.

Key investment areas include:

  • Developing updated and new semiconductor reactor generations to meet future CNT pellicle membrane requirements
  • Developing optical filter products for the semiconductor EUV inspection membrane market
  • Accelerating medical diagnostics development
  • Finalizing a second fully automated production line for automotive and medical diagnostic products, increasing productivity by 50%
  • Advancing future solar cell technology with a partner to achieve potentially higher efficiency
  • Establishing CTO team to address emerging future applications for our advanced CNT

Business model

Canatu operates through two business models: selling CNT products directly and selling CNT reactors while licensing the related technology, allowing customers to produce CNT products under a limited license.

Canatu’s business model leverages its efficient and proprietary Dry Deposition™ CNT technology platform. Whether selling CNT products or selling CNT reactors and licensing technology, this platform supports asset-light growth and offers strong gross margin potential in the semiconductor, automotive, and medical diagnostics industries.

Canatu has been mass producing CNT products for the automotive industry since 2015, and for the semiconductor industry since 2021. Since 2015, Canatu has delivered over 1.1 million sensors with zero field returns.