Canatu’s strategy

In relation to its Capital Markets Day on 26 March 2026, Canatu updated its strategy and long-term financial targets, which extend until the end of 2030, with revenue of 100–150 M€ and an EBIT margin of 25–30% in 2030 (adjusted for goodwill amortization in accordance with the Finnish Accounting Standards).

Canatu’s key strength lies in its unique carbon nanotube (CNT) technology platform, creating a strong competitive advantage. The company’s strategic theme, moving from technology validation to scalable value creation, reflects its direction.

Canatu is leading the next wave of material transformation as legacy materials reach their limits, under growing demands for higher performance and energy efficiency. CNTs are a next-generation general-purpose technology with broad application potential, enabling step-change improvements in performance.

Canatu’s strategic focus

Canatu is a nanotechnology scale-up specializing in advanced carbon nanotubes (CNTs), serving global forerunner customers in the Semiconductor, Automotive, and Medical Diagnostics industries. The company is building on its unique CNT technology platform to address large and growing markets estimated to reach approximately 3B€ in 2030.

Canatu’s current focus markets are undergoing structural transformation driven by long-term industry trends. Artificial intelligence (AI) is accelerating demand for advanced chips, driving the adoption of high-power EUV scanners and CNT pellicles. Automotive electrification increases the need for smarter thermal energy optimization, while higher levels of advanced driver assistance systems (ADAS) require sensors with increasingly stringent optical performance. In healthcare, the shift from centralized laboratories toward the patient’s side is driving demand for ultra-sensitive, cost-efficient, and rapid point-of-care diagnostics. Together, these trends are pushing legacy materials to their limits, unlocking high-value applications for advanced CNTs that promise higher performance and energy efficiency.

Canatu’s scalable business models enable flexibility, allowing it to address both niche, high-margin opportunities and global, high-volume cases.

Semiconductors

Semiconductors are Canatu’s key growth driver, supporting the transition to a predominantly recurring revenue model in 2030. The key business target is to become the leading provider of CNT pellicle membrane technology for EUV lithography. CNT pellicle technology is moving from validation to scaling, with the EUV pellicle market representing the largest near- and mid-term opportunity for Canatu. The total addressable market for EUV pellicles is estimated at approximately 1.5B€ in 2030, driven predominantly by advanced logic nodes. Sub-3nm logic and Gate-All-Around (GAA) transistors each account for 43% of the market, while memory (DRAM) represents 14%. The number of EUV exposures and steps used increases with new nodes, structurally expanding pellicle demand. Industry efforts are focused on enabling CNT pellicle adoption in GAA transistors and selected <3nm applications, with additional upside potential in DRAM memory. This occurs in parallel with the introduction of EUV lithography scanners with an increased 600W light source. 

Operationally, the near‑term focus is on completing customer approval of the second CNT100 SEMI reactor and initiating recurring revenue from consumables and royalties. Moving forward, the priority is to scale the installed reactor base, a key driver in achieving predominantly recurring semiconductor revenues by 2030.

Canatu has invested in a new modular semiconductor‑grade production facility to support scalable reactor deliveries and long‑term growth in CNT pellicles. The facility enables phased capacity expansion with limited upfront CAPEX, strengthening Canatu’s ability to scale reactor deliveries and subsequent recurring semiconductor revenues as demand increases. Future 1000W EUV scanners will be a future industry milestone which drives Canatu’s technology and reactor development during the strategy period.

Automotive

In Automotive, Canatu’s target is to establish a position in the fast-growing full-windshield market, and as a supplier of ADAS camera heaters. Canatu focuses on selected high-value applications where its CNT technology delivers clear customer value. Priority applications include ADAS camera heaters, full windshield heaters, and solar cells, with commercialization progressing in phases. The total addressable market is estimated at approximately 0.2B€ for ADAS camera heaters and 0.7B€ for full windshield heaters in 2030, while automotive solar cell growth is expected in the early 2030s. The key operational goal is to start mass production of ADAS camera heaters with the lead customer and scale in phases toward a sustained camera heater business. In parallel, Canatu continues focused development of additional high-value applications, including full windshield heaters and solar cells, targeting commercialization toward the end of the strategic period.

Medical Diagnostics

In Medical Diagnostics, Canatu’s business target is to become a leading provider of point-of-care solutions for hormones and sepsis. Canatu is executing a focused roadmap, advancing from the proof-of-concept stage through the development of functional prototypes to prepare for clinical trials in selected applications, including hormones and sepsis markers, with Testosterone as the first target for commercial launch in 2030. The serviceable market (SAM) for hormone testing is estimated at approximately 0.4B€, and for sepsis testing at approximately 0.3B€ in 2030.

New Business Development

Canatu’s CNT technology platform has broad application potential beyond its core businesses. New Business Development (NBD) offers significant upside potential without diluting focus on the core. New Business Development’s target is to develop new application candidates into 2–5 focused product families, creating substantial corporate value. Strong inbound interest creates a continuous flow of opportunities, which NBD evaluates and advances in a disciplined manner. NBD focuses on identifying and developing future CNT applications with the highest commercial and technical relevance. By collaborating with research and industrial partners and leveraging public funding, Canatu can expand its opportunity pipeline without overstretching internal resources. Key operational targets for 2030 are to have the first new product in mass production and to establish 2–5 new product families with a defendable IP position.

Canatu has a clear, de-risked path to its long-term financial targets. Semiconductor is the key growth driver, supporting the shift toward a predominantly recurring revenue model. Strong technology edge underpins pricing power and margins, while operating leverage and scalable business models underpin progress toward the EBIT margin target. A strong balance sheet provides strategic flexibility.

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.