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Canatu receives 1-2 MEUR order for inspection membranes from existing semiconductor sector customer

CANATUAnalyst Comment05.06.2025, 07.38
Atte RiikolaAnalyst
Discuss

Translation: Original published in Finnish on 6/5/2025 at 8:02 am EEST.

On Wednesday, Canatu announced that it had received a purchase order from an existing semiconductor industry customer to supply inspection membranes used in EUV mask inspection. The use of these membranes reduces damage to EUV optics and enhances quality control during EUV mask inspection.

The value of the purchase order is classified within the lowest quartile of the “medium” category (1.0–5.0 MEUR) outlined in Canatu’s disclosure policy.  Its size is therefore in the range of 1-2 MEUR. Revenue from the order will be fully recognized in the 2025 financial year and will therefore contribute to the revenue we have forecasted for this year (2025e: 22.8 MEUR). In our forecast, we have anticipated that of the semiconductor sector's revenue (2025e: 19.8 MEUR), just over 8 MEUR would come from the reactor business and the rest would come from inspection membranes and other revenue items.

Back in April, Canatu announced a multi-million euro joint development agreement with DENSO related to the automotive industry, and in May the company also received a small order from a customer in the defense sector. However, the growth outlook for the current year depends particularly on potential new reactor orders, which we wrote more about in our post-H2 result update.

Canatu is a technology company active in deep technology that creates carbon nanotubes (Canatu CNT), related products and manufacturing equipment for the semiconductor, automotive and medical diagnostics industries. The company operates through two business models, firstly using their own reactors to develop and manufacture CNT products. Second, the company sells its CNT reactors and licenses its related technology, allowing customers to produce the products themselves under a limited license.

Read more on company page

Key Estimate Figures30.03.2025

202425e26e
Revenue22.022.835.4
growth-%62.1 %3.7 %55.1 %
EBIT (adj.)-4.8-7.5-4.0
EBIT-% (adj.)-21.9 %-32.8 %-11.4 %
EPS (adj.)-0.01-0.11-0.07
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.

Forum discussions

Lasertec, which manufactures inspection equipment for reticles (masks), expects quite strong growth by 2027. As a reminder, every reticle (mask...
8/6/2026, 3:08 PM
by Pandakarhu
25
A small positive note regarding the +9-month delay I mentioned earlier. 조선일보 – 3 Aug 26 삼성전자 파운드리, 연내 가동률 100% 달성 전망...흑자전환 카운트다운 삼성전자 파운드리 ...
8/3/2026, 7:33 AM
by timontti
19
The previous 18A version already uses high-NA for certain layers. It’s incredible how well Intel has managed to improve yields from the struggles...
7/29/2026, 3:50 PM
by Pandakarhu
10
Intel is accelerating its 1.4nm production, with plans for mass production as early as 2028 (instead of 2029 as previously stated). This is ...
7/29/2026, 3:36 PM
by timontti
11
My strong guess is that the preparation for the second reactor delivery was intended for Samsung’s Taylor factory (or Korea). It is known that...
7/28/2026, 4:52 PM
by timontti
16
It has been a couple of months again, and no reactor orders have been announced. It will be interesting to see what the HI1 report brings. Kokkonen...
7/28/2026, 3:49 PM
by Harvasepäivä
7
Slawinski’s interview with EE Times. It seems the communication strategy hasn’t really changed since Kokkonen’s time. He does, however, give...
7/19/2026, 6:33 PM
12