contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
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) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
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}

fragment ContentBasicInfo on Content {
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  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
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    id
    name
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  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
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  imgUrl
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  authors {
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  companies {
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  tags {
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  ... on Video {
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    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
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}

fragment ContentPageContentQuery_13QmVO on Query {
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    htmlBody
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    ... on ThirdPartyCompanyReport {
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    ... on StockExchangeRelease {
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  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
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}

fragment KeyFigures_Content on Content {
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}

fragment PriceAndRecommendation_Content on Content {
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  companies {
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        prevTransaction {
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    id
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}

fragment PublishingDetails on Content {
  __isContent: __typename
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  publishers {
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  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
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  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
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    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
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    }
    authors {
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      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


canatu-signs-new-small-development-agreement-in-automotive-industry

__typename

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Analyst

Atte Riikola

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.

That reactor sales business is exactly what’s profitable… Ongoing royalties keep rolling in and spare parts sales are thriving.

There was indeed some good information in that report! ”Canatu’s first reactor customer is the Korean Fine Semitech Corporation (FST). Based on public sources, we estimate that FST’s end customer is Samsung, which is implementing EUV pellicle solutions at its Taylor plant in the United States. The Taylor plant will manufacture, among others, Tesla’s A16 chips. We speculate that the second reactor customer is the world’s largest and most valuable chip manufacturer, TSMC. TSMC has stated it is building its own EUV pellicle production, and Canatu’s reactors would fit well into this equation.” So, would Canatu ultimately remain a reactor manufacturer for the giants rather than a manufacturer of high value-added pellicles?  On the other hand, the report also includes the following passage, which signals an interest in heading in that direction. But does it have what it takes to compete against the giants? ”Canatu’s product range includes carbon nanotube membranes, which can be used in EUV pellicle films, as particle filters in EUV mask inspection, and as optical filters. In addition, Canatu manufactures and sells reactors with which the customer can directly produce carbon nanotube membranes for pellicle films themselves.” ”Currently, Canatu does not offer customers finished EUV pellicle films that include framing and special coating. The company supplies customers with carbon nanotube membranes for the production of these films, as well as reactors with which customers can manufacture these membranes in their own production facilities.” Well, one can hope. Perhaps the value appreciation here could be based on someone buying out Canatu entirely, thereby cutting off the production of pellicles for other players. Unless the related patents have already mostly expired, as some of the core patents have already expired or are soon to expire.

If you can scroll up a couple of messages, there is a convenient link to Atte’s well-written extensive report, which provides the answers. I’ve been looking into the light source of ASML’s equipment a bit, as ASML is heavily pushing from every channel how the source power will be increased to as much as 1,000 watts in the 2030s. I found an SEM image showing that the heat generated by ASML’s light source is even starting to cause deformations in the mask itself. I guess there’s some irony in this, as the pellicle’s job is to protect the mask, but now the mask itself is starting to turn into toast.  As a recap from yesterday’s ASML earnings release, here is ASML’s roadmap. Low NA is being continuously developed, and when more throughput (WpH in the graph) is desired for the equipment, one factor is that the power of the device must increase.

How much of the revenue from a single pellicle flows to Canatu? Does Canatu produce it from start to finish, or just one part of it?  This is perhaps the critical question. You probably won’t get very far with just reactor sales and the sale of molecules used in CNT manufacturing.

Here are Atte’s comments on ASML’s results  ASML, which holds a virtual monopoly in EUV lithography machines, reported its Q1 results on Wednesday, exceeding analysts’ expectations for revenue, gross margin, and earnings per share. The company also raised its full-year 2026 revenue guidance, reflecting the strong development of AI investments. From Canatu’s perspective, ASML’s strengthening growth outlook is a positive signal, as the increasing adoption of the most advanced EUV equipment is the key driver for the demand for the company’s pellicle membranes made from carbon nanotubes. A recent comprehensive report on Canatu can be read here.                   Inderes – 16 Apr 26              ASML:n Q1-tulos oli odotuksia parempi ja koko vuoden näkymiä nostettiin -...    Kiihtyvät tekoälyinvestoinnit tukevat ASML:n näkymiä

Here is a new comprehensive report on Canatu from Atte; like other comprehensive reports, this one is not behind a paywall.  We reiterate our Accumulate recommendation and target price of EUR 8.5 for Canatu. Following last year’s weak performance, there is a clear dent in the company’s growth story, which is also reflected in the share price. Nevertheless, the market for Canatu’s CNT-based pellicle membranes is still forming, and the company’s position here appears strong. Large customer accounts in the semiconductor sector offer the company significant growth potential, as evidenced by the targets set for 2030 (revenue of EUR 100-150 million and EBIT 25-30%). At the current valuation, we find Canatu’s long-term potential attractive, but its realization still requires patience.                   Inderes              Canatu laaja raportti: Ohut kalvo, paksu potentiaali - Inderes    Canatun CNT-pohjaisten pellicle-kalvojen markkina on yhä muodostumassa, ja yhtiön asema täällä vaikuttaa vahvalta.                             Quote from the report: Achieving Canatu’s growth targets may require increasing the headcount by an average of 10-35 FTEs (full-time equivalents) per year, depending particularly on the development of new business. If the company’s growth materializes, we believe the target operating margin of 25-30% is realistic to achieve. This requires successful strategy execution, particularly in the semiconductor sector and the ramp-up of the reactor business. In our view, this is realistically achievable in light of both the company’s business and the market development trends. However, following last year’s growth disappointments, investors are unlikely to buy into these targets before there is evidence of accelerating growth.

According to the article, TSMC has ambitious plans for its US factories. The first factories are already under construction, and plans have apparently been raised to 12 factories, presumably on the same level as production in Taiwan. Hopefully, Canatu technology will be included; it would be strange if it weren’t. https://wccftech.com/tsmc-us-expansion-plans-grow-more-aggressive-with-twelve-planned-arizona-fabs

Canatu

The agreement is a step towards the commercialization of full windshield heaters.

Translation: Original published in Finnish on 3/24/2026 at 7:15 am EET.
Canatu&#xa0;<a href="https://www.inderes.se/releases/canatu-develops-next-generation-camera-heater-concept-with-global-automotive-technology-supplier" target="_blank" rel="noopener">announced</a> on Monday that it had signed a 24-month joint development agreement with a global automotive technology supplier. The agreement concerns a next&#x2011;generation carbon nanotube (CNT) film heater concept integrated into automotive glass. While the monetary value of the agreement is small (less than 0.25 MEUR), the development program is an important step towards full windshield heaters, which could have significant long-term commercialization potential for Canatu.
The purpose of the collaboration is to develop an enhanced material configuration for Canatu film heaters, improving compatibility with automotive glass components. Through this joint development program, Canatu and the partner will collaborate to refine the material stack, ensuring seamless integration of the CNT film heater within laminated glass. This optimized approach is designed to deliver cost efficiencies, simplifying heater integration while maintaining high performance standards.

	2025	26e	27e
Revenue	15.6	21.8	52.1
growth-%	-29.2 %	39.8 %	138.7 %
EBIT (adj.)	-10.2	-11.1	2.0
EBIT-% (adj.)	-65.5 %	-50.8 %	3.8 %
EPS (adj.)	-0.27	-0.23	0.07
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	120.5
EV/EBITDA	neg.	neg.	39.1

Canatu signs new small development agreement in automotive industry

Key Estimate Figures03.03

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