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Analyst Comment

Canatu starts generating small revenue from defense industry

By Atte RiikolaAnalyst
Canatu

Translation: Original published in Finnish on 5/15/2025 at 7:51 am EEST.

On Wednesday, Canatu announced that it has started mass production and deliveries of sensors designed to protect electronic devices to a global technology company. In terms of revenue, the agreement is small, but it demonstrates the versatility of Canatu's carbon nanotubes and highlights their potential in special applications outside the company's current focus areas (semiconductors, automotive sector and diagnostics).

Canatu's sensor is designed to detect unauthorized physical tampering in systems that store or process sensitive information. The device is connected to electronics that constantly monitors and responds to protect the data. The company already mentioned in connection with its IPO that it has an ongoing project targeting the defense sector, in which the product now being announced is being developed.

The agreement with the customer includes deliveries from April 2025 to the third quarter of 2026, and the corresponding revenue will be recognized during the same period. According to Canatu's disclosure policy, the agreement is considered to be of small commercial value (less than 1 MEUR). It can therefore be said to make a small contribution to our projected revenue for Canatu in the coming years.

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

Most of that article is behind a paywall.
6/8/2026, 5:00 PM
1
Citrini mentioned Canatu in their latest article. There will likely be buying pressure on the stock in the coming days. citriniresearch.com ...
6/8/2026, 4:45 PM
by Jackfin
10
Honestly, I think this delay might actually be a hidden catalyst for Canatu. By pushing out High-NA, TSMC has to squeeze every last drop of ...
6/4/2026, 1:28 PM
by Value Philosopher
9
TrendForce [News] TSMC Says Energy Efficiency Is Emerging as a Higher Priority Than... Surging AI-driven electricity demand is making energy...
6/4/2026, 12:59 PM
by timontti
6
As the 5th month of the year comes to a close, it is worth looking at this year’s outlook, based on which Canatu should sell at least two reactors...
5/30/2026, 7:25 AM
by Harvasepäivä
9
Juho Toratti has written a piece on Canatu that can be read in just a few minutes. Canatu is an interesting company with significant international...
5/30/2026, 6:56 AM
by Sijoittaja-alokas
4
Block trades of 140k and 10k were also printed for the warrant at a price of €2.5. Still quite a large investment of €375k, considering that...
5/29/2026, 9:12 AM
by Critter
5