Canatu (CANATU) H2 2024 earnings summary

Executive summary

• Achieved 62.1% year-over-year revenue growth to EUR 22.0 million in 2024, driven by semiconductor business expansion and first CNT reactor shipments.

• Listed on Nasdaq First North Growth Market Finland in September 2024 via combination with Lifeline SPAC I, strengthening balance sheet and talent attraction.

• Workforce expanded to 137, with 123 full-time employees at year-end and a highly qualified, international team.

• Maintained leadership in inspection membranes for EUV mask inspection and advanced IPR, R&D, and patent activity.

• Shipped first two CNT reactors and continued investment in automation, cleanroom facilities, and new applications.

Financial highlights

• 2024 pro-forma revenue reached EUR 22.0 million, up 62.1% year-over-year; semiconductor revenue up 77.2%, automotive down 7.3%.

• Gross profit grew 43.1% to EUR 13.8 million; gross margin at 62.5%, down from 70.9% in 2023 due to product mix.

• Adjusted EBIT margin declined to -21.9%, impacted by development phase, product mix, and reduced government grants.

• Net loss for the period was EUR -1.7 million; pro forma EBITDA EUR -3.6 million.

• Capital expenditure stable at EUR 5.0 million, focused on patents, equipment, and production; R&D expenditure EUR 4.3 million, fully expensed.

Outlook and guidance

• No numeric guidance for 2025; revenue expected to be weighted towards H2 due to customer approval timelines and reactor order timing.

• Long-term targets for 2027: over EUR 100 million revenue and EBIT margin above 30%.

• Semiconductor expected to remain largest revenue contributor in 2025; automotive ADAS camera mass production ramp-ups anticipated.

• Medical diagnostics strategy to be launched in H2 2025, with continued investment; revenue contribution to remain non-material.