Canatu (CANATU) H2 2025 earnings summary

Executive summary

• Revenue for 2025 declined 29.2% year-over-year to EUR 15.6 million, mainly due to delayed reactor orders and slower customer approvals.

• Gross margin improved to 72.5% from 62.5% year-over-year, reflecting a higher share of licensing revenue.

• Automotive segment revenue more than doubled, driven by strategic partnership with DENSO and growth in battery electric vehicle and sensor applications.

• Significant investments were made in medical diagnostics, personnel, R&D, and manufacturing capacity, including a new factory and expanded team.

• The first CNT100 SEMI reactor was licensed and shipped to FST, enabling mass production of CNT pellicle membranes.

Financial highlights

• Revenue: EUR 15.6 million (down 29.2% year-over-year); gross profit: EUR 11.3 million; gross margin: 72.5%.

• Adjusted EBIT: EUR -10.2 million (margin -65.3%), reflecting lower revenue and increased operating expenses.

• Cash and cash equivalents: EUR 22.1 million; net debt: EUR -89.9 million; equity ratio: 93.2%.

• Capital expenditure stable at EUR 5.0 million for the year, focused on patents, machinery, and new factory development.

• Over 90% of revenue from five main customers.

Outlook and guidance

• No specific numerical guidance for 2026 due to ongoing customer negotiations, strategy update, and market volatility.

• Long-term financial targets for 2027 (EUR 100 million revenue, >30% EBIT margin) withdrawn; new targets to be announced at Capital Markets Day or before March 2026.

• Key 2026 operational targets include completing customer approval for a second foundry reactor, selling at least one new CNT100 reactor, starting mass production of ADAS camera heaters, and advancing medical diagnostics prototypes.