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Analyst Comment

Canatu and DENSO deepen cooperation in the automotive industry

By Atte RiikolaAnalyst
Canatu

Translation: Original published in Finnish on 12/5/2024 at 7:11 am EET.

According to Canatu’s press release, DENSO and Canatu signed a new Memorandum of Understanding in November, which will deepen their cooperation to commercialize transparent camera heaters and accelerate the development of new products. With this agreement, Canatu will strengthen its cooperation with DENSO in the following three key areas:

  1. Research and development: In addition to Canatu CNT-based transparent heaters, the two companies aim to develop new application technologies, such as solar panels.
  2. Mass production technology: Further joint development of Canatu CNT manufacturing equipment and processes, ensuring compliance with automotive quality standards required for mass production.
  3. Establishing a global supply chain: Exploring supply systems to ensure stable and reliable delivery of CNT products worldwide.

According to Canatu, collaboration in the research and development phase does not necessarily lead to significant commercial results. The agreement also has no direct impact on revenue or profit. The potential future impact will depend on the progress of the development phase.

DENSO is one of Canatu's largest shareholders and the companies have a long history of cooperation. In 2021, Canatu signed a major co-development agreement with DENSO for reactors developed for CNT membrane manufacturing for the automotive industry. In April 2024, this new H-100 reactor became operational, which has significantly increased the production capacity of CNT membranes. In our long-term forecasts, the automotive sector currently accounts for just over 10% of revenue, which is much less than the semiconductor sector. We have explained our assumptions in more detail in our recent Initiation of coverage report.

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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 Figures21.10.2024

202324e25e
Revenue13.622.730.3
growth-%62.1 %66.8 %33.6 %
EBIT (adj.)-0.6-3.4-2.4
EBIT-% (adj.)-4.7 %-15.1 %-7.9 %
EPS (adj.)-0.04-0.09-0.04
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDA844.0neg.neg.

Forum discussions

Inderes Canatu vahvistaa valmiuttaan toimia lääkediagnostiikan markkinoilla myönnetyn... Canatu Oyj Lehdistötiedote 18.6.2026 klo 15:22.Canatu...
6/19/2026, 6:21 AM
by Harvasepäivä
16
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
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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