Canatu Ranked by Deloitte Technology Fast 50

Canatu announced that it has been recognized by the Deloitte Technology Fast 50 program as one of Finland’s fastest-growing technology companies.

The Deloitte Technology Fast 50 Finland ranks the fastest-growing technology companies in Finland, both public or private, based on percentage sales growth over four years, from 2020 to 2023, as reported in official financial statements.

During this period, Canatu achieved a revenue growth rate of 799%, securing 21st place on the list. The top three fastest-growing companies were IQM, Kempower, and Metacore.

“I’ve been following Canatu for over a decade, and it’s fantastic to see a Finnish deep-tech company rooted in scientific discovery achieving a commercial breakthrough,” said Petteri Tulikoura, director, corporate finance, Deloitte. “It’s not easy for any R&D- and capital-intensive material technology company to find customers whose products and applications align with the solutions companies like Canatu offer, yet Canatu has succeeded exceptionally well in creating demand for its advanced CNT solutions.

“This journey has likely involved many trials and errors, but also numerous right decisions,” added Tulikoura. “Canatu’s success sets a strong example and shows the way for other Finnish deep-tech innovators—a sector that will undoubtedly play a key role in Finland’s economic growth and competitiveness in the decades ahead.”

“We’re truly honored to be recognized alongside an outstanding group of Finnish technology companies that are driving growth and redefining industries with technology,” said Juha Kokkonen, CEO, Canatu Oyj “This award reflects our team’s ability to promote and sell advanced CNT solutions globally which is reflected in strong sales growth.”

In recent years, Canatu’s revenue has grown substantially, with net turnover rising from €1.5 million in 2020 to €13.6 million in 2023. This growth corresponds to a compound annual growth rate (CAGR) of 108% and a total increase of 799%.

Canatu’s gross margins have also shown significant improvement, reaching 71% in 2023, up from 61% in 2021. Canatu’s net turnover for the 2024 financial year is estimated to be between EUR 20 million and EUR 25 million.

Canatu focuses on the semiconductor, automotive, and medical diagnostics industries, which require high-quality carbon nanotubes and offer strong growth and profitability potential. Each of these industries is undergoing a significant technological disruption.

Canatu expects that demand for advanced, sub-7nm chips continues to grow in the semiconductor industry, driven by advancements in artificial intelligence and computing. The automotive sector is shifting toward assisted and autonomous driving technologies and electric vehicles.

Medical diagnostics is shifting towards point-of-care diagnostics, reducing reliance on centralized, laboratory-based testing for specific parts of the care chain. Canatu is well-positioned to support these industry transformations with its CNT solutions.