There was indeed some good information in that report!
”Canatu’s first reactor customer is the Korean Fine Semitech Corporation (FST). Based on public sources, we estimate that FST’s end customer is Samsung, which is implementing EUV pellicle solutions at its Taylor plant in the United States. The Taylor plant will manufacture, among others, Tesla’s A16 chips.
We speculate that the second reactor customer is the world’s largest and most valuable chip manufacturer, TSMC. TSMC has stated it is building its own EUV pellicle production, and Canatu’s reactors would fit well into this equation.”
So, would Canatu ultimately remain a reactor manufacturer for the giants rather than a manufacturer of high value-added pellicles?
On the other hand, the report also includes the following passage, which signals an interest in heading in that direction. But does it have what it takes to compete against the giants?
”Canatu’s product range includes carbon nanotube membranes, which can be used in EUV pellicle films, as particle filters in EUV mask inspection, and as optical filters. In addition, Canatu manufactures and sells reactors with which the customer can directly produce carbon nanotube membranes for pellicle films themselves.”
”Currently, Canatu does not offer customers finished EUV pellicle films that include framing and special coating. The company supplies customers with carbon nanotube membranes for the production of these films, as well as reactors with which customers can manufacture these membranes in their own production facilities.”
Well, one can hope. Perhaps the value appreciation here could be based on someone buying out Canatu entirely, thereby cutting off the production of pellicles for other players. Unless the related patents have already mostly expired, as some of the core patents have already expired or are soon to expire.