Betolar Plc
Company Release
23 April 2026 at 8:30 a.m. EET
Betolar Plc's Business Review for 1 January-31 March 2026 (unaudited)
Betolar Plc's Business Review 1-3/2026: Record-high revenue driven by new projects; push for Metal Extraction Technology continues
This is a summary of the Q1 Business Review, which is in its entirety attached to this release and can be downloaded from the company's website at https://www.betolar.com/investors.
January-March 2026 in brief
- Revenue amounted to EUR 441 thousand (164 thousand)
- Other operating income amounted to EUR 200 thousand (428 thousand)
- EBITDA amounted to EUR -972 thousand (-1,007 thousand)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 5,181 thousand (10,253 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 6,148 thousand (12,408 thousand)
- Order intake amounted to EUR 221 thousand (90 thousand)
- The number of new NRE projects was 3 (1)
- The average number of employees was 28 (34)
- Full year guidance unchanged: revenue for 2026 is expected to increase significantly compared to the previous year
Main events in January-March
- Betolar, Ecograf and GTK collaborate to transform Epanko mine tailings using Betolar's Metal Extraction Technology (2/2026)
- Trading in Betolar's shares begun on 20 January 2026 on the OTCQX International marketplace in the United States (1/2026)
- Betolar's Shareholders' Nomination Committee's proposals to the Annual General Meeting 2026 (1/2026)
- Annual General Meeting and the Constitutive Meeting of the Board of Directors on March 18, 2026 (3/2026)
Main events after the period
- Betolar introduces a solution to protect critical infrastructure from drone and other threats (4/2026)
This business review is not an interim report under the IAS 34 standard. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information and key figures on the company's strategy and business development. The figures presented in this business review are unaudited. The figures in brackets refer to the corresponding period in the previous year, unless otherwise stated.
President and CEO's review
The start of 2026 was strong. The January-March revenue was all-time high in the company's history. We made consistent progress across all key business areas and strengthened Betolar's position as a developer of innovative, low-carbon solutions for critical needs of society.
In Mining & Metals, we received a follow-on order from Anglo American related to our Metal Extraction Technology processing of Sakatti mine tailings. We initiated also collaboration with EcoGraf and Geological Survey of Finland (GTK) to assess the utilization potential of tailings from the Epanko mine. These initiatives demonstrate the strong interest shown in our Metal Extraction Technology by leading global mining industry players, and in addition to these projects, we are actively advancing the demonstration of our technology's performance at the next scale. During the review period, we also continued the development of cementless and low-carbon mining solutions within customer projects.
In Infrastructure Solutions, we focused on executing the company's largest project order to date and continued the development of low-carbon and cementless concrete solutions for infrastructure projects. We also introduced a new solution to the market for protecting critical infrastructure, such as electrical substations and, especially, main transformers, against drones and other threats. The solution is based on a preventive approach, Betolar's materials technology expertise, and the use of locally available materials, and it directly addresses the growing demand for improving the resilience and security of society.
In Circular Materials, business developed positively both internationally and in Finland. In India, blast furnace slag sales continued to grow, and in Finland we launched the sale of blast furnace slag to the concrete industry, enabling broader utilization of low-carbon materials that can be adopted immediately in construction.
Overall, the early part of the year reinforced Betolar's strategic direction and created a solid foundation for business growth. We will continue our determined efforts to commercialize our technologies, deepen partnerships and bring our solutions to wider market adoption. Infrastructure solutions and the sale of circular economy materials support the company's short-term revenue generation, while our investments in the development and commercialization of our Metal Extraction Technology support the company's long-term value creation.
Finally, I would like to thank our customers for their trust, our partners for their excellent collaboration, and all Betolar employees for their committed work towards our shared goals. Together, we are building sustainable growth and solutions that create value both for our customers and society at large.
Tuija Kalpala
Key Figures
Key indicators for the Group
(EUR thousand, unless otherwise specified) | 1-3 | 1-3 | 1-12 |
Financial indicators | |||
Revenue | 441 | 164 | 946 |
Other operating income | 200 | 428 | 1 414 |
EBITDA1 | -972 | -1,007 | -3,709 |
Cash and cash equivalents and short-term fund investments (at the end of the period)1 | 5,181 | 10,253 | 6,715 |
Liquidity and undrawn grants (at the end of the period)1 | 6,148 | 12,408 | 7,681 |
Operational indicators | |||
Order intake (EUR thousand)1 | 221 | 90 | 2,327 |
Number of new NRE projects1 | 3 | 1 | 9 |
Personnel (average number during the financial period) | 28 | 34 | 32 |
1) Betolar uses certain indicators (EBITDA, cash and cash equivalents and short-term fund investments, liquidity and undrawn grants, order intake, and number of new NRE projects) as quarterly indicators of operational profitability and business performance. The definitions and calculation formulas of these indicators can be found in the annual report of the company.
Financial reporting
Betolar will publish the following financial reports in 2026:
- 12 August Half-year Review
- 28 October Q3 Business Review
Betolar's financial reports are available on the company's website at www.betolar.com/investors.
Webcast for investors and media
Betolar will host a live webcast in English for investors and media on 23 April 2026 at 10.00 Finnish time.
You can follow the broadcast at https://betolar.events.inderes.com/q1-2026
In the English presentation, CEO & President Tuija Kalpala and CFO Mikko Wirkkala will present Betolar's Business Review and other topical issues. A recording of the event and the corresponding presentation will be available on Betolar's investor website later in the day at https://www.betolar.com/reports-and-presentations
Betolar Plc
More information
Tuija Kalpala, CEO & President, Betolar Plc, tuija.kalpala@betolar.com, +358 50 567 6608
Mikko Wirkkala, CFO, Betolar Plc, mikko.wirkkala@betolar.com, +358 50 458 4190
Certified Adviser
Aktia Alexander Corporate Finance Oy, +358 50 520 4098
About Betolar
Betolar is a circular economy and materials technology company. The company develops innovative solutions that transform industrial sidestreams and waste into low-carbon, cement-free products for the mining, metals, and construction industries.
At the core of Betolar's offering is its groundbreaking Metal Extraction Technology for recovering critical and strategic metals from industrial waste streams and mine tailings. Through its continuously evolving Geoprime® solution, Betolar significantly reduces CO2 emissions associated with traditional cement use and supports more sustainable mining and construction practices.
Complementing its material innovations, Betolar's AI-based data platform accelerates solution development and optimizes the utilization of industrial sidestreams. The SidePrime analytics service, built on this platform, identifies and maps opportunities for efficient sidestream and waste utilization, enabling data-driven circular solutions.
Betolar was founded in 2016 and is domiciled in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market Helsinki (ticker: BETOLAR), and its shares are also traded in the United States on the OTCQX International marketplace (ticker: BTLRF). For more information www.betolar.com.
