Betolar Plc
Company Release
August 12, 2026 at 11.35 A.M. EEST
Betolar Plc Half-Year Financial Report, 1 January-30 June 2026 (unaudited)
Betolar Plc Half-Year Financial Report 1-6/2026: Revenue growth continued and financing strengthened with sharpened strategic focus
This is a summary of the half-year report for January-June 2026, which is attached in full to this release and can be downloaded from the company's website at: https://www.betolar.com/investors
April-June 2026 in brief
- Revenue amounted to EUR 461 thousand (253 thousand)
- Other operating income amounted to EUR 148 thousand (213 thousand)
- EBITDA amounted to EUR -1,120 thousand (-1,116 thousand)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 5,919 thousand (8,724 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 12,658 thousand (10,878 thousand)
- Order intake amounted to EUR 75 thousand (430 thousand)
- The number of new NRE projects was 2 (4)
- The average number of personnel during the period was 27 (34)
January-June 2026 in brief
- Revenue amounted to EUR 902 thousand (417 thousand)
- Gross margin amounted to EUR 447 thousand (307 thousand)
- Other operating income amounted to EUR 348 thousand (640 thousand)
- EBITDA amounted to EUR -2,092 thousand (-2,123 thousand)
- Operating profit (loss) was EUR -3,001 thousand (-3,123 thousand)
- Profit for the period amounted to EUR -3,136 thousand (-3,039 thousand)
- Earnings per share were EUR -0.15 (-0.14)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 5,919 thousand (8,724 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 12,658 thousand (10,878 thousand)
- Order intake amounted to EUR 296 thousand (520 thousand)
- The number of new NRE projects was 5 (5)
- The average number of personnel during the period was 28 (35)
Main events during April - June 2026
- Betolar introduced a solution for protecting critical infrastructure against drones and other threats (04/2026)
- Betolar and Enersense initiated commercial cooperation to protect electrical substations (05/2026)
- Betolar launched a new drone protection solution for large-scale critical infrastructure facilities (05/2026)
- Betolar focused its operations on growing businesses - with a strategic emphasis on Critical Infrastructure Protection (CIP) and Metal Extraction Technology (MET) (06/2026)
- Inside information: Betolar was granted EUR 2.1 million in funding under the MINERVA project funded by the EU LIFE Programme (06/2026)
- Inside information: The Board of Directors of Betolar Plc appointed Vibeke Krohn as Chief Executive Officer of Betolar Plc effective from 1 August 2026 (06/2026)
- Inside information: Betolar secured exclusive rights to utilise titanium-bearing tailings from the Otanmäki Mine Oy mining area and signed a letter of intent with Scalewolf regarding follow-on financing for the project (06/2026)
- Inside information: Betolar Plc issued a EUR 3 million convertible bond, negotiated a EUR 3 million term loan agreement, and intends to issue an additional EUR 3 million tranche of notes (06/2026)
- Betolar Plc and Scalewolf entered into a strategic partnership to scale Betolar's metal extraction technology (06/2026)
- Change in Betolar Plc's Management Team: Soila Söderström left her position (06/2026)
- Betolar's critical infrastructure protection solutions expanded - a fourth patent application strengthens the company's comprehensive protection offering (06/2026)
- Betolar Plc signed EUR 3 million term loan agreement announced on 23 June 2026 (06/2026)
Events After the Reporting Period
- Notice of an Extraordinary General Meeting of Betolar Plc (07/2026)
- Betolar's blast furnace slag approved for low-carbon concrete emissions calculations, enabling the material's immediate use in concrete mix designs (07/2026)
- Resolutions of the Extraordinary General Meeting: The Extraordinary General Meeting elected Rainer Peltoniemi as a new member of the Board of Directors and authorised the Board to resolve on a share issue and the issuance of special rights entitling to shares (8/2026)
Guidance for 2026 (unchanged)
Revenue for 2026 is expected to increase significantly compared to the previous year.
Accounting principles
Betolar's consolidated financial statements for the period that ended 30 June 2026 have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Committee (IFRIC) in force on 30 June 2026.
The figures in parenthesis in this report refer to the comparison period, i.e. the same period in 2025, unless stated otherwise. The figures for the comparison period are based on the audited annual financial statements, and all figures are in accordance with IFRS.
President and CEO's review
1 August 2026 I assumed my role as President and CEO, and during my first weeks with the company, I have had the opportunity to review the progress made during the first half of the year and to commence discussions with our employees, customers, partners and shareholders.
The first half of 2026 was a vital period for Betolar. The company sharpened its strategic focus around three business areas: Metal Extraction Technology (MET), Critical Infrastructure Protection (CIP) and Circular Materials (CM). Progress was achieved across all three business areas, supported by important commercial, technological and financing milestones.
The strategic partnership with Scalewolf, and the exclusive rights secured for the Otanmäki tailings area, represent important steps toward scaling and industrial deployment of our metal extraction technology. In addition, the cooperation with Anglo American progressed, new customer development projects were launched, and the company was awarded EUR 2.1 million of EU LIFE funding through the MINERVA project.
Challenging geopolitics continues to highlight the importance of resilience, creating new opportunities and customer demand for critical infrastructure protection solutions. Building on our strong materials expertise, Betolar is well placed to meet this demand and Critial Infrastructure Protection has emerged as a new strategic focus area. Over the first half of the year, Betolar has introduced new solutions, strengthened its intellectual property position through additional patent applications and expanded commercial discussions and partnerships with critical infrastructure protection.
In Circular Materials, Betolar continued supplying blast furnace slag and developing new material streams for customers in both India and Finland. The business continued to support customers' need for lower-carbon construction and infrastructure solutions while strengthening the company's position within circular materials.
The company also strengthened its financial position during the period through a EUR 3 million convertible hybrid bond, a EUR 3 million term loan arrangement and additional public funding. These measures provide increased flexibility and support the continued development and commercialization of the company's strategic growth areas.
As I commence my tenure as CEO, my initial impression is that Betolar has developed a strong foundation of technology, expertise and intellectual property. And we are ready to shift 'gear' from technology development to commercialization and execution!
Within metal extraction, we set off on a scaling journey. And with our partner Scalewolf, we can scale with lower capital intensity. Moreover, within critical infrastructure protection, we experience strong customer demand across customer segments such as subsea, power grid, data centers and defense. Going into the second half of year, we deepen our focus on commercialization of solutions and customer adoption.
In conclusion, I look forward to working together with the team, our customers, partners and shareholders as we continue building the next phase of Betolar's development. We also look forward to sharing additional perspectives on our strategic priorities and future direction on our planned Capital Markets Day later this autumn.
Vibeke Krohn
President and CEO
Key Figures
Key figures for the Group
| (EUR thousand, unless otherwise specified) | 4-6 2026 | 4-6 2025 | 1-6 2026 | 1-6 2025 | 1-12 2025 |
| Financial indicators | |||||
| Revenue | 461 | 253 | 902 | 417 | 946 |
| Gross margin1 | 447 | 307 | 724 | ||
| Other operating income | 148 | 213 | 348 | 640 | 1,414 |
| EBITDA1,2 | -1,120 | -1,116 | -2,092 | -2,123 | -3,709 |
| Operating profit (loss) | -3,001 | -3,123 | -5,840 | ||
| Earnings before interest and taxes | -3,110 | -3,072 | -5,932 | ||
| Profit (loss) for the financial period | -3,136 | -3,039 | -6,085 | ||
| Earnings per share, basic and diluted, EUR1,3 | -0,15 | -0,14 | -0,28 | ||
| Cash and cash equivalents and short-term fund investments (at the end of the period)1,2 | 5,919 | 8,724 | 5,919 | 8,724 | 6,715 |
| Liquidity and undrawn grants (at the end of the period)1,2 | 12,658 | 10,878 | 12,658 | 10,878 | 7,681 |
| Operational indicators | |||||
| Order intake (EUR thousand)1,2 | 75 | 430 | 296 | 520 | 2,327 |
| Number of new NRE projects 1,2 | 2 | 4 | 5 | 5 | 9 |
| Personnel (average number during the financial period) | 27 | 34 | 28 | 35 | 32 |
1) Betolar uses certain indicators (gross margin, EBITDA, earnings per share, cash and cash equivalents and short-term fund investments, liquidity and undrawn grants, order intake and number of new NRE projects) as half-yearly indicators of operational profitability and business performance. The definitions and calculation formulas of these indicators can be found in the appendix to the report.
2) 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 appendix to the report.
3) The number of shares used in the calculation of earnings per is 21,567,570 shares for all time periods. As the Group reported loss for the period, the options and convertible hybrid bond would not have had dilutive effect. Thus options and convertible hybrid bond were excluded from the calculation of diluted earnings per share.
Financial reporting
Betolar will publish the Business Review for January - September 2026 on Wednesday 28 October 2026.
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 the same day at 1:00 p.m. Finnish time. The webcast can be joined at https://betolar.events.inderes.com/q2-2026
In the webcast, President & CEO Vibeke Krohn and CFO Mikko Wirkkala will present Betolar's Financial Review and other recent developments. The recording and presentation materials will be available on Betolar's website after the event at www.betolar.com/reports-and-presentations.
Betolar Plc
More information:
Vibeke Krohn, CEO & President, Betolar Plc, vibeke.krohn@betolar.com, +47 936 34 491
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. Founded in 2016, the company is headquartered in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market Finland (ticker: BETOLAR) and its shares are also traded on the OTCQX International market in the United States (ticker: BTLRF). For more information, visit www.betolar.com.
