Company Releases

Betolar Plc's Financial Statements Release 1-12/2023: Priority shifted to side stream-focused mining and larger construction solutions


Betolar Plc

Company Release

14 February 2024 at 8:30 a.m. EET

Betolar Plc's Financial Statements Release for 1 January–31 December 2023 (unaudited)

Betolar Plc's Financial Statements Release 1-12/2023: Priority shifted to side stream-focused mining and larger construction solutions

This is a summary of the 2023 Financial Statements Release, which is in its entirety attached to this release and can be downloaded from the company’s website at

October–December 2023 in brief

  • Net sales amounted to EUR 217 thousand (EUR 222 thousand)
  • EBITDA amounted to EUR -2,370 thousand (EUR -2,756 thousand)
  • Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 14,315 thousand (EUR 26,624 thousand)
  • The number of new pilot customers was 1 (6)
  • The average number of personnel during the period was 57 (60)

January–December 2023 in brief

  • Net sales amounted to EUR 515 thousand (EUR 287 thousand)
  • Gross margin amounted to EUR 340 thousand (EUR 121 thousand)
  • EBITDA amounted to EUR -11,181 thousand (EUR -9,988 thousand)
  • Operating profit (loss) was EUR -13,260 thousand (EUR -11,518 thousand)
  • Profit for the financial period amounted to EUR -13,153 thousand (EUR -11,844 thousand)
  • Earnings per share were EUR -0.67 (EUR -0.61)
  • Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 14,315 thousand (EUR 26,624 thousand)
  • The number of new pilot customers was 24 (25)
  • The average number of personnel during the period was 60 (51)

Key events in the 2023 financial period

  • On 29 March 2023, Betolar published an updated strategy to steer towards sustainable growth and a stronger position in the value chain.
  • In accordance with the strategy update, the focus of development work was shifted from concrete products towards structural products with higher added value and mining solutions.
  • Betolar's patent for electrical energy storage was expanded to the European, Indian and US markets.
  • The construction phase of the expansion of the Innovation Centre in Kannonkoski was completed at the end of the second quarter.
  • In the Waste upcycling product segment, the first agreements related to side stream research and utilisation were signed, such as a research project order from Inno Precast Company Limited in Thailand and Eesti Energia.
  • On 19 September 2023, Betolar received a positive decision on a EUR 2.7 million grant from Business Finland for a research and development project on alternative side streams.
  • To strengthen the implementation of its growth strategy, Betolar initiated measures to adjust its cost structure. The measures are estimated to generate annual savings of approximately EUR 5 million in 2024. In relation to this, Betolar commenced companywide change negotiations, which were completed at the beginning of October 2023.
  • There were changes in the Management Team when Janne Rauramo, VP of Strategic Partnerships, and Ilkka Iittiläinen, COO, left the company. Tuija Kalpala (M.Sc. Econ.) was appointed as the new Chief Operating Officer and started in her position on 2 October 2023.

Key events after financial period

  • On February 14, 2024, Betolar's board of directors confirmed the company's updated mid-term business and financial goals. The updated business and financial goals are based on the company's previously announced strategy, which remains unchanged.
  • Betolar received a grant of EUR 370,000 from Finnpartnership for piloting a plant-scale production of low-carbon hollow core slabs in Malaysia.

Betolar's consolidated financial statements for the year that ended 31 December 2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) and Interpretations Committee (IFRIC) in force on 31 December 2023. The figures in brackets in this report refer to the comparison period, i.e. the same period in 2022, unless otherwise specified. The figures for the comparison period are based on the audited financial statements. All figures are according to IFRS accounting standards. The half-year and quarterly information published in the comparison period for the periods 7-12/2022 and 10-12/2022 has been restated in this report to correspond to IFRS. More information on the IFRS transition can be found in the transition release published on 21 December 2022.

The Board of Directors’ proposal on the use of distributable unrestricted shareholders’ equity

The Board of Directors proposes that no dividend be distributed for the financial period 1 January–31 December 2023 and that the loss for the financial period be carried over under retained earnings.

Key figures

Key indicators for the Group

(EUR thousand, unless otherwise specified) 10-12/
2023 2022
Financial indicators            
Net sales 217 222 385 267 515 287
Gross margin1     304 126 340 121
EBITDA1,2 -2,370 -2,756 -4,995 -5,471 -11,181 -9,988
Operating profit     -6,185 -6,523 -13,260 -11,518
Earnings before interest and taxes     -6,126 -6,422 -13,177 -11,873
Profit (loss) for the financial period     -6,122 -6,405 -13,153 -11,844
Earnings per share, basic and diluted, EUR1,3     -0.31 -0.33 -0.67 -0.61
Cash and cash equivalents and short-term fund investments1,2 (at the end of the period) 14,315 26,624 14,315 26,624 14,315 26,624
Operational indicators            
Personnel (average number during the financial period) 57 60 58 60 60 51
Number of new pilot customers1,2 1 6 6 11 24 25


  1. Betolar uses certain indicators (gross margin, EBITDA, earnings per share, cash and cash equivalents and short-term fund investments and number of new pilot customers) 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 and number of pilot customers) 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 share is as follows: 31 Dec. 2023: 19,606,882, 31 Dec. 2022: 19,531,757. The average number of shares for different periods is as follows: 1–12/2023: 19,569,320, 7–12/2023: 19,579,236, 1–12/2022: 19,487,891, 7–12/2022: 19,524,552.

CEO Riku Kytömäki comments on the financial period 2023

In 2023, we succeeded in improving the added value and sales of our cement substituting material technology to different customer segments, from construction to mining. Demand for our solutions remained stable: we help our customers reduce their CO2 emissions and reduce the use of virgin raw materials.

We updated our strategy at the end of March. Our ever-growing insight of the emerging markets and the applicability and potential of our solutions has refined our direction. New priorities have included moving to larger scale customers, initiating the application development for the mining sector, researching and productizing industrial side streams and taking a stronger position in the side stream value chain.

After moving forward with the changes in strategic focus during 2023, we published refinements to our business and financial goals after the period. By emphasizing side-streams and by targeting bigger clients in high-value mining and construction materials, we're building a foundation for new growth. In particular, long-term research into untapped side streams will enable new value for our materials technology, our customers and the environment. As we build a new foundation, we revise our estimate of the revenue growth rate over the strategy period. Correspondingly, we estimate that the successful implementation of the strategy will create stronger growth and scaling potential.

Sales of non-recurring engineering services increased during the year. Examples from the last quarter of the year include the agreements with Metso and Eesti Energia. Our aim is to help find new sustainable uses for the side streams generated either by Eesti Energia's own operations or by Metso's own customers. Having customers with companies of this size improve our visibility and strengthen the growth opportunities of our waste upcycling business globally.

In providing cement-free construction solutions, we shifted our focus to larger scale and higher value-added applications. Our aim is to move from smaller concrete products to structural concrete products such as hollow-core slabs and other load-bearing concrete products. Towards the end of the year, we successfully tested our updated geopolymer recipe and dosing system that are key to this goal.

Our revenue increased from the previous year and was generated not only from license and material fees, but also from the sales of non-recurring engineering services in line with our updated strategy. Our profitability is still in line with the profile of acompany in the early stages of its business. We invested heavily in growth by strengthening our processes and capabilities to meet customer needs. To counterbalance the investments, we reviewed our cost structure in light of the updated strategy and implemented a significant cut in costs that were not aligned with the strategy. We expect the full impact of these savings to be realised in 2024. We also received a positive decision on a significant EUR 2.7 million Business Finland grant for the research and development project of alternative side streams, which we will raise during the years 2024 and 2025.

Innovation at Betolar is the foundation of our business. The expansion of our innovation centre in Kannonkoski, which was taken into use during the year, will help us to expand our material handling capabilities and standardise raw material conditions. This creates the basis for the development of more demanding structural elements and will strengthen our position and support our long-term development goals.

To clarify strategic focus and roles, we compressed our management team to six people. At the beginning of October, we strengthened the management team with Tuija Kalpala, who has experience in international supply chains, logistics and strategic development management roles.

Seamless teamwork and a shared will to do the right thing are key to our journey towards sustainable success. We reinforced our commitment to responsible and ethical business practices by launching our Code of Conduct. We also trained our staff regarding diversity, equity and inclusion. A big thank you to our team members for their commitment - together we are moving forward in the green transition.

Annual General Meeting

The Annual General Meeting of Betolar Plc is planned to be held on 27 March 2024. The notice of the Annual General Meeting will be published later. 

Annual report and financial reporting

Betolar will publish the following financial reports in 2024:

  • 30 April: Q1 Business Review
  • 27 August: Half-yearly Review
  • 1 November: Q3 Business Review

The Annual Report for 2023 will be published by 6 March 2024. Betolar's financial reports are available on the company's website at

Webcast for investors and media

Betolar will host a live webcast in English for investors and media on 14 February 2024 at 10.00 a.m. Finnish time.

You can follow the broadcast at

In the English presentation, CEO Riku Kytömäki and CFO Riikka Ylikoski will present Betolar's financial statements 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.

More information

Riku Kytömäki, CEO, Betolar Plc,, +358 50 511 8288

Certified Adviser:

Aktia Alexander Corporate Finance Oy, +358 50 520 4098

About Betolar

Betolar Plc is a Finnish materials technology company that offers the production of sustainable and low-carbon concrete with the Geoprime solution. The solution converts industrial side streams into a cement substitute.  Betolar's artificial intelligence innovation can significantly reduce CO2 emissions compared to traditional cement-based concrete production by optimizing existing manufacturing processes, supporting solution development with advanced analytics, and creating global markets for side streams. Betolar's mission is to help reduce CO2 emissions and the use of virgin resources.

Betolar was founded in 2016 and is domiciled in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market.

Read more:

Betolar 2023 Financial Statements Release