Company Releases

Betolar updates its medium and long-term business and financial targets


Betolar Plc

Company Release

14 February 2024 at 08:15 a.m. EET

Betolar updates its medium and long-term business and financial targets

In line with the strategy updated in March 2023, the company has shifted the focus of its business to larger customer applications in the mining and construction industries, where the need for low-carbon solutions will grow most strongly globally. Commercial success requires the company to conduct long-term research and development of alternative side streams, which plays a key role in business value creation. The speed of commercialization of Betolar’s solutions is significantly affected by the application of new operating models in traditional industries, and the company is actively pushing for changes in the norms regulating the industries, among other things. In the short term, the company's business has taken off more slowly than expected. A large part of the cash flow from operations currently comes from engineering projects, where the successes achieved allow for future scaling potential in higher volume customer applications in the green solutions market.

During the strategy period (2024–2026), Betolar has the following medium-term targets:

Financial objectives

  • Net sales EUR 50-100 million at the end of 2026
  • Achieving positive cash flow from operating activities during 2026

The financial targets describe the company's view of value creation opportunities during the strategy period extending to the end of 2026. Betolar does not consider financial targets to be guidance for any year. In the long term, the green cement market is expected to grow strongly and Betolar aims for a significant market share of this. The long-term financial goal is to reach net sales of EUR 1 billion and a 30 percent EBITDA margin by the end of 2033.

Business objectives

  • Accelerating research and application development of alternative side streams
  • Creating a stronger position and value creation potential in the value chain of side streams
  • Global scaling of Betolar's solutions to high-volume and scalable customer segments
  • Expansion into key markets based on demand for green transition, availability of side streams and Betolar's ability to deliver economic value through productised applications
  • Building a data-driven business ecosystem
  • Development of commercial platform services on Betolar's AI platform

The customer's number one choice for utilising alternative side streams

The targets are updated based on the business model in line with the strategy, which has been renewed to meet evolving customer needs. Betolar has decided to focus on four product segments: mining, waste upcycling, construction elements and concrete products.

The renewed business model highlights two priorities:

  • Licensable Geoprime material technology solutions are offered with ongoing volume-based license and material fees.
  • Non-recurring engineering fee (NRE) projects especially for the mining industry and side stream owners.

Betolar estimates that it is in a better position than other operators in the industry to meet the needs of research and commercialization of alternative binders. The company has a globally scalable operating model with light fixed asset needs, very strong side stream expertise and a data-driven business ecosystem platform as a growing competitive advantage. In the early stages, the company has focused on the systematic use of data in its product development processes. During the strategy period, the company will accelerate the creation of commercial services on Betolar's artificial intelligence platform. The success of the strategy highlights the rapid development and productisation of alternative side streams. The company continuously evaluates opportunities to improve its position in the value chain and in scalable customer segments in rapidly developing markets, for example through key partnerships.

Market outlook

Betolar will continue to focus sales and marketing on key markets based on the demand for the green transition, the availability of side streams and the ability to generate economic added value through productized applications. Demand for low-carbon solutions is expected to be strong during the strategy period, especially in the mining and construction industries. The green cement market for cement blends, geopolymers and alternative binders is expected to multiply in the long term, providing Betolar with opportunities for significant market shares.

The availability and price of side streams play a key role in business value creation. The increased demand for current known side stream sources, especially for blast furnace slag and fly ash, has led to an increase in the prices of these raw materials, while the production volumes of blast furnace slag and fly ash are decreasing globally in the longer term. Betolar is accelerating the development of alternative side streams to replace the use of cement in different customer segments.

Betolar's updated operational key figures

  • Number of new Non-Recurring Engineering (NRE) projects
  • Personnel (average number during the period)
  • Number of new pilot customers

Betolar reports updated key figures from the first business review of 2024.

Betolar Plc

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.

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Calculation formulas for certain operative indicators.

Measure Definition Purpose of use
New Non-Recurring Engineering (NRE) projects  The number of new NRE order intakes received in the relevant reporting period. The indicator describes the development of the contract base of the company's research service business
Number of new pilot customers The number of new customers in the factory pilot phase at the end of the reporting period. The indicator describes the volume development of the company's license-based business sales process.