Company Releases

Betolar's Internationalisation Started with the First Commercial Contracts


Betolar Plc

Company Release 14 February 2023 at 8:30 a.m. EET

Betolar Plc's Financial Statements Release for 1 January–31 December 2022 (unaudited)

Betolar's Internationalisation Started with the First Commercial Contracts

This is a summary of the 2022 Financial Statements Release, which is in its entirety attached to this release and can be downloaded from the company’s website at

January–December 2022 in brief (IFRS)

  • Net sales amounted to EUR 287 thousand (EUR 10 thousand)
  • Gross margin1 amounted to EUR 121 thousand (EUR 10 thousand)
  • EBITDA1 amounted to EUR -9,988 thousand (EUR -4,777 thousand)
  • Operating profit (loss) was EUR -11,518 thousand (EUR -5,513 thousand)
  • Profit for the financial period amounted to EUR -11,844 thousand (EUR -5,587 thousand)
  • Earnings per share1,2 were EUR -0.61 (EUR -0.53)
  • Cash and cash equivalents and short-term fund investments1 at the end of the period amounted to EUR 26,624 thousand (EUR 37,355 thousand)
  • The number of pilot customers1 increased to 25 (12)
  • The average number of personnel during the period increased to 51 (23)

July–December 2022 (IFRS)

  • Net sales1 amounted to EUR 261 thousand (EUR 10 thousand)
  • Gross margin1 amounted to EUR 120 thousand (EUR 10 thousand)
  • EBITDA1 amounted to EUR -5,477 thousand (EUR -3,666 thousand)
  • Operating profit (loss) was EUR -6,529 thousand (EUR -4,178 thousand)
  • Profit for the period amounted to EUR -6,411 thousand (EUR -4,244 thousand)
  • Earnings per share1,2  were EUR -0.33 (EUR -0.36)

Key events in the 2022 financial period

  • Betolar started its commercial phase after concluding the first Geoprime agreements with a total of eight customers.
  • The company carried out pilots with a total of 25 new customers in line with the objectives.
  • In addition to commercial agreements, Betolar signed two strategic development agreements with Critical Metals and the precast concrete element manufacturer Consolis Parma.
  • The development of Betolar’s capabilities continued with new recruitments. The implemented recruitments were especially focused on strengthening of commercial competence, research and product development, the setting up supply chains.
  • The research and development activities were carried out as planned during the period. The activities were targeted at carrying out material research, development of the AI platform, refining the digitalisation strategy and expanding the patent portfolio.
  • On 12 May 2022, Betolar’s Board of Directors appointed Riku Kytömäki as the new CEO of the company, and he assumed his duties on 1 November 2022.
  • The company’s Management Team was complemented by four new members. Antti Uski started as Chief Human Resources Officer on 11 January 2022, Ilkka Iittiläinen as Chief Operations Officer on 29 March 2022, Jarno Poskela as Chief Technology Officer on 1 September 2022 and Ville Voipio as Chief Commercial Officer on 1 October 2022.
  • In September, Betolar appointed Abhishek Bhattacharya (MBA and M.Sc. in Civil Engineering) as the Country Manager of Betolar India Plc.
  • Betolar moved from Finnish accounting practice (Finnish Accounting Standards, FAS) to reporting according to international accounting standards (International Financial Reporting Standards, IFRS). The transition date to IFRS standards was January 1, 2021.
  • In November, Betolar made an investment decision to expand its innovation center in Kannonkoski. Innovation center’s new expansion includes 1000 sqm warm space and the value of the investment is approx. 0.8 million euros.

The figures in brackets in this report refer to the comparison period, i.e. the same period in 2021, unless otherwise specified. The figures for the comparison period are based on the audited financial statements. All amounts are according to IFRS accounting standards.

Board of Directors' proposal on the use of distributable unrestricted equity

The Board of Directors proposes that no dividend be distributed for the financial period 1 January–31 December 2022 and that the loss for the financial period be carried over under retained earnings.

Key figures

 (EUR thousand, unless otherwise specified) 1–12
2022 (IFRS)
7–12 2022 (IFRS) 7–12 2021 (IFRS)
Financial indicators        
Net sales 287 10 261 10
Gross margin1 121 10 120 10
EBITDA1 -9,988 -4,777 -5,477 -3,666
Operating profit (loss) -11,518 -5,513 -6,529 -4,178
Earnings before interest and taxes -11,873 -5,587 -6,428 -4,244
Profit for the financial period -11,844 -5,587 -6,411 -4,244
Earnings per share, basic and diluted, EUR1,2 -0.61 -0.53 -0.33 -0.36
Cash and cash equivalents and short-term fund investments 1 (at the end of the period) 26,624 37,355    
Operational indicators        
Personnel (average number during the financial period) 51 23 60 29
Number of pilot customers1 25 12 11 1 1


  1. Betolar uses certain measures (gross margin, EBITDA, earnings per share, cash and cash equivalents and current investments and number of pilot customers) as indicators of operational profitability and performance. The definitions and calculation formulas of these measures can be found in the appendix to the report. 
  2. The number of shares used in the calculation of earnings per share is as follows: 31.12.2022: 19,531,757, 1–12/2022: 19 506 730, 7–12/2022: 19 522 071, 31.12.2021: 19 444 024, 1–12/2021: 10 448 522, 7–12/2021: 11 788 257


CEO Riku Kytömäki comments on the financial period 2022

Betolar's first year on the stock market is behind us. Our mission has been to launch business operations and promote product development in order to advance our mission to reduce CO2  emissions in the construction sector. I have only been the CEO of Betolar for the last two months of the year, and I am really impressed with Betolar's employees’ expertise.

Betolar's strategy is to promote the green transition of the construction, process and energy industries in particular through science and technology. Growth is sought by focusing on starting international business operations to generate net sales, building a business ecosystem that utilises data and ensuring access to industrial side streams.

Together with our customers, we are building solutions to some of the biggest challenges the construction industry has ever faced, such as reducing CO2 emissions, upcycling industrial side streams and saving virgin raw materials.

Last year, our goal was to launch pilot projects to test the functionality of our solutions on an industrial scale. The number of pilot customers, which is one measure of growth, increased last year by a total of 25 customers (2021: 12 pilot customers). With our pilot customers, we have carried out more than 200 different production and technical factory tests, the feedback from which we have used in the development of our processes and products.

Last year, we took our first commercial steps in Finland and elsewhere in Europe and Asia. Some of the agreements have led to the production of concrete products that generate net sales. Betolar's net sales increased to just under EUR 290,000 from the previous year's EUR 10,000. It is still modest but, for a growth company, it is a clear commercial start.

The company's operating loss doubled to EUR 11.5 million, which was due to the planned significant investment in product development and building the organization. It is not necessary to update our long-term financial goals, but we make strategic choices to ensure business growth. The key recruitments made last year to the company's management and elsewhere in the organisation strengthen our capabilities in digitalisation, supply chain management, commercial operations and research and development. Our research and development activities have focused on material research as well as on building an artificial intelligence platform. The Finnish Climate Fund has funded the development of the platform in order to promote its climate goals.

As a company, Betolar is still taking shape in many ways. The approximately EUR 35 million raised in the IPO has enabled us to further develop solutions for new product groups and to launch our sales networks around the world. In sales operations, we will first be focusing on the markets where our Geoprime concept has the best commercial conditions.

As a result of the ongoing green transition in the construction sector, the demand for low-carbon construction materials is growing strongly. Green financial markets favour projects with tangible and sufficiently effective climate and sustainability impacts. Operators responsible for controlling and licensing construction and urban development set their own goals, requirements and guidance models in order to promote the use of green solutions in new and renovation construction and infrastructure. These favour Betolar's cement-free, low-carbon solutions.

Board of Directors’ proposal for the distribution of profit

The parent company’s distributable unrestricted shareholders’ equity amounted to EUR 23,130,790.99 on 31 December 2022. The parent company's profit for the financial period was EUR -12,098,481.79.

In the years to come, Betolar will focus on developing its business operations and financing its growth in accordance with its strategy. The company does not expect to be distributing dividends in the short or medium term. In addition, the terms and conditions of Betolar’s financing agreements include certain restrictions for Betolar’s ability to pay out dividends or otherwise distribute equity.

Additional information about the restrictions is available in the company’s listing prospectus under “Financing Betolar’s business”.

The Board of Directors proposes to the Annual General Meeting that no dividend be distributed for the financial period 1 January–31 December 2022 and that the loss for the financial period be carried over under retained earnings.

Annual General Meeting

Betolar Plc’s Annual General Meeting is planned to be held on 31 March 2023. The notice of the general meeting will be published later. 

Annual Report and financial reporting 

The Annual Report for the 2022 financial period will be published on week 10, which begins on 6 March 2023.

Betolar will publish the following financial reports in 2023:

  • 27 April, Business review 1–3/2023 
  • 25 August, Half-Year Review 2023 
  • 3 November, Business review 1–9/2023

Betolar’s financial reports are available on the company’s website at

Webcast for investors and media

Betolar will organise a webcast in English for investors and media on 14 February 2023 at 10:00 a.m. Finnish time.

The webcast can be viewed at

In the presentation, Betolar's financial statements and other current affairs of the company will be presented. A recording of the webcast and a corresponding presentation in Finnish will be available on Betolar’s investor site later during the same day.

Betolar Plc


Further enquiries 

Riku Kytömäki, CEO, Betolar,, tel. 050 511 8288

Riikka Ylikoski, CFO, Betolar,, tel. 040 828 2632       

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 several previously unused, massive industrial by-products 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. Betolar’s mission is to enable the green transformation of various industries globally, especially in the construction, process and energy industries by providing solutions to utilise its unique materials technology. For more information, visit

Betolar Plc Financial Statements 2022

Subscribe to our releases