Betolar (BETOLAR) Q2 2025 earnings summary

Executive summary

• Achieved 99% yield in strategic and critical metals extraction, verified by external tests, with the process producing high-performance green cement as a byproduct.

• Secured first commercial order for metal extraction technology from Anglo American, supporting their circularity goals and the Sakatti Multimetallic Project.

• Expanded into Canadian and Australian markets, with first orders for mining solutions in both regions.

• Management team strengthened with the appointment of a new Chief Growth Officer and launch of new incentive plans for key employees.

• Filed eight new patent applications and secured new patents related to metal extraction and green cement technology.

Financial highlights

• Q2 net sales grew 22% year-over-year to EUR 253,000, and H1 net sales rose 51% to EUR 417,000, mainly driven by mining and metal sector customers and increased slag sales in India.

• Q2 EBITDA improved 34% year-over-year; H1 EBITDA loss narrowed to EUR -2,123,000 from EUR -3,649,000, reflecting cost adjustments and improved efficiency.

• Order intake for Q2 was EUR 430,000; H1 order intake reached EUR 520,000 with five new engineering projects.

• Cash and short-term investments at period end were EUR 8.7 million, with total liquidity including grants at EUR 10.9 million.

• Gross margin for Q2 was EUR 307,000, up from EUR 217,000, and operating loss for Q2 was EUR -1,116,000, improved from EUR -1,691,000.

Outlook and guidance

• On track to meet full-year net sales guidance, expecting an increase over the previous year; long-term targets include positive operating cash flow by end of 2026 and EUR 1 billion revenue with 30% EBITDA margin by 2033.

• Ongoing assessment of resource needs, with new hires mainly in sales for mining and metals.

• Focus on securing long-term raw material contracts and scaling metal extraction solutions.

• Anglo American Sakatti project aims to start operations in 2030; current focus on partnership and technology development.

• Market for low-carbon cement alternatives and metal recovery solutions is expected to grow, especially in mining and construction.