Announcement • Apr 25
Betolar Oyj Reaffirms Revenue Guidance for the Full Year 2026 Betolar Oyj reaffirmed earnings guidance for the full year 2026. For the year, the company expects revenue for 2026 is expected to increase significantly compared to the previous year. Announcement • Apr 02
Betolar plc Introduces A Solution to Protect Critical Infrastructure from Drone and Other Threats Betolar Plc has developed a solution for protecting critical infrastructure, such as electrical substations. The protective solution has been designed to address the rapidly deteriorating security situation targeting critical infrastructure in Finland and internationally. Recent events in Finland and elsewhere in Europe have highlighted the vulnerability of power grids and other critical infrastructure. Damage to electrical substations, particularly to main transformers, can cause widespread and long-lasting disruptions to the functioning of society. Replacing transformers may take more than a year due to long delivery times and high demand. As a result, the financial impact of such damage can be significant. The protective solution developed by Betolar is based on an approach aimed at preventing damage before it occurs and thereby safeguarding security of supply. The solution provides a cost-effective alternative compared to repair costs incurred after accidents or deliberate acts of damage, as well as the replacement of critical components such as main transformers. Key features of the protective solution include: Physical protection that prevents intrusion, vandalism and various attacks; Protection against drone threats; A modular and scalable structure enabling rapid deployment at different sites; Low-carbon solution using local materials supports resource efficiency. The solution can utilize locally available materials, which supports rapid implementation and resource efficiency. It is designed so that it can be repaired and restored to operational condition, if necessary, even under exceptional circumstances. The innovation is based on Betolar's materials technology expertise and takes into account the structural resistance to different levels of explosive forces. Betolar has advanced its critical infrastructure protection solutions to the commercialization phase and is actively engaged in discussions with potential customers and partners regarding deployment and implementation. The company aims to take a significant role in the design and delivery of the solution together with its partner network. Betolar has filed a patent application related to the solution to protect the innovation. Major Estimate Revision • Mar 31
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €4.70m to €3.70m. Forecast losses increased from -€0.23 to -€0.24 per share. Basic Materials industry in Finland expected to see average net income growth of 37% next year. Consensus price target down from €1.30 to €1.10. Share price fell 15% to €0.89 over the past week. Board Change • Mar 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Kalle Härkki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 18
Betolar Oyj Appoints Eeva Ruokonen as a Member of the Board of Director and to the Audit Committee and Personnel and Remuneration Committee Betolar Oyj at its Annual General Meeting held on 18 March 2026 elected Eeva Ruokonen as a new member of the Board of Directors. In its constitutive meeting held after the Annual General Meeting, the Board of Directors elected the Chairman and the members of the Audit Committee and the Personnel and Remuneration Committee from amongst its members. Anders Dahlblom was elected as the Chairman of the Board. The members of the Audit Committee are Jan-Elof Cavander (Chairman), Anders Dahlblom, Kalle Härkki and Eeva Ruokonen. The members of the Personnel and Remuneration Committee are Anders Dahlblom (Chairman), Inka Mero and Eeva Ruokonen. Reported Earnings • Feb 06
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.28 loss per share (improved from €0.36 loss in FY 2024). Revenue: €2.36m (up 210% from FY 2024). Net loss: €6.09m (loss narrowed 21% from FY 2024). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Feb 06
Betolar plc Provides Earnings Guidance for 2026 Betolar Plc provided earnings guidance for 2026. For the period, the company's Net sales is expected to grow significantly compared to the previous year. Breakeven Date Change • Feb 05
No longer forecast to breakeven The analyst covering Betolar Oyj no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €600.0k in 2028. New forecast suggests the company will make a loss of €1.50m in 2028. New Risk • Feb 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (€2.2m net loss in 3 years). Share price has been volatile over the past 3 months (7.8% average weekly change). Revenue is less than US$5m (€903k revenue, or US$1.1m). Market cap is less than US$100m (€25.7m market cap, or US$30.3m). Announcement • Jan 29
Betolar Oyj Announces That Soile Kankaanpää Is No Longer Available for Selection as Members of the Board of Directors Betolar Oyj announced that the current member of the Board Soile Kankaanpää has announced that she is no longer available for selection as members of the Board of Directors. Announcement • Oct 28
Betolar plc Reaffirms Its Revenue Guidance for the Year 2025 Betolar Plc reaffirmed its revenue guidance for the year 2025. For the period, the company expects full year guidance unchanged: net sales for 2025 is expected to increase compared to the previous year. Reported Earnings • Jul 23
First half 2025 earnings: EPS and revenues miss analyst expectations First half 2025 results: €0.14 loss per share (improved from €0.23 loss in 1H 2024). Net loss: €3.04m (loss narrowed 33% from 1H 2024). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 7.7%. Revenue is forecast to grow 60% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Announcement • Jul 18
Betolar plc Appoints Jyri Talja as Chief Growth Officer, Effective April 23, 2025 Betolar Plc announced that Jyri Talja has been appointed as the new Chief Growth Officer as of April 23, 2025. Major Estimate Revision • Apr 30
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €1.80m to €1.40m. Forecast losses increased from -€0.24 to -€0.25 per share. Basic Materials industry in Finland expected to see average net income growth of 17% next year. Consensus price target up from €0.90 to €1.20. Share price fell 3.1% to €1.25 over the past week. Buy Or Sell Opportunity • Apr 16
Now 22% undervalued Over the last 90 days, the stock has risen 88% to €1.22. The fair value is estimated to be €1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 85% over the last 3 years. Earnings per share has grown by 7.2%. For the next 3 years, revenue is forecast to grow by 51% per annum. Earnings are also forecast to grow by 58% per annum over the same time period. Announcement • Mar 27
Betolar plc Announces Board Changes Betolar Plc announced that at its AGM held on March 27, 2025, shareholders approved the election of Jan-Elof Cavander as a new member of the Board of Directors. In its constitutive meeting held after the Annual General Meeting, the Board of Directors elected the Chairman and the members of the Audit Committee and the Personnel and Remuneration Committee from amongst its members. Anders Dahlblom was elected as the Chairman. The members of the Audit Committee are Jan-Elof Cavander (Chairman), Anders Dahlblom, Kalle Härkki and Soile Kankaanpää. The members of the Personnel and Remuneration Committee are Anders Dahlblom (Chairman), Soile Kankaanpää and Inka Mero. Announcement • Mar 26
Betolar Receives Patent in Finland for a Climate Cine That Standardizes the Storage Conditions of Test Samples Betolar has been granted a patent in Finland for a climate cabinet that standardizes the storage conditions of test samples. The patented climate cabinet offers a solution for handling test samples of hardening materials such as concrete, geopolymers, or other cement-based materials in controlled conditions. The equipment enables the control of temperature and humidity of test samples, which is an essential factor in ensuring durability and performance. The device allows for a large storage capacity of samples with a small floor area and can be placed in normal dry room laboratory facilities or, for example, in movable laboratories. The climate cabinet includes a multi-level rotating storage system that enhances sample handling and optimizes space usage. The rotating storage structure enables automatic movement and precise regulation of test samples, reducing manual work and ensuring consistent test conditions throughout the handling cycle. Laboratory tests using the uniform storage conditions enabled by the climate cabinet can yield more reliable measurement results than usual and thus reduce the need for parallel test series. These factors together shorten the product development and quality assurance time and produce higher quality automated remotely readable data for Betolar's AI-supported platform. This, in turn, enhances the development of Betolar's low-carbon mining solutions and the development of its own low-carbon side stream-based binders obtained in conjunction with metal separation. In addition to concrete and binder development, the solution can also be utilized in other industries where stable temperature and humidity conditions for sample storage are required. In addition to utilizing its own laboratory operations, Betolar aims to commercialize the innovation for use by other operators. The newly granted patent strengthens Betolar's already strong patent portfolio and demonstrates the company's commitment to developing innovations and high-quality solutions for the mining, metal, and construction industries. Betolar has a total of 20 active patent families and 49 granted patents. Betolar's innovation team has worked diligently on this invention, and the granting of the patent is a significant achievement that supports the company's business goals and improves industry practices. Buy Or Sell Opportunity • Mar 25
Now 28% undervalued Over the last 90 days, the stock has risen 21% to €0.98. The fair value is estimated to be €1.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 85% over the last 3 years. Earnings per share has grown by 7.2%. For the next 3 years, revenue is forecast to grow by 51% per annum. Earnings are also forecast to grow by 58% per annum over the same time period. Reported Earnings • Mar 11
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: €0.36 loss per share (improved from €0.67 loss in FY 2023). Net loss: €7.73m (loss narrowed 41% from FY 2023). Revenue missed analyst estimates by 24%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • Mar 05
Betolar Plc Announces Board Changes Betolar Plc announced that the current Chairman of the Board, Ilkka Salonen, and the Deputy Chairman, Tero Ojanperä, have announced that they are no longer available for selection as members of the Board of Directors. Major Estimate Revision • Feb 12
Consensus revenue estimates decrease by 42%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €3.10m to €1.80m. EPS estimate increased from -€0.26 to -€0.24 per share. Basic Materials industry in Finland expected to see average net income growth of 15% next year. Consensus price target down from €1.00 to €0.90. Share price fell 3.5% to €0.82 over the past week. Reported Earnings • Feb 06
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: €0.36 loss per share (improved from €0.67 loss in FY 2023). Net loss: €7.73m (loss narrowed 41% from FY 2023). Revenue missed analyst estimates by 24%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • Feb 06
Betolar Oyj, Annual General Meeting, Mar 27, 2025 Betolar Oyj, Annual General Meeting, Mar 27, 2025. Announcement • Feb 05
Betolar Oyj Provides Earnings Guidance for the Full Year 2025 Betolar Oyj provided earnings guidance for the full year 2025. For the year, the company Net sales for 2025 is expected to increase compared to the previous year. Announcement • Dec 17
Betolar Plc Announces New Low-Carbon Shotcrete Solution for Production Use at Outokumpu's Kemi Mine Betolar Plc has developed a new mixed cement-based shotcrete solution based on CEM III standards for Outokumpu. The solution will be taken into production use at the beginning of 2025 at Outokumpu's Kemi chrome mine, which will become the world's first operating carbon neutral mine by the end of 2025. The development work continues to the next phase where Betolar develops a completely cement-free Geoprime shotcrete solution by the end of September 2025. Outokumpu aims to achieve carbon neutrality at its chrome mine in Kemi next year. The cooperation with Betolar makes a decisive contribution to this goal. A significant amount of shotcrete is used annually to support the mine tunnels, one of the main raw materials of which is cement. Betolar has introduced mining industry solutions alongside low-carbon construction solutions. In accordance with its renewed strategy, the company aims to become a significant growth driver in the mining industry, as the sector's companies are often large and international players. New Risk • Sep 02
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-€11m). Shareholders have been diluted in the past year (10% increase in shares outstanding). Revenue is less than US$5m (€1.1m revenue, or US$1.2m). Market cap is less than US$100m (€25.4m market cap, or US$28.2m). New Risk • Sep 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€11m). Currently unprofitable and not forecast to become profitable over next 3 years (€3.2m net loss in 3 years). Shareholders have been diluted in the past year (10% increase in shares outstanding). Revenue is less than US$5m (€1.1m revenue, or US$1.2m). Market cap is less than US$100m (€25.4m market cap, or US$28.1m). Announcement • Aug 23
Betolar Plc Receives Patent for CEM III/B Accelerator Solution Betolar Plc has been granted a patent in Finland for an accelerator developed for the standard CEM III/B cement mixture. This innovation expedites the early strength development of low-carbon concrete, enabling it to meet conventional demolding times. This factor is crucial for the manufacturing efficiency of concrete elements and products. The challenge with low-carbon cement mixtures lies in achieving sufficient early strength development, as there has not been an effective accelerator available. The widespread adoption of such mixtures necessitates that the early strength develops rapidly enough. Betolar's solution ensures that the early strength is attained significantly faster compared to other solutions on the market, thus facilitating the use of low-carbon cement mixtures in applications such as element production. An expanding patent portfolio is anticipated to increase the company's market presence and valuation over time. The patent isn't expected to have direct impact on Betolar's financial results. Betolar has been granted nine patents and has significant number of innovations undergoing the patenting process to support the needs of the mining and metals industry. Announcement • Jun 13
Betolar Plc Receives Patent in Finland for A Chemical Liquid Dosing Device and Method Betolar Plc has been granted a patent in Finland for a chemical liquid dosing device and method. The patented invention ensures the efficiency and accuracy of chemical dosing on an industrial scale, which is essential for the low-carbon cement substitution solutions Betolar offers to its customers. In traditional solutions, the dosing of liquid chemicals is often inaccurate as the dosing device may be located far from the point of use. This can affect the uniformity of chemical dosing. Betolar’s patent-protected liquid chemical system utilizing diaphragm pump solution provides more accurate dosing than a conventional transfer pumps, regardless of the transfer height or distance of the liquid being transferred. The dosing pipe has a sensor that measures the flow rate of the solution and sends the information to a control unit. This control signal is used to adjust the pump speed to achieve the desired dosing amount. Additionally, the dosing pipe can be connected to multiple chemical feeds that mix together before the process. This is a significant advantage in many cement-replacing solutions. The solution ensures the correct ratio and even mixing of different chemicals, as well as the more timely initiation of the reactions. Betolar can utilize the invention in both its mining and concrete businesses. The strengthening patent portfolio is expected to increase the company's business and value in the long term. The patent is not expected to have an immediate impact on Betolar's business results. Betolar has been granted seven patents and has a significant number of inventions in the process of patent approval to support the needs of the mining and metals industry. Announcement • Jun 05
Betolar Plc Appoints Mikko Wirkkala as CFO Betolar Plc announced Mikko Wirkkala (M.Sc. Econ.) has been appointed as company's new Chief Financial Officer and a member of the Management Team. He will start in his position no later than 3 September 2024 and will report to CEO Tuija Kalpala. Riikka Ylikoski, the company's current CFO, will continue in her current role until mid-July. In the interim, Soila Söderström, the company's General Counsel and a member of the Management Team, will undertake the additional responsibilities of the CFO. Mikko Wirkkala has held demanding international financial leadership roles, having served at Neste Corporation from 2008 to 2024, and brings prior financial experience from Fortum Corporation. Presently, Mikko is the Vice President of Group Finance at Neste, where he is responsible for e.g. the group's external reporting, global financial processes and Corporate Sustainability Reporting Directive (CSRD) implementation. Additionally, he has been earlier in several business unit leadership teams, including Renewable Products, and participated in M&A projects. Announcement • May 29
Betolar Oyj Announces Management Changes In 2024, Betolar Plc focuses on growth in the sidestream, mining and metal sectors. To ensure the operational progress in line with the objectives, Betolar will further compress the composition of its Management Team. The company is currently undergoing change negotiations. The company has agreed together with the members of the Management Team, Chief Technology Officer (CTO) Jarno Poskela and Chief Human Resources Officer (CHRO) Antti Uski that they are leaving their positions in the company. Both will continue in the company's Management Team until 13 June 2024 and be employed by the company until the end of July. Betolar's General Counsel Soila Söderström (Master of Laws) has been invited to join the company's Management Team as of 29 May 2024. Söderström will be responsible for the company's legal affairs, human resources, communications and sustainability. She has been serving as the company's General Counsel and the secretary of the Board and Management Team since 2022. She joined Betolar from Fondia Plc where she was working as a Senior Legal Counsel. She has also previous experience in M&A transactions at Hannes Snellman Attorneys Ltd. Major Estimate Revision • Apr 25
Consensus revenue estimates decrease by 30%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €3.00m to €2.10m. EPS estimate increased from -€0.34 to -€0.31 per share. Basic Materials industry in Finland expected to see average net income growth of 5.9% next year. Consensus price target down from €1.10 to €1.00. Share price fell 4.5% to €1.06 over the past week. Announcement • Apr 17
Betolar Plc's Chief Financial Officer Riikka Ylikoski Decides to Leave Company Betolar Plc announced that Riikka Ylikoski, Chief Financial Officer and member of the management team, has decided to leave Betolar to pursue a career opportunity outside the company. Riikka will continue in her current role until mid-July. A process of recruiting a successor for her will start immediately. Announcement • Mar 28
Betolar plc Receives Patent That Allows It to Reduce the Life Cycle Costs of Roads Betolar Plc has been granted a European Patent concerning a method for treating road or foundation base layer with an activator in a mobile apparatus to form a hardeanable geopolymeric or alkali-activated mixture. In the future, the patented invention can be utilized commercially to improve the bearing capacity of roads and thus reduce the life cycle costs of roads. The patented method supports Betolar's strategy to accelerate solution development in high-volume customer segments. The patented invention enables, for example, the use of side streams from mining operations for soil stabilization. The strengthening patent portfolio is expected to increase the company's business and value in the long term. The patent is not expected to have an immediate impact on Betolar's business results. The patented method seeks cost-effectiveness through a simple and efficient stabilization method. In this method, the soil material is removed from the ground and stabilized by a mobile apparatus, after which the stabilization mass is spread back into the road load-bearing structure. Depending on the situation, stabilization of the road bearing layer can significantly reduce the use of virgin resources such as natural aggregates. Research and development are an important business area for Betolar's success. Product development produces new innovations that generate new innovations for business needs. In connection with the company's normal product development, innovations are created that, at best, lead to new value-added, patentable solutions for business needs. Announcement • Mar 27
Betolar Plc Approves the Appointment of Anders Dahlblom as Member of the Board of Directors Betolar Plc at its annual general meeting held on 27 March 2024, approved the appointment of Anders Dahlblom as a new member of the Board of Directors. Reported Earnings • Mar 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: €0.67 loss per share (further deteriorated from €0.61 loss in FY 2022). Net loss: €13.2m (loss widened 11% from FY 2022). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Basic Materials industry in Europe. Reported Earnings • Feb 16
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: €0.67 loss per share (further deteriorated from €0.61 loss in FY 2022). Net loss: €13.2m (loss widened 11% from FY 2022). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 75% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Basic Materials industry in Europe. Announcement • Dec 05
Betolar Launches Low-Carbon Concrete Products in the UAE with Fujairah Concrete Products Betolar launched low-carbon concrete products in the UAE with Fujairah Concrete Products. Betolar and UAE-based concrete products manufacturer Fujairah Concrete Products (FCP) announced their collaboration at the international Big 5 Global construction event in Dubai. At the event, the companies launched paving products made of low-carbon concrete. The products are based on the cement-free Geoprime solution developed by Betolar. FCP, part of Fujairah Building Industries, is a public shareholding company where the major shareholder is the government of Fujairah. FCP is a leading manufacturer of concrete products in the Fujairah region of the United Arab Emirates. FCP is known for its high-quality concrete products. The company operates as a supplier of concrete products in several large projects. FCP produces more than 25 million blocks and more than 800,000 square meters of paving annually. Betolar has been engaged in preparatory cooperation with FCP since the beginning of 2023. Together, the companies have designed and tested a geopolymer-based concrete paving product manufactured with the Geoprime solution, which is suitable for the Middle East market. Since the production does not use cement but industrial side streams, the use of new products significantly reduces the CO2 footprint compared to ordinary cement-based paving stones. The paving products manufactured by FCP with the Geoprime solution meet the standards of the Abu Dhabi Council for Quality and Conformity (ADQCC). Local standards for compressive strength and water absorption parameters have also been adopted. In addition, Geoprime paving products meet the requirements of the standards regulating wear resistance (EN 1338, EN 1339 and EN 1340). As a manufacturer of concrete products, FCP has recognized the importance of environmental impacts and acquired EPD environmental certification. The launch of new cement-free concrete products will contribute to the goals of the COP28 climate conference currently taking place in Dubai, UAE. Major Estimate Revision • Nov 07
Consensus revenue estimates decrease by 29%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €700.0k to €500.0k. EPS estimate increased from -€0.67 to -€0.66 per share. Basic Materials industry in Finland expected to see average net income decline 1.4% next year. Consensus price target down from €1.20 to €1.10. Share price rose 9.7% to €1.04 over the past week. Major Estimate Revision • Sep 29
Consensus revenue estimates decrease by 22%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €900.0k to €700.0k. EPS estimate increased from -€0.71 to -€0.67 per share. Basic Materials industry in Finland expected to see average net income decline 1.2% next year. Consensus price target down from €2.20 to €1.20. Share price fell 18% to €1.12 over the past week. Announcement • Sep 01
Betolar Oyj Announces Resignation of Janne Rauramo as Management Team and Executive Vice President Strategic Partnerships on 30 November 2023 Betolar Oyj announced that Janne Rauramo, Member of Betolar Plc's Management Team and Executive Vice President Strategic Partnerships, has decided to leave the company. Rauramo's employment will end on 30 November 2023, at the latest. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 55% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 55% per year over the past 5 years. Revenue is less than US$1m (€397k revenue, or US$429k). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€45.2m market cap, or US$48.8m). Reported Earnings • Aug 28
First half 2023 earnings released: €0.36 loss per share (vs €0.28 loss in 1H 2022) First half 2023 results: €0.36 loss per share (further deteriorated from €0.28 loss in 1H 2022). Net loss: €7.03m (loss widened 29% from 1H 2022). Revenue is forecast to grow 75% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Basic Materials industry in Europe. Announcement • Aug 18
Betolar plc Announces Composition of Shareholders Nomination Board Betolar Plc announced that the Shareholders’ Nomination Board consists of four members. The right to appoint members representing the shareholders belongs to the four shareholders who hold the largest share of the votes represented by all shares in the Company on the first working day of August preceding the Annual General Meeting. In addition, the Chairperson of the Board of Directors is an expert member of the Nomination Board. The representative of the largest shareholder shall be selected as the Chairperson of the Nomination Board, unless the Nomination Board specifically decides otherwise. The composition of the Shareholders’ Nomination Board of Betolar was determined based on holdings on 1 August 2023. The following members have been nominated to the Shareholders’ Nomination Board: Alexander Ehrnrooth, Chairperson of the Shareholders’ Nomination Board, representing shareholder Nidoco AB, Juha Leppänen, shareholder, Olli-Pekka Kallasvuo, representing shareholder Ajanta Innovations Oy and Annika Ekman, representing shareholder Ilmarinen Mutual Pension Insurance Company. The Nomination Board will give its proposal to the Company’s Board of Directors for the 2024 Annual General Meeting latest on 31 January 2024. Announcement • Aug 01
Betolar plc Appoints Tuija Kalpala as Chief Operating Officer Betolar Oyj announced that Tuija Kalpala (M.Sc., Econ.) has been appointed as Chief Operating Officer and Member of the Management Team. She will take up her duties on 1 November 2023 at the latest and will report to the President and CEO Riku Kytömäki. Kalpala has held demanding international management positions in supply, logistics and strategic development with Neste Corporation from 2004 to 2023 in Finland, North America and Germany. She also has experience in strategically significant commercial development projects. Until the end of June 2023, she was responsible for leading strategy execution and project management in Neste's Renewable Polymers and Chemicals business in Düsseldorf in Germany. Announcement • Jun 17
Betolar's Patent on Electrical Energy Storage Expands to European and Indian Markets Betolar has received important approvals for a patent that involves using waste for electricity storage. This patent is now extended to the European and Indian markets. With the rise of renewable energy, it has become a challenge to balance the supply and demand of electricity generation. This requires new ways to store electrical energy, especially during short-term peaks. Betolar has developed a method and obtained a patent for storing electrical energy, which can utilize significant amounts of waste-based materials. In Europe, the patent has been validated in the Member States covered by the unitary patent system, as well as in Spain and Norway. The patent has already been approved in Finland. In addition to Europe, the patent has also been granted in India. It is a broader basic patent, on top of which it is possible to build protective patents. The company's normal product development process generates innovations that, at best, lead to new value-added, patentable solutions. Betolar has been granted patents for five inventions. In addition, eight inventions are in the process of patent approval. In line with Betolar's IPR strategy, the primary role of patents is to safeguard the business of Betolar and its customers based on material technology solutions. Therefore, the patent portfolio is expected to be a significant component of the company's valuation in the long term. The patent on electric voltage is not expected to have a direct impact on Betolar's business performance in the short-term. Reported Earnings • Feb 16
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: €0.61 loss per share (further deteriorated from €0.38 loss in FY 2021). Net loss: €11.8m (loss widened 62% from FY 2021). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 3.2%. Revenue is forecast to grow 83% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Basic Materials industry in Europe. Announcement • Feb 14
Betolar Oyj to Report Fiscal Year 2022 Results on Mar 06, 2023 Betolar Oyj announced that they will report fiscal year 2022 results on Mar 06, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Ilkka Salonen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Ilkka Salonen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chief Innovation Officer, Founder & Director Juha Leppanen is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Kalle Härkki was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
