Betolar (BETOLAR) Q2 2026 earnings summary

Executive summary

• Revenue grew 116% year-over-year to EUR 902,000 for H1 2026, nearing the full-year 2025 total, with a sharpened focus on Metal Extraction Technology (MET), Critical Infrastructure Protection (CIP), and Circular Materials (CM).

• New CEO appointed, emphasizing a shift from technology development to commercialization and industrial implementation, with leadership changes including a new Board member.

• Strategic partnerships and exclusive rights for tailings utilization were secured, and new solutions for critical infrastructure protection were launched.

• Financing was strengthened through a €9 million funding round, including a EUR 3 million convertible hybrid bond, a EUR 3 million term loan, and EUR 2.1 million in EU LIFE funding.

• Strategic focus on resource efficiency, critical raw materials, circular economy, and industrial decarbonization.

Financial highlights

• H1 2026 revenue reached EUR 902,000, up from EUR 417,000 in H1 2025; Q2 revenue was EUR 461,000 (Q2 2025: EUR 253,000).

• EBITDA for H1 2026 was EUR -2,092,000, nearly flat year-over-year; operating loss was EUR -3,001,000.

• Gross margin for H1 2026 was EUR 447,000, up from EUR 307,000 in H1 2025.

• Cash and cash equivalents at period end were EUR 5.9 million, with total liquidity and undrawn grants exceeding EUR 12 million.

• Order intake for H1 2026 was EUR 296,000, down from EUR 520,000 in H1 2025.

Outlook and guidance

• Revenue for 2026 is expected to increase significantly compared to the previous year.

• Guidance for the full year remains unchanged.

• Focus remains on commercialization, scaling of MET and CIP solutions, and expanding business areas.