Good morning, everyone. Welcome to Betolar's Business Review Q3 2025. Happy to have you online. Firstly, a disclaimer about forward-looking statements, as usual. We move forward to the agenda. My name is Tuija Kalpala. I'm the President and CEO of Betolar. Today I'm here with Mikko Wirkkala, our CFO, and also Soila Söderström, our General Counsel and SVP. I will briefly talk about the Q3 highlights and how the business is going. Mikko Wirkkala will talk about our financial performance. Lastly, we have the Q&A session hosted by Soila Söderström. Please use the chat box and send us questions during the session. We're happy to answer them at the end of this webcast. Main events and after the period happenings for Betolar in Q3. What we have been doing in the past quarter, we have been really concentrated on this metal extraction proof of concept.
This is the new technology that we came out in the spring, and we have been working on this new technology that we have. In the last quarter, especially, we have been focusing on commercializing this technology and also advancing the development of our industrial-scale proof of concept. We are really thinking on how we can also do this ourselves and how we can demonstrate this in a proof of concept scale, industrial scale. Of course, we're also looking at other ways of commercializing this technology, but this is also one thing that we have been very heavily focusing on the past quarter. We also gained several new customer cases, and just to highlight a couple. We have one new customer in Australia, Mandalay Resources. For them, we are delivering low-carbon mining solutions, and we're expanding our footprint in Australia's leading mining market.
We gained a new partner also in Australia, Jetcrete. We signed a MOU, a memorandum of understanding with them, and we're really partnering with Jetcrete to fast track this low-carbon shotcrete adoption in Australia. This demonstrates our capability and our innovation, how we can also commercialize this completely cement-free shotcrete solution in other markets other than Finland. Also, a new customer in Finland, Nordkalk. We are partnering and collaborating with Nordkalk to really advance the development and commercialization of tailings-based circular calcite. We are really seeing how we can commercialize and find new uses for this mine tailing. I will talk about this a bit later in more detail. Last night, Monday evening, we got great news. We have a new order related to infrastructure. We have received an order worth approximately EUR 1.4 million from two Finnish companies.
This is really based on Betolar's innovation, and we're very pleased about this new project that really demonstrates our innovation and our know-how in different technologies. Highlights talking about the market in Q3: what we can see is that there is a strong demand for Betolar's circular solutions, especially in the mining sector, especially for our own metal extraction technology. We see that there is a lot of demand globally. We can see that in Australia and also in Canada, also in Finland for this cementless-based backfill or rockfill, for both solutions, and then of course the shotcrete. This was supported by new agreements and partnerships, for example, with Anglo American that we talked about in our last quarterly review. Now the new customer Nordkalk, which are based on mine tailings and our metal extraction technology. These partnerships in Finland enable innovative use of this mining waste tailings.
Our partnerships and new customers elsewhere in Europe, Canada, and Australia strengthen our global presence. Looking at the sales, we had an increase in sales, especially in the mining solutions. A year and a half ago, we said that according to our new strategy, we're focusing more on the mining side. We can really see that that's taking us forward. We have been gaining a lot of new customers in this area, especially. We see that there's a lot of demand, as I mentioned. An interesting thing, we have been talking about this ground granulated blast furnace slag, GGBFS, and the sales in India. We have a daughter company in India that has been mainly lately focusing on GGBFS sales. We can see month on month how we're increasing these sales activities in India.
We see that there's a lot of demand, and we have been able to broaden our customer base in India. Sales in that region are rising. We also marked a new key milestone in Finland. We were able to place our first order for GGBFS. We are now opening also the Finnish market for this material and doing the sales ourselves. Orders also grew year on year, really reflecting customer interest in our sustainable solutions and also our know-how and our innovations in this area. We also delivered our first project using this new optimized service that we launched already in the spring, achieving cost and emission reductions for our customer. On the innovation side, our R&D and innovation, we have been looking at further developing our metal extraction technology.
We started planning on industrial-scale proof of concept, as I mentioned in the beginning, really looking at both avenues, how we can commercialize it. We're looking for different customers. We already gained Anglo American as one of our first customers for this technology, and we're also looking at and negotiating with other customers. At the same time, we're also looking at how we can do the proof of concept in industrial scale on our own. We also continued developing our AI platform to assess side streams and also optimize recipes. We currently have 25 active patent families, 49 granted patents, and we have 60 pending applications. We have a very large patent portfolio, which is increasing. Talking about the mining and metals side and what we are doing there, we did several customer pilots during the period, including pilots for shotcrete and also cementless rockfill and base backfill.
We had these projects in Canada and Australia. We see that we are really meeting the growing demand for these sustainable mining practices. Especially this mine tailing is something that is extremely interesting for a lot of our customers as it's considered as waste. We have now a solution how we can treat the waste. We also started the Anglo American project, Sakatti Mine in Sodankylä, the project to explore how our metal extraction technology and green cement production from the mine tailings, how we can do it for this project. We, of course, also continued the project with Outokumpu. That's going forward as planned. The focus was during the period and continues being really on this metal extraction technology that we have and the proof of concept that we are currently doing.
On the industrial side streams, as I mentioned, the ground granulated blast furnace slag sales in India, that's a growing opportunity for us in India. Same in Finland, as we were able to receive our first order in Finland for a larger quantity of ground granulated blast furnace slag. Of course, we continue doing side stream research projects. We also launched the joint research project with Nordkalk, aiming to increase the utilization opportunities for this circular calcite in Lappeenranta. On the construction side, talking about already the optimized service, that's a very interesting new service line that we have and we're offering to our customers. We delivered the first concrete mix optimization project to one of our customers in Finland, and we were able to achieve 6% cost saving and 15% reduction in carbon footprint to our customer. This is a great achievement by just optimizing the concrete recipes.
This is a great way to demonstrate that we don't always have to go and replace certain materials. We can also just use our expertise and knowledge to do these cost savings and reduction in carbon footprint. We had a couple of customer pilots related to concrete production and element manufacturing in the Middle East and also in North America during the period. We have been putting quite a lot of focus lately on this infrastructure side, as we see that there's a growing demand driven by investments and need for sustainable solutions. For example, the announcement that we made last night on Monday evening regarding this infrastructure project, which is worth EUR 1.4 million. A couple of customer cases that I would like to share with you. Firstly, Jetcrete in Australia.
We signed a memorandum of understanding with Jetcrete to fast track the commercialization of low-carbon shotcrete solutions in the Australian market. What we are trying to do together with Jetcrete is to sell our two key innovations in the market. One is the CEM 3 shotcrete mix, which replaces about 60% of the cement. It's a mixture of having this lower, it has still cement, but then it also has some other elements how we are able to lower the CO2 emissions. It's not fully cement-free, but still achieves up to 60% replacement or lower CO2 emissions. We're also marketing our Geoprime shotcrete, which is cement-free binder technology that we have. Jetcrete will exclusively market and supply our shotcrete solutions in the Australian market, and we continue developing the R&D for these shotcretes and for the potential future customers in the Australian market.
The proof of concept rollout is planned for Q4 2025. This is something that we're still doing this year. The case Nordkalk is a very interesting partnership in Finland based on the mine tailings. We are together with Nordkalk. We have launched a collaboration to develop and commercialize this tailings-based circular calcite from Nordkalk's Lappeenranta site in Finland. The goal of this research or collaboration is to transform the tailings-based circular calcite into sustainable materials for mining and construction applications. The project has two phases. Right now, we are in the pre-commercial phase, which will be running until the end of 2025. We will use our SidePrime analysis service to assess the binder potential of the material and further develop tailored solutions for use in concrete additives, aggregates, binders, geopolymers.
If these results are promising, which we definitely hope based on our knowledge in this area, we will move into the commercial phase to bring circular calcite to the market and establish a long-term partnership with Nordkalk. Back to Australia, Mandalay Resources. We are developing low-carbon mining solutions for Mandalay Resources. We have signed a commercial agreement with them for the cementless rockfill solution for the Costerfield gold-antimony mine in Australia, which is one of the world's top mining regions. The solution is based on our expertise. We're aiming at cutting the CO2 emissions by up to 80% compared to traditional cement use. With this, we are replacing the cement. The partnership supports Mandalay's sustainability goals and, of course, marks our entry into the Australian market. The commercialization is targeted for early 2026 following piloting and techno-commercial study. That's about the business update from my side.
Now it's Mikko Wirkkala's turn, our CFO, to talk about the financial review.
Thank you, Tuija. Let's have a look at our financials. Before I actually start here with the numbers, the fantastic news we got yesterday is pretty much the biggest thing we have to tell about our numbers. Basically, getting a new order magnitude of EUR 1.4 million is the biggest order in the company history. When we are looking at our third quarter numbers, our revenue was EUR 218,000. That was a little bit less than what we had last year in the third quarter. If we look at the whole year numbers, we are seeing that we continue to be above last year's levels with the cumulative revenue of EUR 635,000. Also, with the new order, we had that included in our forecast when we are saying that we are going to exceed the revenues of last year in our guidance.
Next, if we turn our attention to our EBITDA, we were slightly better than last year. Despite the lower revenue numbers, we also had lower other operating income, and other operating income in our case is basically the public grants we are booking there. The revenue and other operating income both were lower than last year. Due to our cost-saving actions we have been doing last year and also continued this year, our cost base has been lower. Therefore, the lower costs have been the key enabler that our EBITDA was still better than last year, even though the revenue side was lower. Needless to say, with these revenue levels we are not satisfied with this one, and we are constantly looking for bigger projects there. The latest new order from yesterday was a good example of a bigger order we got in.
If we look at the order intake, that was increasing in the third quarter compared to last year as well. The latest order is really, really totally on a different magnitude level. Number of new projects we started, started three pieces of those, and Tuija mentioned a few of those already in her presentation. Number of personnel, here you can clearly see the effect of our cost-saving actions we have been doing last year and throughout this year as well. Number of employees was on average 34 in the third quarter. Next, if we move to the financial position and outlook part, our cash balance, including cash and short-term investments, was roughly EUR 7 million, EUR 7.4 million to be exact. On top of that one, we still have EUR 2.1 million remaining from different public grants. The major part of that one is from Business Finland.
Counting these two together, our liquidity and undrawn grants amount to EUR 9.6 million. This is then combining everything I just mentioned above. Finally, repeating our guidance that we keep our guidance for this year unchanged, and our net sales for 2025 is expected to increase compared to the previous year. This was the last part of the financial section. Next, I would like to ask Tuija back on stage and also welcome Soila Söderström on stage.
Thank you, Mikko. Now it's time for your questions. We have received a couple of questions about the new large order. Of course, that's very interesting news that we announced yesterday. First of all, regarding the large order, the question was about what Betolar innovation is being assessed here. Is it metal extraction, polymer concrete, or some other? This is for Tuija.
Yes, as mentioned in our release yesterday, the only thing we can mention about this is that it's really based on infrastructure, and it's based on our own innovation. That's the most that we can share at this point. Yes, really good question. Based on Betolar's innovation and our know-how and related to infrastructure.
Thank you. Next one for Mikko. Do you expect a larger order to be recognized evenly between the 10 upcoming months of delivery?
We are only in the beginning of the project there, and how we will exactly recognize the revenue there is then depending on the more detailed planning, how are we then advancing with the project.
Yes. The last question is for Tuija. You have a lot of initiatives and different projects. No, this is for Mikko, actually. Are these included in your reported order intake and/or sales in Q3, except the one announced yesterday, of course?
The projects that Tuija was presenting there, especially the new ones in there, are included in our order intake.
Okay, thank you. Those were the questions today. If we go to the last slide, we would like to thank you for your interest. Here you have our next events where we hope to see you next time. On the 5th of February, we are announcing our financial statements release for the year 2025, and then we have the business review Q1 on the 23rd of April. See you there. Thank you very much.
Thank you.
Thank you.