Good afternoon. I am Vibeke Krohn, and I am the President and CEO of Betolar, and we are here to present our Q3 report. Here's our disclaimer. We are here today to actually take you through the Q3 in brief. I will do a deep dive on the actual business areas, and then our CFO will present the financial review. We will end with a Q&A. In brief, to date, our revenue from January to September has been EUR 1.2 million, more than the full year of 2025. We grew our revenue 86% year-on-year since last year, and our Q3 revenue was EUR 277,000, up 27% year-on-year, but unfortunately lower than the first two quarters. At a glance, our three business areas for Critical Infrastructure Protection. In Q3, we completed a customer project validating our subsea cable and pipeline protection solution.
On land, we have focused our sales efforts on substations and data centers and continued building our partner network. For metal extraction, we have progressed our titanium extraction project. We have completed the scoping study and the mineral resource assessment for the Otanmäki mine tailings project, and we're aiming to sign our definitive agreement by end of the year with our co-investor and scaling partner, ScaleWolf. For circular material, demand for blast furnace slag have increased throughout the year, driven by an increase in demand from infrastructure and data center construction. We have completed our first phase of a cable tray project with a customer and see sales going up after the period, and that's good. For our financial position, we see liquidity and undrawn grants and committed funding amounting to EUR 13.1 million at end of September.
We have received a total of EUR 5 million in new funding in Q3, and our CFO will cover this in more detail later today. Now for a little bit of deep dive on our three areas. For Critical Infrastructure Protection, we do see a real rise in demand, and it's been a good quarter for us. We have validated a large infrastructure project launched already last year, October 2025. That has been completed successfully and confirmed by our client, and it's a real validation of our solution. After the period, we have quite a bit of movement. We have signed an agreement for another project to design a protection solution and conduct a threat analysis for a facility here in Finland, which is a large infrastructure player.
We have signed a commercial agreement with Enersense, which is a large engineering company, electric and engineering company, to strengthen our partnership and how we go to market, and how we then offer not only threat analysis, conceptual design, but also engineering, manufacturing, and delivery of protection solution. Our two solutions, in short, are for subsea, we deliver a seabed-based fence designed to stop a dragging anchor before it reaches the actual asset, which could be a cable or a pipeline. It's made primarily of components already used in offshore. Sensors for real-time monitoring can be added. On land, our solution consists of a multilayer metal net structure combined with hardening components in concrete precast. We focus our sales on substations and data centers. For metal extraction, we're well into the project development for the Otanmäki titanium mine tailings. We have completed the scoping study.
We have completed the mineral resource assessment. We have signed an agreement which will be used in this project, but also supporting other customer projects, to purchase a pilot furnace, which will enable us to conduct testings of our mineral extraction solution. This has been co-funded by EU LIFE through the MINERVA project. We also deepen relations with other customers, including Anglo American Sakatti, which is a part of the Anglo American Group, where we test and trial our metal extraction technology on their mine tailings. And we receive new orders coming in to be started towards the end of the year to develop low-carbon rockfill and cement-free backfill solutions for mines. We focus our efforts in the metal extraction team, we focus our efforts on two materials.
For titanium, we optimize the beneficiation process, and we prepare to start the permitting and to get all the way to actually develop titanium alloys, starting with the thermodynamic modeling and smelting tests. A lot of difficult words there. Okay, and then for chromium, the pilot results that we have conducted in this quarter are well-aligned with what we've seen before, which supports our hypothesis that our chromium metal extraction technology is very strong, and that we recover well, both from slags and tailings, and we're in dialogue with quite a few ferrochrome producers. For our circular materials business, it's been little challenged, and that's aligned with the rest of the market, that the demand going into the year and probably into mid-year was a little bit on the lower side due to lower constructions overall in Finland and elsewhere.
We see that on the rise now, and that's obviously very good. I think it's also fair to say that our imported slag, the sales ramp-up earlier in the year was a little bit delayed by the challenges that we had in some of our dry bulk logistics, and also a longer than anticipated time to verify the supply chain total CO2 emissions. That has, though, now in this quarter, been approved by the Finnish Concrete Association, and we are moving ahead. We have completed a first phase of a customer-funded project for low-carbon concrete cable trays, and we see also our traded slag here in Finland to come up. In India, we see continued slag sales. We see that there is good demand. We have a good position and a good brand to build on. We are also introducing new varieties of slag.
We introduce micro silica and fly ash to our offering, and we've made our first trial deliverables. As I alluded also coming in, being a growth company is great fun. It's high clock speed and lots of things actually happening. After the period, we've had quite a few announcements. We have announced a new customer project. We have appointed Kimmo Tiilikainen, which was the former head of GTK and a former minister to our management team starting November 1st. We have signed an agreement with Enersense, and we have started one project and more to come with Enersense, and we have today actually announced a continued collaboration and an MOU with GTK. Let me introduce our CFO, Mikko, for the deep dive on the financials.
Thank you, Vibeke. Our revenue for the third quarter was EUR 277,000, as Vibeke mentioned in the beginning. This was 27% more than the period last year. Unfortunately, as also mentioned earlier, this was lower compared to the earlier quarters during this year. This was mainly due to the fact that we had projects ongoing in the first two quarters there, and many projects were completed by the end of June, and new projects did not start yet. The quarterly revenue mix mostly coming from service sales, 82% coming from there, and the remaining 18% was coming from material sales, which is then consisting of the slag sales, what we are doing in India and in Finland. If we have a look at our first nine-month revenue, almost EUR 1.2 million.
This is extremely good achievement there compared to the last year when our full year revenue was EUR 946,000. We are clearly above the level of full year last year. This was mainly driven by the large infrastructure project, what we announced a year ago. This project has now been successfully, fully completed. Next, if we move to the other financial indicators, and first have a look at our EBITDA. Our EBITDA for the quarter was roughly on the same level compared to last year. This was driven by our lower staff costs, and we had a lower number of employees, 26 on average during the quarter. Also we had furloughs taking place during the third quarter.
On the other hand, as we have been communicating that we have been increasing our activities, especially in the metal extraction side, which is then increasing our operating expenses, and bringing the cost levels roughly on the same level where we were last year. As you can notice there, our other operating income is on a lower level compared to the last year. That's explained mainly by the major R&D projects, which was focusing on side stream research. This was co-funded by Business Finland, and this project ended during the second quarter this year. This is explaining why the grants received have been lower during the third quarter.
If we look at our financial position, as mentioned in the beginning, we have improved our financial position by EUR 5 million, and out of that EUR 5 million, EUR 3 million came from the term loan that we drew during the third quarter. On top of that one, we received EUR 1 million from the convertible capital notes issue done in June, and the last EUR 1 million landed to our bank account then in July. In September, we had a tap issue on the convertible capital notes, and we collected EUR 1 million there. With these items then, our cash and short-term investments totaled out to EUR 8.6 million. On top of that one, we still have EUR 2 million as a committed investment coming in from our partner, ScaleWolf.
As mentioned earlier, the EU LIFE program grant from EU, EUR 2.1 million, is still yet to be drawn. The final instance of the Business Finland project described earlier is still coming on the fourth quarter. The final item, if we are then having look at our operational indicators, is that when we look at our order intake, that was low number for third quarter, EUR 93,000. On the other hand, our orders are not always following the quarters. In October, our order intake has already been EUR 300,000, and this has been the numbers after the period. This was in a nutshell, the financial review. I will then hand it over back to Vibeke.
Thank you. In summary, we are experiencing strong customer demand for protection solution, both on land and sub-sea. We go after these opportunities vividly. We have our partner, Enersense, and we are already in play in a couple of projects. We are looking for more in good customer dialogues, with more infrastructure players in the Baltics and beyond. We have progressed and are progressing our metal extraction project in Otanmäki, and we are preparing the permitting process. As mentioned, we are scaling up our volumes of slag going out of our Port of Hamina both in Q4 and going into next year. We continue our low-carbon cable tray projects, and go into product development and actual pilot productions. In India, we expect increased demand for our blast furnace slags and other slags, as we see growth in the construction and infrastructure space in India. Our guidance for 2026 remain unchanged.
Our revenue is expected to increase significantly compared to the previous year. With that, I would like to say thank you on behalf of myself and Mikko, on behalf of Betolar. Thank you. Q&A. Let's see. Do we have any questions coming in? Do you want to come closer, Mikko, and then we can have a quick look? We have a question on the orders coming in. As you can see, and for those of you that do follow us quite closely, you have seen that we have released quite a few company announcements and press releases over the last month. They relate mainly to orders coming in on the CIP side, so Critical Infrastructure Protection. We see more orders coming in there.
There was a question on, related to the not in the quarter, but after the quarter point three order intake, and that mainly comes then from critical infra.
Yeah, exactly. It is very nice to see that the Critical Infrastructure Protection is picking up, and that has been that one new area where we have been focusing during this year.
Yep. We have another question on the pilot furnace that has been purchased. It is a fine piece of equipment, let's say that. It is about a +30, 40 weeks delivery time. So we are expecting to see that coming closer to next year. The funding is received for that from the EU LIFE and the MINERVA project. We are very pleased with that, obviously, and it is going to be a very important part of our offering to customers, in which we already are in quite a few dialogues with customer on the mining side that obviously want to understand their value, the commercial value of their tailings and slags. This is a piece of equipment that we think can really extend our offers to these customers.
The furnace that we have ordered, the furnace now during the third quarter, and the furnace is being built as we speak now, and that will be then paid over the coming months. We are then expecting the furnace to be then operational somewhere during the next summer. We will capitalize the furnace purchase, so it will not be then showing in our operating expenses. Of course, this will be then co-funded partly by the EU LIFE programme.
Yep. We have a question on funding. We have strong funding. Actually, both Q2 and Q3 this year has been very good in securing our onward funding. We are well to be a tech scale-up, and also having worked in quite a few, I would say we have a strong funding base going forward that will really help our growth as well. That is where we will be focusing in the next two, three quarters, is really customer adoption, and really going from technology potential to commercial execution. Give it another second to see if we have more questions to come in, but so far, these are the ones we have received. With that, I think we will say thank you, and thank you for the questions. We have our Capital Markets Day coming up. We really encourage you to come and join either online or physically.
We will be presenting our strategy, our updated strategy, our roadmap for commercialization across the three business areas, and also our growth targets longer term. The Capital Markets Day will run from here at FLIK, 26th of November, and we start at 9:00 A.M. Thank you.