Betolar

The most significant changes are that ScaleWolf's investment is also targeted at protecting critical infrastructure and that a portion of the convertible capital notes, worth 2 MEUR, will likely convert into equity investments in subsidiaries.

The strengthened liquidity position resulting from the financing arrangements provides the new management room to maneuver in advancing commercialization.

We expect revenue to have more than doubled, driven by deliveries from an infrastructure order received in late 2025, but we anticipate that the result remains clearly unprofitable.