BETA Technologies, Inc. Announces Second Quarter 2026 Results
SOUTH BURLINGTON, Vt.--( BUSINESS WIRE)--BETA Technologies, Inc. (NYSE: BETA) (“BETA” or the “Company”), an aerospace and defense company, today announced its financial and operating results for the second quarter ended June 30, 2026.
“This quarter showed that the investments made across the business continue to translate into real-world operations and delivered tangible results,” said Kyle Clark, founder and chief executive officer of BETA. “We became the first company to launch operations under the eVTOL Integration Pilot Program, demonstrated hybrid-electric flight at commercial altitude with GE Aerospace, unveiled the MV250 for defense applications, and continued to grow our backlog. Each of these milestones builds on the same integrated foundation: certification, operational experience, infrastructure, and vertical integration. Progress in one program strengthens the others, accelerating our ability to serve commercial and defense customers as we scale.”
Business Highlights
Financial Highlights
Second Quarter 2026 Key Financial Metrics
(in thousands)
Three Months Ended
June 30,
2026
2025
Revenues
$
14,658
$
5,966
Cost of revenues
6,637
1,190
Gross margin
8,021
4,776
Research and development
122,365
58,035
General and administrative
43,774
26,061
Total operating expenses
166,139
84,096
Loss from operations
(158,118
)
(79,320
)
Net loss
(148,753
)
(80,416
)
Adjusted EBITDA (1)
(109,810
)
(68,394
)
Capital expenditures (2)
41,113
6,025
Cash and cash equivalents
1,479,470
174,531
(1)
In addition to results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains financial measures that are not calculated and presented in accordance with GAAP. See “Non-GAAP Financial Measures” for definitions of these non-GAAP financial measures. A reconciliation of the non-GAAP measures to their related GAAP measures can be found in the supplemental tables later in this press release.
(2)
Represents purchases of property and equipment.
Revenues for the quarter ended June 30, 2026 were $14.7 million, compared to $6.0 million for the quarter ended June 30, 2025. Product revenues and service revenues were $3.3 million and $11.4 million, respectively.
Operating expenses for the quarter ended June 30, 2026 were $166.1 million, including research and development expenses of $122.4 million. Non-cash warrant expense related to the collaborative arrangement with GE Aerospace of $5.7 million and in-process research and development (“IPR&D”) expense of $16.1 million related to an acquisition, were both embedded in research and development expenses in the quarter. Investments in research and development enable our certification programs and the further advancement of our enabling technologies.
Net loss and Adjusted EBITDA for the quarter ended June 30, 2026 were ($148.8) million and ($109.8) million, respectively.
Capital expenditures for the quarter ended June 30, 2026 were $41.1 million, compared to $6.0 million for the quarter ended June 30, 2025. Cash and cash equivalents totaled $1,479.5 million as of June 30, 2026, compared to $174.5 million as of June 30, 2025, as a result of successful private financings and the proceeds from our IPO.
Financial Outlook
BETA increases our full year 2026 revenues to be in the range of $42 million to $50 million and updates full year 2026 Adjusted EBITDA to be in the range of ($400) million to ($445) million.
BETA has not reconciled our forward-looking Adjusted EBITDA guidance because certain items that impact this non-GAAP metric are uncertain or out of BETA’s control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of BETA’s Class A common stock, BETA’s future hiring needs, and other factors, all of which are difficult to predict, subject to frequent change, or not within BETA’s control. The actual amount of these expenses during 2026 could materially affect BETA’s future GAAP financial results. Accordingly, a reconciliation of this forward-looking non-GAAP metric is not available without unreasonable effort.
Webcast and Conference Call Details
BETA will host a live webcast and conference call at 8:30 am ET today to discuss the quarter’s financial and operating results. A link to the live webcast and supporting materials can be accessed on the Company’s Investor Relations website and a replay webcast will be available following the call. Participants may also join the conference call by registering on our Investors Relations website.
Investors should note that BETA may use our website (investors.beta.team) and BETA’s company account on Instagram and LinkedIn as a means of disclosing information and for complying with BETA’s disclosure obligations under Regulation FD. The information BETA provides through these channels may be deemed material. Investors should monitor these channels in addition to reviewing BETA’s press releases, SEC filings, and public conference calls.
About BETA Technologies, Inc.
BETA (NYSE: BETA) is an aerospace and defense company designing, manufacturing and selling high-performance electric aircraft, advanced electric propulsion systems, components and charging systems to top operators worldwide. BETA has built and flown its family of ALIA aircraft, consisting of both conventional fixed-wing electric aircraft (the “ALIA CTOL”) and electric vertical takeoff and landing aircraft (the “ALIA VTOL”), more than 190,000 nautical miles, including multiple trips across the United States. BETA is deploying a network of charging infrastructure to enable the growing industry with more than 130 sites across the United States and internationally. BETA’s intentional approach to developing the enabling technologies necessary to electrify aviation unlocks lucrative aftermarket revenue opportunity over the life of each aircraft. These highly scalable enabling technologies allow BETA to serve a customer base across cargo and logistics, defense, passenger and medical end markets and unlock cost-effective and safe missions. Visit www.beta.team for more information about BETA and its products.
Forward Looking Statements
This press release and the accompanying earnings call contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our future financial and operating performance, including our outlook and guidance; our regulatory outlook, progress and timing; our business strategy, plan, objectives, and goals; capital needs and the growth of our operations, manufacturing capabilities, and supporting infrastructure for aircraft development and deployment; plans and anticipated benefits with respect to our collaborations with third parties, and projected demand for our aircraft, other products, and services.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, factors described throughout the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2026, as such descriptions may be updated or amended by the factors that will be included in the future reports we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release and the accompanying earnings call.
Any forward-looking statement made by us in this press release and the accompanying earnings call is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
In addition to traditional financial metrics, we use EBITDA and Adjusted EBITDA to help us evaluate our business.
We define EBITDA as net loss adjusted for interest income, interest expense, provision for income taxes, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for stock-based compensation, warrant expense, acquisition-related expense, loss on disposal of property and equipment, and IPO costs.
We believe that these non-GAAP measures provide useful information to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP measures are presented for supplemental informational purposes and should not be considered as substitutes for or superior to financial information presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain expenses that are required by GAAP to be recorded in our financial statements and they are subject to inherent limitations as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP financial measures. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our consolidated financial statements included in our filings with the SEC in their entirety and not rely solely on any single financial measure.
We caution readers that our definitions of these non-GAAP financial measures may not be calculated in the same manner as similar measures used by other companies. Reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the supplemental tables attached to this press release.
BETA Technologies, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues:
Product
$
3,280
$
2,544
$
4,243
$
5,032
Service
11,378
3,422
20,548
10,533
14,658
5,966
24,791
15,565
Cost of revenues:
Product
1,661
62
2,257
595
Service
4,976
1,128
8,681
2,333
6,637
1,190
10,938
2,928
Gross margin:
Product
1,619
2,482
1,986
4,437
Service
6,402
2,294
11,867
8,200
8,021
4,776
13,853
12,637
Operating expenses:
Research and development
122,365
58,035
214,104
115,899
General and administrative
43,774
26,061
90,824
54,075
Total operating expenses
166,139
84,096
304,928
169,974
Loss from operations
(158,118
)
(79,320
)
(291,075
)
(157,337
)
Other (income) expense:
Interest income
(13,293
)
(2,023
)
(27,774
)
(4,720
)
Interest expense
3,661
2,890
7,278
5,750
Total other (income) expense
(9,632
)
867
(20,496
)
1,030
Loss before income taxes
(148,486
)
(80,187
)
(270,579
)
(158,367
)
Provision for income taxes
267
229
483
327
Net loss
(148,753
)
(80,416
)
(271,062
)
(158,694
)
Convertible preferred stock paid-in-kind dividend
—
12,376
-
24,540
Net loss attributable to common stockholders
$
(148,753
)
$
(92,792
)
$
(271,062
)
$
(183,234
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.64
)
$
(2.02
)
$
(1.17
)
$
(4.01
)
BETA Technologies, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
1,479,470
$
1,710,227
Accounts receivable
3,609
5,747
Prepaid expenses and other current assets
20,545
23,494
Total current assets
1,503,624
1,739,468
Property and equipment, net
402,753
348,540
Operating lease right-of-use assets
20,675
16,417
Other assets
6,400
1,840
Total assets
$
1,933,452
$
2,106,265
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
22,808
$
24,503
Accrued expenses
43,606
35,109
Payroll liabilities
16,344
3,334
Deferred revenue
7,015
3,704
Operating lease liabilities
1,859
1,551
Notes payable
8,547
5,711
Other current liabilities
3,728
2,483
Total current liabilities
103,907
76,395
Deferred revenue, non-current
14,879
12,550
Operating lease liabilities, non-current
20,885
16,838
Notes payable, non-current
175,405
179,799
Other liabilities
3,199
2,847
Total liabilities
318,275
288,429
Total stockholders’ equity (1)
1,615,177
1,817,836
Total liabilities and stockholders’ equity
$
1,933,452
$
2,106,265
Includes all components of stockholders’ equity, as presented in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2026.
BETA Technologies, Inc.
Non-GAAP EBITDA and Adjusted EBITDA Reconciliation
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net loss
$
(148,753
)
$
(80,416
)
$
(271,062
)
$
(158,694
)
Increase (decrease) as adjusted for:
Interest income
(13,293
)
(2,023
)
(27,774
)
(4,720
)
Interest expense
3,661
2,890
7,278
5,750
Provision for income taxes
267
229
483
327
Depreciation and amortization
6,322
5,399
12,473
10,520
EBITDA
$
(151,796
)
$
(73,921
)
$
(278,602
)
$
(146,817
)
Stock-based compensation
14,674
4,307
38,090
11,614
Warrant expense
5,697
—
11,331
—
Acquisition-related expense (1)
16,147
—
16,147
—
Loss on disposal of property and equipment
5,411
670
5,742
1,541
IPO costs (2)
57
550
236
550
Adjusted EBITDA
$
(109,810
)
$
(68,394
)
$
(207,056
)
$
(133,112
)
Includes acquired IPR&D expense of $15.0 million and direct transaction costs of $1.1 million.
(2)
Represents accounting and advisory expenses incurred in connection with becoming and operating as a public company.