Earnings release
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BETA Technologies, Inc. Announces Third Quarter 2026 Results 2026-11-03T05:00:00 November 03, 2026 5:00am EST Related Documents Earnings WebcastAudio PresentationPDF Company delivers record quarterly revenue, achieves landmark FAA market survey authorization and surpasses key year-end goals ahead of schedule. 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 third quarter ended September 30, 2026. “This was our strongest quarter of revenue since inception, and weʼre exceeding the targets we set at the beginning of 2026,” said Kyle Clark, founder and chief executive officer of BETA. “Weʼve now flown more than 250,000 nautical miles, advanced commercial operations through our eIPP launches, and secured a historic FAA authorization to fly prospective customers aboard our A250 electric VTOL aircraft. Each of these milestones builds on years of engineering and real-world operating experience. Our vertically integrated, stepwise approach allows us to take what we're learning in the field and apply it directly to improving our aircraft. Weʼre demonstrating that our partnerships and strategy are working, and we are carrying that momentum into scaling production as we advance toward commercial certification.” Business Highlights Achieved Historic FAA Authorization: BETAʼs A250 became the first electric vertical takeoff and landing (VTOL) aircraft to receive a Federal Aviation Administration (“FAA”) Special Airworthiness Certificate for market surveys, enabling demonstration flights with customers onboard ahead of type certification. The authorization builds on years of rigorous A250 flight testing and BETAʼs existing CX300 market survey authorization, broadening opportunities to demonstrate both aircraft in real-world operating environments. Delivered Record Revenue: Generated record quarterly revenue of $17.7 million, representing 98% year-over-year growth and exceeding the Companyʼs guidance range. Revenue is entirely organic. Surpassed Year-End Flight Target: Exceeded 250,000 nautical miles flown across BETAʼs aircraft fleet ahead of schedule, building operational experience across a range of missions and environments. This milestone reflects the continued expansion of flight operations across both CTOL and VTOL aircraft, generating valuable real-world performance data to support ongoing development and certification efforts. Expanded Charging Network to 168 Sites: Increased the reach of BETAʼs open, interoperable charging infrastructure, supporting aircraft operations across the United States and providing the infrastructure for broader electric aviation adoption. Increased Aircraft Backlog: Increased commercial aircraft backlog to just over $4.0 billion, surpassing the Companyʼs year-end target. The backlog represents 1,040 aircraft in firm and option orders supported by financial commitments. Broadened Electric Aviation Operations Across the United States: BETA has launched 6 of the 7 selections in the FAAʼs eVTOL Integration Pilot Program (eIPP). Select missions included transporting medical supplies in North Carolina, delivering emergency response equipment in Texas and moving time-sensitive cancer medicines in Utah. Financial Highlights Q3 Revenues of $17.7 million Q3 Net loss of ($119.1) million Q3 Adjusted EBITDA of ($97.4) million Scroll to view ↔ Third Quarter 2026 Key Financial Metrics (in thousands) Three Months Ended September 30, 2026 2025 Revenues $ 17,672 $ 8,918 Cost of revenues 4,933 2,741 Gross margin 12,739 6,177 Research and development 90,536 56,371 General and administrative 50,007 30,380 Total operating expenses 140,543 86,751 Loss from operations (127,804) (80,574) Net loss (119,119) (437,214) Adjusted EBITDA(1) (97,449) (67,575) Capital expenditures(2) 28,781 12,957 Aircraft components 9,702 - Cash and cash equivalents 1,343,055 687,627 (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. 1/5
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Revenues for the quarter ended September 30, 2026 were $17.7 million, compared to $8.9 million for the quarter ended September 30, 2025. Product revenues and service revenues were $5.2 million and $12.5 million, respectively. Operating expenses for the quarter ended September 30, 2026 were $140.5 million, including research and development expenses of $90.5 million. Non- cash warrant expense related to the collaborative arrangement with GE Aerospace of $5.8 million was embedded in research and development expenses in the quarter. Investments in research and development enable BETAʼs certification programs and the further advancement of its enabling technologies. Net loss and Adjusted EBITDA for the quarter ended September 30, 2026 were ($119.1) million and ($97.4) million, respectively. Capital expenditures for the quarter ended September 30, 2026 were $28.8 million, compared to $13.0 million for the quarter ended September 30, 2025. Cash and cash equivalents totaled $1,343.1 million as of September 30, 2026, compared to $687.6 million as of September 30, 2025, reflecting successful private financings and the proceeds from our IPO. Financial Outlook BETA increases full year 2026 revenue guidance to be in the range of $52 million to $57 million and maintains full year 2026 Adjusted EBITDA guidance to be in the range of ($400) million to ($445) million. BETA has not reconciled its forward-looking Adjusted EBITDA guidance because certain items that impact this non-GAAP metric are uncertain or out of BETAʼs control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of BETAʼs Class A common stock, BETAʼs future hiring needs, and other factors, all of which are difficult to predict, subject to frequent change, or not within BETAʼs control. The actual amount of these expenses during 2026 could materially affect BETAʼs 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 quarterʼs financial and operating results. A link to the live webcast and supporting materials can be accessed on the Companyʼs Investor Relations website and a replay webcast will be available following the call. Participants may also join the conference call by registering on our Investor Relations website. Investors should note that BETA may use our website (investors.beta.team) and BETAʼs company account on Instagram and LinkedIn as a means of disclosing information and for complying with BETAʼs 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 BETAʼs press releases, Securities and Exchange Commission (“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. BETAʼs 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. These 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, our ability to further progress the eIPP across all seven selections; 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 “Managementʼs 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 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 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, except as required by law. 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 loss on issuance of convertible preferred stock, stock-based compensation, warrant expense, acquisition-related expense, asset disposal and other related costs, 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 2/5
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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 companiesʼ 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. Scroll to view ↔ BETA Technologies, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Product $ 5,184 $ 2,917 $ 9,427 $ 7,993 Service 12,488 6,001 33,036 16,490 17,672 8,918 42,463 24,483 Cost of revenues: Product 2,516 1,660 4,773 2,255 Service 2,417 1,081 11,098 3,415 4,933 2,741 15,871 5,670 Gross margin: Product 2,668 1,257 4,654 5,738 Service 10,071 4,920 21,938 13,075 12,739 6,177 26,592 18,813 Operating expenses: Research and development 90,536 56,371 304,640 170,484 General and administrative 50,007 30,380 140,831 86,241 Total operating expenses 140,543 86,751 445,471 256,725 Loss from operations (127,804) (80,574) (418,879) (237,912) Other (income) expense: Interest income (12,515) (2,628) (40,289) (7,348) Interest expense 3,678 3,464 10,956 9,214 Loss on issuance of convertible preferred stock - 355,551 - 355,551 Total other (income) expense (8,837) 356,387 (29,333) 357,417 Loss before income taxes (118,967) (436,961) (389,546) (595,329) Provision for income taxes 152 253 635 580 Net loss (119,119) (437,214) (390,181) (595,909) Convertible preferred stock paid-in-kind dividend - 14,596 - 39,136 Net loss attributable to common stockholders $ (119,119) $ (451,810) $ (390,181) $ (635,045) Net loss per share attributable to common stockholders, basic and diluted $ (0.51) $ (9.83) $ (1.68) $ (13.86) Scroll to view ↔ 3/5
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BETA Technologies, Inc. Condensed Consolidated Balance Sheets (in thousands) September 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 1,343,055 $ 1,710,227 Accounts receivable 7,152 5,747 Prepaid expenses and other current assets 16,958 23,494 Total current assets 1,367,165 1,739,468 Property and equipment, net 424,561 348,540 Operating lease right-of-use assets 28,978 16,417 Aircraft components 26,348 - Other assets 10,455 1,840 Total assets $ 1,857,507 $ 2,106,265 Liabilities and stockholdersʼ equity Current liabilities: Accounts payable $ 33,532 $ 24,503 Accrued expenses 45,974 35,109 Payroll liabilities 18,383 3,334 Deferred revenue 5,481 3,704 Operating lease liabilities 2,552 1,551 Notes payable 9,988 5,711 Other current liabilities 2,877 2,483 Total current liabilities 118,787 76,395 Deferred revenue, non-current 14,595 12,550 Operating lease liabilities, non-current 29,044 16,838 Notes payable, non-current 174,025 179,799 Other liabilities 3,320 2,847 Total liabilities 339,771 288,429 Total stockholdersʼ equity(1) 1,517,736 1,817,836 Total liabilities and stockholdersʼ equity $ 1,857,507 $ 2,106,265 (1) Includes all components of stockholdersʼ equity, as will be presented in the Companyʼs Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. Scroll to view ↔ BETA Technologies, Inc. Non-GAAP EBITDA and Adjusted EBITDA Reconciliation (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net loss $ (119,119) $ (437,214) $ (390,181) $ (595,909) Increase (decrease) as adjusted for: Interest income (12,515) (2,628) (40,289) (7,348) Interest expense 3,678 3,464 10,956 9,214 Provision for income taxes 152 253 635 580 Depreciation and amortization 6,896 5,794 19,369 16,314 EBITDA $ (120,908) $ (430,331) $ (399,510) $ (577,149) Loss on issuance of convertible preferred stock - 355,551 - 355,551 Stock-based compensation 11,055 5,205 49,145 16,819 Warrant expense 5,760 308 17,091 308 Acquisition-related expense(1) - - 16,147 - Asset disposal and other related costs 6,411 932 12,153 2,473 IPO costs(2) 233 760 469 1,310 Adjusted EBITDA $ (97,449) $ (67,575) $ (304,505) $ (200,688) (1) Includes acquired in-process research and development expense of $15,003 and direct transaction costs of $1,144. (2) Represents accounting and advisory expenses incurred in connection with becoming and operating as a public company. View source version on businesswire.com: https://www.businesswire.com/news/home/20261102391793/en/ Media: Nat Bol, external communications press@beta.team Investor Relations: 4/5