Leading the industry with seven eVTOL Integrated Pilot Program selections, BETA expanded strategic partnerships and accelerated its path to commercial operations
SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--May 12, 2026--
BETA Technologies, Inc. $(BETA)$ ("BETA" or the "Company"), an electric aerospace company, today announced its financial and operating results for the first quarter ended March 31, 2026.
"Since the beginning of the year, BETA has made critical progress in support of our stepwise approach to electrify aviation, demonstrating our leadership position in the advanced air mobility sector as we prepare to enter eIPP operations," said Kyle Clark, President and CEO. "We've created a complete system to bring electric aviation to market including training pilots, building aircraft and designing support systems. This strategy has led the best operators in the world to choose BETA as their partner and translates into tangible progress. In Q1, we led the industry with selections in seven of the eight eIPP launch programs; we added 16 sites to our nationwide charging network, and we secured additional contracts in our undersea propulsion work with General Dynamics. In parallel, for defense applications, we completed a preliminary design review on the hybrid turbogenerator with GE Aerospace that will initially support our MV250 VTOL. With more than 139,000 nautical miles flown to date all over the world, we are entering eIPP operations with hard-earned experience and momentum. We remain keenly focused on achieving type certifications and scaling production as we prepare to meet the tremendous demand, and ultimately change the way people fly."
Business Highlights
-- Advanced Certification: Completed the first company-conforming CTOL
aircraft and surpassed 85,000 hours of flight and ground testing on H500A
engines, including the completion of high-risk test conditions in
lightning, icing and durability.
-- Reached Key Technical Milestones: Successfully completed the
preliminary design review of BETA's hybrid-electric turbogenerator system
in partnership with GE Aerospace, advancing next-generation propulsion
capabilities and enhanced VTOL blade efficiency, while reducing noise and
demonstrating lower transition energy in routine testing.
-- Led eVTOL Integration Pilot Program Selections: Selected for 7 of 8
programs by the Federal Aviation Administration and U.S. Department of
Transportation, the most of any electric aircraft developer. This
accelerates BETA's path to U.S. commercial electric aviation deployment.
BETA was selected in programs that extend across 26 states, a testament
to its technical progress and operational readiness.
-- Grew Nationwide Charging Network: Expanded global charging network to
123 sites, signed agreement with the Florida Department of Transportation
to provide 34 chargers and thermal management systems, supporting early
market adoption and foundation for eIPP success.
-- Drove Commercial Momentum: Added more than $375 million to our backlog,
including a new partnership with Surf Air Mobility. Total commercial
aircraft backlog grew to $3.9 billion across 991 aircraft.
Financial Highlights
-- Q1 Revenue of $10.1 million
-- Q1 Net loss of ($122.3) million
-- Q1 Adjusted EBITDA of ($97.2) million
First Quarter 2026 Key Financial Metrics
(in thousands)
Three Months Ended
March 31,
-------------------------------------
2026 2025
---------------- --------------
Revenues $ 10,133 $ 9,599
Cost of revenues 4,301 1,738
Gross margin 5,832 7,861
Research and development 91,739 57,864
General and administrative 47,050 28,014
Total operating expenses 138,789 85,878
Loss from operations (132,957) (78,017)
Net loss (122,309) (78,278)
Adjusted EBITDA (1) (97,246) (64,718)
Capital expenditures (2) 24,176 6,681
Cash and cash equivalents 1,589,398 236,572
(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 March 31, 2026 were $10.1 million, compared to $9.6 million for the quarter ended March 31, 2025. Product revenues and Service revenues for the quarter ended March 31, 2026 were $0.9 million and $9.2 million, respectively.
Operating expenses for the quarter ended March 31, 2026 were $138.8 million, including research and development expenses of $91.7 million. Non-cash warrant expense related to the collaborative arrangement with GE Aerospace of $5.6 million was embedded in research and development expenses in the quarter ended March 31, 2026. 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 March 31, 2026 were ($122.3) million and ($97.2) million, respectively.
Capital expenditures for the quarter ended March 31, 2026 were $24.2 million, compared to $6.7 million for the quarter ended March 31, 2025. Cash and cash equivalents totaled $1,589.4 million as of March 31, 2026, compared to $236.6 million as of March 31, 2025, as a result of successful private financings and the proceeds from our IPO.
Financial Outlook
BETA reaffirms full year 2026 revenues to be in the range of $39 million to $43 million and updates full year 2026 Adjusted EBITDA to be in the range of ($355) 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 135,000 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 100 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. BETA was named the #1 company on TIME's list of the World's Top GreenTech Companies of 2025. Visit www.beta.team for more information about BETA and its products.
Forward Looking Statements
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