BETA Technologies (BETA) Q4 2025 earnings summary

Executive summary

• Achieved major certification milestones, including FAA certification for key components and first all-electric passenger flight to JFK, advancing industry visibility and regulatory progress.

• Expanded commercial deployments domestically and internationally, set multiple world records, and demonstrated aircraft capabilities globally.

• Secured strategic partnerships and investments from GE Aerospace, General Dynamics, and Embraer EVE, and listed on NYSE, raising $1.2B in IPO.

• Commercial aircraft backlog reached 891 units ($3.5B), with a target of $4B by end of 2026, and signed a $1B motor order from Embraer EVE.

• Regulatory environment is highly supportive, with new federal strategies, bipartisan legislation, and executive orders accelerating certification and deployment.

Financial highlights

• Full-year 2025 revenue reached $35.6M, more than doubling 2024’s $15.1M, driven by strong component and service sales.

• Operating expenses for 2025 were $398.4M, up from $282.8M in 2024, including $259.9M in R&D.

• Adjusted EBITDA for 2025 was -$304.1M, ahead of expectations; 2024 Adjusted EBITDA was -$243.3M.

• Net loss for 2025 was -$745.9M, compared to -$275.6M in 2024.

• Ended 2025 with $1.7B in cash, supporting ongoing certification and commercialization, up from $301.4M due to IPO and private financings.

• CapEx in 2025 was $45.4M, down from $73.5M in 2024, focused on certification, vertical integration, and production readiness.

Outlook and guidance

• 2026 revenue expected between $39M and $43M, driven by ramping strategic partnerships and infrastructure expansion.

• Adjusted EBITDA guidance for 2026 is -$305M to -$395M, reflecting continued investment in certification and production.

• CapEx for 2026 projected at $175M-$225M, with accelerated vertical integration and investment pulled forward from 2027.

• Q1 2026 revenue expected at $7M-$10M; Q1 Adjusted EBITDA at -$95M to -$110M.

• Cash use for 2026 (excluding eIPP) estimated at $500M.

• Aircraft backlog projected to grow from $3.5B to over $4B by end of 2026.

• Certification of H500A electric engine expected in first half of 2026.