BETA Technologies (BETA) Q1 2026 earnings summary

Executive summary

• Added $375 million to aircraft backlog in two months, reaching $3.9 billion and 991 aircraft, progressing toward a $4 billion year-end target, driven by new contracts including Surf Air Mobility and selection in seven of eight FAA/DOT eVTOL Integration Pilot Programs spanning 26 states.

• Expanded charging network to 123 sites, including a major contract with Florida DOT for 34 chargers, supporting early market adoption.

• Advanced certification programs for electric engines and aircraft, with significant progress but some timeline extensions due to regulatory negotiations.

• Secured new partnerships and contracts, including with Surf Air Mobility, General Dynamics, and GE Aerospace, and completed a tuck-in AI acquisition.

• Completed key technical milestones, including preliminary design review of hybrid-electric turbogenerator with GE Aerospace and first company-conforming CTOL aircraft.

Financial highlights

• Q1 2026 revenue was $10.1 million, up 6% year-over-year, exceeding guidance, with service revenue outpacing product revenue.

• Net loss widened to $122.3 million from $78.3 million year-over-year, driven by higher R&D and administrative expenses.

• Adjusted EBITDA for Q1 was negative $97.2 million, ahead of expectations.

• Ended Q1 with $1.59 billion in cash and short-term investments, supported by private financings and IPO proceeds.

• CapEx for Q1 was $24.2 million; full-year CapEx guidance updated to $150–$200 million.

Outlook and guidance

• 2026 revenue guidance remains $39–$43 million, with revenue expected to be back-half weighted.

• Full-year adjusted EBITDA guidance updated to negative $355–$445 million, reflecting $50 million incremental eIPP investment.

• Q2 revenue expected at $8–$11 million; adjusted EBITDA at negative $100–$120 million.

• Expects continued losses and negative operating cash flows until commercial operations scale.

• Plans further capital expenditures in 2026 for machinery, equipment, buildings, and charging network expansion.