BETA Technologies (BETA) Q3 2025 earnings summary

Executive summary

• Completed a successful IPO on NYSE, raising $1.1B in net proceeds, and formed a $300M strategic partnership with GE Aerospace for hybrid-electric propulsion.

• Achieved major certification milestones, including FAA Part 35 Type Certification for Hartzell propeller and advanced VTOL flight testing.

• Aircraft and charging products are generating positive contribution margin, with a $3.5B deposit-backed aircraft backlog and $1B in enabling technologies/component backlog.

• Expanded international presence with charger installations in the UAE, electrification of Abu Dhabi airports, and ALIA CTOL aircraft deliveries to Norway and New Zealand.

• Three distinct aircraft programs in development for CTOL, VTOL, and military applications, leveraging vertical integration and strong regulatory relationships.

Financial highlights

• Q3 2025 revenue was $8.9M, up from $3.1M in Q3 2024; year-to-date revenue reached $24.5M, up from $10.7M year-over-year.

• Gross margin for Q3 2025 was $6.2M, or 69% of revenue, up from $1.9M year-over-year.

• Q3 operating expenses totaled $86.8M, with $56.4M in R&D and $30.4M in SG&A; R&D represented 65% of total operating expenses.

• Adjusted EBITDA for Q3 2025 was $(67.6)M; year-to-date adjusted EBITDA was $(200.7)M.

• Net loss for Q3 2025 was $451.8M ($9.83/share), impacted by a $355.6M non-cash loss on preferred stock issuance; year-to-date net loss was $595.9M.

• Ended Q3 with $687.6M in cash, not including $1.1B in IPO proceeds.

• Q3 capital expenditures were $13M; major industrialization investments already completed, including a 188,000 sq ft facility.

Outlook and guidance

• Full-year 2025 revenue expected between $29M and $33M; adjusted EBITDA expected between $(295)M and $(325)M.

• Guidance for 2026 production rate to be provided at year-end.

• Expects continued losses and negative cash flows until sustainable commercial operations commence; near-term cash requirements include R&D, certification, manufacturing, and infrastructure investments.

• Positioned for long-term profitability through full product lifecycle monetization, including aftermarket and service revenues.