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, while expanding global visibility through record-setting flights and air show demonstrations.

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

• Expanded commercial and defense opportunities, including a $1B motor order from Embraer EVE and new contracts with General Dynamics and Army DEVCOM.

• Aircraft backlog reached 891 units ($3.5B), with projections to exceed $4B by year-end 2026.

• Benefited from strong regulatory support, including the AAM National Strategy and bipartisan legislation.

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, with R&D spend at $259.9M.

• Adjusted EBITDA for 2025 was negative $304.1M, compared to negative $243.3M in 2024.

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

• Ended 2025 with $1.7B in cash, reflecting IPO and private financings.

Outlook and guidance

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

• Adjusted EBITDA for 2026 projected between negative $305M and negative $395M.

• CapEx for 2026 guided at $175M–$225M, reflecting accelerated vertical integration.

• Aircraft backlog projected to exceed $4B by end of 2026, with nautical miles flown expected to double to 250,000.

• Certification of H500A electric engine expected in first half of 2026, with plans to begin U.S. aircraft deliveries.