Beta Technologies, Inc.

BETA Technologies reported second quarter 2026 revenue of $14.7 million, up 146% year-over-year, driven by the Electrified Powertrain Flight Demonstration program and charger deliveries to the Florida Department of Transportation. Adjusted EBITDA was negative $109.8 million, reflecting $122.4 million in research and development and $43.8 million in general and administrative expenses. Net loss was $148.8 million, including $16.1 million in acquisition-related expenses and $5.7 million in non-cash warrant expenses. Product backlog reached 1,001 aircraft valued at $3.9 billion, nearly hitting the company's year-end target of $4 billion. Full year revenue guidance was raised to $42 million to $50 million, while full year adjusted EBITDA guidance was set at negative $400 million to negative $445 million. Cash and cash equivalents stood at $1.5 billion, and capital expenditures for the quarter were $41.1 million with full year guidance maintained at $150 million to $200 million. The company also announced up to $1 billion in planned EXIM financing to fund capital assets, vertical integration, and production capabilities.

BETA Technologies reported second-quarter 2026 revenue of $14.7 million, up 146% year-over-year and above guidance, driven by EPFD program and charger deliveries. The company's backlog reached 1,001 aircraft valued at $3.9 billion, nearly hitting its $4 billion year-end target by mid-year. Adjusted EBITDA remained deeply negative at negative $110 million, with full-year guidance widened to negative $400 million to negative $445 million, while operating expenses were $166 million. BETA achieved certification milestones including resolving FAA policy issues for the H500A motor and completing the CX-300 requirements definition phase, and launched EIPP operations with United Therapeutics as the first company to do so. The company also expanded its charging network to 138 sites and unveiled the MV-250 military aircraft, targeting a rapid prototyping contract with the Army within the next year.

GE Aerospace CEO Larry Culp announced that the company's SAAB A340 testbed completed the first high-altitude hybrid-electric transatlantic flight, calling it a strong proof point for next-generation commercial propulsion. The flight, conducted with Boeing, Beta Technologies, and NASA, was revealed alongside second-quarter results that beat estimates with adjusted earnings per share of $2.02 and a raised full-year EPS guidance of $7.65 to $7.85. Culp highlighted a $210 billion engine and services backlog, with Boeing's 737 program running at 42 per month and its $695 billion commercial backlog fueling demand for GE's LEAP and GEnx engines. LEAP engine deliveries rose 24% in the quarter, and a durability kit already retrofitted on 40% of the fleet is targeting a roughly twofold improvement in time on wing. GE Aerospace shares opened at $348.83 on Monday, up 13.55% year to date.

GE Aerospace, in collaboration with NASA, BETA Technologies, and Boeing, has conducted the world's first hybrid electric flight above 30,000 feet, reaching altitudes typical of commercial passenger aircraft. The milestone was achieved using a fully integrated megawatt-class, multi-kilovolt hybrid electric propulsion system developed under NASA's Electrified Powertrain Flight Demonstration project, with the longest single flight in hybrid electric mode lasting more than two hours. The system was tested on a modified Saab 340B aircraft, with BETA Technologies serving as systems integrator and Boeing subsidiary Aurora Flight Sciences supplying the nacelle. The achievement was announced at the Farnborough International Airshow, where public demonstration flights are planned as part of the daily flying display.

BETA Technologies unveiled the MV250, an autonomous hybrid-electric vertical takeoff and landing aircraft, at the Farnborough International Airshow. The MV250 delivers a reposition range of 1,300 nautical miles and carries a 2,000-pound payload within a tactical range of 250 nautical miles, offering greater range, higher speed, and lower procurement and operating costs compared to similarly sized legacy military platforms. The aircraft features a series hybrid electric turbogenerator developed in collaboration with GE Aerospace under a Joint Technology Development Agreement, which extends operational range and provides ground-based power. Its open-architecture flight control system is agnostic to the autonomous mission system and has successfully demonstrated both Sikorsky MATRIX and BETA autonomy systems in flight tests. The MV250 airframe and systems are common to BETA's standard civil products, lowering development, production, and validation costs.

Archer Aviation and Beta Technologies are partnering with Macquarie Capital to deploy standardized eVTOL charging hardware at up to 250 air taxi sites across the U.S. over the next decade. The initiative, called America’s Consortium for Electric Skyways, will use the Combined Charging Standard endorsed by the General Aviation Manufacturers Association, a plug incompatible with rival Joby Aviation’s aircraft. Joby developed its own Global Electric Aviation Charging System to support its distributed battery packs and coolant exchange, features not needed by Archer and Beta. The deployments are planned for airports and vertiports in California, Texas, Florida, and New York, potentially giving Archer and Beta an early infrastructure advantage. However, long-term success for all three companies will depend more on FAA approval and business model profitability than on charging standards.

BETA Technologies and the Multistate Collaborative completed the first flights under the US DOT and FAA's eVTOL Integration Pilot Program on July 10. The inaugural missions spanned a corridor between Virginia and Maryland, using electric aircraft to transport manufactured organs developed by United Therapeutics. This marks the first phase of a broader initiative expected to expand across at least 26 states, helping regulators evaluate the integration of electric aircraft into the National Airspace System. The program aims to establish the operational framework for routine commercial use through public-private partnerships and specialized charging infrastructure.

Surf Air Mobility shares surged 14.3% after the company expanded its partnership with Palantir Technologies to accelerate the SurfOS aviation software suite, launched a Hawaiʻi electric aircraft demonstration with BETA Technologies, and signed Wheels Up as the first Enterprise BrokerOS customer in a multi-year subscription deal worth up to US$12 million. The expanded Palantir collaboration aims to speed up development of SurfOS components including OperatorOS, OwnerOS, and Enterprise solutions, reinforcing Surf Air's pivot toward software as a second revenue stream alongside its regional airline operations. The BETA Hawaiʻi program and a planned MRO facility add a longer-term electrification angle, though the company's fragile balance sheet and ongoing losses remain key risks. Analyst projections see Surf Air reaching US$243.2 million in revenue and US$11.9 million in earnings by 2029, implying 30.8% annual revenue growth and a US$124.3 million earnings swing from a current loss of US$112.4 million.

A bullish thesis on BETA Technologies, Inc. argues the electric aviation company is well-positioned for long-term value creation despite being pre-revenue. The company has assembled a commercial backlog of approximately $3.9 billion, over 460 patents, a production-ready manufacturing facility, and a charging network spanning 123 locations. Management targets FAA type certification for the CX300 eCTOL aircraft by late 2026, which would unlock deliveries and activate recurring aftermarket revenue from battery replacements, propulsion systems, and charging services. Strategic partnerships with GE Aerospace, UPS, Amazon, and others strengthen commercial credibility, while a strong balance sheet supports continued investment through certification.

BETA Technologies, Surf Air Mobility, and Hawaiian Airlines have launched an electric aircraft demonstration program in Hawaiʻi. BETA's ALIA CTOL electric aircraft will conduct a six-to-eight-week flight campaign to evaluate operational, economic, and infrastructure requirements for future electric aircraft operations in the state. Surf Air Mobility, through its Mokulele Airlines subsidiary, intends to deploy BETA aircraft for cargo and passenger missions following FAA certification. Hawaiian Airlines is supporting the program by sharing insights on cargo and passenger routes, participating in feasibility assessments, and supporting community engagement. The data generated will help define the requirements for integrating electric aircraft into commercial regional air service.

BETA Technologies reported first-quarter 2026 revenue of $10.1 million, a net loss of $122.3 million, and an adjusted EBITDA of negative $97.2 million. The company closed the quarter with a total commercial aircraft backlog of $3.9 billion across 991 units, following $375 million in new contract additions. Operationally, BETA was selected for seven of the eight FAA eVTOL Integration Pilot Programs, expanded its nationwide charging infrastructure to 123 sites, and completed a preliminary design review for its hybrid-electric turbogenerator system with GE Aerospace as well as its first company-conforming CTOL aircraft. CEO Kyle Clark said the achievements demonstrate readiness for commercial deployment as the company moves toward type certification and production scaling, having flown over 139,000 nautical miles to date.