Beta Technologies, Inc.BETA
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Revenue up 146%, raised guidance, and $1B EXIM financing announced.
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Advanced Air Mobility (eVTOL)▲ · 1 stocks
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Elroy Air Adds 10 Bristow Early Delivery Slots for Chaparral
Elroy Air announced that Bristow Group Inc. has expanded its early delivery reservations for the Chaparral autonomous cargo aircraft, reserving 10 additional early delivery positions for a total of 15. Bristow previously secured early delivery slots for five Chaparral drones and announced a pre-order agreement for up to 100 Chaparral drones. The announcement follows the first autonomous, uncrewed flight demonstrations conducted in Houma, Louisiana, as part of the Federal Aviation Administration's and the U.S. Department of Transportation's eVTOL Integration Pilot Program, in collaboration with government and industry partners. Bristow Executive Vice President and Chief Transformation Officer David Stepanek said the Louisiana demonstrations gave the company a chance to explore how Chaparral could support a range of transportation and logistics missions, adding that Bristow sees potential applications across commercial, government services, and special mission operations. Elroy Air CEO Dr. Andrew Clare said the company was proud to have partnered with Bristow over the last few years and appreciated Bristow's continued confidence in the platform. The Chaparral is an uncrewed, autonomous VTOL aircraft that carries 500+ pounds of cargo, requires no runways or fixed infrastructure, and has a hybrid-electric powertrain with range of up to 450 miles. Kratos Defense & Security Solutions, the exclusive U.S. manufacturer of Chaparral, will produce the aircraft at its expanding Sacramento, California facility, with the first production aircraft planned for late 2026.
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Elon Musk Cheers Heart Aerospace's $5 Electric Flight, Urges Autonomy
Elon Musk has applauded Heart Aerospace's first flight of its X1 battery-electric demonstrator, which flew for 27 minutes on roughly $5 of electricity, and said an important next step is making it autonomous. The piloted X1 flew on August 12 from Plattsburgh International Airport in New York under an FAA Special Airworthiness Certificate, climbing to 1,100 feet and delivering more than one megawatt of electric propulsion power. Heart Aerospace calls the X1 the largest battery-electric aircraft ever flown, and founder and CEO Anders Forslund said the test demonstrated electric flight at the scale of a commercial airliner. The X1 supports development of the ES-30, a 30-seat hybrid-electric regional aircraft targeting 200 kilometers of all-electric range and up to 800 kilometers in hybrid operation, with type certification planned for 2031. Heart says the ES-30 could cut aircraft operating costs by more than 40 percent, and the company has attracted a $107 million investment from Breakthrough Energy Ventures, while Air Canada has ordered 30 ES-30 aircraft and invested $5 million in Heart Aerospace. Musk's call for autonomy goes beyond Heart's current roadmap, as the X1 flight was piloted and the ES-30 is presented as a crewed aircraft, and certification remains a hurdle, with the FAA describing a seven-phase process.
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BETA Technologies Q2 Revenue Surges 146% to $14.7 Million
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.