BETA Technologies, Inc., an electric aerospace company, announced its financial and operating results for the first quarter ended March 31, 2026.

“Since the beginning of the year, BETA has made critical progress in support of our stepwise approach to electrify aviation, demonstrating our leadership position in the advanced air mobility sector as we prepare to enter eIPP operations,” said Kyle Clark, President and CEO. “We’ve created a complete system to bring electric aviation to market including training pilots, building aircraft and designing support systems. This strategy has led the best operators in the world to choose BETA as their partner and translates into tangible progress. In Q1, we led the industry with selections in seven of the eight eIPP launch programs; we added 16 sites to our nationwide charging network, and we secured additional contracts in our undersea propulsion work with General Dynamics. In parallel, for defense applications, we completed a preliminary design review on the hybrid turbogenerator with GE Aerospace that will initially support our MV250 VTOL. With more than 139,000 nautical miles flown to date all over the world, we are entering eIPP operations with hard-earned experience and momentum. We remain keenly focused on achieving type certifications and scaling production as we prepare to meet the tremendous demand, and ultimately change the way people fly.”

Business Highlights

• Advanced Certification: Completed the first company-conforming CTOL aircraft and surpassed 85,000 hours of flight and ground testing on H500A engines, including the completion of high-risk test conditions in lightning, icing and durability.
• Reached Key Technical Milestones: Successfully completed the preliminary design review of BETA’s hybrid-electric turbogenerator system in partnership with GE Aerospace, advancing next-generation propulsion capabilities and enhanced VTOL blade efficiency, while reducing noise and demonstrating lower transition energy in routine testing.
• Led eVTOL Integration Pilot Program Selections: Selected for 7 of 8 programs by the Federal Aviation Administration and U.S. Department of Transportation, the most of any electric aircraft developer. This accelerates BETA’s path to U.S. commercial electric aviation deployment. BETA was selected in programs that extend across 26 states, a testament to its technical progress and operational readiness.
• Grew Nationwide Charging Network: Expanded global charging network to 123 sites, signed agreement with the Florida Department of Transportation to provide 34 chargers and thermal management systems, supporting early market adoption and foundation for eIPP success.
• Drove Commercial Momentum: Added more than $375 million to our backlog, including a new partnership with Surf Air Mobility. Total commercial aircraft backlog grew to $3.9 billion across 991 aircraft.

Financial Highlights

• Q1 Revenue of $10.1 million
• Q1 Net loss of ($122.3) million
• Q1 Adjusted EBITDA of ($97.2) million

Revenues for the quarter ended March 31, 2026 were $10.1 million, compared to $9.6 million for the quarter ended March 31, 2025. Product revenues and Service revenues for the quarter ended March 31, 2026 were $0.9 million and $9.2 million, respectively.

Operating expenses for the quarter ended March 31, 2026 were $138.8 million, including research and development expenses of $91.7 million. Non-cash warrant expense related to the collaborative arrangement with GE Aerospace of $5.6 million was embedded in research and development expenses in the quarter ended March 31, 2026. Investments in research and development enable our certification programs and the further advancement of our enabling technologies.

Net loss and Adjusted EBITDA for the quarter ended March 31, 2026 were ($122.3) million and ($97.2) million, respectively.

Capital expenditures for the quarter ended March 31, 2026 were $24.2 million, compared to $6.7 million for the quarter ended March 31, 2025. Cash and cash equivalents totaled $1,589.4 million as of March 31, 2026, compared to $236.6 million as of March 31, 2025, as a result of successful private financings and the proceeds from our IPO.

Financial Outlook

BETA reaffirms full year 2026 revenues to be in the range of $39 million to $43 million and updates full year 2026 Adjusted EBITDA to be in the range of ($355) million to ($445) million.

BETA has not reconciled our forward-looking Adjusted EBITDA guidance because certain items that impact this non-GAAP metric are uncertain or out of BETA’s control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of BETA’s Class A common stock, BETA’s future hiring needs, and other factors, all of which are difficult to predict, subject to frequent change, or not within BETA’s control. The actual amount of these expenses during 2026 could materially affect BETA’s future GAAP financial results. Accordingly, a reconciliation of this forward-looking non-GAAP metric is not available without unreasonable effort.

Webcast and Conference Call Details

BETA will host a live webcast and conference call at 8:30 am ET today to discuss the quarter’s financial and operating results. A link to the live webcast and supporting materials can be accessed on the Company’s Investor Relations website and a replay webcast will be available following the call. Participants may also join the conference call by registering on our Investors Relations website.

Investors should note that BETA may use our website (investors.beta.team) and BETA’s company account on Instagram and LinkedIn as a means of disclosing information and for complying with BETA’s disclosure obligations under Regulation FD. The information BETA provides through these channels may be deemed material. Investors should monitor these channels in addition to reviewing BETA’s press releases, SEC filings, and public conference calls.