BETA Technologies, Inc. is a U.S.-based company that specializes in the design, engineering, and production of innovative electric aircraft platforms and integrated ...
BETA Technologies, Inc. is a U.S.-based company specializing in the design, engineering, and production of innovative electric aircraft platforms and integrated propulsion systems for the aviation sector. Established in 2017 by Kyle Clark and headquartered in South Burlington, Vermont, the company has grown to over 1,000 employees and operates across ...BETA Technologies, Inc. is a U.S.-based company specializing in the design, engineering, and production of innovative electric aircraft platforms and integrated propulsion systems for the aviation sector. Established in 2017 by Kyle Clark and headquartered in South Burlington, Vermont, the company has grown to over 1,000 employees and operates across eight locations. Its product portfolio includes piloted electric aircraft such as the ALIA-CTOL (CX300) for freight operations and the ALIA VTOL (A250) for cargo, logistics, medical missions, and passenger services, as well as the military-focused ALIA Defense VTOL (MV250). BETA also produces specialized components like H500A and V600 motors for aerospace and marine applications, proprietary battery systems, and charging infrastructure including 'charge cubes' and 'thermal management system cubes.' The company serves a diverse clientele, including military and commercial entities, and provides replacement batteries, propulsion systems to other eVTOL manufacturers, and charging equipment to state authorities and FBOs. BETA's operations span cargo, medical, defense, and passenger transport, and it offers training programs using flight simulators and virtual reality. Financially, BETA has a market cap of approximately $5.2 billion, with negative profitability metrics due to heavy R&D investment (R&D to revenue at 778%) and early-stage operations. The company recently completed an IPO in November 2025, and its CX300 aircraft received FAA special airworthiness certification in late 2024. With a focus on sustainable aviation, BETA aims to transform the aviation industry through electric propulsion and comprehensive infrastructure.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$35.6M
+136.0%
+44.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-745.9M
-170.6%
-21.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+72.2%
+285.0%
+1838.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-1046.3%
+42.0%
+17.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-2094.2%
-14.7%
+15.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-313.2M
-5.8%
+3.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-879.5%
+55.2%
+32.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
11.2%
-71.3%
+7.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
22.77x
+293.4%
-32.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the BETA Technologies Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] I will now hand the call over to Devon Rothman, Head of Investor Relations. Please go ahead.
Devon Rothman: Thank you, operator, and good morning, everyone. Thank you for joining us for BETA Technologies Second Quarter 2026 Earnings Call. Joining me today are Kyle Clark, our Founder and Chief Executive Officer; and Herman Cueto, our Chief Financial Officer. Following their prepared remarks, we will open the call for Q&A, where Kristen Costello, Head of Government and Regulatory Affairs, will also be joining us. Earlier today, we issued a press release announcing our second quarter 2026 financial and operating results as well as an investor presentation, which are both available on the Investor Relations section of our website. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Please refer to our filings with the SEC for a discussion of these risks. We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our earnings materials. With that, I'll turn the call over to Kyle.
Kyle Clark: Thanks, Devon, and good morning, everyone. On our last call, we covered the growth of our commercial backlog, eIPP selections and most importantly, continued certification progress. Today, we get to show you how our consistent focus has enabled us to execute on our plan. We'll go deeper on our key announcements from Farnborough, the MV250, our hybrid flight demonstrations and expanding partnerships with GE Aerospace. Our charging partnership with Archer and Macquarie and the order from Loganair. We'll also cover the launch of the eIPP operations, our flights in Japan and Hawaii, Secretary Duffy and the FAA Deputy Administrator, Rocheleau, coming to Vermont and our regular KPI update. These developments are connected. They come from the same plan, certify and produce aircraft designed around simplicity, develop the core propulsion technologies, aircraft systems and components in-house and carry those technologies across commercial and defense applications. The work we complete on 1 program strengthens every other program, and the progress this quarter shows that strategy is working. The majority of our team is focused on certification. We have successfully worked through key policy interpretation issues with the FAA to enable solid progress in the certification of our H500A motor. On CX300, we reached a significant milestone that gives us a complete and agreed-upon foundation for the next phase of the certification program. Each of these milestones flow into certification of the A250 vertical takeoff and …