BETA Technologies, Inc.

Second-quarter revenue was $14.7 million, above the company’s guidance range of $8 million to $11 million and up 146% year over year. Operating expenses were $166 million, including $122 million of R&D and $44 million of G&A. Adjusted EBITDA was negative $110 million, at the midpoint of guidance of negative $100 million to negative $120 million. The company ended the quarter with approximately $1.5 billion in cash and cash equivalents. Full-year revenue guidance was raised to $42 million to $50 million from prior expectations, and full-year adjusted EBITDA is now expected to be negative $400 million to negative $445 million. Full-year capital expenditures remain expected at approximately $150 million to $200 million. For Q3, management guided to revenue of $8 million to $12 million and adjusted EBITDA of negative $115 million to negative $125 million.

Kyle Clark framed the quarter as proof that BETA’s stepwise strategy is working across commercial aviation, charging, certification, defense and component sales. He emphasized that the company is using common technologies across programs so progress on one platform accelerates the others, citing meaningful FAA progress on the H500A and CX300, the MV250 launch, the GE hybrid demo, and the first eIPP operations. His tone was confident and operationally focused, with repeated emphasis on simplicity, execution, and building infrastructure and certification groundwork before scaling production.

Herman Cueto said the quarter showed years of investment in technology, infrastructure, regulatory readiness and vertical integration beginning to generate revenue. He highlighted revenue of $14.7 million, adjusted EBITDA of negative $110 million, and cash and cash equivalents of about $1.5 billion, while noting that spending remains focused on R&D and production readiness. He also pointed to EXIM Bank financing of up to $1 billion in net financing as a way to extend runway and support capex-heavy manufacturing investments, and he said the company remains disciplined on capital allocation while accelerating vertical integration.

Analysts pressed management on whether H500A and CX300 certification could land closer together; Kyle said the planned year split was intentional but not required, and that the two programs can be certified concurrently without the motor issue delaying the aircraft. Questions on MV250 use cases and speed-to-deployment were answered with a focus on contested logistics, CASEVAC/MEDEVAC, launch effects, autonomous operations, and a low logistics tail, with Kyle saying military interest was very strong after Farnborough. On ACES and charging growth, management said the consortium should grow beyond Archer and BETA because BETA has the only certified CCS charger suitable for electric aviation, and they expect more eIPP flying over the next 4-6 weeks as Louisiana and Texas come online.