BETA Technologies, Inc. (BETA)

Price$21.98Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe market price assumes extraordinary commercialization success before BETA proves durable profits or cash generation.

With about 234 million shares outstanding and roughly $1.27 billion of cash left after subtracting debt, the stock market values BETA at about $4.7 billion, leaving about $3.4 billion for the operating business after cash and debt. That equals roughly 69–82 times management’s $42–50 million 2026 revenue guide. Management still expects its adjusted operating-profit measure to be a $400–445 million loss. For a value investor, that valuation demands rapid certification, production, and margin improvement with little room for delay.

Big pictureRevenue is growing quickly, but losses and cash burn are expanding much faster than sales.

Second-quarter revenue rose to $14.7 million from $6.0 million a year earlier, but operating expenses nearly doubled to $166.1 million and the net loss widened to $148.8 million. In the first half, operating cash flow was negative $170.2 million and capital spending was $65.3 million, so free cash flow—cash left after running and investing in the business—was about negative $235.5 million. Current revenue is also lumpy and milestone-driven: $11.4 million of second-quarter sales were services and only $3.3 million were products. At that cash-use pace, current net cash covers roughly 2.7 years.

Business strengthA large cash cushion, credible partners, and a growing backlog reduce near-term financing risk.

BETA held $1.48 billion in cash against about $207 million of debt at quarter-end, a major buffer while certification spending continues. The company says its commercial aircraft backlog has reached $3.9 billion, while GE Aerospace, NASA, Boeing, Sikorsky, Loganair, and federal pilot programs provide unusually strong external validation. The weakness is that most aircraft revenue depends on certification and future production, not today’s income. The 2025 IPO brought in about $1.10 billion net, and stock compensation reached $38.1 million in the first half; dilution remains a live risk.

What could change the storyCertification and scaled aircraft deliveries could justify the premium; delays would expose the valuation quickly.

The strongest bull case is that certification progress converts a $3.9 billion backlog into aircraft deliveries, while propulsion, charging, defense, and service revenue diversify the business. The proposed EXIM expansion could add about $830 million of non-dilutive financing and roughly double manufacturing throughput over several years, reducing the need for another large equity raise. It is still subject to definitive agreements and approvals. The bear case is simpler: if certification or customer conversion slips while cash use stays near current levels, BETA may consume much of its cash before sales support today’s operating-business value.

AI: News

Raised guidance, wider lossesQuarterly revenue accelerated and management raised sales guidance, but spending and losses also climbed sharply.

On August 12, BETA reported $14.7 million of second-quarter revenue, up from $6.0 million a year earlier, and raised its 2026 revenue outlook to $42–50 million. The quarter still produced a $148.8 million net loss and $41.1 million of capital spending. Shares closed lower that day but rose about 10% the next session; the timing suggests investors welcomed parts of the update, though it does not prove the earnings release alone caused the move.

EXIM financing planA proposed government-backed financing expansion could fund manufacturing growth without issuing more shares.

On August 4, BETA and the U.S. Export-Import Bank announced plans to expand their financing relationship to as much as $1 billion, including about $830 million of additional capital. BETA said the money could roughly double manufacturing throughput over several years. The proposal is not yet a commitment and requires definitive agreements and approvals. Shares rose about 13% that day, a move consistent with investors valuing the lower dilution risk, although other market factors may also have contributed.

Farnborough expansionNew defense, airline, autonomy, and hybrid-flight milestones broadened BETA’s addressable markets and commercial credibility.

On July 20, BETA unveiled the MV250 hybrid-electric military aircraft, announced Sikorsky autonomy integration, highlighted a GE Aerospace-led hybrid flight above 30,000 feet, and disclosed a Loganair term sheet for five CX300 aircraft plus five options. Loganair expects service in 2029, so revenue remains distant and certification-dependent. Shares gained about 11% that day, which may reflect the combined milestone cluster rather than any single announcement.

Federal pilot flightsFirst federal pilot-program flights moved BETA from demonstrations toward regulated real-world operations.

On July 10, BETA completed the first electric conventional-takeoff flights under the U.S. Department of Transportation and FAA integration pilot program, flying about 275 nautical miles across Virginia and Maryland while carrying manufactured organs. The program is designed to generate operating data that can shape certification and deployment rules. Shares rose about 6% that day. The timing is supportive, but it cannot establish that the pilot flights were the sole reason.

Loading local price history

Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$35.6M	$15.1M	$15.4M
Gross profit	$25.7M	$10.6M	$13.3M
Gross margin	72.20%	70.06%	86.81%
Research & development	$259.9M	$206.9M	$138.3M
Operating expenses	$398.4M	$282.8M	$199.9M
Operating income	−$372.7M	−$272.2M	−$186.6M
Operating margin	−1,046.35%	−1,803.74%	−1,214.89%
EBITDA	−$350.6M	−$255.8M	−$178.0M
EBITDA margin	−984.51%	−1,694.65%	−1,158.77%
Net income	−$745.9M	−$275.6M	−$175.6M
Net profit margin	−2,094.19%	−1,826.43%	−1,143.21%
Basic EPSper basic share	-$12.85	-$6.77	-$4.50
Diluted EPSper diluted share	-$12.85	-$6.77	-$4.50

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.79%of listed shares

FMR LLC33.34M shares · Jun 30, 2026

View holders

Top 20 reported holders of BETA
Holder	% owned
FMR LLC	14.79%33.34M shares
General Electric Co	9.01%20.31M shares
DAVIS CHARLES A	≈7.83%17.65M shares
ABELE JOHN E	≈7.73%17.42M shares
TPG GP A, LLC	7.28%16.4M shares
AMAZON COM INC	5.22%11.75M shares
Clark Kyle	≈3.56%8.02M shares
BlackRock, Inc.	1.30%2.93M shares
STATE STREET CORP	1.14%2.58M shares
T. Rowe Price Investment Management, Inc.	1.01%2.27M shares
Stone Michael Robert	≈0.86%1.94M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.84%1.9M shares
HITE Hedge Asset Management LLC	0.84%1.89M shares
VANGUARD CAPITAL MANAGEMENT LLC	0.81%1.82M shares
Empire Life Investments Inc.	0.59%1.34M shares
NORGES BANK	0.55%1.25M shares
MASTERS CAPITAL MANAGEMENT LLC	0.46%1.03M shares
Liberty Street Advisors, Inc.	0.44%999.2K shares
MILLENNIUM MANAGEMENT LLC	0.43%971.3K shares
Clearbridge Investments, LLC	0.40%890.25K shares

Percentages use 225.34M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$99.25M disclosed value

Sells (SEC code S)19$5.14M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4 · 10b5-1	Clark KyleSEE REMARKS	SellClass A common stock · indirect	15.0K	$16.51	$247.7K	5.60M
Jun 25, 2026Form 4 · 10b5-1	Clark KyleSEE REMARKS	SellClass A common stock · indirect	15.0K	$15.79	$236.8K	5.61M
Jun 24, 2026Form 4 · 10b5-1	Clark KyleSEE REMARKS	SellClass A common stock · indirect	15.0K	$15.83	$237.4K	5.63M
Jun 23, 2026Form 4 · 10b5-1	Clark KyleSEE REMARKS	SellClass A common stock · indirect	15.0K	$16.01	$240.2K	5.64M
Jun 23, 2026Form 4 · 10b5-1	Clark KyleSEE REMARKS	SellClass A common stock · indirect	15.0K	$16.01	$240.2K	5.64M

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about BETA yet. Start the conversation.

Write the first post

BETA Technologies, Inc. (BETA)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.