BETA has been flying its ALIA CTOL and ALIA VTOL aircraft with Hartzell’s propellers for more than four years — including completing the industry’s first crewed transition of an eVTOL, and several long-range flights with its fixed-wing, including a coast-to-coast trip across the U.S. Courtesy photo.
Successfully Listed as a Public Company on NYSE
Formed Strategic Partnership with GE Aerospace Including $300M Equity Investment
Received FAA Part 35 Type Certification for Hartzell Propeller
Vermont Business Magazine BETA Technologies, Inc. (NYSE: BETA), a Vermont-based electric aerospace company, leading in the development and commercialization of electric aircraft, charging infrastructure, and aerospace grade electric propulsion, today announced its financial and operating results for the third quarter ended September 30, 2025.
The South Burlington electric aircraft maker, which went public in November, nearly tripled revenues to $8.9 million, from $3.1 million in 3Q2024. The 3Q net loss also accelerated, going to ($451.8 million) from ($82.1 million), from the issuance of convertible preferred stock.
Aso of mid-day Thursday, BETA shares were trading at about $30, up about 1.5%. Since going public on November 4, 2025, shares prices have ranged from $22.40 - $39.50.
Kyle Clark, President and Chief Executive Officer, commented, “It’s been an incredibly exciting time at BETA following our recent listing on the New York Stock Exchange last month. As a newly public company, we remain firmly grounded in what makes BETA unique—our simple, stepwise approach, our vertical integration and our focus on designing and manufacturing the complete electric aviation ecosystem to meet the needs of customers around the world. We are redefining aerospace and capturing the significant, untapped opportunity in sustainable, reliable, and efficient electric aviation.”
Third Quarter Highlights
- Initial Customer Deliveries: Delivered an ALIA CTOL (as defined below) aircraft to Norway for demonstration flights with the Bristow Group in Norway’s international test arena for zero and low emission aviation. Additionally, BETA shipped another ALIA CTOL to New Zealand for demonstration flights with Air New Zealand.
- First Certified AAM Technology: Certified the first pusher propeller in partnership with Hartzell under FAA Part 35 Type Certification for electric aircraft. This milestone supports the process of obtaining Type Certification for BETA’s H500A electric engine under Part 33 given the shared requirements among each program.
- Progressed VTOL Testing: Completed and was granted a Special Airworthiness Certificate by the FAA for its first production ALIA VTOL (as defined below) and successfully entered piloted flight testing.
- Partnered with Legacy Aerospace on Hybrid Solutions: Formed a strategic partnership with GE Aerospace, including a $300 million equity investment, to co-develop a hybrid electric turbogenerator for Advanced Air Mobility applications, including long-range hybrid Vertical Takeoff and Landing (“VTOL”) aircraft, future BETA aircraft, and additional applications.
- Varied Propulsion Applications: BETA and General Dynamics announced a partnership in which BETA will design and manufacture propulsion systems for classified undersea applications. This partnership is a testament to BETA’s full stack technology control and leadership within electric aerospace.
- Growing Orderbook: As of September 30, 2025, BETA had an existing civil aircraft backlog of 891 aircraft worth $3.5 billion, of which 289 are for firm orders and 602 are for options. The strength of this orderbook highlights the diversity of civil uses for our aircraft, including cargo, logistics, medical, and passenger missions.
Third Quarter 2025 Financial Highlights
Third Quarter 2025 Financial Highlights
Financial Highlights
Revenues during the quarter ended September 30, 2025 were $8.9 million. Product revenue was $2.9 million, exceeding management’s expectations as the result of ahead-of-schedule motor deliveries that were originally planned for the fourth quarter. Service revenue was $6 million driven by defense contracts. Together, product and service revenue growth highlight BETA’s leadership position in both the technological innovation and execution of electric aviation.
Operating expenses during the quarter ended September 30, 2025 were $86.8 million, including $56.4 million of research and development expense and $30.4 million of general and administrative expense.
Net loss attributable to common stockholders during the quarter was $451.8 million, or $9.83 per share, unfavorably impacted by the loss on issuance of convertible preferred stock.
Adjusted EBITDA during the quarter ended September 30, 2025 was ($67.6) million, reflecting our efforts to closely manage expenses.
Capital expenditures in the quarter were $13.0 million, further supporting the expansion of our manufacturing capacity, testing facilities, and other resources for aircraft development.
Cash Flow and Liquidity
BETA ended the quarter with $687.6 million in cash and cash equivalents compared to $52.2 million in the prior year period. This amount excludes approximately $1.1 billion in IPO net proceeds that will be reported in our results for the annual period ended December 31, 2025.
The Company continues to invest in research and development, manufacturing scale-up, and working capital to support growth and personnel expansion. Ongoing investment in production facilities, vertiports, and supporting infrastructure remains critical as BETA advances toward commercialization.
Financial Outlook
BETA currently expects full year 2025 Revenue to be in the range of $29 million to $33 million and full year 2025 Adjusted EBITDA to be in the range of ($295) million to ($325) million.
We have not reconciled our forward-looking Adjusted EBITDA estimates because certain items that impact this non-GAAP metric are uncertain or out of our control and cannot be reasonably predicted. In particular, stock based compensation expense is impacted by the future fair market value of our common stock along with other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during 2025 will have a significant impact on our 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, linked here, and conference call at 8:30 am ET today to discuss the quarter’s results. 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 dialing 800-343-4136 (domestic) or 203-518-9843 (international) and entering the access code BETAQ325.
BETA uses its investors.beta.team website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About BETA Technologies, Inc.
BETA (NYSE: BETA) is an aerospace company designing, manufacturing and selling high-performance electric aircraft, advanced electric propulsion systems, components and charging systems to top operators worldwide. BETA has built and flown its family of ALIA aircraft, consisting of both conventional fixed-wing electric aircraft (the “ALIA CTOL”) and electric vertical takeoff and landing aircraft (“ALIA VTOL”), more than 100,000 nautical miles, including multiple trips across the United States. BETA is deploying a network of charging infrastructure to enable the growing industry with more than 50 sites online across the United States and Canada. BETA’s intentional approach to developing the enabling technologies necessary to electrify aviation unlocks lucrative after market revenue opportunity over the life of each aircraft. These highly scalable enabling technologies allow BETA to serve a customer base across cargo and logistics, defense, passenger and medical end markets and unlock cost-effective and safe missions. BETA was named the #1 company on TIME’s list of the World’s Top GreenTech Companies of 2025. Visit www.beta.team for more information about BETA and its products.
Non-GAAP Financial Measures
In addition to traditional financial metrics, we use EBITDA and Adjusted EBITDA to help us evaluate our business.
We define EBITDA as net loss, adjusted for interest income, interest expense, income tax expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for loss on issuance of convertible preferred stock, stock based compensation expense, warrant expense, loss on disposal of property and equipment, and IPO readiness costs.
We believe that these non-GAAP measures provide useful information to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP measures are presented for supplemental informational purposes and should not be considered as substitutes for or superior to financial information presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain expenses that are required by GAAP to be recorded in our financial statements, and they are subject to inherent limitations as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP financial measures. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our consolidated financial statements included in our filings with the SEC in their entirety and not rely solely on any single financial measure.
We caution readers that our definitions of these non-GAAP financial measures may not be calculated in the same manner as similar measures used by other companies. Reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release.
Source: BETA Technologies, Inc. South Burlington, Vermont. Released December 4, 2025
To support vital journalism, access our archives and get unique features like our award-winning profiles, Book of Lists & Business-to-Business Directory, subscribe HERE!
