Tearsheet

BETA Technologies (BETA)

Market Price (4/4/2026): $15.47 | Market Cap: $3.5 Bil
Sector: Industrials | Industry: Aerospace & Defense

BETA Technologies (BETA)

Market Price (4/4/2026): $15.47
Market Cap: $3.5 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Electric Vehicles & Autonomous Driving, and Future of Freight. Themes include Advanced Air Mobility, Show more.

Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -123%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -364 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1322%

Expensive valuation multiples
P/SPrice/Sales ratio is 128x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 111%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -996%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1241%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%

Key risks
BETA key risks include [1] potential financial distress from substantial operating losses and high cash burn, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43%
1	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space, Electric Vehicles & Autonomous Driving, and Future of Freight. Themes include Advanced Air Mobility, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -82%, 3Y Excs Rtn is -123%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -364 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1322%
4	Expensive valuation multiples P/SPrice/Sales ratio is 128x
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 111%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -996%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1241%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%
8	Key risks BETA key risks include [1] potential financial distress from substantial operating losses and high cash burn, Show more.

Valuation, Metrics & Events

	4/4/26	2025	2024	2023
Share Price CYE	$15.47	�	�	�
Market Cap CYE ($ Bil)	3.5	-	-	-
Total Debt ($ Bil)	0.2	0.0	0.0	0.0
Total Cash ($ Bil)	1.7	0.0	0.0	0.0
Enterprise Value ($ Bil)	2.0
Valuation Ratios
P/S TTM	128.7	-	-	-
P/EBIT TTM	-4.9	-	-	-
P/E TTM	-4.8	-	-	-
P/FCF TTM	-10.4	-	-	-
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.6	1.3
P/EBIT TTM (Sector)	11.1	9.5	11.9	9.3
P/E TTM (Sector)	14.9	13.6	16.0	13.0
P/FCF TTM (Sector)	11.7	11.1	13.5	7.8

	4/4/26	2025	2024
Share Price CYE	$15.47	�	�
Market Cap CYE ($ Bil)	3.5	-	-
Total Debt ($ Bil)	0.2	0.0	0.0
Total Cash ($ Bil)	1.7	0.0	0.0
Enterprise Value ($ Bil)	2.0
Valuation Ratios
P/S TTM	128.7	-	-
P/EBIT TTM	-4.9	-	-
P/E TTM	-4.8	-	-
P/FCF TTM	-10.4	-	-
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.6
P/EBIT TTM (Sector)	11.1	9.5	11.9
P/E TTM (Sector)	14.9	13.6	16.0
P/FCF TTM (Sector)	11.7	11.1	13.5

	BETA	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.0
Rev Chg Q	�	7.4%
Rev Chg LTM	�	6.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.4
CFO LTM ($ Bil)	-0.3
Net Inc LTM ($ Bil)	-0.7
Op Mgn LTM	-1,322.3%	18.6%
CFO/Rev LTM	-995.5%	20.7%
Net Inc Mgn	-2,680.8%	12.8%
VALUATION	VERY HIGH
P/S	128.7	3.2
P/CFO	-12.9	15.2
P/FCF	-10.4	19.7
P/E	-4.8	24.0
STABILITY	VERY GOOD
Debt/Equity	0.06	0.21
Cash/Assets	0.81	0.07

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Metric	Value	Date	Source
Total Aircraft Backlog	891	10272025	Link
ALIA CTOL Aircraft Backlog	331	8312025	Link
ALIA CTOL Firm Orders	131	8312025	Link
ALIA CTOL Options	200	8312025	Link
ALIA VTOL Aircraft Backlog	560	8312025	Link
ALIA VTOL Firm Orders	158	8312025	Link
ALIA VTOL Options	402	8312025	Link
Number of Charging Sites	46	1072025	Link
Number of Patents	447	8312025	Link

Recent
3/09/2026	Earnings Release	Rev: $11 Mil (A) vs. $7.0 Mil (E) EPS: -2.02 (A) vs. $-0.52 (E)
Upcoming
6/08/2026	Earnings Release	Rev: $9.0 Mil (E) EPS: $-0.58 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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BETA Technologies (BETA) stock has lost about 45% since 12/31/2025 because of the following key factors:

1. BETA Technologies reported a significantly wider-than-expected net loss in its Q4 2025 earnings, leading to investor concern over escalating cash burn. The company's GAAP EPS for Q4 2025 was -$2.02, substantially missing analyst estimates of -$0.49 per share. The full-year net loss for 2025 more than doubled to $745.9 million, underscoring the high capital requirements of the eVTOL industry.

2. The company projected continued substantial operating losses and significant cash usage for 2026, signaling a prolonged path to profitability. BETA's operating expenses increased to $398 million in 2025, up from $283 million in 2024, with research and development accounting for $260 million. The guidance for 2026 Adjusted EBITDA is a loss between -$305 million and -$395 million, and the company expects to utilize approximately $500 million in cash during the year before any eVTOL Integration Pilot Program (eIPP) investments.

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Stock Movement Drivers

Fundamental Drivers

The -45.2% change in BETA stock from 12/31/2025 to 4/4/2026 was primarily driven by a -2.4% change in the company's Shares Outstanding (Mil).

(LTM values as of)	12312025	4042026	Change
Stock Price ($)	28.21	15.47	-45.2%
Change Contribution By:
Total Revenues ($ Mil)	�	28	0.0%
P/S Multiple	�	128.7	0.0%
Shares Outstanding (Mil)	224	229	-2.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/4/2026

	Return	Correlation
BETA	-45.3%
Market (SPY)	-5.4%	40.1%
Sector (XLI)	5.6%	41.9%

Fundamental Drivers

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Market Drivers

9/30/2025 to 4/4/2026

	Return	Correlation
BETA
Market (SPY)	-2.9%	47.7%
Sector (XLI)	6.5%	44.6%

Fundamental Drivers

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Market Drivers

3/31/2025 to 4/4/2026

	Return	Correlation
BETA
Market (SPY)	16.3%	47.7%
Sector (XLI)	26.3%	44.6%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/4/2026

	Return	Correlation
BETA
Market (SPY)	63.3%	47.7%
Sector (XLI)	68.8%	44.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BETA Return	-	-	-	-	-22%	-47%	-58%
Peers Return	-4%	-29%	68%	12%	4%	-17%	12%
S&P 500 Return	27%	-19%	24%	23%	16%	-4%	75%
Monthly Win Rates [3]
BETA Win Rate	-	-	-	-	50%	25%
Peers Win Rate	52%	40%	50%	40%	47%	45%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
BETA Max Drawdown	-	-	-	-	-35%	-52%
Peers Max Drawdown	-26%	-42%	-11%	-33%	-31%	-23%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: JOBY, ACHR, EVEX, TXT, HON.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)

How Low Can It Go

BETA has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

Unique Key	Event	XLI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	29.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	273 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	74.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	232 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	312 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-63.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	172.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,463 days	1,480 days

Compare to JOBY, ACHR, EVEX, TXT, HON

In The Past

SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About BETA Technologies (BETA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are redefining the aerospace industry. We have developed an electric aircraft platform and propulsion systems that are positioned to transform the aviation industry forward into a new phase of growth. We design, manufacture and sell high-performance electric aircraft, advanced electric propulsion systems, charging systems and components. Further, we have invested in the underlying infrastructure of this breakthrough technology, which is critical to bringing electric aviation to life. We believe we have developed a differentiated presence in North America and are well positioned to expand globally. Our company was purpose-built to capture the significant, untapped market opportunity in sustainable, reliable and efficient electric aviation. Vertical integration allows us to innovate rapidly and capture meaningful economic value throughout an aircraft’s lifetime by providing batteries and aftermarket services for BETA aircraft and other customers. Our focus is on the Enabling Technologies essential to electric aviation, including batteries, motors, flight control systems and a nationwide network of electric charging and related equipment. With proprietary control over these core technologies, we offer customers a complete platform to support their adoption of electric aircraft to enable both existing and new missions. This multilayered approach provides us with recurring, high margin opportunities. We have developed highly scalable technologies that can be tailored to, and deployed for cost-effective and safe missions across cargo and logistics, defense, passenger and medical end markets. Our simplified approach to designing electric aircraft allows us to service a variety of end markets and mission types leveraging the same core technologies. The portability of our technologies and systems across various aircraft also unlocks flexibility to innovate on future generations of aircraft. We are pursuing a stepwise approach to growing our business in both certification and market entry. We believe this significantly derisks our business model and expands our addressable market. This approach creates a logical progression where each certification effort informs the next—streamlining documentation, building continuity with FAA personnel, and reducing risk across programs. Our go-to-market strategy is also incremental over time. We intend to prioritize cargo and logistics, while also giving focus to military applications and medical industries, before delivering aircraft to passenger operators. We believe our ALIA CTOL electric aircraft is at the forefront of the electric aviation industry. The ALIA CTOL has successfully flown thousands of flights, nearly 83,000 nautical miles, including operations in North America and Europe. This includes the world’s first, all-electric passenger flights into John F. Kennedy International Airport, which utilized approximately $7.00 in flight fuel costs, demonstrating electric aircraft’s integration into congested national airspace and approximately 95% in fuel cost savings when compared to a combustion aircraft based on internal estimates. Our ALIA CTOL also made its debut at the Paris Air Show in June 2025 opening the show with an aerial ballet demonstrating the performance and agility of our electric aircraft. Further, our aircraft has been used by the U.S. Military in training missions and flown by the FAA, providing us with valuable data with respect to our aircraft and our certification strategy. We have also completed successful missions with the U.S. Military and cargo and logistics and medical partners and customers such as UPS and United Therapeutics Corporation (“United Therapeutics”). We believe our aircraft represents a significant cost efficiency advantage, as total operating costs are 42% lower compared to new traditional conventional aircraft based on internal estimates. This reduction is primarily attributed to the substantially reduced maintenance requirements given our simplified aircraft design. Our aircraft’s design eliminates the need for complex components such as gear boxes, in-flight liquid cooling systems, and thrust vectoring mechanisms, further streamlining maintenance operations and contributing to lower operational costs. The operating savings are even higher when comparing our eVTOL variant relative to traditional helicopters—a 74% reduction based on internal estimates. --- We believe we are the first electric aircraft OEM with a scale production facility, and we have room to grow. Our approximately 188,000 square foot Vermont production facility is designed to support production of more than 300 aircraft annually at maturity through optimized processes and manufacturing flows. We have site control and permits for expansion to over 355,000 square feet to accommodate significant future growth. --- Our business model contemplates four key revenue streams: (1) selling aircraft to military and commercial customers such as UPS, Air New Zealand and United Therapeutics; (2) selling replacement batteries to operators in the aftermarket; (3) selling propulsion systems as a merchant supplier to other eVTOL manufacturers such as Textron eAviation; and (4) selling GSE, primarily chargers, to state governments, operators, Fixed Base Operators and other electric aviation companies. Our market-entry strategy for our aircraft is initially focused on selling to operators that specialize in cargo and logistics, military and medical operations, before expanding into delivery of aircraft to customers for passenger operations. That said, our financial opportunity is maximized over the entire lifetime of the aircraft. For example, if operated for 20 years, we estimate a typical electric aircraft will require 18 to 20 sets of replacement batteries, generating approximately $13 million in revenue assuming replacement of batteries for all customer use cases every year at current year pricing levels with a 2.5% annual escalation. We believe there are customers who will easily meet this utilization. Further, our customers will also benefit from improving battery technology over the lifetime of the aircraft, as replacement batteries are expected to deliver superior aircraft performance due to improved energy density, which directly translates into longer range and higher speeds. We believe our ownership of the battery pack technology, protected by an extensive portfolio of intellectual property, will allow us to recognize substantial recurring revenue, even after the initial aircraft sale, contributing a majority of the lifetime revenue at attractive margins. As a merchant supplier, we leverage our technical advantage in selling propulsion systems, core components and charging infrastructure to others in the aerospace and marine industries. We are also developing a fully-integrated, digital platform, “BETA Operate,” with access to real-time data from our aircraft and GSE to optimize our customers’ operational capabilities. This system enables end-to-end visibility and control over their electric aircraft fleets, including real-time flight monitoring and charging infrastructure management, AI-powered predictive maintenance and network planning, and battery health and operating cost optimization. Our digital platform also drives regulatory compliance through automated maintenance record synchronization and offers seamless integration with existing aviation systems through universal API access. We are developing BETA Operate in four modules: Maintenance, Control Center, Network and Data. The Maintenance module launched in July 2025 and is in active use to track maintenance on the four aircraft currently in the field, with Bristow and Air New Zealand expected to use it during operational trials. Development of the integrated Control Center module is underway, with limited functionality already in use, and an initial commercially viable version targeted by the first half of 2026. The Network and Data modules remain in planning, with availability expected prior to aircraft certification, currently targeted for late 2026. Finally, our business model capitalizes on a fundamental element of electric mobility. Electric aircraft need electric charging. To this end, we have developed a series of charging infrastructure, including large charge cubes designed for stationary charging, mini cubes designed for more mobile applications and thermal management systems, which cool batteries during high-speed charging. Our charging products and infrastructure are designed to use the Combined Charging System (“CCS-1”) charging protocol, allowing for charging access for both electric aircraft and ground vehicles. Through a series of customer and government investments, we have built a charging infrastructure for all electric aircraft operators to use nationwide. Our principal executive offices are located South Burlington, Vermont.

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Here are 1-3 brief analogies for BETA Technologies:

Tesla for electric aircraft

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Electric Aircraft: High-performance electric aircraft, including the ALIA CTOL variant, designed for various missions such as cargo, logistics, defense, passenger, and medical operations.
Electric Propulsion Systems: Advanced electric propulsion systems sold as core components to other eVTOL manufacturers and entities in the aerospace and marine industries.
Charging Systems and Infrastructure: Ground support equipment (GSE), including charge cubes and thermal management systems, along with a nationwide charging network, designed for electric aircraft and ground vehicles.
Replacement Batteries: Proprietary battery packs provided as replacements for BETA aircraft operators in the aftermarket.
BETA Operate Digital Platform: A fully-integrated digital platform offering real-time flight monitoring, charging infrastructure management, predictive maintenance, and operational optimization for electric aircraft fleets.

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BETA Technologies primarily sells to other companies and governmental entities. Its major customers include:

UPS (NYSE: UPS)
United Therapeutics Corporation (NASDAQ: UTHR)
Air New Zealand (NZX: AIR)
U.S. Military
Textron eAviation (part of Textron Inc., NYSE: TXT)
Bristow (NYSE: VTOL)

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Kyle Clark, Chief Executive Officer & Board Member

Kyle Clark is the President and Chief Executive Officer of BETA Technologies, leading all technical and strategic components of the business including design, test and certification strategy, and commercialization of the ALIA aircraft platform. He has served as CEO since the company's inception in June 2018. Mr. Clark is one of the test pilots for all of BETA's experimental aircraft and has founded companies in electrification, energy storage, and collaboration software. He co-founded iTherm Technologies and was previously the Director of Engineering at Dynapower Company (now Sensata Technologies Holding PLC), where he established and managed an engineering team that designed, manufactured, certified, and deployed power systems. Prior to his entrepreneurial career, he played professional hockey for the Washington Capitals organization. Mr. Clark holds patents in the areas of production of electrical aircraft and associated batteries or related technologies and received an A.B. in Materials Sciences and Engineering from Harvard University.

Herman V. Cueto, Chief Financial Officer

Herman V. Cueto has served as BETA Technologies' Chief Financial Officer since April 1, 2025. He brings over 30 years of global finance leadership experience across the medical technology and life sciences sectors. Prior to joining BETA, Mr. Cueto held senior executive roles including Interim CFO at Dentsply Sirona (Nasdaq: XRAY) from December 2024 to March 2025, and EVP & CFO at Azenta Life Sciences (Nasdaq: AZTA) from October 2023 to December 2024. He also held various roles during his tenure at Becton Dickinson (NYSE: BDX) from June 2004 to October 2023, including Deputy CFO starting in October 2022.

Sean Donovan, Chief Operating Officer

Sean Donovan serves as the Chief Operating Officer of BETA Technologies, a position he has held since October 2024. Mr. Donovan has been with BETA since March 2019, serving in various roles including Team Member and Battery Lead. With over 15 years of experience, his engineering career has focused on advancing innovative, high-impact technologies in aerospace, electric vehicles, and sustainable energy systems. Before joining BETA, Mr. Donovan held key engineering and leadership roles at several prominent technology companies.

David Churchill, Chief Technical Officer & Board Member

Dr. David Churchill is the Chief Technology Officer of BETA Technologies, leading the engineering team, a role he has held since June 2018. Prior to BETA, he was the VP of Engineering for the Sensing Systems business unit of LORD-Microstrain Corp since 2012, where he led research and development efforts for new product lines, including energy harvesting systems and inertial sensors for aerospace applications. He began his career performing R&D for the V-22 Osprey program at Boeing Helicopter Co. (NYSE: BA) and holds a Ph.D.

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Key Risks to BETA Technologies

Regulatory Certification Delays or Failure: BETA Technologies' entire business model and market entry strategy are contingent upon obtaining necessary certifications for its electric aircraft from aviation authorities. The company explicitly states a target for "aircraft certification, currently targeted for late 2026." Any significant delays in the certification process, or an inability to meet the stringent regulatory requirements, would prevent the company from commercially operating or selling its aircraft, thereby critically undermining its projected revenue streams and market penetration.
Limited or Slower-Than-Expected Market Adoption and Intense Competition: BETA Technologies is operating in a nascent "significant, untapped market opportunity in sustainable, reliable and efficient electric aviation." Despite initial traction with partners like UPS and United Therapeutics, the widespread adoption of electric aircraft in their target markets (cargo and logistics, military, medical, and eventually passenger operations) is not guaranteed and may occur at a slower pace than anticipated. The company also faces the risk of intense competition from other emerging electric aviation companies or established aerospace manufacturers who may develop competing technologies, achieve faster certification, or capture market share, potentially impacting BETA's pricing power and growth prospects.
Challenges in Scaling Manufacturing and Advancing Core Technologies: The company's future growth relies on its ability to scale production at its "Vermont production facility," which is "designed to support production of more than 300 aircraft annually at maturity." Scaling the manufacturing of complex electric aircraft to such volumes is a substantial operational and capital-intensive challenge. Furthermore, BETA's strategy emphasizes "ownership of the battery pack technology" and other "Enabling Technologies essential to electric aviation." Any unforeseen difficulties in advancing these core proprietary technologies, or in reliably and cost-effectively producing them at scale, could negatively impact aircraft performance, maintenance costs, and the attractive margins projected for recurring revenue streams like replacement batteries.

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Expected Drivers of Future Revenue Growth for BETA Technologies (BETA) Over the Next 2-3 Years:

Increased Sales and Deliveries of Electric Aircraft: BETA Technologies' market-entry strategy prioritizes selling its ALIA CTOL electric aircraft to operators in cargo and logistics, military, and medical sectors, with plans to expand into passenger operations. The company's Vermont production facility is designed to support significant annual aircraft production, indicating an anticipated increase in deliveries to customers like UPS, United Therapeutics, and military partners, driving primary aircraft sales.
Growth in Aftermarket Battery Sales: As the installed base of BETA aircraft expands, the demand for replacement batteries is expected to generate substantial recurring revenue. The company projects that a typical electric aircraft will require multiple sets of replacement batteries over its lifetime, contributing a majority of the lifetime revenue at attractive margins.
Expansion of Propulsion System Sales to Other eVTOL Manufacturers: BETA plans to leverage its proprietary propulsion systems by supplying them as a merchant to other eVTOL manufacturers, exemplified by its relationship with Textron eAviation. This strategy provides an additional revenue stream independent of its own aircraft sales.
Sales of Electric Charging Infrastructure and Ground Support Equipment (GSE): Recognizing the fundamental need for electric charging, BETA has developed and deployed a range of charging infrastructure, including charge cubes and mini cubes. The company intends to sell these charging products and related GSE to state governments, operators, Fixed Base Operators, and other electric aviation companies, creating a revenue stream as the broader electric aviation ecosystem grows.
Commercialization and Adoption of the BETA Operate Digital Platform: BETA is rolling out its integrated digital platform, "BETA Operate," designed to optimize customer operational capabilities. The Maintenance module launched in July 2025, and an initial commercially viable version of the Control Center module is targeted for the first half of 2026, with Network and Data modules expected prior to aircraft certification in late 2026. This platform is poised to generate recurring, high-margin revenue through services like real-time flight monitoring, predictive maintenance, and battery health optimization.

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Inbound Investments

BETA Technologies has received customer and government investments to establish a nationwide charging infrastructure for electric aircraft.

Capital Expenditures

BETA Technologies has invested in an approximately 188,000 square foot production facility in Vermont, designed to support the annual production of over 300 aircraft.
The company holds site control and permits for expanding its production facility to over 355,000 square feet to accommodate future growth.
Significant capital has been allocated to the development and deployment of a nationwide electric charging infrastructure, including large charge cubes, mini cubes, and thermal management systems.
Ongoing investment is dedicated to the development of the "BETA Operate" digital platform, with modules for Maintenance (launched July 2025), Control Center (initial commercially viable version targeted H1 2026), Network, and Data.

Interactive Breakdown

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Better Bets vs. BETA Technologies (BETA)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	BETA Technologies Stock Pre-Market (+17%) : Amazon Discloses 5.3% Stake	02/11/2026
2	Cash Machine Trading Cheap - BETA Technologies Stock Set to Run?	02/10/2026
3	BETA Stock Falls -32% In 10-day Spree On Profitability Concerns	02/04/2026
4	BETA Stock Falls -29% In 9-day Spree On Mounting Profitability Concerns	02/03/2026
5	BETA Stock Falls -24% In 8-day Spree On Profitability Concerns	01/31/2026
6	BETA Stock Falls -18% In 7-day Spree On Profitability Concerns	01/30/2026
7	BETA Stock Falls -18% With A 6-day Losing Spree On Profitability Concerns	01/29/2026

	Title
0	ARTICLES

Trade Ideas

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NSP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NSP	Insperity	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TNC_3312026_Insider_Buying_45D_2Buy_200K	03312026	TNC	Tennant	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
ADP_3272026_Dip_Buyer_FCFYield	03272026	ADP	Automatic Data Processing	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.0%	1.0%	0.0%
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KODK	Eastman Kodak	1.1	20.3%	33.0%
SBAC	SBA Communications	21.7	18.9%	6.2%
ORIC	ORIC Pharmaceuticals	0.9	18.9%	8.7%
YSS	York Space Systems	3.5	18.8%	-16.6%
VSAT	Viasat	7.3	18.7%	55.8%
SATL	Satellogic	0.9	18.6%	262.0%
LUNR	Intuitive Machines	2.9	18.5%	47.8%
PL	Planet Labs PBC	11.4	16.8%	81.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LNN	Lindsay	1.1	-12.1%	-12.4%
KNF	Knife River	4.2	-10.0%	5.1%
OMER	Omeros	0.7	-9.8%	-36.5%
IRWD	Ironwood Pharmaceuticals	0.6	-9.2%	5.0%
PBH	Prestige Consumer Healthcare	2.5	-9.0%	-14.9%
ENPH	Enphase Energy	4.6	-8.8%	9.0%
AYI	Acuity	8.1	-7.5%	-26.2%
ANRO	Alto Neuroscience	0.7	-7.4%	21.8%
FBYD	Falcons Beyond Global	0.4	-7.2%	-24.9%
TE	T1 Energy	0.7	-6.5%	-37.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
APLS	Apellis Pharmaceuticals	5.1	129.1%	60.9%
SGML	Sigma Lithium	1.6	48.1%	8.9%
CBIO	Crescent Biopharma	0.6	43.7%	63.6%
TH	Target Hospitality	1.4	43.2%	73.3%
AGX	Argan	8.0	40.0%	83.8%
FNMA	Federal National Mortgage Association Fannie Mae	40.5	39.6%	-35.7%
CAR	Avis Budget	6.7	36.4%	48.4%
IDR	Idaho Strategic Resources	0.5	33.8%	-12.5%
U	Unity Software	9.8	32.8%	-48.5%
YSS	York Space Systems	3.5	32.3%	-16.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
TE	T1 Energy	0.7	-33.3%	-37.3%
VRDN	Viridian Therapeutics	1.8	-33.2%	-39.5%
ORIC	ORIC Pharmaceuticals	0.9	-28.2%	8.7%
PHR	Phreesia	0.5	-28.2%	-50.5%
TNDM	Tandem Diabetes Care	1.3	-20.2%	-15.3%
NXST	Nexstar Media	5.5	-17.9%	-10.5%
SLS	SELLAS Life Sciences	0.6	-16.6%	9.5%
KNF	Knife River	4.2	-15.1%	5.1%
NKE	Nike	65.4	-15.1%	-30.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
APLS	Apellis Pharmaceuticals	5.1	103.5%	60.9%
SATL	Satellogic	0.9	100.3%	262.0%
CAR	Avis Budget	6.7	98.9%	48.4%
QURE	uniQure	1.1	89.8%	-28.3%
TNGX	Tango Therapeutics	2.9	75.1%	144.1%
TH	Target Hospitality	1.4	72.4%	73.3%
DOCN	DigitalOcean	8.3	72.2%	87.1%
CBIO	Crescent Biopharma	0.6	68.8%	63.6%
FSLY	Fastly	5.0	67.2%	229.1%
DAWN	Day One Biopharmaceuticals	2.2	66.7%	130.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BUR	Burford Capital	0.9	-50.5%	-53.6%
WVE	WAVE Life Sciences	1.3	-46.9%	-57.2%
ADMA	ADMA Biologics	2.2	-44.4%	-49.6%
USAS	Americas Gold And Silver	1.5	-41.8%	8.0%
TE	T1 Energy	0.7	-41.0%	-37.3%
BOBS	Bobs Discount Furniture	1.5	-40.8%	-34.1%
FRMI	Fermi	3.2	-40.8%	-33.1%
LMRI	Lumexa Imaging	0.9	-39.8%	-49.5%
MAZE	Maze Therapeutics	1.3	-38.2%	-30.7%
OLMA	Olema Pharmaceuticals	1.4	-38.1%	-39.8%

Peer Comparisons

Peers to compare with:

Financials

	BETA	JOBY	ACHR	EVEX	TXT	HON	Median
Name	BETA Tec.	Joby Avi.	Archer A.	Eve	Textron	Honeywel.
Mkt Price	15.47	8.47	5.39	2.65	88.50	229.40	11.97
Mkt Cap	3.5	7.6	3.6	0.9	15.5	145.7	5.6
Rev LTM	28	53	0	0	14,799	37,442	40
Op Inc LTM	-364	-720	-619	-225	1,001	6,567	-295
FCF LTM	-342	-564	-487	-175	929	5,422	-259
FCF 3Y Avg	-	-462	-398	-137	814	5,082	-137
CFO LTM	-274	-510	-408	-160	1,312	6,408	-217
CFO 3Y Avg	-	-420	-337	-130	1,197	5,948	-130

Growth & Margins

	BETA	JOBY	ACHR	EVEX	TXT	HON	Median
Name	BETA Tec.	Joby Avi.	Archer A.	Eve	Textron	Honeywel.
Rev Chg LTM	-	39,183.1%	-	-	8.0%	7.8%	8.0%
Rev Chg 3Y Avg	-	-	-	-	4.8%	2.0%	3.4%
Rev Chg Q	-	55,965.5%	-	-	15.6%	8.8%	15.6%
QoQ Delta Rev Chg LTM	-	135.9%	-	-	3.9%	1.5%	3.9%
Op Mgn LTM	-1,322.3%	-1,346.9%	-	-	6.8%	17.5%	-657.8%
Op Mgn 3Y Avg	-	-161,960.7%	-	-	6.9%	18.4%	6.9%
QoQ Delta Op Mgn LTM	-	1,579.6%	-	-	0.5%	-0.6%	0.5%
CFO/Rev LTM	-995.5%	-954.4%	-	-	8.9%	17.1%	-472.8%
CFO/Rev 3Y Avg	-	-117,383.0%	-	-	8.5%	17.0%	8.5%
FCF/Rev LTM	-1,240.9%	-1,055.3%	-	-	6.3%	14.5%	-524.5%
FCF/Rev 3Y Avg	-	-128,360.0%	-	-	5.8%	14.5%	5.8%

Valuation

	BETA	JOBY	ACHR	EVEX	TXT	HON	Median
Name	BETA Tec.	Joby Avi.	Archer A.	Eve	Textron	Honeywel.
Mkt Cap	3.5	7.6	3.6	0.9	15.5	145.7	5.6
P/S	128.7	142.0	-	-	1.0	3.9	66.3
P/EBIT	-4.9	-10.5	-5.8	-4.4	12.3	21.4	-4.6
P/E	-4.8	-8.2	-5.7	-4.2	16.9	30.8	-4.5
P/CFO	-12.9	-14.9	-8.7	-5.8	11.8	22.7	-7.3
Total Yield	-20.9%	-12.2%	-17.5%	-24.1%	6.0%	5.3%	-14.9%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.1%	2.0%	0.0%
FCF Yield 3Y Avg	-	-6.8%	-12.6%	-8.6%	5.4%	3.8%	-6.8%
D/E	0.1	0.0	0.0	0.2	0.2	0.2	0.1
Net D/E	-0.4	-0.2	-0.4	-0.2	0.1	0.2	-0.2

Returns

	BETA	JOBY	ACHR	EVEX	TXT	HON	Median
Name	BETA Tec.	Joby Avi.	Archer A.	Eve	Textron	Honeywel.
1M Rtn	-19.6%	-11.9%	-16.6%	-12.8%	-8.2%	-3.8%	-12.3%
3M Rtn	-43.4%	-41.0%	-33.7%	-36.8%	1.7%	17.7%	-35.2%
6M Rtn	-57.0%	-53.6%	-53.4%	-42.3%	1.9%	17.7%	-47.8%
12M Rtn	-57.0%	58.0%	-13.1%	-20.4%	45.9%	30.1%	8.5%
3Y Rtn	-57.0%	99.3%	104.9%	-62.2%	30.7%	37.0%	33.8%
1M Excs Rtn	-19.3%	-10.2%	-16.1%	-9.8%	-6.7%	-2.6%	-10.0%
3M Excs Rtn	-41.3%	-32.0%	-24.5%	-29.7%	5.4%	22.0%	-27.1%
6M Excs Rtn	-55.1%	-45.9%	-43.2%	-29.8%	5.8%	18.9%	-36.5%
12M Excs Rtn	-73.9%	26.0%	-39.3%	-37.6%	5.8%	-0.4%	-19.0%
3Y Excs Rtn	-123.0%	56.8%	49.3%	-126.9%	-38.5%	-27.7%	-33.1%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023
Filing Date	3/9/2026	3/9/2026	11/4/2025	3/9/2026
Key Financials
Total Revenue	28	36	15	15
EBITDA	-704	-710	-247	-166
Operating Income	-364	-373	-272	-187
Net Income	-739	-746	-276	-176
EPS	-5.21	-12.85	-1.37	-0.90
Growth Rates
Total Revenue Growth	-	136.0%	-1.7%	-
EBITDA Growth	-	-187.2%	-49.3%	-
Operating Income Growth	-	-36.9%	-45.9%	-
Net Income Growth	-	-170.6%	-57.0%	-
Margins
EBITDA Margin	-2555.7%	-1993.8%	-1638.2%	-1078.1%
Operating Income Margin	-1322.3%	-1046.3%	-1803.7%	-1214.9%
Net Income Margin	-2680.8%	-2094.2%	-1826.4%	-1143.2%
Cash & Debt
Total Cash	1,710	1,710	301	254
Total Debt	204	204	170	155
Net Debt / (Cash)	-1,506	-1,506	-131	-98
Cash Flows
Net Cash from Operations	-274	-268	-223	-158
Free Cash from Operations	-342	-313	-296	-311
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	1	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3
Period End	12/31/2025	9/30/2025
Filing Date	3/9/2026	12/4/2025
Key Financials Quarterly
Total Revenue	11	9
Ebitda	-140	-428
Operating Income	-135	-81
Net Income	-150	-437
EPS	-2.02	-2.43
Key Financials TTM
Total Revenue TTM	28	-
Ebitda TTM	-704	-
Operating Income TTM	-364	-
Net Income TTM	-739	-
Growth Rates Quarterly
Total Revenue Growth	-	-
EBITDA Growth	-	-
Operating Income Growth	-	-
Net Income Growth	-	-
Margins Quarterly
EBITDA Margin	-1260.3%	-4796.0%
Operating Income Margin	-1210.4%	-903.5%
Net Income Margin	-1347.0%	-4902.6%
Cash & Debt
Total Cash	1,710	688
Total Debt	204	203
Net Debt / (Cash)	-1,506	-484
Cash Flows Quarterly
FCF from Operations	-84	-69
Cash Flows TTM
FCF from Operations TTM	-274	-
Returns to Shareholders Quarterly
Dividends	0	0
Share Repurchases	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-24.2%	-17.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-16.4%	-

Segment Financials

Revenue by Segment

$ Mil	2025
Service Revenue	15
Product Revenue	0
Total	15

	1M	2M	3M	6M	1Y	3Y
Beta	4.10	3.62	2.54	-0.29	-0.21	-0.62
Up Beta	5.40	3.05	2.42	1.18	0.15	-0.24
Down Beta	1.80	5.17	2.89	0.36	0.89	-0.26
Up Capture	625%	266%	92%	126%	35%	4%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	9	18	26	44	44	44
Down Capture	377%	305%	284%	227%	134%	83%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	13	24	37	56	56	56

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BETA
BETA	-57.3%	81.2%	-2.21	-
Sector ETF (XLI)	25.7%	19.5%	1.05	44.6%
Equity (SPY)	16.1%	19.0%	0.67	47.7%
Gold (GLD)	50.5%	28.0%	1.46	22.4%
Commodities (DBC)	16.2%	17.7%	0.77	21.4%
Real Estate (VNQ)	3.6%	16.5%	0.04	24.3%
Bitcoin (BTCUSD)	-21.5%	44.0%	-0.42	33.5%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BETA
BETA	-15.6%	81.2%	-2.21	-
Sector ETF (XLI)	12.4%	17.2%	0.56	44.6%
Equity (SPY)	11.6%	17.0%	0.53	47.7%
Gold (GLD)	21.7%	17.8%	1.00	22.4%
Commodities (DBC)	11.6%	18.8%	0.51	21.4%
Real Estate (VNQ)	3.3%	18.8%	0.08	24.3%
Bitcoin (BTCUSD)	3.9%	56.5%	0.29	33.5%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BETA
BETA	-8.1%	81.2%	-2.21	-
Sector ETF (XLI)	13.4%	19.9%	0.60	44.6%
Equity (SPY)	14.0%	17.9%	0.67	47.7%
Gold (GLD)	14.0%	15.9%	0.73	22.4%
Commodities (DBC)	8.4%	17.6%	0.40	21.4%
Real Estate (VNQ)	5.2%	20.7%	0.22	24.3%
Bitcoin (BTCUSD)	66.2%	66.8%	1.06	33.5%

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	3.0 Mil
Short Interest: % Change Since 2282026	45.7%
Average Daily Volume	1.6 Mil
Days-to-Cover Short Interest	1.9 days
Basic Shares Quantity	229.2 Mil
Short % of Basic Shares	1.3%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/9/2026	11.9%	-13.6%
12/4/2025	1.2%	6.6%	0.1%
SUMMARY STATS
# Positive	2	1	1
# Negative	0	1	0
Median Positive	6.5%	6.6%	0.1%
Median Negative		-13.6%
Max Positive	11.9%	6.6%	0.1%
Max Negative		-13.6%

	Forward Returns
3/9/2026	11.9%	-13.6%
12/4/2025	1.2%	6.6%	0.1%
SUMMARY STATS
# Positive	2	1	1
# Negative	0	1	0
Median Positive	6.5%	6.6%	0.1%
Median Negative		-13.6%
Max Positive	11.9%	6.6%	0.1%
Max Negative		-13.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/09/2026	10-K
09/30/2025	12/04/2025	10-Q
06/30/2025	11/04/2025	424B4

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/9/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	39.00 Mil	41.00 Mil	43.00 Mil	32.3%		Higher New	Guidance: 31.00 Mil for 2025
2026 Adjusted EBITDA	-395.00 Mil	-350.00 Mil	-305.00 Mil	12.9%		Lower New	Guidance: -310.00 Mil for 2025

Prior: null Earnings Reported 12/4/2025

null

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Davis, Charles A		Ellipse Holdings LLC	Buy	11072025	32.98	2,941,177	97,000,017	581,979,756	Form
2	Churchill, David Lawrence	CHIEF TECHNOLOGY OFFICER	Domestic Partner	Buy	11072025	34.00	1,500	51,000	51,000	Form
3	Dunkiel, Brian	SEE REMARKS	Direct	Buy	11072025	34.00	1,500	51,000	1,741,344	Form
4	McConville, James		Direct	Buy	11072025	34.00	1,000	34,000	34,000	Form
5	Hunter, Mark William	CHIEF ACCOUNTING OFFICER	Direct	Buy	11072025	34.00	588	19,992	339,796	Form

BETA Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing BETA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What BETA Makes & Who Pays

TTM figures based on

BETA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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BETA Technologies (BETA)

Market Price (4/4/2026): $15.47 | Market Cap: $3.5 BilSector: Industrials | Industry: Aerospace & Defense

BETA Technologies (BETA)

Market Price (4/4/2026): $15.47Market Cap: $3.5 BilSector: IndustrialsIndustry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About BETA Technologies (BETA)

Key Risks to BETA Technologies

Expected Drivers of Future Revenue Growth for BETA Technologies (BETA) Over the Next 2-3 Years:

Inbound Investments

Capital Expenditures

Interactive Breakdown

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FDIC Bank Data

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FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

BETA Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Market Price (4/4/2026): $15.47 | Market Cap: $3.5 Bil
Sector: Industrials | Industry: Aerospace & Defense

Market Price (4/4/2026): $15.47
Market Cap: $3.5 Bil
Sector: Industrials
Industry: Aerospace & Defense