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Here are 1-3 brief analogies to describe BETA Technologies:

• Tesla for the skies
• The Airbus of electric aviation

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• ALIA eVTOL Aircraft: An electric vertical take-off and landing aircraft designed for various missions, including cargo delivery and passenger transport.
• Charging Infrastructure: Ground-based charging stations and power management solutions to support the rapid recharging and operation of eVTOL aircraft.

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BETA Technologies (symbol: BETA) primarily sells its electric vertical take-off and landing (eVTOL) aircraft and charging infrastructure to other companies and government entities. Its major customers include:

• United Parcel Service, Inc. (UPS)

  BETA has a significant order from UPS Flight Forward, a subsidiary of UPS, for up to 150 ALIA eVTOL aircraft. These aircraft are intended for use in UPS's cargo operations, with the first deliveries anticipated to begin in 2024.

• Blade Air Mobility, Inc. (BLDE)

  Blade Air Mobility has a purchase agreement with BETA for up to 20 ALIA eVTOL aircraft, which they plan to use for passenger services, particularly in the Northeast United States. Blade also utilizes BETA's charging infrastructure to support its operations.

• U.S. Air Force

  Through programs like AFWERX Agility Prime, the U.S. Air Force has partnered with BETA for the development, testing, and evaluation of its eVTOL aircraft for potential military applications, including cargo, logistics, and personnel transport. While not a direct commercial purchase in the same vein as UPS or Blade, the Air Force is a significant strategic partner and potential future customer.

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• Honeywell (NASDAQ: HON)

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Kyle Clark, Founder, Chief Executive Officer, President, and Director

Kyle Clark is an aerospace engineer, pilot, entrepreneur, and the founder of BETA Technologies in 2017. Prior to establishing BETA, he co-founded Venture.co and served as the Director of Engineering at Dynapower (now Sensata Technologies Holding PLC), where he led a team in the development of inverters, pulse modulators, and control systems. He was also a founding partner and Vice President of Engineering at iTherm Technologies, which focused on creating electromagnetic power supplies. Clark played right wing for the NHL's Washington Capitals organization and holds a Bachelor's degree in Materials Science and Engineering from Harvard University.

Herman V. Cueto, Chief Financial Officer

Herman V. Cueto joined BETA Technologies as Chief Financial Officer on April 1, 2025. He brings over 30 years of global finance leadership experience, primarily within the medical technology and life sciences sectors. His previous senior executive roles include 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. Cueto also held various positions at Becton Dickinson (NYSE: BDX) from June 2004 to October 2023, where he served as 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. He initially joined BETA in March 2019, contributing in various capacities, including Team Member and Battery Lead. With more than 15 years of engineering experience, Donovan has concentrated his career on advancing innovative technologies in the aerospace, electric vehicle, and sustainable energy systems fields. Before joining BETA, he held key engineering and leadership roles at several notable technology companies.

Dr. David Churchill, Chief Technology Officer and Director

Dr. David Churchill has been the Chief Technology Officer and a Director at BETA Technologies since June 2018. Prior to his tenure at BETA, he served as the VP of Engineering for the Sensing Systems business unit of LORD-Microstrain Corp starting in 2012. In this role, he directed research and development efforts that led to innovative new product lines, including energy harvesting systems and inertial sensors for aerospace applications. Churchill began his career conducting R&D for the V-22 Osprey program at Boeing Helicopter Co. (NYSE: BA) and holds a Ph.D.

Brian Dunkiel, Chief Legal Officer, Vice President and Secretary

Brian Dunkiel holds the titles of Chief Legal Officer, Vice President, and Secretary at BETA Technologies, positions he has held since December 2022.

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1. Financial Health and Capital Requirements: BETA Technologies faces significant financial challenges, including substantial operating losses, high cash burn, and negative operating margins. The company's business model is highly capital-intensive, requiring ongoing large investments for product development, certification, and commercialization. Its Z-Score of 0 indicates potential financial distress, and profitability remains a distant goal, with significant negative EBITDA expected to continue.
2. Regulatory Hurdles and Certification Delays: As a pioneer in electric aerospace innovation, BETA Technologies is subject to stringent regulatory processes. Achieving Federal Aviation Administration (FAA) certification for its electric aircraft is a critical milestone. Any delays in this certification process or changes in aviation regulations could significantly impact its commercialization timelines and overall business trajectory.
3. Market Adoption, Competition, and Revenue Concentration: While the electric aviation market is projected for rapid growth, BETA faces considerable risks related to market adoption of its novel aircraft and the need for extensive infrastructure development. The company operates in a competitive landscape with existing major aircraft manufacturers and other emerging electric aircraft developers. Furthermore, BETA has risks associated with high customer and geographic concentration, meaning issues with a few key clients could significantly impact its financial health.

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The potential for key competitors, such as Joby Aviation and Archer Aviation, to achieve full aircraft certification and commence commercial operations significantly earlier than BETA Technologies, thereby capturing first-mover advantage, initial market share, and critical partnerships.

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BETA Technologies (symbol: BETA) operates within the burgeoning electric aviation industry, with its main products and services primarily addressing the Electric Vertical Takeoff and Landing (eVTOL) aircraft market, the broader Advanced Air Mobility (AAM) market, and the associated charging infrastructure.

Main Products and Services:

• Electric Vertical Takeoff and Landing (eVTOL) Aircraft: BETA produces the ALIA VTOL, an all-electric aircraft designed for vertical takeoff and landing for cargo, logistics, medical operations, and passenger services.
• Electric Conventional Takeoff and Landing (eCTOL) Aircraft: The company also offers the ALIA CTOL, a piloted electric aircraft for cargo services that uses conventional takeoff and landing.
• Advanced Electric Propulsion Systems: BETA designs, manufactures, and sells electric motors (e.g., H500A Motor, V600 Motor), batteries, and flight control systems for its aircraft and other manufacturers.
• Charging Systems and Infrastructure: The company develops and deploys electric aircraft charging infrastructure, including Charge Cubes, Thermal Management System Cubes, and Mini Cubes, designed to support electric aircraft and other electric vehicles.
• Training Programs: BETA provides customized training programs for electric aircraft pilots and maintainers.

Addressable Markets:

Global eVTOL Aircraft / Advanced Air Mobility (AAM) Market

The market for eVTOL aircraft, often categorized under Advanced Air Mobility (AAM), is experiencing significant growth globally. Several estimates highlight its substantial potential:

• The global eVTOL aircraft market was valued at USD 13.9 billion in 2024 and is projected to reach USD 37 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 11.4% from 2025 to 2033.
• Another estimate indicates the global eVTOL aircraft market size was USD 1.35 billion in 2023 and is projected to reach USD 28.6 billion by 2030, with a robust CAGR of 54.9% from 2024 to 2030.
• The global eVTOL aircraft market is also forecasted to surpass USD 170 billion by 2034, growing from USD 2.14 billion in 2024 at a CAGR of 54.90% between 2024 and 2034.
• The global Advanced Air Mobility (AAM) market, which encompasses eVTOLs, was estimated at USD 11.75 billion in 2024 and is projected to reach USD 137.11 billion by 2035, growing at a CAGR of 25.5% from 2025 to 2035. Other sources place the global AAM market size at USD 16.39 billion in 2025, anticipated to reach USD 74.93 billion by 2034, with a CAGR of 18.80% from 2025 to 2034.

North America / U.S. eVTOL Aircraft / AAM Market

North America is a leading region in the eVTOL and AAM markets:

• North America is a dominant force in the eVTOL aircraft market, holding a 37.5% market share in 2024. In 2023, the North American eVTOL aircraft market accounted for nearly 42% of the highest revenue share.
• The U.S. eVTOL aircraft market size was USD 644.14 million in 2024 and is predicted to reach approximately USD 52.13 billion by 2034, expanding at a CAGR of 55.17% between 2025 and 2034.
• The U.S. advanced aerial mobility market is evaluated at USD 4.47 billion in 2025 and is predicted to be worth around USD 20.87 billion by 2034, rising at a CAGR of 19.05% from 2025 to 2034.

Global Electric Aircraft Charging Infrastructure Market

The market for electric aircraft charging infrastructure, crucial for the deployment of eVTOLs, is also growing:

• The global electric aircraft charging interfaces market reached USD 0.54 billion in 2022 and is expected to reach USD 2.1 billion by 2030, growing with a CAGR of 20.7% during the forecast period 2023-2030.
• The global eVTOL charging facilities market is projected to grow from USD 293.3 million in 2025 to USD 4.43 billion by 2035, at a CAGR of 31.2%. The United States eVTOL charging facilities market is projected to grow at a CAGR of 29.6% through 2035.

Global Electric Propulsion Systems Market

BETA's advanced electric propulsion systems contribute to the broader electric aircraft and aircraft electrification markets:

• The global aircraft electrification market was valued at USD 8.32 billion in 2023 and is expected to grow at a CAGR of 13.3%.
• The global more electric aircraft market revenue was valued at USD 5.35 billion in 2024, anticipated to reach USD 20.03 billion by 2033 with a CAGR of 15.8% during the forecast period (2025-2033).
• Within the advanced air mobility market, the electric propulsion segment is projected to grow and reach a value of USD 50 billion by 2034.

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BETA Technologies (symbol: BETA) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market advancements. Despite limited traditional analyst forecasts due to the company's relatively recent public listing and early commercial stages, insights from company statements, funding rounds, and industry analysis highlight the following drivers:

1. Increased Production and Delivery of ALIA Aircraft: BETA Technologies has commenced the production of its all-electric ALIA fixed-wing (CTOL) and electric vertical takeoff and landing (eVTOL) aircraft. The company holds deposit-backed contracts with a diverse customer base, including global operators like Air New Zealand, UPS, United Therapeutics, Blade Urban Air Mobility, Bristow, Helijet, LCI, the U.S. Air Force, and the U.S. Army. An ongoing increase in production rates over the next 18-24 months is expected to fulfill these orders and drive revenue growth.

2. Expansion of Charging Infrastructure Network and Sales: Alongside its aircraft, BETA is developing and deploying a multimodal charging network across the United States, with plans for global expansion. The company is actively selling charging systems to customers and funding a significant portion of this infrastructure buildout through customer orders and government grants. This dual approach of building and selling charging solutions represents a distinct revenue stream.

3. Achieving Aircraft and Component Certification: A critical driver for future revenue growth is the successful certification of BETA's ALIA CTOL and ALIA VTOL aircraft, as well as its advanced electric propulsion systems, by regulatory bodies like the FAA. This certification is essential for broader commercialization and large-scale deliveries to customers, positioning BETA as an early mover in the electric air mobility market.

4. Growth in Commercial and Military Customer Applications: BETA's strategy involves initially targeting cargo, logistics, medical, and military operators before expanding into passenger applications. The existing and expanding customer base across these diverse sectors, coupled with ongoing pilot programs and trials, signifies a growing market for their electric aviation solutions.

5. Development and Future Introduction of New Aircraft Models: The company is actively engaged in the development of new products, notably a 19-passenger aircraft. The future launch and commercialization of such larger capacity aircraft would open up new market segments and significantly contribute to long-term revenue growth.

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Share Issuance

• BETA Technologies launched an initial public offering (IPO) in November 2025, offering 29,852,941 shares of Class A common stock priced at $34.00 per share, raising approximately $1.01 billion.
• The company granted underwriters a 30-day option to purchase up to an additional 4,477,941 shares of Class A common stock.
• In November 2025, Chief Financial Officer Herman Cueto acquired 4,167 shares of the company.

Inbound Investments

• In September 2025, GE Aerospace committed a $300 million investment in BETA Technologies to co-develop hybrid-electric turbogenerators, which, if approved, would bring BETA's total funding to approximately $1.5 billion.
• In October 2024, BETA Technologies closed a $318 million Series C equity funding round led by Qatar Investment Authority (QIA), with participation from existing investors like Fidelity Management & Research Company and TPG Rise Climate.
• BETA previously secured $375 million in Series B funding in April 2022 and $368 million in Series A funding in May 2021, both with Fidelity as a lead investor, contributing to over $1 billion in total equity capital raised before the IPO.

Capital Expenditures

• BETA opened a nearly 200,000-square-foot manufacturing facility in South Burlington, Vermont, in late 2023 for producing aircraft and charging cubes.
• The company is actively deploying a network of over 50 charging infrastructure sites across the U.S. and Canada, with funding primarily from customer orders and government grants.
• A significant portion of the capital raised through the Series C funding and IPO is designated to support the continued ramp-up of production, delivery of aircraft and chargers, and to propel the certification processes for its ALIA CTOL, ALIA VTOL, and electric motors.