olivLaw · US equity research
BETA Technologies, Inc. BETA
Aircraft · SIC 3721 · Vertical: Aircraft (SIC 3721)
BETA Technologies designs and builds electric aircraft (CTOL and VTOL), propulsion systems, batteries and charging infrastructure, targeting cargo, medical, defense and passenger missions. The company has moved into FAA certification and holds large cash reserves after its IPO, while net losses keep growing and annual revenue is still at an early stage, around 35.6 million dollars in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BETA Technologies, Inc. (BETA) stock was 25.31 USD (+7.06% on the day), with market capitalisation 951.1 m USD, beta 2.88, 52-week range 13.59–36.80 USD. Latest reported quarter (Q3 2026): revenue of 17.7 m USD (+98.2% YoY), net income of -119.1 m USD, diluted EPS -0.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 16.19 – 23.59
- above the upper band · %B 1.23 · band width 37.2%
- SMA 50 / 200
- 20.82 / 18.95
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.47 / -0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +22.3% | −2.0% | +24.3 pp | — |
| 3 months | +14.0% | −2.2% | +16.2 pp | — |
| 6 months | +39.4% | +4.3% | +35.2 pp | — |
| Year to date | −10.3% | +10.6% | −20.8 pp | — |
| 1 year | −29.7% | +10.5% | −40.2 pp | −52.4% |
| 3 years | unavailable | +73.7% | unavailable | −17.7% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 m | 9.6 m | 6.0 m | 8.9 m | 11.1 m | 10.1 m | 14.7 m | 17.7 m |
| Cost of revenue | 1.2 m | 1.7 m | 1.2 m | 2.7 m | 4.2 m | 4.3 m | 6.6 m | 4.9 m |
| Gross profit | 3.2 m | 7.9 m | 4.8 m | 6.2 m | 6.9 m | 5.8 m | 8.0 m | 12.7 m |
| Research & development | 60.8 m | 57.9 m | 58.0 m | 56.4 m | 89.4 m | 91.7 m | 122.4 m | 90.5 m |
| Operating income | -76.0 m | -78.0 m | -79.3 m | -80.6 m | -134.8 m | -133.0 m | -158.1 m | -127.8 m |
| Depreciation & amortisation | 5.2 m | 5.1 m | 5.4 m ≈ | 5.8 m | 5.7 m | 6.2 m | 6.3 m ≈ | 6.9 m ≈ |
| Interest expense | 2.9 m | 2.9 m | 2.9 m | 3.5 m | 3.8 m | 3.6 m | 3.7 m | 3.7 m |
| Pre-tax income | -76.2 m | -78.2 m | -80.2 m | -437.0 m | -149.8 m | -122.1 m | -148.5 m | -119.0 m |
| Income tax | 268.0 k | 98.0 k | 229.0 k | 253.0 k | 176.0 k | 216.0 k | 267.0 k | 152.0 k |
| Net income | -76.4 m | -78.3 m | -80.4 m | -437.2 m | -150.0 m | -122.3 m | -148.8 m | -119.1 m |
| Diluted EPS | -1.68 ≈ | -1.98 | -2.02 | -9.83 | -0.93 ≈ | -0.53 | -0.64 | -0.51 |
| Operating cash flow | -57.4 m | -58.3 m | -56.3 m ≈ | -68.8 m ≈ | -84.4 m | -95.4 m | -74.9 m ≈ | -101.1 m ≈ |
| Capex | 21.8 m | 6.7 m | 6.0 m ≈ | 13.0 m ≈ | 19.8 m | 24.2 m | 41.1 m ≈ | 28.8 m ≈ |
| Share repurchases | 0 | — | — | — | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 15.4 m | 15.1 m | 35.6 m |
| Revenue YoY | unavailable | −1.7% | +136.0% |
| Net income | -175.6 m | -275.6 m | -745.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -4.50 | -6.77 | -12.85 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1,143.2% | -1,826.4% | -2,094.2% |
| Free cash flow | -311.3 m | -296.2 m | -313.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn USD
- Financial debt
- 185.5 m USD
- Net debt
- -1.5 bn USD
- Equity
- 1.8 bn USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 0.10x
- Current ratio
- 22.77x
- ROE
- -66.2%
- ROA
- -53.8%
- FCF margin
- -879.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 15.4 m | 15.1 m | 35.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Cost of revenue | 2.0 m | 4.5 m | 9.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Gross profit | 13.3 m | 10.6 m | 25.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Research & development | 138.3 m | 206.9 m | 259.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Operating income | -186.6 m | -272.2 m | -372.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Depreciation & amortisation | 8.6 m | 16.5 m | 22.0 m | SEC (XBRL)· 09 Mar 2026verified |
| EBITDA | -178.0 m ≈ | -255.8 m ≈ | -350.6 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Interest expense | 352.0 k | 11.4 m | 13.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Pre-tax income | -174.5 m | -275.1 m | -745.1 m | SEC (XBRL)· 09 Mar 2026verified |
| Income tax | 1.0 m | 514.0 k | 756.0 k | SEC (XBRL)· 09 Mar 2026verified |
| Net income | -175.6 m | -275.6 m | -745.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Diluted EPS | -4.50 | -6.77 | -12.85 | SEC (XBRL)· 09 Mar 2026verified |
| Weighted average diluted shares | 44.9 m | 45.2 m | 75.0 m | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 253.5 m | 301.4 m | 1.7 bn | SEC (XBRL)· 09 Mar 2026verified |
| Receivables | — | 2.2 m | 5.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Current assets | — | 327.3 m | 1.7 bn | SEC (XBRL)· 09 Mar 2026verified |
| Property, plant & equipment, net | — | 319.6 m | 348.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Total assets | — | 666.4 m | 2.1 bn | SEC (XBRL)· 09 Mar 2026verified |
| Accounts payable | — | 16.2 m | 24.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Short-term debt | — | 2.8 m | 5.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Long-term debt | — | 149.2 m | 179.8 m | SEC (XBRL)· 09 Mar 2026verified |
| Current liabilities | — | 56.6 m | 76.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Total liabilities | — | 230.4 m | 288.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Equity | 385.4 m † | 435.9 m † | 1.8 bn † | SEC (XBRL)· 09 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -158.0 m | -222.7 m | -267.8 m | SEC (XBRL)· 09 Mar 2026verified |
| Capex | 153.2 m | 73.5 m | 45.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Free cash flow | -311.3 m ≈ | -296.2 m ≈ | -313.2 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Investing cash flow | -152.3 m | -68.8 m | -44.1 m | SEC (XBRL)· 09 Mar 2026verified |
| Financing cash flow | 134.3 m | 339.3 m | 1.7 bn | SEC (XBRL)· 09 Mar 2026verified |
| Share repurchases | 0 | 530.0 k | 0 | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 951.1 m USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -144.0% | 0 (vs peers) | 25% |
| Net margin · Quality | -1,007.8% | 11 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -37.6x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 11.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -49.4% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BETA Technologies, Inc. (BETA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 35.6 m USD in 2025; YoY growth 136.0%; net margin -1,007.8%; ROE -46.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 11.5x
What contradicts it
- ROIC: -144.0%
- Net margin: -1,007.8%
- Interest coverage: -37.6x
- FCF yield: -49.4%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Aircraft (SIC 3721) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAThe Boeing Company | 137.3 bn | 18.2 | — | 8.1% | +34.5% | −8% / −25% |
| EMBJEmbraer S.A. | 56.8 bn | 163.6 | 10.8% | 4.6% | +18.5% | +25% / +349% |
| AVAVAerovironment, Inc. | 5.8 bn | — | -4.6% | -10.1% | +140.9% | −59% / −18% |
| JOBYJoby Aviation, Inc. | 5.0 bn | — | -65.9% | -755.1% | +39,183.1% | −65% / −15% |
| ACHRArcher Aviation Inc. | 3.2 bn | — | -44.8% | -11,589.9% | unavailable | −47% / −31% |
| BETABETA Technologies, Inc. | 951.1 m | — | -46.8% | -1,007.8% | +136.0% | −30% / unavailable |
| AIROAIRO Group Holdings, Inc. | 171.0 m | — | -3.6% | -23.9% | +4.6% | −37% / unavailable |
| MOBMobilicom Limited | 36.5 m | — | -369.2% | -705.4% | +5.8% | −58% / +115% |
| UAVSAgEagle Aerial Systems Inc. | 21.8 m | — | -106.1% | -276.5% | −4.3% | −74% / −100% |
| DUKRDUKE Robotics Corp. | 11.2 m | — | -66.6% | -611.0% | +249.1% | +1,382% / +3,160% |
| EVTLVertical Aerospace Ltd. | — | — | — | — | +51.7% | −91% / −94% |
1- and 3-year price returns: for BETA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
BETA Technologies designs and builds electric aircraft (CTOL and VTOL), propulsion systems, batteries and charging infrastructure, targeting cargo, medical, defense and passenger missions. The company has moved into FAA certification and holds large cash reserves after its IPO, while net losses keep growing and annual revenue is still at an early stage, around 35.6 million dollars in 2025 13.
SWOT
Strengths
- The company has strong vertical integration, owning battery, motor and control technology, which lets it sell recurring services as well 1.
- Liquidity after the IPO and private financings gives a significant financial cushion for certification and production stages 23.
- A growing charging network and partnerships with GE Aerospace and commercial customers strengthen its position in electric aviation 3.
Weaknesses
- No certified aircraft has been delivered yet and aircraft revenue is nil, so the current revenue structure depends on services and related products 12.
- Net losses and research spending rose sharply in 2026, and the company acknowledges it will need further funding 12.
- The certification timetable depends on FAA approvals, and any delay could directly affect the revenue calendar 1.
Opportunities
- If demand from logistics, medical and defense materialises, existing orders could convert into deliveries and recurring revenue from batteries and services 1.
- Expansion of the charging network and the ACES partnerships could generate infrastructure revenue separate from aircraft sales 3.
- Propulsion contracts with third-party makers, such as the EVE agreement, could open a revenue source before final aircraft certification 1.
Threats
- FAA certification could be delayed or changed, which could postpone the commercial launch of aircraft and affect demand 1.
- Competition from other electric aircraft makers and from better-resourced players could reduce the company's market share 1.
- If capital markets deteriorate, the company could struggle to obtain financing on acceptable terms 1.
Risks
- Heavy capital requirementhigh
The business plan requires significant investment in factories, infrastructure and certification, and the company says it will need additional financing to continue operations 1.
- Certification delayshigh
The company acknowledges the FAA certification process could suffer delays, and any postponement could affect delivery and revenue timing 1.
- Dependence on market adoptionmedium
Revenue depends on customers accepting electric aircraft and on local regulations, which are still developing 1.
- Large net lossesmedium
Net losses rose in 2026, and research and development spending grew much faster than revenue 2.
- Regulatory changesmedium
Changes to FAA rules for electric aircraft could oblige the company to redesign aircraft, bringing extra costs and delays 1.
Investment thesis
What would need to be true (bull case)
- The company has a consistent civil order book and partnerships with operators and GE Aerospace, which could support growth if certification is completed 13.
- Vertical integration could generate recurring revenue from batteries and services over each aircraft's life, which could improve long-term margins 1.
- Substantial liquidity after the IPO could let the company fund certification and production stages without immediate pressure 3.
What would break the thesis
- The company has not yet delivered certified aircraft and its net losses keep growing, which could force new share issues with significant dilution 12.
- If FAA certification or commercial deliveries are postponed, the revenue timetable could stay well below the company's plans 1.
- Competition from better-resourced players in electric aviation could limit the company's market share 1.
What to watch
- Financial results and revenue guidance for the third quarter of 2026Q3 2026
- Progress on CX300 aircraft certification and the start of commercial operations2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
BETA Technologies designs, manufactures and sells high-performance electric aircraft, electric propulsion systems, charging systems and components, built on a vertical integration model: aircraft, replacement batteries in the aftermarket, motors sold as a merchant supplier to other manufacturers, and charging equipment 1. The company argues its advantage rests on core enabling technologies (batteries, motors, flight control systems and charging network) reused across several aircraft, from the ALIA CTOL to the ALIA VTOL and MV250 1. Its Final Assembly Facility in South Burlington, Vermont is presented as one of the first scale production facilities for electric aircraft 1.
Segments
Propulsion and components
Electric motors and propulsion systems are also sold to other aircraft makers, and the company cites an agreement with EVE for pusher motors worth up to 1 billion dollars, after an initial evaluation period 1. This is the nearest source of recurring revenue the company presents that could scale before final aircraft certification 1.
Market context
Trends
- Cargo and logistics demandtailwind
Growth in e-commerce and the need for fast deliveries support demand for cargo aircraft, and orders from UPS and Bristow have already been placed 1. If this demand persists, it could support the company's first commercial deliveries 1.
- Government and defense interesttailwind
Political support for electric aircraft in logistics and defense has grown, and the company presented the autonomous hybrid MV250 as a military variant at Farnborough 23. If military budgets expand, demand could rise, but it depends on procurement processes and military certification 1.
- Cost of capital and funding needsheadwind
The company acknowledges its business needs significant capital, and losses and research spending rose sharply in 2026 12. If capital markets weaken or interest rates stay high, additional funding could become more expensive, pressing on profitability 1.
Competitive position
The company's sources name several rivals in electric aviation: EVE Air Mobility, backed by Embraer, and Textron eAviation, which appear both as potential propulsion customers and as competitors in aircraft 1. The company positions itself among the first electric aircraft makers with a scale production facility, a claim its own documents present as an advantage 1.
At the same time, its joint launch with Archer Aviation in the ACES consortium shows that rivals can also become partners on infrastructure 3. The competitive edge depends largely on early certified operators and on customer adoption of the technology 1.
- EVE Air Mobility
Company backed by Embraer, which appears in the company's sources both as a customer for propulsion motors and as a developer of its own eVTOL aircraft 1.
- Textron eAviation
Division of Textron named in the company's sources as a potential customer for propulsion systems and also as a developer of electric aircraft 1.
- Archer AviationACHR
BETA's partner in the ACES charging infrastructure consortium, and also a rival in the eVTOL electric aircraft market 3.
- GE AerospaceGE
Strategic partner that invested in the company and co-developed a hybrid-electric turbogenerator with it, and also a major player in the aerospace industry 13.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jul 2026Termination of a material agreement
- Current report15 Jun 2026Shareholder vote
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Annual report09 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BETA Technologies, Inc. · 09 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BETA Technologies, Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BETA Technologies, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.