BETA Technologies (NYSE:BETA) Posts Quarterly Earnings Results, Beats Estimates By $0.21 EPS

BETA Technologies (NYSE:BETA) posted its quarterly earnings data on Tuesday. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.74) by $0.21, Briefing.com reports. The business had revenue of $10.13 million during the quarter. BETA Technologies’s revenue for the quarter was up 5.2% compared to the same quarter last year.

Here are the key takeaways from BETA Technologies’ conference call:

• BETA said its commercial momentum improved meaningfully, with backlog rising to $3.9 billion and 991 aircraft after the Surf Air Mobility order, while management remains confident in reaching its $4 billion backlog target by year-end.
• The company was selected for 7 of 8 FAA/DOT eVTOL Integration Pilot Program awards, which management said will accelerate commercialization by more than a year and create near-term opportunities in charging, training, maintenance, and aircraft deployment across 26 states.
• Q1 revenue was $10.1 million, above guidance, but adjusted EBITDA remained deeply negative at -$97.2 million as the company continued to invest heavily in certification, manufacturing readiness, and infrastructure.
• BETA disclosed that certification timelines for its electric motor program will slip, with endurance and containment testing now expected to run past its prior first-half target and FAA discussions on continued-rotation compliance likely extending beyond June.
• Management highlighted broad operational progress, including expanded charging sites to 123, over 139,000 nautical miles flown with a perfect safety record, and advances in CTOL/VTOL testing that they believe support a phased path to market entry.

BETA Technologies Trading Down 9.2%

BETA Technologies stock traded down $1.69 during midday trading on Thursday, reaching $16.73. The stock had a trading volume of 2,372,284 shares, compared to its average volume of 1,443,068. BETA Technologies has a 12 month low of $13.43 and a 12 month high of $39.50. The company has a market cap of $3.70 billion and a P/E ratio of -1.41. The business has a fifty day moving average price of $16.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 22.77 and a quick ratio of 22.77.

Analyst Ratings Changes

Several research firms have recently weighed in on BETA. Wall Street Zen raised BETA Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Jefferies Financial Group decreased their target price on BETA Technologies from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Morgan Stanley decreased their target price on BETA Technologies from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, March 10th. Cantor Fitzgerald decreased their target price on BETA Technologies from $38.00 to $31.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group decreased their target price on BETA Technologies from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.78.

Insider Buying and Selling at BETA Technologies

In other BETA Technologies news, CFO Herman Cueto sold 18,586 shares of BETA Technologies stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $18.12, for a total transaction of $336,778.32. Following the completion of the transaction, the chief financial officer owned 90,465 shares in the company, valued at approximately $1,639,225.80. The trade was a 17.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Sean Donovan sold 19,008 shares of BETA Technologies stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $18.12, for a total value of $344,424.96. Following the transaction, the chief operating officer owned 176,195 shares of the company’s stock, valued at $3,192,653.40. This trade represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 138,928 shares of company stock worth $2,517,375. 24.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BETA Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. acquired a new position in BETA Technologies during the 4th quarter valued at about $35,347,000. Zimmer Partners LP acquired a new position in BETA Technologies during the 4th quarter valued at about $2,116,000. Symmetry Investments LP acquired a new position in BETA Technologies during the 4th quarter valued at about $1,269,000. Quadrature Capital Ltd acquired a new position in BETA Technologies during the 4th quarter valued at about $246,000. Finally, Readystate Asset Management LP acquired a new position in BETA Technologies during the 4th quarter valued at about $592,000.

About BETA Technologies

BETA Technologies is an American aerospace company that develops electric vertical takeoff and landing (eVTOL) aircraft and supporting infrastructure. The company focuses on designing aircraft and propulsion systems intended for short-range cargo, logistics and regional passenger movement, emphasizing electric propulsion, battery systems and integrated charging solutions to support distributed operations.

Its product and service set includes aircraft design and development, electric motor and battery integration, charging hardware and software, and flight testing aimed at meeting certification requirements.