BETA Technologies (NYSE:BETA) reported third-quarter revenue of $17.7 million, its highest quarterly revenue to date, as component deliveries, partnership programs and infrastructure activity supported growth. Revenue rose about 98% from a year earlier and exceeded the company’s guidance range of $8 million to $12 million.
The company raised its full-year 2026 revenue outlook to $52 million to $57 million, from its prior range of $42 million to $50 million. Year-to-date revenue reached $42.5 million through the third quarter. BETA maintained its full-year adjusted EBITDA and capital expenditure guidance.
Adjusted EBITDA was negative $97.4 million in the quarter, better than the company’s guidance for a loss of $115 million to $125 million. Chief Financial Officer Herman Cueto said the performance reflected higher revenue, lower-than-forecast operating expenses and the beginning of capitalization for qualifying aircraft components. Operating expenses totaled $140.5 million, including $90.5 million in research and development and $50 million in general and administrative expenses.
BETA ended the quarter with approximately $1.3 billion in cash and cash equivalents. Cueto said the company’s proposed $830 million financing package from the Export-Import Bank of the United States continues to advance through review committees. The funding is intended to support domestic manufacturing expansion and vertical integration.
FAA Authorization and Certification Progress
Founder and CEO Kyle Clark highlighted the FAA’s October 16 issuance of a market survey airworthiness certificate for the ALIA A250 N250XT, which he said made it the first electric vertical takeoff and landing aircraft to receive that authorization. Four days later, BETA completed what it described as the first vertical-to-vertical market survey flight, traveling 34 nautical miles from Plattsburgh, New York, to Burlington, Vermont, in less than 20 minutes.
Clark said the authorization required BETA to demonstrate stable flight across its operating envelope and wind conditions, maintain a stable aircraft configuration over meaningful flight hours, and establish maintenance documentation and processes. The company now holds FAA market survey authorizations for both its conventional takeoff and landing and VTOL aircraft.
BETA also reported progress on its H500A certification program, saying durability and lightning testing are complete and software development is substantially complete, with for-credit testing performed. The company submitted an amended type certification application for the H500B program and said it has aligned conceptually with the FAA that the B model is a derivative product.
For the CX300 program, BETA said the FAA has accepted the certification plans needed to begin early system testing, while FAA pilot familiarization activities continue as the company works toward Type Inspection Authorization.
Clark said BETA believes it can be the first company in the sector to certify an eVTOL aircraft, though he said that view rests on the company’s design choices rather than a claim that it is necessarily furthest along. He cited BETA’s simpler systems architecture and the reuse of certified or maturing components between its CTOL and VTOL platforms.
Commercial Operations, Backlog and Infrastructure
The company said it completed three of five year-end operating goals more than two months early. Commercial aircraft backlog surpassed $4 billion, representing more than 1,000 aircraft in firm and option orders supported by financial commitments. BETA also exceeded 250,000 nautical miles of electric flight and reached 168 charging sites, above its year-end target of 150.
BETA launched six of seven awarded electric integrated propulsion program, or eIPP, projects. Clark said the deployments have involved flying customer routes, schedules and operating conditions, including cargo and medical transportation missions. The company is using the programs to gather data on dispatch reliability, aircraft availability, all-weather operations, pilot training and charging performance.
Phase one operations are being conducted under Part 91 rules, according to Clark. The next phase is expected to focus on Part 135 operational approvals and revenue-generating flights. Kristen Costello, BETA’s head of government and regulatory affairs, said the company is working with the FAA, operators and the Department of Transportation on those pathways and expects further clarity in coming weeks.
Clark said initial VTOL demonstrations are expected to begin with airport-to-airport missions before expanding to hospitals, particularly for transporting organs, tissue and blood products. BETA recently installed its first chargers at hospitals, he added.
Components and Defense Programs
BETA said its components business has a $1 billion backlog and is growing faster than previously forecast. The company supplies motors, batteries, flight-control computers and other systems to third-party aircraft programs. Clark said five aircraft programs currently use some combination of BETA components.
Cueto said product revenue increased 78% and service revenue increased 108% during the quarter. He added that gross margin improved by about 300 basis points compared with the third quarter of 2025, supported by greater volume through the manufacturing operation.
On defense, BETA is developing the hybrid and autonomous MV250, which is based on its commercial A250 platform and incorporates Sikorsky MATRIX autonomy and a GE BETA turbogenerator. Clark said the company is assembling a second hybrid VTOL aircraft and gathering components for a third demonstration aircraft.
The company said it is already being paid by the Army’s DEVCOM organization for hybridization and autonomy work. Clark said BETA sees contested logistics as the primary military application, while also evaluating search and rescue, launched effects and casualty evacuation uses. He said the MV250 could enter a rapid-prototyping contract and be deployed for demonstrations in coming months and years.
BETA also said battery degradation data from aircraft operations has been better than anticipated, which Clark said could improve aircraft operating economics by lowering a significant recurring cost for customers.
About BETA Technologies (NYSE:BETA)
BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in South Burlington, Vermont, the company focuses on zero-emission aircraft for cargo, logistics, passenger, medical and defense applications.
BETA’s aircraft portfolio includes the ALIA electric vertical takeoff and landing (eVTOL) aircraft and the ALIA CTOL fixed-wing aircraft, which is designed for conventional runway operations.
