BETA Technologies (NYSE:BETA) used its fourth-quarter and full-year 2025 earnings call to detail progress across certification, commercialization, defense partnerships, and infrastructure, while also outlining a 2026 outlook that includes higher planned capital spending and continued operating losses as the company funds development and production ramp efforts.
2025 operational and certification milestones
Founder and CEO Kyle Clark described 2025 as a “defining year,” citing milestones that the company said advanced certification, commercialization, and defense initiatives.
The company also provided a more detailed update on its H500A electric engine certification work. Clark said BETA had completed the build and FAA conformity inspection on 11 propulsion systems by the end of 2025, creating a full set of test assets and spares. He added that the company has completed a 1,000-hour durability test and that endurance testing is underway. BETA also emphasized software readiness, noting it is 85% complete on requirements-based software testing with an expected completion by the end of April.
For its CTOL (conventional takeoff and landing) program, BETA said it is substantially complete with means of compliance in the requirements definition phase and has completed 98% of regulations covered in its DDS collector. Clark said all but two issue papers are closed, with the remaining two in the final stage of documenting closed positions. The company said it has submitted 17 of 20 certification plans, with nine accepted, and reported FAA acceptance of six structural test plans and 12 flight test plans as planning for certification test activities begins. BETA said preliminary safety assessments have been reviewed with the FAA as part of preparation for Type Inspection Authorization (TIA).
For VTOL, Clark said the program is benefiting from CTOL work due to aircraft commonality, and he noted the A250 engineering flight-test program continues from the company’s Plattsburgh, New York facility.
Commercial progress, backlog, and customer deployments
Clark pointed to a series of commercial demonstrations and deployments in 2025, including flying across Europe, opening the Paris Air Show, flying at Oshkosh, setting world records, winning the Pulitzer Electric Aircraft Race, and completing what he described as the first all-electric passenger flight in and out of JFK Airport.
BETA also reiterated its focus on a set of key performance indicators introduced in December. On backlog, Clark said 2025 included growth not only in aircraft orders but also in “motors and other technologies” sold to partners such as Embraer Eve and General Dynamics. Over the year, the company said it added more than $1 billion to its commercial aircraft backlog and another $1 billion to enabling technologies backlog. BETA said its current aircraft backlog stands at 891 aircraft in firm and option orders backed by a financial commitment, and it expects commercial aircraft backlog to top $4 billion by the end of 2026.
In response to analyst questions, management said it maintains a “very high bar” for what is included in backlog, emphasizing selectivity around customers, large orders, and deposits. Executives also said they had “extreme line of sight” into additional deals, with documents “ready to be executed,” and indicated an announcement would follow.
Regulatory tailwinds and the eIPP opportunity
Management repeatedly referenced what it views as supportive policy momentum for Advanced Air Mobility. Clark cited the Department of Transportation’s AAM National Strategy released in December, as well as bipartisan legislation titled the Aviation Innovation and Global Competitiveness Act, which he said could increase transparency and predictability in FAA policy and guidance development for certification programs.
Looking ahead, BETA said it is awaiting selection announcements for the FAA- and DOT-led eVTOL Integration Pilot Program (eIPP), which Clark suggested could allow early commercial operations and potentially advance the company’s business timeline “by more than a year.” He said BETA submitted applications “touching 41 states” across cargo, medical, and passenger use cases for both CTOL and VTOL aircraft, and argued that BETA’s operational flight experience and its charging network position it well for the program.
Clark said BETA “own[s] and operate[s] the only UL-certified aircraft charging network,” and described eIPP as a potential accelerator for network expansion. The company said its charge network added two new activated sites since the prior update and set a 2026 goal of reaching 150 total charge sites.
During Q&A, CFO Herman Cueto said BETA has not included any eIPP-related investments in its 2026 guidance because awards have not been announced and agreements would still need to be negotiated. If selected, he said the company would update guidance to reflect associated capital deployment. Clark later estimated that if BETA is “very successful” in eIPP, incremental investment could range from $75 million to $125 million, describing it as largely an acceleration of spending that would have occurred later.
Cueto and Clark also outlined how they think about potential eIPP revenue streams, while declining to provide specific revenue estimates. Cueto said possible streams could include charging, training and maintenance, and aircraft monetization (whether rented, leased, or purchased), noting that the operators partnered with for eIPP are also customers already represented in backlog.
Defense initiatives and partnerships
On defense, Clark referenced a January 2026 executive order prioritizing the warfighter in defense contracting and said BETA has been approached by three prime defense contractors and is evaluating opportunities. He said the company completed phase one programs with General Electric and General Dynamics and met deliverables with Army DEVCOM, adding that subsequent phases could represent “significantly higher revenue opportunities.”
Clark also said BETA accelerated its MV250 program by six months in response to demand for “low-cost, flexible, unmanned assets,” and noted that the U.S. Army Combat Capabilities Development Command (DEVCOM) has funded BETA’s development of autonomy and hybridization technology. He described BETA’s fly-by-wire system as a differentiator because it can receive control inputs from a computer without a fundamental redesign.
Financial results and 2026 outlook
Cueto reported 2025 revenue of $35.6 million, more than double 2024 revenue of $15.1 million, driven by stronger-than-expected component sales. Operating expenses totaled $398 million in 2025, compared with $283 million in 2024, including $260 million in R&D and $138 million in G&A. Adjusted EBITDA was negative $304 million in 2025, compared with negative $243 million in 2024. The company ended 2025 with approximately $1.7 billion in cash.
Capital expenditures were $45.4 million in 2025, down from $73.5 million in 2024. Cueto said spending supported certification and production readiness and pointed to what he described as production-line maturity, with both CTOL and VTOL aircraft produced on two common lines in a facility designed to build up to 300 aircraft per year.
For 2026, BETA guided to revenue of $39 million to $43 million and Adjusted EBITDA of negative $305 million to negative $395 million. The company expects CapEx of $175 million to $225 million, which Cueto described as an acceleration of planned vertical integration investments. In Q&A, management said the higher 2026 CapEx reflects pulling some 2027 spending forward rather than introducing new categories of spending.
For the first quarter of 2026, BETA expects revenue of $7 million to $10 million and Adjusted EBITDA of negative $95 million to negative $110 million, reflecting procurement of long-lead materials and investment supporting MV250 development, VTOL work, and conforming CTOL aircraft. Cueto also estimated 2026 cash use of about $500 million excluding any eIPP investment, based on midpoint assumptions for CapEx and EBITDA with interest income partially offsetting cash burn.
Clark closed the call by emphasizing a “stepwise approach” to commercialization—starting with cargo and medical use cases before passenger—and said the company is focused on producing conforming aircraft, achieving propulsion system type certification, expanding defense work, ramping production, and deploying aircraft and charging systems into commercial operations.
About BETA Technologies (NYSE:BETA)
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.
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