BETA Technologies (NYSE: BETA) reported Q2 2026 revenue of $14.7 million, up about 146% from $6.0 million a year earlier, while diluted net loss was $0.64 per share versus $2.02. Service revenue drove most of the top-line expansion, but higher research and development spending and lower gross margin contributed to a wider GAAP net loss.
Core earnings data
Revenue increased by $8.7 million year over year, with services accounting for $11.4 million, or nearly 78% of the quarterly total. Gross profit increased more slowly than revenue because cost of revenue rose to $6.6 million from $1.2 million, reducing gross margin by approximately 25 percentage points.
Operating expenses nearly doubled to $166.1 million. As a result, the operating loss, net loss, and adjusted EBITDA loss all widened despite the higher revenue base.
| Metric | Q2 2026 | Q2 2025 | Year-over-year change |
|---|---|---|---|
| Revenue | $14.7 million | $6.0 million | +145.7% |
| Gross profit / gross margin | $8.0 million / 54.7% | $4.8 million / 80.1% | +67.9% / -25.3 pts |
| R&D expense | $122.4 million | $58.0 million | +110.9% |
| Operating loss | $(158.1) million | $(79.3) million | Loss widened 99.3% |
| Net loss | $(148.8) million | $(80.4) million | Loss widened 85.0% |
| Diluted net loss per share | $(0.64) | $(2.02) | Loss per share narrowed by $1.38 |
| Adjusted EBITDA | $(109.8) million | $(68.4) million | Loss widened 60.6% |
| Capital expenditures | $41.1 million | $6.0 million | +582.4% |
Adjusted EBITDA is a non-GAAP measure that excludes items including stock-based compensation, warrant expense, acquisition-related expense, asset disposal losses, and IPO costs.
Business and revenue mix
Service revenue rose approximately 233% to $11.4 million, compared with product revenue growth of about 29% to $3.3 million. Service gross profit increased to $6.4 million from $2.3 million, making services the main source of both revenue and gross-profit growth.
Product economics moved in the opposite direction. Product gross profit declined to $1.6 million from $2.5 million even though product revenue increased, as product cost of revenue rose to $1.7 million from only $62,000 in the prior-year quarter.
Operationally, BETA expanded its charging network to 138 sites and announced plans to deploy up to 250 sites through the America’s Consortium for Electric Skyways. The company also began operations under the FAA’s eVTOL Integration Pilot Program and reported further certification work on the H500A and CX300 aircraft.
Commercial activity included a Loganair term sheet for five CX300 aircraft, with options for five more. BETA also introduced the MV250 autonomous hybrid-electric aircraft for defense applications and completed a hybrid-electric flight above 30,000 feet in collaboration with GE Aerospace, NASA, and Boeing.
Service-led growth did not offset margin and R&D pressure
BETA generated approximately $8.7 million of additional quarterly revenue, but incremental gross profit was only about $3.2 million. At the same time, operating expenses increased by approximately $82.0 million, causing the operating loss to widen by roughly $78.8 million.
R&D was the largest expense driver, rising to $122.4 million as BETA invested in certification programs and enabling technologies. The figure included a $5.7 million non-cash warrant expense associated with the GE Aerospace collaboration and $16.1 million of in-process R&D expense related to an acquisition. Even after designated adjustments, the adjusted EBITDA loss increased substantially, indicating that the loss expansion was not limited to those items.
Profitability, liquidity, and capital spending
BETA ended June 30, 2026 with $1.48 billion in cash and cash equivalents, down approximately $230.8 million from December 31, 2025. The cash balance remained far above the $174.5 million reported a year earlier, which the company attributed to private financings and IPO proceeds.
Capital expenditures reached $41.1 million for the quarter, compared with $6.0 million a year earlier. Property and equipment increased to $402.8 million from $348.5 million at the end of 2025, reflecting continued investment as BETA advances aircraft development, certification, manufacturing capabilities, and charging infrastructure.
Interest income of $13.3 million helped offset part of the operating loss. The company consequently reported a $148.8 million net loss, compared with its $158.1 million operating loss.
2026 guidance
BETA raised its full-year revenue outlook and updated its adjusted EBITDA forecast. The supplied materials did not quantify the prior guidance ranges, so the size of the revisions cannot be determined.
| Metric | Full-year 2026 outlook | Action |
|---|---|---|
| Revenue | $42 million to $50 million | Increased |
| Adjusted EBITDA | Loss of $400 million to $445 million | Updated |
The company did not provide a GAAP reconciliation for forward-looking adjusted EBITDA because items such as future stock-based compensation depend on factors it said cannot be reasonably predicted.
Recent insider transactions
The supplied insider dataset showed 341,646 shares purchased and 368,928 shares sold over the previous six months, resulting in net sales of 27,282 shares. The seven most recent listed sales were indirect transactions by CEO Kyle Clark with aggregate reported values of approximately $3.84 million; the data does not provide a stated reason for the sales.
| Date | Insider | Position | Transaction | Price | Reported value |
|---|---|---|---|---|---|
| July 16, 2026 | Kyle Clark | CEO | Indirect sale | $17.52 | $87,592 |
| July 15, 2026 | Kyle Clark | CEO | Indirect sale | $17.48–$18.42 | $810,338 |
| July 2, 2026 | Kyle Clark | CEO | Indirect sale | $17.41–$17.93 | $530,066 |
| June 30, 2026 | Kyle Clark | CEO | Indirect sale | $16.38–$16.60 | $494,691 |
| June 26, 2026 | Kyle Clark | CEO | Indirect sale | $15.79–$16.51 | $721,802 |
| June 23, 2026 | Kyle Clark | CEO | Indirect sale | $15.74–$16.01 | $712,935 |
| June 17, 2026 | Kyle Clark | CEO | Indirect sale | $15.89–$16.05 | $479,140 |
| June 11, 2026 | John E. Abele | Director | Direct stock award | $0.00 | $0 |
| June 11, 2026 | Charles A. Davis | Director | Direct stock award | $0.00 | $0 |
| June 11, 2026 | Martine A. Rothblatt | Director | Direct stock award | $0.00 | $0 |
The three June 11 entries were stock grants rather than open-market purchases. The transaction data supplied no share quantities for the individual entries.
Risks investors need to watch
- Losses remain large relative to revenue. BETA’s $148.8 million quarterly net loss was more than ten times its revenue, while full-year adjusted EBITDA guidance calls for a loss of $400 million to $445 million.
- Gross-margin compression could limit operating leverage. Revenue rose faster than gross profit, and product gross profit declined despite higher product sales.
- Certification remains a major execution dependency. BETA reported progress with FAA requirements and testing, but its aircraft programs still require further certification work before broader commercial deployment.
- Development and infrastructure are capital-intensive. Quarterly capital expenditures increased to $41.1 million, while cash declined by approximately $230.8 million during the first six months of 2026.
- Commercial interest must convert into delivered revenue. The Loganair agreement was described as a term sheet for five aircraft plus five options, while current quarterly revenue remains primarily service-based.
Summary
BETA’s second-quarter revenue more than doubled as service activity expanded, but higher cost of revenue and substantially greater R&D investment caused absolute losses to widen. Its large post-financing cash balance supports ongoing aircraft, certification, and infrastructure spending, while the main issues to monitor are gross-margin development, certification progress, capital requirements, and whether commercial commitments translate into product revenue.
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