Loss widens sharply. BETA Technologies Inc (NYSE: BETA) reported a loss of $1.71 per share for Q4 2025, wider than the expected loss of $0.47 per share. The loss widened by 264.7% versus consensus, marking a significant miss as the aerospace and defense company continues to invest heavily in certification and production ramp-up. The stock surged 11.9% following the report to $21.57, suggesting investors looked past the near-term loss to focus on operational milestones and 2026 guidance.
Revenue stalls sequentially. Q4 2025 revenue came in at $32.1 million, flat versus the prior quarter’s $32.1 million. The company reported full-year 2025 revenue of $35.6 million, more than double the $15.1 million recorded in 2024, driven by stronger-than-expected component sales to partners including Embraer EVE and General Dynamics. Gross profit for the quarter reached $18.9 million against cost of revenue of $13.2 million, while the company posted an operating loss of $16.1 million and a net loss of $13.5 million.
Certification progress accelerates. CEO Kyle Clark highlighted key milestones: “We made meaningful progress across our three certification programs, particularly on our H500A electric engine. By the end of 2025, we completed the build and FAA conformity inspection on 11 propulsion systems, resulting in a complete set of test assets plus spares.” Clark added that the company is “85% complete requirements based software testing, with a projected completion date of these tests by the end of April.” The company has also surpassed 125,000 nautical miles flown and aims to reach 250,000 nautical miles in 2026, with a target of 150 total charge sites deployed by year-end.
2026 outlook shows measured growth. CFO Herman Cueto guided 2026 revenue to $130 million to $135 million, representing a more than threefold increase from 2025 levels. The company expects adjusted EBITDA between negative $305 million and negative $395 million as it advances certification and expands production capability. Capital expenditures are projected at $175 million to $225 million, a significant increase from $45.4 million in 2025, reflecting accelerated vertical integration investments pulled forward from 2027. First quarter 2026 revenue is expected between $7 million and $10 million, with adjusted EBITDA of negative $95 million to negative $110 million to support conforming aircraft builds and the MV250 hybrid VTOL program. Cueto noted the guidance excludes any potential eIPP (eVTOL Integration Pilot Program) awards, which could materially alter the outlook if secured.
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